Posted on June 28, 2023 in Divorce

When a couple decides to divorce, one of the most important issues that need to be addressed is the division of their assets. This division may also include any trusts that have been established on behalf of or by either spouse. A trust is a legal entity established to hold and manage assets placed in the trust on behalf of beneficiaries named in the certificate of trust. Depending on the type and the amount of assets contained, trusts can have a significant impact on how assets are divided in an Illinois divorce.

Trust Classification

The first step is determining the classification of the trust. Is the trust separate property and protected from asset division or is it part of the marital estate and subject to that division? Generally, if a trust was established before the couple married or if it was established through inheritance, it is considered separate property. However, if the trust was jointly managed by both spouses and/or contributions into the trust included marital assets, the court may consider it marital property that is subject to division.

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 Posted on June 13, 2023 in Divorce

There are many reasons that divorces involving older adults are complex. Among them is the fact that older adults generally have more significant assets than younger people in their 20s or 30s. You may have investments, real estate properties, retirement assets, stocks, multiple motor vehicles, high-value personal property, and more.

Deciding who keeps what is often one of the hardest parts of a divorce. If you and your soon-to-be ex disagree regarding how to split up your shared property, it is important to know how Illinois law addresses the division of assets during a divorce.

Negotiated Settlement Agreements

Illinois courts encouraged divorcing spouses to negotiate an agreement regarding the division of their property and debts if possible. If you and your spouse disagree about who should keep the marital home, how to address valuables such as jewelry or fine art, whether to sell your vacation home, or any other aspect of the property division process, consider working with a divorce attorney. Your divorce attorney can help you negotiate the terms of the property division arrangement with your spouse. Another option is mediation. During mediation, divorcing spouses work with a mediator who facilitates conversation and helps the spouses reach an agreement.

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 Posted on May 31, 2023 in Divorce

You have saved a lifetime towards your Social Security in retirement, paying 6.2% of your income every paycheck. You are counting on this money when you are no longer working. You may be wondering if divorce will affect your Social Security benefits. The good news is that your government benefits are untouchable in a divorce. An Illinois divorce lawyer can explain which assets and income are subject to division in divorce.

Your Social Security Check Is Not on the Table

In Illinois, Social Security benefits are not subject to equitable distribution, and these benefits are not treated the same as retirement accounts. Even if an ex-spouse is claiming benefits based on your working record, as described below, it will not affect the size of your check. However, a court may consider the size of each spouse's potential Social Security check when deciding the equitable distribution of other marital property.

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 Posted on May 10, 2023 in Divorce

Divorce can have a significant financial impact on both parties - especially if the spouses are over age 50. For some divorced individuals, spousal maintenance, Social Security retirement benefits, and retirement funds help relieve some of the financial burden created by divorce. However, retirement benefits are not available until the recipient reaches a certain age. Spousal maintenance is usually temporary and may not provide as much financial support as the individual requires.

Consequently, many older adults facing divorce decide that their best option is to find a job. For those who have been out of the workforce for years or decades, this is no simple matter.

In this blog, we discuss tips for reentering the workforce after a long absence due to spending time as a homemaker or parent.

Inventory Your Skillset

Do not make the mistake of undervaluing the skill it takes to run a household or raise children. Homemakers juggle multiple responsibilities at one time, including home maintenance and upkeep, planning and event coordination, budgeting and financial planning, childcare, and much more. Take some time to make a list of the duties you have performed during your absence from the workforce. Next, ask yourself, What am I good at? Do I thrive when caring for other people? Am I great at keeping finances organized and bills paid on time? Am I a creative “do-it-yourself” whiz?

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 Posted on April 26, 2023 in Divorce

The term gray divorce refers to a divorce involving individuals over the age of 50. Many people are surprised to learn that divorce among older people is extremely common. In fact, the divorce rate for this demographic has risen more than for any other age range.

If you are planning to end your marriage and you are over age 50, make sure you understand how gray divorce differs from divorce involving younger couples. Work with an experienced lawyer who understands these complexities.

Older Couples Often Have Greater Wealth

One major difference between gray divorce and traditional divorce is that couples in their 50s or older often have far more assets than younger couples. Instead of having a rental and a few modest possessions, an older couple may have a main home as well as a vacation home, significant investments, jewelry and other valuable possessions, retirement accounts, and more.

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 Posted on April 11, 2023 in Divorce

Although divorce ends a marriage and can be an extremely painful time in a person's life, divorce also opens up the opportunity for a new relationship – even when the spouses are older. Cupid's arrow does not always have the best timing, and sometimes a person meets the man or woman of their dreams before their divorce is finalized.

If you are getting divorced and you or your soon-to-be ex-spouse have met somebody new, you may wonder what the laws in Illinois are regarding dating during divorce. Depending on the circumstances, dating somebody before your divorce is over could have significant consequences.

Is Adultery Against the Law?

Being in a relationship with somebody else while you are still married is technically adultery - even if you are in the midst of a divorce. Theoretically, Illinois does have an adultery law on the books. However, the law has not been enforced in decades. Illinois courts understand that relationships are complicated and that dating somebody while you are still married is not terribly uncommon. So, you do not have to worry about facing criminal charges for dating somebody while you are still married. That being said, it is still possible for an extramarital relationship to affect your divorce case.

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 Posted on March 28, 2023 in Divorce

Individuals over 50 are getting divorced at a faster rate than any other demographic. Although divorce closes the door to one relationship, it often creates an opportunity for a new relationship. If you are getting remarried later in life, you may want to consider a prenuptial agreement. A prenuptial agreement can be beneficial for anyone of any age and life circumstance. However, prenuptial agreements are especially important for individuals in their second or third marriages.

Benefits of a Prenuptial Agreement

A prenuptial agreement can provide clarity and protection from the financial uncertainty that often accompanies a marriage. It is essential to consider this legal document if you are getting remarried after 50, as it will help protect your assets and set a foundation of understanding between you and your soon-to-be spouse. By having a prenuptial agreement in place before the wedding ceremony, both parties will understand their rights and obligations in the event of a divorce.

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 Posted on March 17, 2023 in Divorce

When you have a family business and are getting divorced later in life, the situation can be especially complicated. A family business is not just another asset to divide up, it is much more than that. Consequently, deciding how to handle a family business during a gray divorce can be extremely difficult, legally and emotionally.

An Accurate Valuation is Usually the First Step

Before you can decide how to handle the family business during your divorce, you will need to determine its value. This means obtaining a professional business valuation. It is important to get an accurate and detailed appraisal so that you have a clear sense of the company's worth before making any decisions about it.

Determining Ownership and Division

Once you have determined the value of your family business, the next step is to decide who will retain control over it. Depending on the size of the business and its value, you might opt to sell it off and split the profits. This is a popular choice for those who want a fresh start or need to use the proceeds to pay off joint debt during the divorce. Of course, it can be very hard to give up a business that you have likely poured years of time and energy into.

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 Posted on February 24, 2023 in Divorce

Divorce can have an impact on many different parts of your life, no matter your age or the stage of life you are in. However, for older individuals, getting divorced can be equally liberating and frightening because while you might be relieved to finally be leaving an unhappy or even abusive marriage, you may also be stressed about the impact of divorce on many areas of your life, including your health.

Research suggests that these worries are not unfounded. Divorce can be very hard on a person’s health, but it does not have to be. Here are some tips for protecting your health, both physical and mental, during and after divorce.

Ways to Protect Yourself Following a Divorce Later in Life

One of the first things to understand about the negative impacts of divorce on health is that the most profound effects are felt in the short term. Keeping perspective, then, can help you remember that the initial stages of divorce are the hardest, that they will not last forever, and, if you take steps to protect your health, you can come out the other side better prepared to care for your mind and body.

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 Posted on February 15, 2023 in Divorce

One of the most important considerations when thinking about divorce is its potential impact on your finances. When a couple gets divorced in Illinois, they need to divide their marital assets; even after a fair asset division, however, one or both partners may be left without the financial resources they need to live on their own or retire. This could necessitate reentering the workforce, which can be an intimidating prospect for some, especially if they have not been working for many years. But going back to work is possible, and many employers are glad to have the experience, perspective, and work ethic that younger workers are often missing. Here are six tips for successfully reentering the workforce after divorce.

Tips for Getting a Job After 50

Although many have rightfully complained about workplace discrimination against older individuals, in many ways there has never been a better time to go back to work as an experienced or even inexperienced worker. There is a current shortage of available workers that is only projected to increase, and many companies are willing to give even those without significant work experience a chance to make a contribution. Experts suggest using these six tips to your advantage if you need to go back to work:

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