People live longer these days, and as their children grow up and leave home, the bond that holds a marriage together can dissipate. Divorce at any age can be nerve-wracking, but for those couples who are over 40, it can be intimidating. For some people, the thought of being alone after a long marriage is overwhelming. If you have been together for many years, figuring out how to divide your marital assets can also be complicated. A common concern for a newly single person is whether or not he or she will have the financial resources needed for retirement. It is important to become acquainted with Illinois’ divorce laws to ensure that you can create a stable future.
Practical Advice
With more women working full time, and some out-earning their spouses, the financial imperative to stay together no longer exists in many marriages. Also, if a middle-aged couple had children together and the children out of the house there is no need to remain married “for the kids’ sake.” If you are considering filing for divorce, the following tips can help ensure a smooth process regardless of your age:
- Seek a professional divorce attorney.
- Understand your current and your projected post-divorce finances.
- Accept that your lifestyle may have to change after your divorce.
- If you are unemployed, underemployed, or retired, consider getting a job.
- Smartly consider if you should keep the house.
- Do not ignore tax consequences.
- Know what debts you owe.
- Make sure you have adequate health insurance.
- Rollover your portion of your ex-spouse’s retirement account into an IRA.
- Support your adult children emotionally.
- Do not hide assets from your spouse.
- Do not underestimate your expenses.
Contact an Wakenight Divorce Lawyer
It may be difficult to think about starting over after a divorce, especially if you are middle-aged. If you and your spouse were married for a long time, there may be a lot of marital assets and property to divide. It is important to understand Illinois divorce laws so you know what you are entitled to. The law firm of Wakenight & Associates, P.C. has more than 50 total years of combined legal experience. Our compassionate attorneys can assist you in the steps to take to move on with this next phase of your life.
COVID-19 has forced us to work remotely. We are available for video conferencing, however, and our corporate phones are now in our homes. We have several numbers where you can reach us: 708.848.3159 or 815.727.6144 or 630.852.9700. Our experienced attorneys can help you. We welcome your questions and calls.
