Financial tips for Illinois couples considering divorce

On behalf of Lake Toback Attorneys

Sometimes the dissolution of a marriage is necessary for the well-being of both parties. As part of this separation, couples have to consider how they will approach a resolution in which both parties receive equitable treatment. Divorce, unfortunately, can sometimes turn contentious when it comes to matters of finance, so it is important that Illinois couples understand what is eligible for division during the divorce process.

There is an increased rate of divorce that doubled for adults 50 and older between 1990 and 2010. This trend means that when it comes to division of finances, retirement accounts are likely to be of greater importance. The report states, however, that many don’t realize that they can claim retirement benefits as part of their divorce. There are some circumstances that do not allow certain money and property to be claimed, one of which is typically anything owned prior to the union.

In an effort to ensure that couples understand what could be financially beneficial following a divorce, the report offers some tips to help prepare individuals for their future retirements. Some of the advice covers which type of accounts an individual should seek when considering dividing finances and which would not be in a person’s best interest. Additionally, the report also notes that the aid of a financial planner can provide some assistance with helping individuals with additional financial concerns such as taxes.

With so much to consider during this life-changing legal process, it is understandable that people can get emotional when considering their new future. Some of the emotional conflict can arise as Illinois couples consider their financial futures. Having information about what is eligible for equitable division can potentially provide a better understanding of what life after divorce can hold for both parties.

Source: forbes.com, “The Big Money Mistake Divorcing Women Make“, Kerry Hannon, July 3, 2014

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Financial tips for Illinois couples considering divorce