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.
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.
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.
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 Furthermore, those who take money out of their retirement accounts will need to pay income taxes on the amount withdrawn.
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.
Lots of Illinois residents are familiar with how a prenuptial agreement works. It is a legal document that's designed to protect a person's assets in case they divorce in the future. Not everyone, however, is familiar with a postnuptial agreement.
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.
Married couples in Illinois may be more likely to file for divorce in January than in other months. Experts say there are several reasons there is a spike at this time of year.
Many people in Illinois are fans of Christina Hendricks' work on the TV show "Mad Men," but they may be surprised to learn that she is facing romantic conflict in her own life as well. According to reports, Hendricks has filed for divorce from her husband, actor Geoffrey Arend. The pair have been married for 10 years. They have reportedly been separated for eight months, as their separation date was listed as April 2019 in court documents for their divorce. According to the papers, Hendricks intends to return to using her last name. She is asking that neither party be awarded spousal support and that both pay their attorneys' fees separately.
Going through a divorce often leaves working women in Illinois and around the country in precarious financial situations. When researchers from the London School of Economics looked into the effect that ending a marriage has on how much spouses earn, they discovered that working wives saw their incomes drop by about 20% following a divorce. Men, on the other hand, brought home approximately 30% more after their divorces were finalized.