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Divorcing later in life can have a financial impact

The divorce rate for spouses between the ages of 25 and 39 has dropped by 21 percent over the past 25 years. However, for those 50 and older, their divorce rate has increased by 109 percent. This surge may have been caused by various factors, including greater financial freedom for women or couples generally growing apart over time. Greater access to health care after a divorce may also play a role in the rise of grey divorce in Illinois and throughout the U.S.

Tips for creating a prenup for a second marriage

There are several reasons that older Illinois couples entering a second marriage might want a prenuptial agreement. They may be bringing more assets into the marriage than a younger couple, and they also may want to make sure their children from the previous marriage still get some assets. A prenup can help a couple plan for retirement and even for what type of divorce they will have.

Reasons for divorce follow common themes

Divorce rates across Illinois and the United States follow certain predictable patterns that are often associated with changes in the economy and changes in social norms and traditions. Although these fluctuations can typically be seen clearly when charted on a graph and measured against major events, there are a number of reasons for the dissolution of marriage that transcend trends.

Marriages more likely to end when wife is ill, studies say

When women in Illinois develop cancer or other illnesses, the likelihood that they will get a divorce increases. According to a study that appeared in 2015 in "The Journal of Health and Social Behavior," there is no similar increase in divorce risk when men become ill.

2019 brings new tax rules impacting divorce

The Tax Cuts and Jobs Act that went into effect in December of 2017 was designed to lower the tax burden of American families. However, the legislation will also have a big impact on couples seeking to finalize their Illinois divorces in 2019. Depending on individual circumstances, some exes will fare better than others under the tax changes.

Prenuptial agreements are not only for the wealthy

Celebrity couples and those from wealthy families attract a great deal of attention, especially when they announce their nuptials. Speculation often surrounds the question of how long the marriage will last. Along those lines, rumors often swirl regarding prenuptial agreements. However, these days, a regular Illinois couple may be just as likely as a famous couple to establish a prenup.

Certain personality traits can lead to divorce

The unfortunate truth is that most Illinois couples are at risk for eventually separating. In partnerships where certain personality traits are strong, however, the risk for divorce is a lot higher. According to some psychologists, therapists, divorce lawyers and other experts with experience in divorces, there are seven specific personality characteristics that can increase the chance of a relationship ending.

Handling divorce close to retirement

Illinois residents can face challenges during divorce whether they are younger and have children or are just a few years away from retirement. For individuals who are age 50 and over, the divorce rate has doubled since 1990 according to data from the Pew Research Center. This is despite the fact that divorce rates have been declining overall. If a person is going through a divorce, it is important to manage money carefully.

Planning for educational expenses in the divorce

People in Chicago who are thinking about divorce may focus on the financial aspects of the separation, especially once the emotional and practical issues are resolved. This can be particularly critical when children are involved. While divorcing parents may think extensively about how to manage child custody and set up a parenting plan, it is equally important to develop a schedule for how the children's educational expenses will be handled in the future. The divorce process can give both parents the opportunity to decide their responsibilities and memorialize them in the resulting decree.

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