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February 2020 Archives

High-asset divorce brings dispute over artwork

Two wealthy art collectors are in the process of contentious divorce proceedings. The property in this divorce will be split according to equitable distribution, which is the same law that governs property division in Illinois divorces. In addition to millions of dollars of artwork, the New York couple is battling over real estate in Manhattan and the Hamptons. There is a good chance that private details about how the husbands runs his business will be exposed in these proceedings, which could also be costly.

More older Americans choosing to divorce

Even as overall divorce rates decline in the United States, "gray divorce" is growing more common in Illinois and across the country. For Americans aged 50 and up, the divorce rate has more than doubled in the 20 years between 1990 and 2010, a trend that shows no sign of stopping. There are a number of reasons why more older Americans are choosing to end their marriages, but there are also some specific concerns that can accompany this type of separation. Because a divorce tends to have a major financial impact on both parties, people considering a divorce later in life may want to consider their retirement plans.

Social Security benefits after a divorce

Older Illinois couples who are planning on getting divorced might be concerned on the effect the split will have on their retirement finances. One of the benefits many older people depend on to help them cover living expenses is Social Security and in a divorce, they might worry that they will lose some of these benefits. Many people, however, will be able to still receive Social Security benefits based on their ex-spouse's work record if they meet the eligibility criteria.

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