The idea of grey divorce, which is defined as divorce in people over 50, is becoming more common today. So many people in that age group have started to divorce their spouses that the grey divorce term was specifically created for that demographic. Between 1990 and 2010, the rate of people in the over-50 age group who were getting divorced actually doubled. There is no indication that this rate will slow down any time soon, so more grey divorces will be seen in the future. It can be difficult financially, hard on adult children, and stressful overall, but it can also be the right thing to do for many people.
Whether you are divorced, getting a divorced or contemplating a divorce, you may be reflecting on the various things that led you to that place. Despite what many people in Illinois may think, it is not always a major event like an affair that influences people's decisions to end their marriages. The fact of the matter is that these things are highly complex and multifaceted.
For married Illinois couples, splitting up assets can be one of the most challenges and contentious parts of getting a divorce. Obtaining proper valuations for all assets and then determining which spouse will receive which asset or parts of assets is no easy task. When a primary marital asset is or could be a business, the challenges can increase even more. Other people such as employees and even other owners or shareholders may be involved as well as the spouses themselves. Knowing how to handle these situations requires great care.
When the possibility that a marriage may be coming to an end starts to set in, it is not uncommon for spouses in Illinois to be concerned about their financial well-being. A divorce can have serious financial implications for people that may last for years after the divorce itself is final. Spousal support, child support, asset division, reduced incomes and more are just some of the realities that face divorcing and newly divorced spouses. How can you stay or get on good financial footing after a divorce?
Most Illinois couples would agree that honesty is a critical component to a healthy and successful marriage. Both partners should be able and willing to be open with each other about a myriad of topics, including money. Any breach of this essential honesty can be seen as a form of marital infidelity and may signal a larger problem - maybe even an impending divorce. How can you notice potential financial infidelity? What are some warning signs that your spouse may be preparing to leave the marriage?