Many couples in the Libertyville area may feel like the words “divorce” and "health/amicable” are paradoxes or nonexistent. Though you may have heard a few stories about healthy separations, they are not as elusive as they might seem. Whether you are getting ready to separate, contemplating it or just curious, the efforts you put toward keeping things amicable during divorce between you and your partner can spare more than just your sanity in the long run.
When Illinois couples divorce, they generally consider it a matter that primarily affects themselves and perhaps their immediate family, particularly any children of the marriage. However, the social effects of divorce could resonate far outside the boundaries of the family. In fact, divorce can be "contagious" in a friend group or social circle. While some may think such beliefs are only based on anecdotal evidence, research conducted by social scientists at Brown University, Harvard University and the University of California at San Diego backs up this phenomenon.
Illinois residents who get a divorce may experience significant stress when thinking about the impact the process will have on their finances. Individuals can gain control of their lives by taking an honest look at their financial situations. This process entails being aware of all of their income, assets, liabilities and expenses.
Individuals in Illinois who are older than 50 and get a divorce are a part of a trend that has seen the divorce rate for older couples double since the 1990s. One of the main issues that has to be addressed during a divorce is the division of financial assets, including retirement. Both parties should be aware of how to properly divide their retirement assets in order to avoid having to pay high tax penalties or suffering a financial loss.
On average, individuals in Illinois and elsewhere who have student loan debt owe an average of $34,144. This is an increase of 62 percent in the past decade, and the number of people who owe $50,000 or more has tripled in that same time period. For those who graduated in 2017, that average balance increases to $39,400. According to a study from Student Loan Hero, 13 percent of respondents attributed their divorces to student loan debt.