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DuPage County divorce lawyersWhen spouses age 50 and older get divorced after decades of marriage, this is commonly known as gray divorce. People going through a gray divorce may have different concerns and priorities than younger divorcees have. One such area is spousal maintenance, in which someone who relied on their spouse’s income during the marriage will continue to receive financial support. Spousal maintenance is not mandatory but is often part of a gray divorce. The maintenance recipient may also be more dependent upon the monthly payments than younger divorcees. 

There are three main reasons why spousal maintenance in a gray divorce is different:

Length of the Marriage

Assuming that it was not a recent marriage, couples in a gray divorce have likely been married for decades. The number of years that you were married is how Illinois calculates how long the maintenance payments should last following the divorce. When spouses have been married for 20 years or more, courts will often award “permanent maintenance.” Maintenance without an end-date is a major factor in the long-term cost of the payments.

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Obtaining Health Insurance After Gray DivorceYour medical needs and their related expenses increase as you approach the age of becoming a senior citizen. This means health insurance is a vital issue during a gray divorce, a term that describes divorce between spouses that are age 50 and older. You need continued coverage, but it may be more expensive for you than for younger people who are divorcing. You must consider your health insurance expenses when negotiating your divorce agreement.

Coverage Change

Getting older typically means more frequent visits with doctors. You are also more likely to need an expensive medical procedure and be prescribed regular medication. Losing your health insurance would be devastating to your personal finances because you would be paying those expenses out-of-pocket. Getting divorced may change how you receive and what you pay for your health insurance. If you are already on Medicare, you can continue with that coverage. Otherwise, you will need to sign up for:

  • Medicare coverage;
  • Spousal Continuation Coverage;
  • Coverage through your own employer; or
  • Individual coverage through the health insurance marketplace.

Medicare

You will qualify to receive Medicare once you turn 65 but may be charged a premium for the coverage if you have not worked 40 quarters during your career, which is roughly 10 years. If your former spouse worked the requisite number of quarters, you can receive benefits from his or her Medicare plan, as long as you:

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Financial Concerns When Going Through a Gray DivorceGray divorce, which refers to divorcees who are older than 50, has a different focus during negotiations than a younger divorce. The children in a gray divorce are likely no longer dependents or close to that age, which means that the allocation of parental responsibilities and child support may not even be an issue. However, the financial aspects of the divorce may be more complicated because of the duration of the marriage and divorcees’ stage in their lives. Financial viability after a gray divorce is more important than normal because the divorcees will have fewer opportunities to make up for lost assets.

Marital Properties

Gray divorcees have often collected numerous and valuable properties during their marriage, which they now must divide. The most valuable and vital properties for gray divorcees may be their retirement plans because it is the money they are counting on to support them for the rest of their lives. Most retirement plans are considered marital properties, including:

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