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Financial situations divorcing women do not expect

When people dissolve their marriage in Illinois, they have certain expectations as to how their lives will change once the judge issues a divorce decree. Women tend to focus on issues related to child custody and parenting time. For this reason, they are more likely to run into unpleasant financial surprises after the divorce is finalized.

In a recent nationwide survey conducted by Worthy.com, a popular website that focuses on personal finance, nearly 50 percent of women below the age of 55 indicated that they were blindsided by financial surprises upon getting divorced. What is not surprising about the survey, however, is that most of these women had relinquished complete financial control to their spouses while they were married.

Women, divorce and finances

Women in Illinois who get a divorce are likely to experience unexpected and unpleasant financial issues. In one survey that was conducted, 46 percent of women who had gone through a divorce stated that the process had resulted in financial surprises.

Some of the common financial issues divorcing and divorced women are likely to experience include not having full knowledge of the totality of the marital debt, not expecting to have to become a part of the workforce again and thinking that the alimony or child support they receive will last longer or be more. Many women also mistakenly believe that they will be able to retain ownership of the family home, are unaware that health care insurance is costly and misjudge how much it will cost to get a divorce.

The biggest reason couples get divorced

With almost half of all marriages in the United States ending in divorce over the past few decades, it should come as no surprise that divorce has become a very prevalent part of American culture. What the citizens of Illinois may find surprising to learn, however, is that regardless of the reason behind the dissolution of the marriage, the common theme that seems to underlie most divorces tends to be money problems.

Money problems can take one of many forms: For instance, couples who don't communicate well with one another and don't discuss their finances will run into problems at some point. Even if the couple manages to temporarily stave off said problems by one spouse relinquishing most, if not all, of the financial decisions to the other spouse, this strategy becomes untenable in the event of the premature passing of the spouse making all the decisions.

Don't forget your estate during the divorce

While estate planning might not be at the top of the list of things to do during a divorce for Illinois residents, it should not be forgotten because it can have powerful consequences in both the short and long term. There are some modifications that should be done during divorce, while others need to be made when the divorce is final.

The first thing that residents going through a divorce should do is learn which documents they can modify during the divorce. Accounts that cannot be modified during the divorce process usually include beneficiary forms on insurance and retirement accounts, pensions and 401k accounts. Once this is information is known, the next step is to modify power of attorney and health care proxies. These are important, particularly if they have a durable power of attorney with their spouse, which means the spouse can access their individual accounts.

Dispute resolution methods for people getting a divorce

When two people choose to dissolve their marriage in Illinois, they will have to reach mutual decisions about property division and sometimes child custody and support. Amicable parties might come to terms quickly and settle their divorce by filing court paperwork themselves, but disagreements frequently arise. To resolve disputes, people have the options of mediation, arbitration and negotiated settlements that might include a judge making the final decisions.

To mediate a divorce, the former partners hire a third-party professional called a mediator. The role of a mediator involves allowing both parties to state their cases and then guiding them toward compromise and a final agreement. Unlike a mediator, an arbitrator can decide issues to break an impasse between the parties. Arbitration might be used to create the bulk of the divorce settlement or only specific issues. People can consult attorneys when engaged in mediation or arbitration.

Tax reasons to divorce in 2018

People in Illinois who are contemplating getting a divorce should consider whether it would be beneficial for them to finalize their divorce in 2018. They should be aware that certain tax changes that have resulted from the passage of federal tax laws become effective in 2019 and will affect financial decisions related to divorce.

One significant tax change to keep in mind is how alimony will be treated. For couples whose divorce is finalized in 2018, any alimony paid will be tax deductible, and any alimony that is received will have to be included in the recipient's taxable income. This treatment ends in 2019, and it is very probable that it will result in the receiving spouses not receiving as much alimony as they would otherwise.

Illinois in the bottom five for custody time for fathers

For dads, one thing that may be a very high priority in a divorce is getting a solid amount of custody time with their kids. However, a recent study indicates fathers might find this particularly challenging here in Illinois.

For each state, the report estimated how much time fathers, on average, get with their kids in custody cases that have no extenuating circumstances in which both parents desire custody time. According to report, in Illinois, fathers only get an average of 23.1 percent of custody time in these types of cases.

Stay safe this 4th of July, don't drink and drive

The summer is getting warmer and Independence Day is approaching. This is the time each year when we get to relax with friends and family, enjoy outdoor food and fun and, of course, watch fireworks.

It is also one of the most dangerous holidays of the year - drunk driving reaches an all-time high every year around the fourth. Be smart this year, drive safely if you're going out on the roads, and do not get behind the wheel after drinking.

Pace of fatal crashes down a bit in Illinois

What happens out on Illinois’ roads matters greatly. How safe, or dangerous, things are on the roads can have deep implications for families in the state. Car accidents can expose families to all manner of hardships. In some tragic instances, they lead to families suffering the ultimate loss, the loss of a loved one.

When car accidents expose families to life-altering tragedies, it can be very important for families to seek out the support they need. This includes professional support when it comes to navigating impactful legal matters, such as issues related to wrongful death claims.

Will I lose my business in a divorce?

You are an entrepreneur with a successful small business. Now, for some reason, you may be considering divorcing your spouse. You may ask yourself what may happen to the business that you built with your blood, sweat and tears if you do decide to get that divorce? There are many things to ponder when it comes to continuing to run that business.

Although it may be a challenge, there are ways to protect your assets and small business from having to go through the ringer if you decide that divorce is the best option for you. Divorce is never easy. It can also be even more difficult if you have a business to consider.

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