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March 2016 Archives

Financial steps may help those going through divorce

Getting divorced can be one of the most stressful experiences of a person's life, as the process involves both financial and emotional challenges. Many people spend a great deal of time planning their weddings but fail to take the necessary steps to prepare for a possible divorce. By investing time in the preparation process, people in Illinois may be able to avoid major negative financial consequences.

Divorce can impact retirement plans for Illinois residents

Divorcing a spouse late in life can quickly shred an Illinois resident's retirement plans. Unfortunately, it is an experience that an increasing number of people are having, with the divorce rate among people age 50 or older doubling from 1990 to 2010. During this same period, the overall divorce rate remained flat.

Gray divorce remains on the rise

It is becoming increasingly common for people to get divorced after having been married for 20 or more years. Getting a divorce later in life in Illinois is known as going through a gray divorce. In fact, a quarter of divorces in 2010 were gray divorces, meaning divorces involving people 50 years old or older.

Financial decisions during divorce have future consequences

An Illinois divorce is a major emotional experience, but it also has financial repercussions. As two individuals divorce, housing and other living costs typically increase. They must also deal with the division of their assets, which may impede both of their progress toward funding long-term goals, including covering the cost of their children's education or their retirement.

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