Dissolution of a Long-Term Marriage
Illinois Dissolution of a Long-Term Marriage Attorney
After you have been married for decades, the prospect of filing for divorce can be an anxiety-inducing one. However, many Illinois residents and individuals across the country are filing for divorce after many years of marriage. Indeed, according to a study conducted by researchers at Bowling Green State University, “gray divorce,” or divorce among older adults, is a trend that has been on the rise in recent years.
When you are planning to dissolve a long-term marriage, you will need to work with an experienced Illinois divorce attorney who has experience assisting clients with the specific issues that affect couples who have been married for decades. A dedicated attorney at Law Office of Demetrios N Dalmares and Associates Ltd. can help with your case.
Financial Issues and the Division of Marital Property After Many Years of Marriage
Regardless of whether you are getting divorced after one year or 20 years, you will need to know more about how the Illinois Marriage and Dissolution of Marriage Act (IMDMA) treats divorce. Most immediately for couples in a long-term marriage, divorce can lead to significant financial concerns. Instead of living in a single household with a combined income, you will need to budget for all of your single household expenses. In addition, through property division, all marital property, including both assets and debts from the marriage, will need to be divided. This includes but is not limited to:
- Retirement accounts, including 401(k) accounts;
- Stocks;
- Business investments made during the marriage;
- Furniture and other items inside the home;
- Real estate, including the marital home and any vacation properties; and
- Motor vehicles.
There are numerous considerations for spouses who are getting divorced after many years of marriage, from tax considerations to upkeep. For example, one of the spouses might really want to keep the marital home, but they might not be thinking about the taxes that are due on the house or the amount of money that will be necessary for the upkeep of the home. An Illinois divorce lawyer can help you to think through these issues, and develop a budget for your needs.
Spousal Maintenance After a Long-Term Marriage
One of the other major issues that is significant in the dissolution of a long-term marriage is spousal maintenance (or alimony or spousal support). First, a court must decide if spousal maintenance is appropriate. If it decides spousal maintenance should be awarded to one spouse coming out of a long-term marriage, then it must decide the amount and duration.
Under Illinois law, if a couple earns a combined gross income of less than $500,000, the court has a formula to use for determining the amount of spousal maintenance as well as its duration. For long-term marriages lasting 20 or more years, the formula need not apply. In these cases, the court can decide that permanent spousal maintenance is appropriate given the circumstances or award maintenance for a period equal to the duration of the marriage.
Contact an Illinois Divorce Attorney with Experience Handling Dissolutions of Long-Term Marriages
To learn more about property division, spousal maintenance, or other important issues in the dissolution of a long-term marriage, you should speak with an Illinois divorce attorney as soon as you can. Contact Law Office of Demetrios N Dalmares and Associates Ltd..
