Gray divorces, a term that refers to those that take place after the couple is 50 years or older, have risen sharply in the last few decades. According to researchers from the National Center for Family and Marriage Research, the number of gray divorces doubled between 1990 and 2014. For those who were over 65, the rate of divorce rose even more sharply.
The end of the marriage is always an unhappy time. This is particularly true for couples in Illinois and throughout the country who have children. Not only do the adults have to struggle with their own emotions, but there is also the challenge of helping children through what is often a very traumatic time.
The holiday season is a time to sing well-beloved Christmas carols, eat memory-rich food, spend time with those you hold dear and offer gifts to the ones you love most. After divorce, this time of year can become tricky with children, deciding who gets which days, scheduling pick-ups and drop-offs, and determining how to handle presents. This year, the best gift you can give your kids is peaceful, happy memories with both parents, together or separately.
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.
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.
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.
Illinois parents who are going through a divorce will need to determine how to handle child custody. While it would be ideal for both spouses to always agree on how to co-parent their children after a divorce, this is not always the case. When differences do arise, there are several options available to the couple.
Illinois couples who are getting a divorce may need to think about what they will do with the family home. If they are not able to come to an agreement on the issue, a judge may make the decision, and the couple may have no recourse. A judge might decide to give the home to one person and a retirement account to the other. While the person who gets the home might be happy with this decision, it might not be the best outcome financially due to the cost of maintaining the home.
Illinois couples who are excited about their upcoming marriage might not want to discuss a future divorce, but good reasons for establishing protections with a prenuptial agreement exist. Common motivations for creating contract terms if the relationship dissolves include different levels of wealth and debt between the partners, property ownership and citizenship. When people decide to negotiate a prenuptial agreement, they should make decisions about assets, spousal support and estate distributions in the event of death.
When Illinois couples are married and have children, they are often joint account holders. This also applies to their children's college savings. While this is practical during the marriage, this can cause issues when the relationship comes to an end.