As Illinois residents age, many come to see certain parts of their lives differently. As a result, they may want to make changes that could not only affect their lives but also the lives of others. In particular, many may find that ending their marriage may allow them to live a more satisfying life, but property division could be a concern.
When individuals go through a gray divorce, or divorce involving parties age 50 and older, it is understandable to have concerns regarding their property and finances. After all, people of this age are getting close to retirement, and they have likely built up a nice nest egg in their retirement accounts. However, a divorce could result in the division of those assets, depending on the circumstances.
Additionally, older parties often have more accumulated assets and have reached points in their lives where they were able to afford more expensive assets, like real estate and vehicles. Dividing these assets can be tricky, and individuals may find that some of their more valuable assets are at stake. Of course, the asset division process can involve a lot of negotiation in order to reach an agreeable outcome.
If Illinois residents have concerns about how property division will affect them after gray divorce, gaining as much information as possible on applicable laws regarding this process and their available options could be important. To ensure that they obtain reliable and applicable information, interested parties may want to consult with attorneys experienced in complex asset division proceedings. Their legal counsel could help them throughout negotiations and other aspects of the process.