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November 2016 Archives

Divorce on the decline

When couples in Illinois get married divorce statistics are probably the last things on their minds. Still, many experts believe that marriages have roughly a 50 percent chance of succeeding although recent studies show that actual divorce numbers are declining.

What happens to student loans after a divorce?

Illinois residents whose spouses have student loan debt and who are getting a divorce might be responsible for a portion of that debt. If it was acquired prior to marriage, then the debt will belong to the person who incurred it. If one person received the student loan after getting married, then it may be considered shared marital debt.

Extras not paid for with child support

There are limits in Illinois and around the country on what can be paid for with child support payments. Child support is intended as a means of aiding the receiving parent by providing financial assistance for the costs associated with raising children. However, each state's laws dictate exactly what types of expenses are covered by child support.

How divorce may affect older women financially

Baby boomers were twice as likely to get a divorce in 2010 as the same age group was in 1990, and according to research, this may leave women in a particularly financially vulnerable position. According to the National Bureau of Economic Research, women who divorced later in life are more likely to remain in the workforce between the ages of 50 and 74 than women who remained married.

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