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Posts tagged "Divorce"

Why it is important to understand marital finances in a divorce

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.

How divorce impacts older people financially

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.

Christina Hendricks seeks divorce after 10-year marriage

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.

Divorce often takes a heavy financial toll on women

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.

Learning to co-parent with a toxic individual

Divorced parents in Illinois who are attempting to co-parent with a difficult ex-spouse may be interested in learning steps that they can take to make the co-parenting experience better. Co-parenting with a toxic individual can be frustrating; they may be constantly pushing boundaries and making unfounded accusations.

How to maintain the parent-child relationship from a distance

There are many ways Illinois parents can bond with their children after a divorce even if they live a long distance away. They should keep in mind that scheduled visits and phone calls are not the only way to stay in touch. They can call at unscheduled times, or they can send encouraging messages using postcards. Text, social media and email all provide additional ways for parents to stay in touch with children, and they can also ask their children what they prefer.

Tips for protecting assets in a divorce

When Illinois couples get a divorce, they need to take steps to protect their investments. These might be IRAs, securities, annuities or other assets. After the divorce, they should ensure that their estate planning reflects this life change, including removing the ex-spouse from beneficiary designations unless they still want the former spouse to inherit those assets.

A strategic way to save money on taxes

Lots of people would be happy to save money on taxes. However, not everyone is willing to go through a divorce in order to do so. The so-called "marriage penalty" has some Illinois couples, especially high-earning ones, talking about the potential benefits that would come from divorcing on paper.

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