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Wheaton retirement asset division lawyerThere are multiple decisions and negotiations that divorcing couples must grapple with. Many of these decisions are highly emotional, including the allocation of parental responsibilities, ownership of the family home, custody of the family pet, and even possession of sentimental personal items the couple has amassed during their time together. So many of these decisions revolve around the present that it can be easy to overlook the future issues, such as the division of retirement funds and pensions. For this matter especially, having a skilled divorce attorney assisting you can be critical.

There are many factors to consider when trying to determine how these funds will be divided, including tax implications and early withdrawal penalties if the transaction is not handled correctly. Knowing ahead of time the best way to manage each of these accounts can save a great deal of time, stress, and money.

Dividing Different Types of Retirement Accounts

Different retirement plans require different procedures for division in a divorce. Individual retirement accounts (IRA) are savings accounts that offer many tax advantages while enabling people to save for their retirement. These accounts are usually offered by financial institutions, such as banks and credit unions. Qualified plans, such as 401(k) or 403(b) plans, are employer-sponsored plans. Employees can contribute to these accounts and there are no taxes paid on the amount in the account until the employee actually makes a withdrawal.

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Wheaton divorce lawyerWith many provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed back in March expiring and the economy still suffering, Congress has started negotiations on additional legislation to relieve Americans facing financial burdens. While the Senate Republicans have the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act and the House Democrats have the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act—all differing vastly in how to provide aid—there are two things that almost every politician agrees on:

  • The country needs additional emergency assistance from the government to weather this storm and somehow stay afloat.

  • Direct payments in the form of stimulus payments, similar to those allocated in the CARES Act, might be the quickest, most efficient way to provide citizens with immediate relief.

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Wheaton divorce lawyerMany studies suggest that children of all ages are actually quite resilient when it comes to coping with their parents’ divorce, transitioning to a relatively well-adjusted new living situation within a year or two. However, there are some serious causes for concern that might require adult intervention from professionals, such as psychologists, therapists, social workers, and maybe even your child’s teachers. Be sure to look for telltale signs that professional intervention may be necessary for your child to process your divorce in a healthy manner. 

3 Behaviors That Suggest Your Child Needs Professional Intervention

As with most psychological issues, the tipping point to determine whether or not your child truly needs professional help coping with the divorce is usually evident when his or her reaction to the divorce is interfering with normal functioning and development as a child. A wide array of emotional responses—from sadness to anger—will be common, but that does not necessarily mean your child needs outside help. Here are common disruptive behaviors in reaction to the divorce that might require professional intervention:

  1. Persistent, Out-of-Character Trouble in School — From skipping classes to getting in fights, steep declines in classroom performance to withdrawal from school-related activities, dramatic shifts in academic behaviors are key indicators that something might not be right. While this could be the case with most children dealing with divorce, if these classroom behavior changes are prolonged and extreme, you might want to ask teachers and guidance counselors to keep a particularly close eye on them.

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DuPage County gray divorce attorneyWhile the major story with regards to divorce statistics in recent years is the fact that in most age segments, especially the Millennial Generation, divorce rates are on the decline (which should not be that much of a surprise given that marriage rates are also on the decline for this age group). But possibly an even more interesting and multifaceted development is the huge spike in gray divorces, or divorces for those over the age of 50, many of which can be very complex divorces due to the large variety and amounts of assets, properties, and debts amassed through the years. Here are some of the reasons for the increase in gray divorces.

5 Primary Reasons for the Increase in Gray Divorces

Over the last two decades, there have been twice as many gray divorces as there were in the past. This doubling of gray divorce rates suggests a trend. Here are some of the most common reasons that so many people over the age of 50 are getting divorced:

  1. Less Stigma—These older generations have seen a dramatic shift in the way divorce is viewed by both society and religious organizations. Whereas in prior decades, divorce might have branded you as an outcast or someone who did not have the fortitude or fidelity to “make it work” in regards to your marriage. These days, you will probably hear someone say, “Good for them,” upon hearing of a couple’s divorce. That is because overall, everyone is much more accepting of divorce, especially due to the many negative consequences of failing marriages.

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DuPage County divorce attorney spousal supportIf you have kids from a prior marriage, then you know that the divorce proceedings are hardly the last time you will hear from your former spouse. There are all sorts of things that you two must continue to work through, especially if your children are under the age of 18, including child supportparenting timeparental responsibilitiesspousal support, and much more. But how will this change if you decide to remarry? Will your new spouse be responsible for any of the parental responsibilities or child support? How will spousal support change? While at one time there was a clear-cut answer to all of these questions, in recent years, there is much more gray area when making some of these determinations in Illinois. The following is a look at how remarriage can change things after your divorce.

Remarriage and Its Impact on Divorce Obligations

With regards to spousal maintenance, the following is true in Illinois:

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