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Tag Archives: DuPage County divorce lawyers

Wheaton IL divorce attorneysOver the last 25 years or so, divorce rates have more than doubled for those aged 50 and over. Thought to be due, at least in part, to an increase in life expectancy, these later-life divorces have some unique considerations and risks. So, if you or someone you know is planning on filing for what the media is calling a “gray divorce,” it is important to know how to best protect oneself and financial future.

Understanding the Risks of Gray Divorce

While all divorces are considered financially, mentally, and emotionally complex, those that occur later in life carry some serious financial risks, namely a situation known as divorce-induced poverty. This is a risk of particular concern for those who have already retired or have been out of the workforce for a long period of time. In addition, women, who typically live longer than men, may experience long-lasting poverty if they do not take proper precautions during their divorce.

Preparing Your Finances

In Illinois, marital property goes into what is known as the marital estate. This includes assets like your home, bank accounts, retirement accounts, vacation homes, vehicles, and more. These items are then valued and distributed equitably among the divorcing parties. Of course, before this can happen, you will need to know what it is that you and your spouse own. For those kept in the dark about their finances, this can seem like an insurmountable task. Furthermore, there is always the risk of disappearing assets. Rest assured: your attorney can help with the process. For now, simply gather all of the financial information you can find.

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DuPage County divorce attorneysDivorce can be difficult and painful for any couple, but victims of domestic violence face a unique situation that few understand. These cases are not generally about who gets the house, the kids, or the dog. Instead, they are focused on safety and security. Victims must take extra precautions. Above all else, they need strong allies and advocates in their corner to help protect them from further acts of violence. If you are a victim of domestic violence and are seeking a divorce, there are steps you can take to help you move forward safely, securely, and with a measure of confidence.

Be Prepared for Potential Safety Issues

Whether you are still living with an abusive partner and making plans, or have recently moved out and are afraid as to what may happen in the weeks and months to come, it is important that you take immediate steps to protect yourself. If you have not done so yet, take photographs of any bruises or injuries. Gather any medical documents you may have on previous injuries.

In addition, you should talk to your friends, family, and coworkers about your situation. This can help to ensure everyone knows that you may be at risk. Victims are also encouraged to seek a restraining order, which can be obtained through an experienced attorney. You may also wish to speak to the police about pressing criminal charges.

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Wheaton QDRO and QILDRO LawyersSecuring your financial future by helping you save for retirement is something your employer may offer you as an employee. In addition, you may have saved on your own to build a healthy nest egg for your golden years. While money deposited in retirement accounts generally belongs to the person whose name is on the account, when that person gets divorced, if there are no agreements to the contrary, his or her spouse is entitled to an equitable portion of the money contributed into the retirement accounts during the marriage.

Retirement Funds as Marital Property

In Illinois, despite in whose name the account is held, retirement benefits, including pensions and 401k savings accounts, are considered marital property if they are acquired after the marriage was formalized and before a formal dissolution of a marriage is granted by a judge. If either spouse wants to challenge the classification of the retirement benefits as marital property, he or she has to show the court that the benefits were acquired in a way that qualifies as non-marital property under the law.

When a couple is getting divorced, each spouse can request an equitable portion of the other's retirement benefits be awarded by the court. However, Section 502 of the Illinois Marriage and Dissolution of Marriage Act provides that the couple could also agree on how to deal with the retirement benefits themselves. For example, they can decide to renounce all claims to the benefits, or, if they both have retirements funds, they can agree to an even split of the accounts. These agreements could be written into a marital settlement agreement, which is then reviewed by a judge before being entered as part of the final Judgment for Dissolution of Marriage.

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DuPage County divorce attorneysGetting divorced is unlike other break-ups. Not only do couples have to deal with the emotional consequences of ending a marriage, they must also deal with the legal and financial ramifications of getting divorced. There is no way to completely avoid all negative economic consequences during divorce, but there are a few things you can do to help minimize these consequences.

One of the best ways to protect your rights and safeguard your finances during divorce is to get help from a qualified Illinois divorce lawyer. Additionally, experts have other pieces of wisdom which can help you avoid the most common financial pitfalls during divorce.

Mistake 1: Being Unaware of Your Family’s Finances 

In many marriages, one person does the majority of the financial planning. If you are getting divorced and are not up-to-date regarding your financial scenario, you can easily be taken advantage of. If you are considering divorce, it is a good idea to gather certain documents now, instead of waiting until you need those documents. Unfortunately, divorce can sometimes bring out the worse in people and your ex may be unwilling or unable to provide these items in the future.

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Wheaton divorce mediation lawyersWhen a married couple decides to end their marriage through divorce, there are many decisions which must be made. If the couple has children, schedules for child custody (technically called the allocation of parental responsibility) and visitation (parenting time) must be arranged. The couple will also need to decide how they will split their marital estate. Often, this involves deciding whether or not to sell the family home or assign it to one of the spouses. Couples must also decide how shared bank accounts, investments, vehicles, and valuables like jewelry or fine art should be divided.

Understandably, many divorcing couples struggle to communicate effectively about these issues. In these circumstances, divorce mediation can help facilitate communication between the spouses so they can arrive at an agreement.

Benefits of Mediation 

Most divorcing couples wish to avoid courtroom litigation. Not only is litigation expensive and time-consuming but it can also be an intimidating environment and lead to escalated hostility between the spouses. Mediation allows couples to meet with a mediator and discuss their concerns about various issues related to the divorce. A mediator does not make decisions for the couple, but instead he or she encourages an open dialogue between the parties which allows them to make decisions for themselves.

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From our law office in Wheaton, IL the family law and civil litigation law attorneys of Mirabella, Kincaid, Frederick and Mirabella, represent businesses and individual clients throughout the western suburbs of Chicago, Illinois including Wheaton, Naperville, Oak Brook, Glen Ellyn, Carol Stream, Lombard, Downers Grove, Burr Ridge, Lisle, Elmhurst, Oakbrook Terrace, Winfield, Woodridge, Warrenville and throughout DuPage, Kane and Kendall Counties.

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In honor of the passing of our founder, Joseph F. Mirabella, Jr., our offices are closed Friday, January 31, 2020.I Agree