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April 2016 Archives

5 steps to ensuring your financial future after divorce

21163021_S.jpgPeople in Illinois who get divorced relatively young may not have that much in marital property to split up, but they are less likely to be established in their career. Meanwhile, people who divorce in their 40s, 50s or older may be better able to support themselves financially, but stand to lose a lot more in bank accounts, retirement accounts and real estate in the split.

U.S. military reports lowest divorce rate in 6 years

36086326_S.jpgReaders concerned about the divorce rate in the U.S. military will be interested to know that the rate has been trending downward for six years straight. The latest figures show that last year's divorce rate for service members dropped to 3 percent, down from 3.1 percent in 2014 and 3.7 percent in 2011.

Reality star reportedly afraid to divorce her husband

35443086_S.jpgPeople who stay married despite being unhappy do so for a variety of reasons. They may believe they cannot afford to get divorced and live on their own. Many parents stay together "for the kids," on the assumption that the children would be devastated if their parents ever split up. Sadly, many people are victims of domestic violence and are afraid to leave.

Small mistakes in a divorce settlement can have huge consequences

10162632_S.jpgReaching a divorce settlement can be a very complicated process. It can require compromise, negotiation, patience and a commitment to finding a solution that is in your best interests. On top of all the emotional and financial changes you are already adjusting to, the actual logistics of getting divorced can prove to be quite overwhelming.

How do I keep nonmarital property separated?

As we have discussed before in this blog, w36577933_S.jpghen a Missouri couple gets divorced, most property they own gets equitably divided between them. But only "marital" property, or property legally considered to belong to both spouses, is subject to division. Non-marital property, or things that belong to one spouse alone, goes to that spouse solely.

Getting Social Security benefits after divorce

21053342_S.jpgSocial Security is a big part of most Illinois residents' retirement plan. Though it should not be the only source of income retirees can rely upon, after paying into the system for decades, most people expect to receive Social Security benefits once they are old enough to qualify.

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