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.
Illinois law states that the marital property must be divided fairly and equitably, which means that it doesn’t necessarily have to be equal. An experienced attorney will advise you on how to protect your legal and financial interests.
A crumbling marriage is emotionally challenging. Proceeding with the legal dissolution of the union can be equally or even more turbulent. Divorcees typically experience five phases of divorce and should be prepared to cope with them and lean on support. The five stages of divorce can unfold in countless ways, just as divorce proceedings can….
The process of a divorce is tough on everyone in the family from the spouses to the children whose lives are about to change significantly. Divorce proceedings often involve intense emotions and some of this tension may carry over into the planning involving child custody and visitation. When going through a divorce, the parents must…
Going through a divorce can be quite difficult as both spouses may have a million thoughts crossing their minds about the process and how it will affect their lives. If the divorcing couple has children, this can make the future even more concerning. The impact of a divorce on children is inevitable and in some…
When parents are going through a divorce, forming a child custody agreement to settle the visitation question is usually more important than resolving financial issues. The lives of the children should be the first thing every divorced couple takes into consideration and each decision they make must be made with the best interests of their…