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.
It's fairly common for couples planning to tie the knot in Illinois to assume prenuptial agreements are for individuals with significant assets they wish to protect before marrying. However, it's also possible for a prenup to provide much-appreciated protections for couples of average means getting ready to walk down the aisle.
Some Illinois residents find that having bank accounts that are separate from their spouses reduces financial conflict. Additionally, some may believe that it can actually make the divorce process easier as finances were never commingled and, thus, are not considered marital property to be divided. This is actually a misconception as any assets gained during the marriage may be designated as marital property, making them subject to division.
People in Illinois might think that disagreements about money or whether to have children could raise their divorce risk, but some studies show that choosing certain wedding days could be a predictor for divorce. According to a study conducted at the University of Melbourne, choosing certain wedding dates could indicate that the couple is at a higher risk for divorce.
During a divorce in Illinois, decisions have to be made about the division of both assets and debt, and this includes student loans. Like other forms of debt, any student loans taken before the marriage began will be the sole responsibility of the original borrower. When student loans are taken out during a marriage, however, things become a bit more complicated. In community property states, student loans are divided equally between spouses automatically, but Illinois is not one of those states.