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January 2020 Archives

Why taking money from a 401(k) may not be the best idea

It isn't uncommon for Illinois residents and others to turn to their IRAs or 401(k) balances to help pay for costs related to their divorces. However, individuals may be diluting the value of their accounts by accessing them before the age of 59½. This is because the government will assess a 10% early withdrawal fee for doing so. Furthermore, those who take money out of their retirement accounts will need to pay income taxes on the amount withdrawn.

Why it is important to understand marital finances in a divorce

People in Illinois who are going through a divorce may be surprised to learn that their spouse has debt or assets they did not know about. According to a study by Fidelity Investments, 10% of participants found out during the divorce that a spouse had hidden assets, and 14% found out about debt.

3 important benefits of divorce mediation

Do you think that there is no way to avoid spending a fortune on your divorce? Feel as if you have no other option than to fight your ex tooth and nail over every lamp or area rug? Think again. These days, some former couples making their way through divorce find that they can do all the things that they need to do to move forward with their separate lives without having to go through litigation.

How divorce impacts older people financially

Since 1990, the divorce rate for couples 50 and older has doubled. Divorces can have both a financial and emotional impact on Illinois residents and others who go through them. Research has shown that those who have ended their marriage may be at a greater risk of higher blood pressure or excessive weight gain. Individuals who get a divorce later in life can see a decline in both their net worth and their standard of living.

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