Preparing for retirement is a lifelong process that requires careful planning and thoughtful goal setting. Most married couples work on their retirement plan together, with many expecting to rely on savings that both spouses have accumulated throughout their lives and careers. However, when your marriage ends in divorce, those retirement plans can be turned upside down, and you and your spouse will likely need to adapt your retirement goals for your new life circumstances. In some cases, this means delaying your retirement date, but there may be other options as well.

What Happens to Retirement Savings in an Illinois Divorce?

What becomes of your retirement savings depends on whether the funds qualify as marital or non-marital assets. If you have a retirement account that was funded entirely before your marriage, it will be considered non-marital property, and you will likely be able to hold onto the entire amount. If you have contributed to an account both before and during your marriage, the pre-marriage contributions may also qualify as non-marital property, though it is important to maintain detailed records to clarify this non-marital portion.

Any contributions to a retirement account during your marriage will likely qualify as marital property, even if you and your spouse each have accounts in your own name. This applies to a variety of accounts including IRAs, pensions, 401(k)s, and more. These accounts will be considered in the division of marital property in your divorce, and if an account needs to be split, it is important to take action to minimize tax consequences and early withdrawal penalties. For example, you should obtain approval for a transfer incident to divorce in order to divide an IRA, and a Qualified Domestic Relations Order (QDRO) in order to divide employer-sponsored accounts like a 401(k).

Getting a divorce often has major financial implications for both parties, stemming in large part from the division of marital assets and the transition from a combined family income to an individual income. If you are not careful, you could end up in a situation from which it is difficult to recover. An attorney can help you make good decisions throughout the legal process that protect your financial interests and can contribute to your long-term stability.

Tips for Addressing the Financial Challenges of Divorce

There are several things you can do both during and after your divorce to promote your personal financial stability. Here are some suggestions:

• Consider lower-cost methods of divorce resolution. If you and your spouse are open to communication and negotiation regarding your divorce agreement, an uncontested divorce is usually the most cost-effective approach. You may still have some costs, including the services of an attorney to advise you or a mediator to guide negotiations, but they will often be minimal compared to the high attorney fees and court costs associated with a protracted divorce trial.
• Think carefully about the division of assets and debts. Illinois law requires divorcing couples to equitably divide marital property, and in many cases, couples can work out this arrangement on their own. You should carefully consider not just which properties are most important to you, but also how the distribution will impact your overall financial situation. For example, even if you have a strong personal attachment to your family home, it may not be financially viable for you to assume the full mortgage obligation and property taxes without your spouse’s contributions. 
• Understand child support and spousal support. If you have minor children, one spouse will almost certainly be required to pay child support to the other, with the amount determined based on a calculation established by the Illinois Department of Healthcare and Family Services. Spousal support, on the other hand, is usually only awarded if one of the spouses has a demonstrable financial need. You should consider whether you are likely to be the paying or receiving spouse when planning for your post-divorce income and expenses.
• Create a personal budget. Whether or not you and your spouse had a clearly defined family budget during your marriage, it is a good idea to create a budget of your own after the divorce is finalized. This will provide you with a clear picture of your assets and debts, as well as your income and expenses, and help you implement a new savings strategy and determine whether you need to explore options for increasing your earnings, like going back to school or looking for a new job.

Contact a DuPage County Divorce Attorney

At the Mevorah & Giglio Law Offices, we work to protect your personal and financial interests during the divorce process, and we can advise you on many of the important decisions you will need to make. For a free initial consultation, contact an experienced Naperville divorce lawyer today at 630-420-1000.

In many marriages, an imbalance in income means that one spouse relies on the other for financial support to maintain their accustomed standard of living. When these marriages end in divorce, it can be especially hard for the lower-income spouse to recover financially. Thankfully, Illinois courts will often award spousal support or maintenance in these cases, but it is important to note that this is usually not a permanent solution. If you rely on spousal support, you should be aware of the circumstances under which those payments can end and plan accordingly.

Standard Duration of Spousal Support in Illinois

If the court determines that spousal maintenance is necessary, the duration of payment is typically calculated based on the length of the marriage, starting at 20 percent of the length of the marriage for marriages shorter than 5 years. For example, a marriage of 4 years would result in 9 to 10 months of spousal support. The duration increases by 4 percent of the length of the marriage for each additional year up to 20, at which point the court may award spousal support for a period equal to the entire length of the marriage or indefinitely.

If you are the spouse receiving support, understanding these calculations can help you make plans for increasing your personal income in the future, perhaps by continuing your education or seeking new career opportunities so that you can fully support yourself by the time the payments terminate.

Romantic relationships can be amazing experiences filled with love and affection. They can also be filled with fights and abuse, whether that be physical or emotional. Physical abuse is often more easily seen, with bruises, scrapes, or broken bones. Emotional abuse is harder to view at a glance, so it may take some self-reflection to realize you are in an emotionally abusive relationship. Once you do, it is important that you take steps that protect your emotional wellbeing and mental health, such as leaving the relationship and getting a divorce. If you notice the following behaviors in your relationship, it may be an indication that your relationship is abusive.

They Rush You

In this context, “rushing” is used to mean the other person will try to push past the boundaries that you have set. They may try to move the relationship along faster than you wish and do not show any respect for your comfort. This type of behavior shows that they have a lack of respect for your boundaries and do not think you should be comfortable in the relationship.

Pettiness

If your significant other acts overly petty with great frequency, it can be a warning sign that they are inclined to emotionally abusive behavior. Pettiness can manifest itself by focusing far too much on something that does not merit as much attention as they are giving it and making you feel like you can not do anything right in your life. Repeated criticism and diminishing statements when you make the smallest mistakes is not a good sign.

If your marriage was unable to continue and you went through the divorce process, you may not expect to be emotionally affected by your ex getting engaged or remarried. However, the marriage being over does not necessarily mean that you feel nothing for your ex at all. Whether it is nostalgia for the good times you had or for another reason, chances are good that many people feel something when they see their ex has permanently moved on with their life. It may be beneficial to you to read through some information such as the tips below to help you cope with your ex’s engagement or remarriage.

Be Wary of Social Media

Seeing social media posts about your ex's new marriage or how happy they are with their new significant other will probably cause some emotion for you. You may need to unfollow your ex on social media in order to keep those feelings out of your life. It is also not good to go to your previous spouse's social media and constantly check it. It is not going to end up helping you at all; it will only hurt you.

Spend Time With Family and Friends

Being with the people you love can take your mind off what is happening in your ex’s life. It can also keep you from ruminating on what could be going on or how the new relationship may have started. Not obsessing over the relationship and being with people who make you happy will give you a confidence boost and help you to remember that there is a reason that your ex is no longer in your life.