You have probably heard that infidelity is one of the top reasons for divorce in the United States, and that's true. Cheating in a relationship is more common than many people realize, and, for many people, it's a complete deal-breaker if they find out their spouse wasn't faithful. It's not something they'll even try to work through.
Individuals in Illinois and throughout the country who are getting divorced may want to sell their family homes. However, this might not be possible unless the other spouse consents to the sale. It is not uncommon for the other spouse to take action to prevent a home from being sold. In some cases, that person simply wants to avoid uprooting their children during the school year or isn't sure what the house is worth.
Some people who are going through a divorce are able to negotiate an agreement without going to court. However, people in Illinois who are struggling to reach an agreement with a spouse might wonder whether it would be better to settle or to go to litigation. Cost, time, stress and the possible outcome are all factors in this decision.
When parents in Illinois go through a divorce, it can be difficult to decide on a child custody schedule. A lot of parents want to have equal custody, but some plans can be better than others for a child's emotional well-being.
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.