400 S. County Farm Road, Suite 330, Wheaton, IL 60187

call us630-634-5050

Subscribe to this list via RSS Blog posts tagged in Wheaton gray divorce attorney

DuPage County gray divorce lawyerThe divorce rate in America has long been a topic of interest, and in recent years, attention has turned to divorces involving Americans who are over the age of 50. While the overall divorce rate has been decreasing, the divorce rate for those who are age 50 and older has actually been increasing, according to the Pew Research Center. Since 1990, the divorce rate for adults aged 50 and older has doubled. When looking at just adults who are 65 and older, the divorce rate has nearly tripled since 1990. Researchers have speculated several reasons as to why the divorce rate is undergoing such an increase for couples in their golden years.

Older Americans Are More Likely to Be in a Second or Third Marriage

According to data from Pew, many adults in the Baby Boomer generation experienced divorce in their young adult lives back in the late 1970s and 1980s. Like many divorced people, a large number of Baby Boomers eventually remarried. Unfortunately, statistics show that second and third marriages tend to be much less stable and have a higher chance of divorce. Research shows that 48 percent of adults over the age of 50 who divorced in 2015 were in their second or subsequent marriage.

More Women Are in the Workplace Than Ever Before

Another reason that has been pointed out as potentially contributing to the higher divorce rate is women moving into the workforce. For many people in the Baby Boomer generation, women generally stayed in the home to care for the household while men worked and were the breadwinners. Now, there are more women than ever in the workforce, allowing women to gain a sense of financial independence, many of whom had never had it before.

...

Wheaton gray divorce lawyerWhen getting divorced later in life, you may encounter a variety of financial issues related to your marital home, your retirement savings, or other parts of your life. In addition to determining how to divide your marital assets, you should also be aware of the tax consequences of the decisions you make during your divorce. Unfortunately, even if you believe that you have addressed these matters properly, tax debts are an issue that may come up after your divorce is finalized. In these cases, you will want to understand your options and determine whether you qualify for relief from your spouse’s tax debts.

IRS Tax Liabilities and Innocent Spouse Relief

Even if your divorce settlement or judgment specified that your spouse would be responsible for paying tax debts, the IRS may still take action to collect money from both of you. If you and your spouse filed joint tax returns, and the IRS determines that you owe taxes based on errors or misreported information, both of you will be equally liable for paying the amount owed.

Fortunately, there are options available for relief from these tax debts. You may qualify for innocent spouse relief if your spouse was solely responsible for any errors on a joint tax return, such as misreporting income or claiming improper deductions on tax credits. You will need to show that when you signed the joint tax return in question, you did not know or could not have reasonably known about the errors. If the IRS determines that it would not be fair to require you to pay for your spouse’s errors, you may be granted relief from the requirement to pay these debts.

...
Back to Top