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January 2020 Archives

Retirement accounts important during divorce

A growing number of people in Illinois and across the country are choosing to divorce later in life, which may require additional thinking about retirement planning. Retirement funds are often some of the largest assets held by a couple during a divorce with many couples holding accounts through employers as well as private IRAs. People may negotiate the division of their accounts in a number of ways. When both spouses have large retirement funds in their own name, they may just walk away keeping their own accounts. On the other hand, when the bulk of the investments is held in one spouse's name, a substantial division is a likely outcome.

Postnuptial agreements may help couples reset their finances

Some married couples in Illinois have used a postnuptial agreement as a way to reset their finances and protect their assets in case of a divorce. This document is similar to a prenuptial agreement. The main difference between the two documents is that a postnuptial agreement is signed during marriage and a prenuptial agreement is signed before marriage.

Postnuptial agreements may be a smart financial choice

In the past, many people in Illinois considered prenuptial agreements to be limited to those with generational family wealth or major celebrities. However, a growing number of people have chosen to negotiate a prenup before they marry, especially as more people choose to wed later in life or after developing a burgeoning career. More people bring property and children of their own to their marriages and may want the additional preparation and planning that a prenup provides. Some of the issues addressed by a prenuptial agreement may also arise after a couple has already married, however.

Last year's calendar might help in divorce court

As January begins, many people in Illinois throw away their old calendars without a second thought. If a person is involved in a child custody case, however, last year's calendar can be a key piece of evidence that shouldn't be discarded. Calendars contain evidence of a child's schedule, which may include vacations, sports trips, appointments and birthday parties.

Why January experiences an increase in divorce filings

Couples in Illinois and other states are more likely to file for divorce in the month of January. In fact, those in legal circles have started calling January "Divorce Month." Not only do statistics reveal that divorce filings go up in the month of January, but even search engines see more queries for things related to divorce.

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