Posted on August 26, 2019 in Gray Divorce

Divorce statistics are often misconstrued, and it can be difficult to determine what the true divorce rate is in the United States. One of the figures that most statisticians can settle on, however, is that the general divorce rate is declining, while the rate of divorce for those who are over the age of 50 is rising--and has been for the past couple of decades. A "gray divorce" is a term that is used when two people who are over the age of 50 decide to divorce. At that point in their lives, they have typically been married for decades, and they may have many more issues that need to be addressed, especially when it comes to finances. If you are thinking about getting a divorce, and you are over the age of 50, you should be aware of some of the differences that you may face compared to your younger counterparts.

Stakes Are Higher During Asset Division

When going through the process of dividing your marital assets, earning potential is something that becomes important. For couples who are in their 20s, 30s, or 40s, they still have plenty of earning potential. Couples who are divorcing in their 50s or later are close to retirement, if they have not already retired, meaning their income will be fixed, and their assets will not grow anymore. This makes the stakes higher when it comes to figuring out who gets what in the divorce.

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 Posted on June 27, 2019 in Prenuptial & Postnuptial Agreements

As times are changing, so are attitudes toward previously taboo topics, such as signing prenuptial agreements before marriage. Over the years, drafting a prenuptial agreement before tying the knot has become more and more popular. One possible reason for the increase in popularity is that people are waiting until later in life to get married the first time. This means more people are entering into marriage with more assets that they want to protect. Prenuptial agreements must be created carefully, or they run the risk of being invalidated if they are contested during a divorce. Here are a few ways your prenuptial agreement may be found invalid:

1. The Agreement Was Not in the Right Format

In the state of Illinois, prenuptial agreements must be in writing. In other words, you cannot have an oral prenuptial agreement. Both you and your spouse must sign the agreement for it to become valid, and you must file it with the clerk of the circuit court so there is a record of the agreement.

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 Posted on May 31, 2019 in Life After Divorce

Whether you are just starting the divorce process or you are in the middle of a months-long divorce, it’s no secret that it can be hard on everyone. For many people, the only information they have about divorce is what they have heard from family or friends who have gone through it, or what they have seen on TV or in movies. Divorce brings with it a slew of uncertainties that even the most planned out divorces can bring. The divorce process is different for everyone, but here are a few things you may not know about divorce: You Will Probably Experience the Grief Process Losing a relationship from your life is a lot like losing a person from your life. Many people going through a divorce find that the healing process is very similar to that of the grieving process -- though it is not so much of a surprise. It is only natural for you to grieve the loss of your relationship, but going through the grief process can help you move on with your life. Your Children Will Definitely Be Affected Many divorcing parents wonder if their divorce will affect their children. While the perfect answer would be no, the divorce will almost certainly affect your children, even younger ones. There is no way to tell how a child will react to news of a divorce, but as a parent, it is your job to make sure your child develops healthy coping mechanisms. A divorce does not mean your child will be emotionally scarred for life -- most children are usually happier after. It is Going to Cost You Money It has been said that the average wedding these days costs anywhere from $20,000 to $30,000. Sadly, you could end up spending that much on divorce, too. While there is no “average” cost for a divorce, they can become costly very quickly. The total cost of a divorce will depend on the type of divorce you are getting, where your life if you are using an attorney and how amicable you and your spouse are. All Divorces Were Not Created Equally Many people think the only way to get a divorce is to hire attorneys and fight it over in court. In reality, there are a handful of ways you can go about getting a divorce. You could go with a traditional litigated divorce, a mediated divorce, a collaborative divorce or even a do-it-yourself divorce. Each type has its own advantages and disadvantages, so it can be worth it to do your research before you begin the process. Consult with a Knowledgeable DuPage County Divorce Lawyer

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 Posted on May 29, 2019 in Child Custody

When you are going through the divorce process, there are issues in which you and your soon-to-be ex-spouse may not be able to come to an agreement. Child custody is often one of the most contentious and fought over issues in a divorce. Because of this, some couples are forced to appear before a judge so that he or she can make determinations about parenting time and decision-making responsibilities. In some cases, a judge may need more information in order to make an informed decision in the best interest of the child. This is when the judge will request that a custody evaluation be conducted.

The Evaluation Process

Once the court has requested that an evaluation be completed, an evaluator is hired. The evaluator is often a licensed mental health professional, such as a psychologist. Depending on the circumstances, the evaluation can be focused on the parents, the child or both. The job of the evaluator is to gain an understanding of the relationships and interactions between the parents, the child and any other family members in the household. To do this, the evaluator may:

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 Posted on May 24, 2019 in Divorce

Getting a divorce -- or dissolution of marriage, as it is called in Illinois -- means the marriage between you and your spouse will be legally terminated. One your divorce case is approved by a judge and he or she has given you a Judgement of Dissolution of Marriage, both you and your former spouse will be free to remarry and can resume your former name, if applicable. Getting a divorce can be a very long and complicated legal process, so it is important to understand the basics before you begin the process.

Filing the Petition

To officially begin the divorce process, you must first file a Petition for Dissolution of Marriage in the circuit court of the county in which either you or your spouse resides. To file this petition, either you or your spouse must be a resident of Illinois for at least 90 days and you must be able to prove that you and your spouse have irreconcilable differences. Once the petition is filed, a copy of the petition will be served to your spouse.

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 Posted on May 22, 2019 in Finances & Divorce

Getting a divorce turns your entire life upside down. The asset division process can prove to be especially cumbersome for some couples, as it requires you to take every single asset and debt into consideration when making decisions. Most couples argue over the house, bank accounts, and vehicles. While these high-value assets are important, it is also important not to overlook one of your most important assets -- retirement funds. It is easy to forget about retirement when it is 15 or 20 years away, but planning for it now can save you a big headache in the future. When it comes to retirement plans, one of the most important tools in your toolbox is a QDRO, which is a commonly used acronym for a qualified domestic relations order. QDROs can be extremely beneficial when divvying up retirement plans during a divorce and can take some of the uncertainty out of your future. What Is a QDRO? In the state of Illinois, all pension benefits, including individual retirement accounts (IRA’s) and defined contribution plans and accounts, are presumed to be marital property and must be divided in “just proportions.” This is where a QDRO comes in. A QDRO is a legal document that designates an alternate payee’s right to receive all or a portion of the benefits held in certain types of retirement accounts. What Is Included in a QDRO?

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 Posted on May 08, 2019 in Property Division

The process of allocating assets during a divorce is often one of the most contentious issues between couples. The state of Illinois practices equitable distribution of assets and liabilities, rather than equal distribution. This means that there is nothing saying a judge has to assign half of the marital estate to each spouse -- one spouse could end up walking away from the divorce with more money or more debt. Because of this, some spouses may be tempted to cover up assets so they may keep them for themselves. Illinois courts strongly recommend that couples try to come to an agreement on property distribution on their own, but this is not always possible, especially if both spouses are not willing to be truthful with each other.

This is often the step of the divorce process in which “discovery” comes into play. Discovery is the exchange of information between the two spouses and their attorneys. During this step, both spouses are required by law to be fully and completely transparent about the issue at hand. This means each spouse must disclose any and all assets, including both marital and non-marital assets.

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 Posted on April 30, 2019 in Finances & Divorce

Estate planning is not something that the typical American tends to think about very often. This is especially true if you are going through a big change in your life, such as divorce. During a divorce, you have so many things constantly on your mind, estate planning is probably at the very bottom of your list. While updating your estate planning documents does not have to be your number one priority, it should definitely still be on your list somewhere. Here are a few estate planning documents that you should have in the back of your mind to update after your divorce is finalized: Wills If you are filing for a divorce, it is best that you draft an entirely different will, if possible -- this is the easiest way to ensure your estate is not given to your ex-spouse upon your death. In the state of Illinois, a will can be revoked by physically destroying it or by having a new will drawn up stating that the prior will has been revoked. If you do not change your will, but you finalize your divorce, Illinois treats the will as if your spouse died before you did. This means you do not necessarily have to change your will, but it is a good idea to make changes as necessary. Trusts Under Illinois law, trusts are handled similarly to wills when it comes to divorce. If you named your spouse in a revocable trust or living trust, the sections containing your spouse will become invalid upon the finalization of your divorce. If you have an irrevocable trust, however, the contents of the trust will not change and are unable to be modified. Power of Attorney Finally, you will want to make sure you revoke your power of attorney as soon as possible if you named your spouse to act in your place if you are unable to do so. If you do not change your power of attorney and become unable to manage your affairs, your spouse may gain access to your assets. You will also want to be sure that you remove your spouse from your healthcare proxy if you get a divorce. Not doing so can allow your spouse to make healthcare-related decisions for you if you are unable to do so.

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 Posted on April 26, 2019 in Finances & Divorce

Most people have a long list of questions when they make the decision to get a divorce. By far, one of the most common questions people have before they begin the divorce process is, “How much will my divorce cost?” The answer to that question is not a simple one -- there are so many factors that can affect the price tag on your divorce. Some sources report that the cost of divorce can be as low as a couple of hundred dollars, while other sources state a divorce will cost more along the lines of tens of thousands of dollars. Here are a couple of different factors that can affect the cost of your divorce: The Type of Divorce You Choose Not surprisingly, the type of divorce you choose can determine how much you ultimately end up paying for your divorce. A do-it-yourself divorce can range from $600 to $1,800, depending on the type of service you use and where you live. Typically, the only costs associated with a DIY divorce are those that come from the service you use and the filing fees. A litigated divorce can range in cost from $15,000 for a straightforward divorce to $200,000 for a divorce that ends up going to trial. Your Divorce Attorney’s Hourly Rate and Retainer Fee If you choose to have an attorney help you with your divorce, costs between lawyers may differ. The average attorney’s fees can range from $200 to $500 per hour and most attorneys also require you to pay for a retainer before you begin. The average retainer fee ranges from $3,500 to $10,000, depending on the complexity of your case. Court Costs and Filing Fees For the most part, in Illinois, filing fees tend not to differ very much between counties. To file for a dissolution of marriage in DuPage County, it costs $290, though that is not the only filing fee or cost you will have to deal with. Whether or Not You and Your Spouse are Willing to Work Together Couples who are more argumentative tend to pay more for their divorces. This is rather obvious because you will be paying more money if you are spending more time coming to an agreement on issues. For example, a couple who has to have five to six negotiation sessions will be paying their lawyer more than a couple who settles the same issue in only two sessions.

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 Posted on April 24, 2019 in Divorce

When you are going through a divorce, there are many changes that you will notice. These can range from obvious ones -- such as your living arrangements or income -- to ones you may not necessarily think about all of the time -- like insurance. Insurance is something that you will almost always need, but it is also something people do not necessarily think about. Many people forget about insurance changes when they are going through a divorce because compared to other things you might be dealing with, it may not seem very important -- but it is. Taking care of these crucial changes to your insurance policies can save you grief and money in the long run.

Life Insurance

If you have a current life insurance policy, you may need to reevaluate the terms of the policy before you finalize the divorce. As long as there are no ongoing obligations, such as child support or spousal maintenance, you may want to think about removing your ex-spouse as a beneficiary on your insurance policy.

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