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DuPage County Attorneys

LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

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105 W. Madison Street, Suite 2200, Chicago, IL 60602

Phone: 630-932-9100

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1730 Park Street, Suite 202, Naperville, IL 60563

Phone: 630-420-1000
Subscribe to this list via RSS Blog posts tagged in retirement

Lombard divorce lawyersWhen a couple chooses to get a divorce, the process of dividing marital assets is likely to cause some conflict. Each party may have personal attachments to certain properties, and while it is sometimes fairly straightforward to reach an agreement that satisfies each person’s needs and wishes, certain kinds of properties are especially complicated. When it comes to dividing these properties, it is helpful to have the guidance of an experienced attorney who can help you protect your interests and avoid financial losses.

3 Properties That May Cause Conflict During a Divorce

Typically, the properties that are hardest to divide are those that have the highest value and that both parties rely on. These may include:

  1. Retirement accounts: In Illinois, contributions to retirement accounts that were made during a marriage are usually considered marital property, even if the account is listed in one party’s name or funded through contributions from one party’s paycheck. The necessity of dividing a retirement account can affect both party’s retirement plans, and it can result in significant losses if you are not careful about how you divide it. Many retirement accounts must be divided in accordance with a Qualified Domestic Relations Order (QDRO) to prevent early withdrawal penalties and other tax implications.
  2. The couple’s home: A home that you and your spouse shared during your marriage may be your most valuable marital asset, and it also often comes with strong emotional attachments, especially when you have children who feel secure in the home. Many couples try to arrange for one party to keep the home after the divorce, but it is important to keep in mind associated expenses like mortgage payments, utilities, and property taxes, in addition to the home’s value.
  3. Businesses: A business bought or founded by either spouse during the marriage is also usually considered property of the marital estate. If one party is more invested in the business and wishes to keep it in the divorce, he or she will likely have to give up other assets to achieve an equitable distribution. A family business in which both parties are involved can be even more complicated, as you may need to arrange for a buyout of one party’s share or determine whether it makes sense to remain co-owners and business partners.

Contact a DuPage County Property Division Attorney

If you are concerned about your property interests and the financial impact of your divorce, the attorneys at Mevorah Law Offices LLC can help. We will work with you to reach a fair resolution that prevents you from experiencing excessive hardship. Contact a Lombard, IL divorce lawyer for a free consultation at 630-755-6426.

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DuPage County divorce lawyer retirement alimonyEvery divorce needs to be treated differently due to the individual circumstances in each case. However, there are some common elements that will typically need to be taken care of during the divorce process, including child custody, division of assets, and spousal maintenance (alimony). Maintenance consists of financial support that one spouse pays to the other to make sure they are able to support themselves after the divorce. If you are close to retirement age and are considering initiating divorce proceedings, you may be wondering what will happen if you are ordered to pay maintenance and decide to retire soon after.

Possible Outcomes

If you decide to retire and are still paying maintenance to your ex-spouse, there are a few different outcomes that could occur. Illinois law states that you may be able to receive a reduction or stoppage of your maintenance obligation if you are able to show that you have had a “substantial change in circumstances” making you unable to pay the maintenance. The decision to retire is often not enough for a judge to order a complete termination of maintenance payments, but it may be enough for a reduction of the amount of payments. The decision will depend on how severe the reduction in the payer’s income is after retirement. Retirement is not the only factor that a judge will look at to determine if the maintenance payments should be changed, but it does fall under the “substantial change in circumstances” umbrella. 

Termination of maintenance is usually only granted if the person being paid gets married again or if the retirement of the payor reduces their income to the point where any payments towards maintenance would cause them to fall under the poverty line. Usually, a change such as reduction or termination is not granted immediately. Instead, the payments may be reduced for a year, and then reduced further during another period of time, after which they may stop. This method lets everyone plan for the changes in income ahead of time and make the arrangements necessary to ensure that their ongoing needs will be met. 

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DuPage County divorce lawyersDivorce after the age of 50 is a growing trend – so much so that it has been named the “gray divorce.” In many ways, this is a positive thing. It means that people are living longer and can focus on their happiness and self-fulfillment. It also suggests that women are better able to support themselves, even during their retirement years. Unfortunately, there are some potential drawbacks to divorcing later in life. One of the biggest is the risk of financial loss. In some cases, the loss may be so severe that it results in divorce-induced poverty. Learn how to mitigate against this risk, as well as many others, with help from the following information.

Protecting Your Financial Well-Being

Most couples nearing retirement had originally planned to raise their children together and then enjoy their retirement years together. When retirement approaches and couples realize that they would be better on their own, they often find they are unprepared for the financial implications of divorce. Their retirement funds, which was meant to support just one lifestyle, must now cover two sets of expenses. Financial loss after divorce can impact more than just the ability to cover month-to-month expenses. It could also mean losing health insurance, which may be critical to preserving an individual’s long-term health.

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social security after divorce, DuPage County divorce lawyersAt first glance, the rules to collecting Social Security from your spouse's retirement fund might seem straightforward. Requirements state that if you stay married for ten years, you will be entitled to a portion of those benefits. But do those years have to be consecutive? Or can you collect for partial years? What if your spouse dies? Can you collect benefits then? If so, how much and under what circumstances?

If you are nearing retirement age and planning a divorce (or if your contribution to Social Security has been substantially lower than your spouse's over the last several years), you may wish to consider your retirement options, including how Social Security may or may not factor in. At the very least, this knowledge can assist you in developing a long-term financial plan before and during your divorce.

The Ten Year Rule

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Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah Law Offices LLC can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from four offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah Law Offices LLC to find the attorney they need.

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