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.
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.
Divorce can be a highly challenging experience, particularly the effect it may have on a person's economic status. Although billionaires often have the ability to survive the divorce process, middle-class individuals can quickly watch their financial positions be turned completely upside down. A couple of tips may help people in Illinois save money during divorce.
Prenuptial agreements have become increasingly common in recent years. This is especially true in the cases of blended families or second marriages, or for people who wish to protect businesses, inheritances or family gifts. Prenups are valuable during the divorce process in Illinois for a few reasons.
Divorce can understandably be financially complicated, which is why it is not uncommon for people to make serious errors during this type of family law proceeding. Unfortunately, these errors can be costly down the road. A few tips may help people avoid making detrimental mistakes during a divorce in Illinois.
With the New Year in tow, many people in Illinois may be feeling a renewed determination to chase after a healthier and happier life. For some individuals, this may mean finally getting divorced and moving on with their lives. Initiating a divorce during this time of the year has many benefits.
Going through the divorce process can have a major impact on a person's finances in Illinois. Unfortunately, making missteps may make this type of family law proceeding even costlier. Several mistakes may be avoided during divorce with the help of proper legal and financial guidance.
The divorce process in Illinois can be bittersweet, allowing a person to finally experience freedom from an unsatisfactory relationship while, at the same time, having to deal with the heartbreak associated with a marital dissolution. This divorce-related heartbreak includes not only emotional heartbreak but possibly financial heartbreak. A few tips related to credit scores may help people protect their financial futures when going through the process of divorce.
With the new year afoot, now is the proper time for people going through the process of divorce in Illinois to ensure that they start out the year financially on the right foot. Failure to do so can unfortunately have long-term negative consequences. A few tips may help individuals to make expedient decisions while considering the financial impact of divorce.
Filings for divorce are expected to surge in the next few weeks as some married people opt to begin the New Year with a totally clean slate. However, divorce is often a complicated process -- one that has financial and legal implications that may be costly to overlook. Those in Illinois who are planning to dissolve their marriages in 2016 can take some steps now to prepare for the process.