Individuals in Illinois who are older than 50 and get a divorce are a part of a trend that has seen the divorce rate for older couples double since the 1990s. One of the main issues that has to be addressed during a divorce is the division of financial assets, including retirement. Both parties should be aware of how to properly divide their retirement assets in order to avoid having to pay high tax penalties or suffering a financial loss.
On average, individuals in Illinois and elsewhere who have student loan debt owe an average of $34,144. This is an increase of 62 percent in the past decade, and the number of people who owe $50,000 or more has tripled in that same time period. For those who graduated in 2017, that average balance increases to $39,400. According to a study from Student Loan Hero, 13 percent of respondents attributed their divorces to student loan debt.
Illinois parents who are going through the divorce process might be worried about their kids. Even though their marital relationship has ended, an ex-couple will have to continue working together to raise their children. Successful co-parenting depends on open, honest communication. However, this can sometimes be hard after a split.
Illinois residents who are considering getting a divorce might want to organize and plan before starting the filing process. Taking the time to do this might save them time and money and prevent additional anxiety later.
Divorce can act as a financial wake up call to women in Illinois, especially if they left all financial matters to their husbands. A recent survey of 1,785 women who were planning to divorce, in the middle of a divorce or had completed a divorce indicated that 46 percent of them had experienced financial surprises when ending their marriages.
Illinois marriages that end in divorce are frequently unable to survive because of issues related to money. For example, a marriage could end because there was no communication or trust when it came to the household finances. To improve communication, couples should come together often to have conversations in an honest and safe manner. These conversations should happen at least once per month.
The financial implications of divorce could derail a person's long-term goals. In fact, legal fees and separating assets may leave an ex-spouse with a lot less than they need to retire. By reevaluating goals and adjusting targets to reflect the new status, someone who was recently divorced in Illinois may be able to get back on track and regain financial independence.
When Illinois residents consider that between 40 to 50 percent of marriages end in divorce, they might wonder what exactly, makes some couples divorce and others stay married. A study published in the American Psychologists Association suggests that there is a gene that predisposes some people towards divorce.
An uncontested divorce could take months to finalize. A contested divorce could take much longer. Despite knowing they want to end their marriage, a couple cannot just go their separate ways. The legal process is designed to ensure that assets are divided equitably and Illinois children live in situations that are in their best interests. Although separating may give unhappy spouses a sense of freedom, once the divorce is filed, both parties will have some restrictions placed on what they're able to do until the divorce is final.
Parenting agreements can be a significant source of stress for ex-couples living in Illinois. However, there are a variety of steps that parents can take to create a plan that works for both sides. For example, parents should create a list of what they need from a parenting plan as well as a list of things that the other parent may want. This can create a framework for the final parenting agreement.