The divorce rate in America is generally in decline. However, for Illinois residents and others over the age of 50, the odds of getting a divorce has gone up significantly. In some cases, an individual may see a financial advisor before speaking with a pastor or another person during the beginning stages of the divorce process. This is partially due to the fact that the financial impact of a divorce may be significant for those who are retired.
In some cases, the prospect of a long divorce battle may be too much to handle both emotionally and financially. Older people may take longer to resolve a divorce because they have more assets to divide, such as real estate or an investment portfolio. Therefore, some may agree to a settlement that may give them less than what to which they are entitled. This may result in less money in the present as well as the future to deal with rising costs as well as potential health care costs as a person ages.
It also may be necessary to account for costs related to legal fees and the ones that are required to actually file for divorce. These and other expenses may dramatically impact a person's ability to live comfortably on his or her own. In addition to potentially taking on debt to make ends meet, those who have recently divorced may have to dip into their retirement accounts to help pay bills.
The end of a marriage can be difficult regardless of a person's age. However, for individuals who are over the age of 50, it may be especially difficult from both a financial and emotional standpoint. An attorney may be able to help explain how to resolve property division or other issues that may arise. This may increase the odds of a timely and favorable settlement.