When people in Illinois are getting a divorce, they might need to divide a retirement account. This can be a complex process, and it may be more complex if the individuals are nearing retirement. Divorce is on the decline overall, but it is on the rise for people older than 50, who may have begun taking early distributions from an IRA.
Illinois residents may be interested in hearing about research that shows some of the financial benefits of splitting up. January is a busy time for divorce lawyers. There are couples who work to stick together through the holidays and then begin to prepare divorce papers once the holidays have passed. Some experts believe that divorce can be good for certain couples.
When business owners in Illinois decide to divorce, they could face even more serious financial consequences than people with other types of jobs. Many more people are exploring their potential through entrepreneurship and startup firms, especially in the tech sector. However, these small, closely held businesses can easily develop into a major marital asset. This is one reason why some investors require the startups they invest in to show that all the owners have signed prenuptial or postnuptial agreements that exclude the business from being divided in a divorce.
Getting a divorce can be a life-changing experience. Therefore, it is important that individuals truly want to end their marriages before they decide to get an attorney or file paperwork. Unfortunately, there is rarely a single sign that tells a person that it's time to get out of a relationship. Instead, there are generally a bunch of subtle indications that a marriage is not likely to work out in the long-term.
The period after a divorce can be challenging for many people in Illinois. The end of a long-term romantic relationship can be depressing and isolating, especially for the spouse who did not request the dissolution. People may struggle with depression and other mental health concerns as well as physical health issues. However, people can move forward after a divorce by keeping some key tips in mind. While the post-divorce period can be sad, it can also be an important period of growth and transition into a new future.
Millennials in Illinois and other states are increasingly interested in prenuptial agreements before they tie the knot. One study showed that over 60% of divorce attorneys saw an increase in their clients requesting prenuptial agreements. Those who were surveyed reported that over 50% of those who requested prenuptial agreements were millennial clients.
When parents in Illinois get a divorce, the process and transition may be difficult for their children. However, how they behave toward one another and toward their children can make it easier. For example, parents should avoid arguing in front of their children. They should try to remain civil with one another, and if possible, they should take it a step further and try to plan one or two family nights together each month.
It can be difficult to have a successful marriage. For Illinois couples, challenges can sometimes grow so problematic that couples consider ending the marriage and getting a divorce. The reasons for divorce will inevitably vary, but there are certain basic issues that research shows precipitate many divorces. Understanding the warning signs is critical to making the decision to move forward with a divorce.
An Illinois home may be sold at the time of a divorce or a date that the couple deems to be appropriate. However, there are some instances in which keeping the home is a person's top priority. This may be the case even if an individual doesn't have children and simply wants the home due to its sentimental value. Determining how much the property is actually worth is the first thing that should be done.
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.