There has been a noticeable increase in divorce rate for couples over 50, or grey divorce in the U.S. If you are going through a grey divorce, it is important to consider the financial aspects of the separation. The following are important tips to review for couples going through grey divorce.
When a divorce occurs, the division of marital and financial assets is a necessary step in the divorce proceedings. Social Security benefits may come into play in certain jurisdictions when other assets are divided. Government employees can put money into their government pension plans without contributing to Social Security. This makes a percentage of their pensions a legitimate Social Security substitute that is considered a marital asset that can be divided in a divorce.
Divorce laws differ in every state. Some states are community property states, while others, like Illinois, are equitable division states. Under Illinois divorce laws, divorcees are not entitled to an even 50/50 split of marital assets. In most cases, a spouse is unlikely to receive half of everything. What is a community property state? In…
With all the stress, time, and effort that goes into the divorce proceeding, it is easy to overlook the effects of the divorce on the children. Children are vulnerable to stress from a divorce because they are witnessing the splitting of their family, often for reasons that they do not know or understand. The situation can be especially stressful if one parent engages in parental alienation.
Many people consider their dogs and cats members of the family, not property, and custody of the pets can become a major issue in the divorce proceeding. As of January 1, 2018, a new Illinois law was passed that treats pets more like children and allows couples more options to come to a compromise when it comes to pet custody.
Choosing to adopt a child is a major decision, but one that can provide a child with a real, loving home and a chance at a normal and happy life. If you are a resident of Illinois that is considering adoption, it is beneficial to review Illinois adoption laws and policies to get an idea of the process and requirements.