The aggregate divorce rate in the United States has fallen over the past few decades. However, there has been a dramatic increase in the number of gray divorces, which refers to divorces involving individuals who are over the age of 50. Illinois residents who are thinking of divorce may want to know how it will affect their IRA.
While there are plenty of warnings out there about the consequences you could face if you move money around, hide assets or spend frivolously during your divorce, it is not required that you suspend all efforts to deal with your finances. In fact, if you are getting divorced in Illinois, one of the first things you should do is begin taking the steps to organize and manage your money to prepare for independence again.
Pending divorce proceedings in Fox Lake offer you the chance to sit and consider those things that will change once your divorce becomes final. One of them may be the association that you have with your ex-spouse’s employer. While that may seem to be a small matter at first, the thought can quickly become alarming once you realize that it may be only through said employer’s group health plan that you are able to afford the cost of healthcare for you and your children. Many in your same situation have come to us here at Soffietti, Johnson, Teegen, Argueta & Bawcum, LTD panicked that they will be with health insurance. Are such concerns valid?
It's tough to hear, but many spouses attempt to hide assets during a divorce. When assets are hidden, they'll fail to be included among marital property, which the court divvies up equitably among both spouses. Forbes offers the following tips on how you can locate any assets your spouse may be concealing.
Your divorce in Fox Lake will inevitably bring with it many changes. These changes can often place a heavy financial burden on you (even with the prospect of you receiving a property division settlement looming). The need to secure housing, complete job training or go back to school to increase your earning potential may be staring you in squarely in the face. One possible solution may be to use the money you have coming from your ex-spouse's 401k. Many come to us here at Soffietti, Johnson, Teegen, Argueta & Bawcum, LTD asking if they should consider cashing out those funds immediately.
Most people who get married in Illinois do not plan to divorce. Couples set up their home, travel, collect art, open joint bank accounts and move forward in the next phase of life. However, if the writing is on the wall and divorce seems imminent, you can prepare for a smooth separation and protect your assets. At Soffietti, Johnson, Teegen, Argueta & Bawcum, LTD, we often assist clients with family law matters, including prenuptial agreements, divorce and child custody.
For divorcing couples in Illinois, the process of splitting up their marital assets and debts can be quite complicated. Many couples find that their family home is not only their single most valuable asset but it is also one that elicits a lot of emotion due to the memories attached to it. It is not uncommon for one spouse, often the wife, to want to keep a home after a divorce. Despite this desire, many people end up selling their homes when they get divorced.