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.
Compared to previous generations, Illinois woman of today are more likely to be ordered to pay child support and alimony after a divorce. According to a study by Pew Research, women are the breadwinners in around 40 percent of families. In a survey by the American Association of Matrimonial Lawyers, 54 percent of attorneys said that more women were paying child support now compared to three years ago.
For many people over the age of 50 in Libertyville and across the country, divorce is increasingly common among their age group and demographic cohort. While the divorce rate across the United States has remained steady or even declined over the past two decades, the opposite has been true for people over 50, members of the Baby Boomer generation. Since the mid-1990s, the divorce rate for people over 50 has doubled, and this trend is expected to continue in the coming years.
Higher education costs in Illinois and around the country have risen sharply in recent years, and attending a four-year nonprofit college in the United States now costs an average of $46,950, according to data from the College Board. Students attending state schools pay an average of $20,770 according to the nonprofit group. Putting aside the money needed to cover these costs can be difficult for parents struggling to cope with the financial fallout of a divorce, and determining how tuition fees and room and board will be paid for is sometimes a contentious issue during settlement negotiations.
For some Illinois couples, ending their marriage can be financially challenging. The divorce itself can be costly, and after splitting up households, both people may find themselves with a lower standard of living than they enjoyed together. However, increasingly, couples are looking at ways to approach the process more cooperatively and lessen the financial pain.
When parents in Illinois go through a divorce, the thought of dividing time with their children is often difficult, and the world of child custody can be confusing and overwhelming. When beginning the child custody process, it can be particularly important to understand the legal terminology that all parties are using, especially when in court or working with a mediator to find a solution.
In the state of Illinois, what many people think of as child custody is called parenting time. However, there is another element to custody that is commonly known as legal custody. This refers to which parent has the right to make decisions about major aspects of a child's life such as health care, religion and education. Legal custody is often shared, and there are advantages and disadvantages to doing so.