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Posted on in BGL Law

Many people are discussing the rising incidence of divorce among people who are later on in life, something commonly known as gray divorce. These types of divorces present their own unique issues, and one of those issues is how to deal with people's retirements. While retirement planning is an important part of any divorce, the issue is often more pressing among older individuals. Social Security is an important part of many people's retirement planning, so the question of how Illinois law divides up Social Security payments in divorce is a common one.

How Illinois Divorce Law Treats Social Security

The short answer to the question of how Illinois divorce law handles Social Security is that it does not. However, as with many short answers, that is not the whole story. It may seem unusual that divorce courts do not divide up Social Security income when they divide up almost everything else, including other retirement accounts. Additionally, many people may be concerned about unfairness because Social Security income is based, in part, on a person's work record, so a spouse who stopped working to take care of the home would have a worse work record.

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Posted on in Divorce

divorce and your credit score, Crystal Lake divorce attorneyDivorce is an intensely emotional process for many people, but that fact should not obscure its more practical dimensions. For instance, people going through divorce should take steps to ensure that their credit score does not drop as a result of the process.

Some people worry that their credit score will drop merely as a result of going through a divorce. While that is not true according to one of the major credit bureaus, divorce can still affect people's credit indirectly. This can happen in two ways. First, divorce can affect credit because it has to do with assigning debt and closing down joint credit accounts. Second, it can affect credit going forward because divorce may mean a change in people's financial situations.

Deal with Joint Accounts

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Posted on in Family Law

McHenry County divorce attorney, property division in Illinois, property division, marital property, non-marital property, retirement accounts and divorce, joint bank account, equitable distributionWho gets the house? Which one of us can keep the car? What will happen to my retirement account?

These sorts of questions are often some of the first on the minds of those contemplating divorce. Property division is one of the most important parts of the divorce process, and it is often surrounded by several myths and rumors. However, much of the property division process is centered around two questions: “What gets divided?” and, “How does it get divided?”

What Gets Divided?

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Posted on in Divorce

divorce, fighting a prenup, McHenry County divorce attorney, prenup, prenuptial agreement, property division, spousal support, overcoming a prenupMany people who are about to get married, particularly those with high net worth, choose to enter into a premarital agreement beforehand. Premarital agreements, also referred to as prenuptial agreements or prenups, are contracts between the two people about to get married detailing what should happen in the event of a divorce. These prenups are legally binding contracts, and courts will often enforce them, but like many contracts, the spouses may have legal arguments available to them that would nullify the contract. In fact, an ongoing and contentious divorce that is currently happening in Illinois highlights some of these arguments. That case, which involves a divorce between a hedge fund manager and his wife, demonstrates two of the most common arguments to invalidate a prenup: improper financial disclosures and coercion.

What Are Prenups?

Prenuptial agreements are contracts that spouses enter into prior to a marriage to decide how certain aspects of their divorce would play out. For instance, spouses who choose to enter into premarital agreements can determine things like property division and spousal support, so that the court does not have to deal with those issues during the divorce. In general, the prenup can outline the rights and responsibilities that the spouses have towards each other during the divorce.

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