The Pew Research Center reports that the divorce rates for people who are at least 50 years old is twice what it was in 1990. Older Illinois residents who decide to get a divorce should be aware of how a divorce can affect their retirement finances.
Some couples in Illinois might think of prenuptial agreements as tools that are only useful for wealthy people. However, since most divorces involve the division of property, a prenup can also be helpful for couples who do not have enormous incomes. It gives them the opportunity to establish what assets they want to keep separate and how they will divide shared income and handle spousal support in a calm environment.