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.
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.
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.
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.
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.
When Illinois couples get a divorce, they may need to negotiate a division of property. There are a few common errors people make that can be avoided. One is failing to take out life insurance on an ex-spouse who is paying alimony or child support. Doing so can prevent this loss of income if the payer dies.
A marriage that dissolves due to one spouse's narcissism tends to lead to a conflict-ridden divorce. Instead of getting overwhelmed and agreeing to terms that aren't in their best interests, there are a few things Illinois spouses can do to avoid the most common consequences of divorcing someone with a toxic personality. Applying these strategies may help diffuse tense interactions and protect the children from getting put in the middle of unnecessary battles.
Illinois couples who are planning to divorce should take steps to protect their ability to retire. There are several mistakes that people should avoid so that they can protect their retirement security.
When Illinois couples decide to end an a marriage, it launches a whole process that requires more decisions. Mediation could come up as an alternative to litigation that exposes people to arbitrary court decisions. Mediation brings the estranged spouses together so that they can be heard and negotiate the terms of a divorce settlement. For appropriate candidates, the process could save money on court costs and reduce the adversarial nature of litigation. The benefits do not always emerge, however, and the process might not be a good fit for everyone.
Closing a joint bank account is one of the many tasks an Illinois couple may have to undertake if they decide to get a divorce. It is best to close the account together if possible to avoid any misunderstandings although it may not be necessary to have both parties present. People should take a photo identification and prepare to fill out some paperwork in order to close the account.