After 20 years of marriage, individuals may start to reconsider whether they want to remain with their partners. At this point, they may begin to realize that they are emotionally disconnected from their spouses. Research has shown that the divorce rate for individuals 50 and older doubled between 1990 and 2010. This is in spite of the fact that younger couples in Illinois and throughout the country are getting divorced less often.
Though divorce is often portrayed as an older woman being left by her husband for a younger woman, in over 70% of cases, it is the woman initiating the divorce. Women in Illinois have many reasons for bringing an end to a marriage, but their reasons usually fall into one of these categories.
As Illinois residents near retirement, they might be concerned with how to pay bills during this period of their lives. For divorced residents, this might be an even more pressing concern. Figuring out what their social security benefit amount will be is important in budgeting for retirement. Some residents might also be entitled to additional benefits based on their ex-spouse's work record.
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.
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.
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.
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.
Although prenuptial agreements are becoming more common in Illinois and throughout the country, there remain misconceptions regarding some of their basics. Initially, despite what once may have been the reality, prenups are not now exclusively a tool to be employed by the affluent. People are typically marrying later in life than they once did, which often corresponds with either or both of the partners owning a home or business before marriage. However, for whatever the reason a prenup is proposed, there are rules of construction that must be followed if it is to be considered a valid, binding legal document.
Some couples in Illinois may want a prenuptial agreement to protect them in case they get a divorce. This should not be a decision they procrastinate on making because preparing the prenup shortly before the marriage can make the document more vulnerable to challenges. It can appear as though one individual was coerced into signing it.
Women in Illinois who are going through a divorce and have children are likely concerned about the impact the divorce is going to have on their children. In a recent poll, almost three in four women said that they were concerned about their children's welfare after divorce and about their ability to provide financially for their children.