How to avoid financial ruin after a divorce

| Feb 26, 2018 | Uncategorized

Divorce at any age can be difficult from a financial and emotional perspective. However, there may be unique challenges that Illinois residents or others face if they get divorced later in life. For instance, an individual who may be entitled to alimony may need to find ways to protect that source of income. This may be done by asking to receive a lump sum as opposed to monthly payments.

Doing so may prevent the loss of funds in the event a former spouse dies or loses his or her job. In a divorce, joint property is generally handled differently than separate property. Taking an inventory of assets may help a person determine what he or she may keep after the marriage ends. This may be especially important if assets, such as an inheritance, may have been commingled during a marriage. As a general rule, inheritances received are considered separate property.

Individuals who were married for 10 years or longer may be entitled to any Social Security benefits that their ex-spouses may receive. If a person chooses to collect based on a spouse’s work record, that individual will not be notified. In the event that a person had multiple marriages of 10 years or longer, each of the former spouses may collect benefits based on that person’s work record.

Those who are going through a divorce may need to take time to get organized and learn more about their rights when a marriage ends. An attorney may be able to help a person better understand the divorce process. It may also be possible to obtain a favorable outcome in a divorce settlement with the help of a lawyer. This may mean obtaining a larger share of marital property or receiving alimony payments.

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