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Divorcing near retirement age could affect property division

It is very unlikely that most couples ever plan for divorce. However, even though most envision spending the rest of their lives with their spouse, many factors may lead to extreme changes. Those divorcing at or near retirement age may face obstacles related to their retirement plans and other property division challenges. An experienced Illinois divorce attorney may be able to help those facing these difficulties.

Forbes recently revealed that in couples age 50 or older, the divorce rate has doubled since 1990. Luckily, there are steps those in this age bracket can take to help ease financial burdens. The first step is to consider the various ways in which the finances are now split; each person is now responsible for his or her own housing, insurance and other expenses. Determining how best to balance these can help individuals continue saving for retirement.

Retirement assets gained over the course of a marriage are divided between spouses based on several factors. However, because these factors can vary by state, retaining the services of an attorney could help someone better understand what circumstances he or she may face. Knowing the value of each asset and negotiating for an equitable share may be beneficial for each party.

Anyone considering divorce, whether near retirement age or not, may benefit from consulting an experienced Illinois family law attorney. An attorney could help determine the value of marital assets as well as work to obtain a fair share for a client. By working with an attorney, a client can make better informed decisions about his or her property division to secure a stable financial future.

Source: Forbes, "Does Divorce Derail Retirement?", Larry Light, July 24, 2017

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