Couples in Illinois have many issues to consider when choosing the day for their weddings. A study from the University of Melbourne of about 1 million marriages provides a cautionary tale about special wedding dates like Valentine's Day or interesting date number combinations like Sept. 9, 1999. The researchers found that choosing a specific date for its romantic quality or numerical interest might predict divorce.
When Illinois couples divorce, they generally consider it a matter that primarily affects themselves and perhaps their immediate family, particularly any children of the marriage. However, the social effects of divorce could resonate far outside the boundaries of the family. In fact, divorce can be "contagious" in a friend group or social circle. While some may think such beliefs are only based on anecdotal evidence, research conducted by social scientists at Brown University, Harvard University and the University of California at San Diego backs up this phenomenon.
Illinois residents who get a divorce may experience significant stress when thinking about the impact the process will have on their finances. Individuals can gain control of their lives by taking an honest look at their financial situations. This process entails being aware of all of their income, assets, liabilities and expenses.
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.