Joseph M. Lucas & Associates, L.L.C.
It used to be that Americans over 50 rarely got divorced. One might assume their marriages had lasted long enough for divorce to no longer be likely, but a new study has shown an increasing trend for Americans over 50 to get divorced. In fact the rate has nearly doubled since 1990. Chicago-area family lawyers are seeing the trend here as well.
For most people, the older we get, the more assets we own. For citizens 50 and older, property division becomes a serious issue in a divorce. After years of being together, many assets have been accumulated along the way. The valuation and division of stock, retirement accounts, bank accounts and vacation properties can be a major complication for the over-50 crowd.
Illinois law provides for the equitable distribution of marital property. Marital property includes all property acquired during the marriage. If the parties are unable to agree on a division, the judge will arrive at an equitable division. Equitable does not necessarily mean a 50/50 split; it means what the court determines to be fair and just.
Non-marital or separate property is property which a spouse brought to the marriage or acquired during the marriage through gift or inheritance. Provided it was kept separate from marital property, separate property retains its separate character and stays with the spouse who owns it.
An individual over 50 facing a divorce can benefit from having an experienced attorney by their side. An experienced attorney can provide invaluable advice during the property division process and can help the client get what they deserve.
Source: Chicago Tribune, “Divorce after 50: Couples older than 50 are getting divorced at a higher rate,” Leslie Mann, Feb. 27, 2013
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More Chicago residents are divorcing after 50