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October 2017 Archives

What to do if one spouse makes unusual financial decisions

For some people in Illinois, a spouse's unusual financial activity might suggest that he or she is considering divorce. One man's wife took $40,000 she received after being let go from a job and $90,000 that the couple received after selling their home and put it in an account in her name only. She ignored her husband's request that the account be retitled in both their names or that the money be moved back into their joint account. While her husband had his pay deposited into the couple's joint account, she transferred money in to pay bills.

Hidden assets and other divorce complications

An Illinois divorce may become contentious if spouses disagree on how assets should be divided. For example, the husband of a 61-year-old woman in California said he wanted half of her 401(k) and the home they shared. They had been married for 25 years, and the woman had been the main breadwinner for the past 10 years. Unlike Illinois, California is a community property state, but this means that while her husband would be probably be able to claim half of the retirement account, he would not be awarded the entire house.

Reasons a divorce may be healthy for some relationships

No matter how long an Illinois couple has been married, getting a divorce is an emotional and often financially difficult experience. While many couples fight to save their marriage, there are situations where a divorce can be the difference between living an unhealthy life and a healthy one. These situations include abusive relationships, if a spouse has an addiction and if the marriage is unhealthy for the kids.

Why divorce may help a person's finances

Illinois residents may dread the thought of getting a divorce. However, it may offer financial benefits that those who are close to the end of their marriage hadn't thought of. For instance, it could mean that an individual has greater control over how his or her money is spent. When the marriage ends, it may also mean an end to fights over finances.

Child support a common reason for wage garnishment

According to a study done by ADP Research Institute, child support owed was the most common reason for workers to have their wages garnished. This made up 3 percent of wage garnishments in a study that looked at payroll data from 12 million American workers in 2016. Those in Illinois and other parts of the country who worked for smaller companies were more likely to have their wages garnished because of child support issues.

How to survive gray divorce

Gray divorce is a growing trend in Illinois and the rest of the United States. While divorce rates have dropped for all other age demographics, the rate for those aged 50 and above have approximately doubled over the last two decades.

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