Illinois residents may find it interesting to learn that the 62% increase in married couples getting prenups is being driven by millennials. One of the forces that may be driving this increase is a change in financial focus seen in millennials. According to some, they are less interested in purchasing a home and more interested in the stock market. Going into marriage, it is possible that they have significant assets that they want to protect.
As a general rule, all parents in Illinois are given the chance to be part of their children's lives after a divorce. This is based on the idea that a child does better by having access to both parents. Furthermore, allowing both parents to be in a child's life can reduce conflict between them. This could be beneficial for everyone in the family.
For those who divorce later in life, the process can be more complicated. This is because a couple might have more assets and property to divide during a gray divorce, which is what it's referred to when both parties are 55 years old and above. Here are some things Illinois residents may want to consider during a gray divorce.
When Illinois couples decide to divorce, their once-loving relationship may have been transformed into something resentful and hateful. Even so, many people simply want to end their marriage as quickly as possible and divide the assets. Others may hatch vast schemes that attempt to keep assets from the other spouse, however. These types of actions are unlawful, and spouses found to be hiding assets may be held accountable by the court or financially penalized. Still, people continue to attempt to conceal assets in hopes of walking away with a financial advantage.
Getting a divorce can be among the most stressful events in a person's life. It is taxing emotionally, financially and mentally, but people in Illinois and elsewhere who are considering ending their marriages can make the process more financially manageable by paying attention to a few specific areas. Individuals who keep track of costs during divorce, create a post-divorce budget and divide assets fairly have a better chance of avoiding financial strain.
A divorce can have a significant impact on a person's mental and physical health. Illinois residents who are older than 50 when they end their marriages may be even more vulnerable to changes in their mood, behavior or cognitive function. If someone's caregiver was his or her former spouse, it may be difficult for that person to obtain the medical care that he or she needs after the divorce.
Some people in Illinois who are going through a divorce may be sentimentally attached to their home and want to keep it after the separation. Others might want to retain the marital home because they think it will be better for their children to remain in a more stable environment. The first step is to find out the value of the home and how much equity each spouse has in it. It may also be important to consider what other fees and taxes each spouse may be responsible for paying.
For some unhappy spouses in Illinois, it might be tempting to vent about an upcoming divorce on social media. However, it is usually best to avoid divulging too much information. What a spouse posts on social media can be used against them in a divorce. In fact, a soon-to-be ex may want to consider increasing their privacy on social media accounts during a divorce and removing anyone from their friends list who is likely to be a troublemaker.
Retirement planning is a long-term endeavor that is not easy for many Illinois residents. It takes discipline and sacrifice and may not be without detours along the way due to unexpected expenses or periods of unemployment. If a couple makes it to the finish line and puts their work years in the rearview mirror, life seems good. However, that feeling of contentment can be shattered if the couple's retirement leads to divorce.
Some Illinois couples may be among those who said in a LendingTree study that they regretted spending as much money as they did on their wedding. The survey was conducted among people who were aged 18 to 53 and who had gotten married within the past two years. Nearly half said their wedding had put them into debt.