The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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Yorkville gray divorce attorneyDivorce rates are often changing and vary depending on the source of your information. Although the general divorce rate is anywhere between 40 and 50 percent, one statistic that can be agreed upon is that the divorce rate for Americans over the age of 50 has doubled since the 1990s. Gray divorce, or divorce that takes place when someone is 50 or older, can be devastating for many people, particularly because gray divorces often end marriages that can be decades long. Spouses in these cases have special considerations that should not be forgotten when going through the divorce process, especially related to financial matters. If you are going through a divorce later in life, here are a few mistakes to avoid:

Not Understanding Your Finances

In any marriage, it is not uncommon for one spouse to have a better understanding of the couple’s finances than the other. While this type of arrangement might work during a marriage, it will certainly not work in a divorce. If you are the partner whose knowledge of the family’s finances is unclear, you need to get a better picture of what your finances actually look like. Review all of your bank accounts, investment portfolio, and any debts that you owe before you begin dividing your property.

Clinging to the Family Home

There are many reasons why a spouse would want to keep the marital home after a divorce. For some couples, the thought of moving their children out of the family residence is unfavorable. For older couples, the sentiments attached to the home may cause them to hold on when their finances say they should let go. First, get an accurate appraisal of the home’s worth. Then, figure out if you can afford to keep the home on your own.

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Illinois divorce attorney, Illinois family lawyer,Getting a divorce turns your entire life upside down. The asset division process can prove to be especially cumbersome for some couples, as it requires you to take every single asset and debt into consideration when making decisions. Most couples argue over the house, bank accounts, and vehicles. While these high-value assets are important, it is also important not to overlook one of your most important assets -- retirement funds. It is easy to forget about retirement when it is 15 or 20 years away, but planning for it now can save you a big headache in the future. When it comes to retirement plans, one of the most important tools in your toolbox is a QDRO, which is a commonly used acronym for a qualified domestic relations order. QDRO's can be extremely beneficial when divvying up retirement plans during a divorce and can take some of the uncertainty out of your future. What Is a QDRO? In the state of Illinois, all pension benefits, including individual retirement accounts (IRA’s) and defined contribution plans and accounts, are presumed to be marital property and must be divided in “just proportions.” This is where a QDRO comes in. A QDRO is a legal document that designates an alternate payee’s right to receive all or a portion of the benefits held in certain types of retirement accounts. What Is Included in a QDRO?

QDRO’s are just as legally enforceable as an order for alimony or child support and must be approved by the court. Basically, a QDRO will allow both payees to draw from the retirement plan when the time comes. Most of the time, the named payees will be both spouses, but in certain situations, the alternate payee can be a child or another dependant. For a QDRO to be valid, it must contain:

  • The plan owner’s name and mailing address;
  • The alternate payee’s name and mailing address;
  • The percentage of the plan that will be going to the alternate payee;
  • How that percentage will be determined;
  • The number of payments included in the order; and
  • How those payments will be made to each payee.
Consult with a DuPage County Asset Division Attorney Today

If you are getting a divorce, it is important that you keep all of your assets in consideration -- including your retirement plan. By hiring a knowledgeable Aurora, IL asset division lawyer, you can be sure that you are getting your fair share of the retirement plan. Contact the Law Office of Matthew M. Williams, P.C. today to discuss your case and determine your best course of action. Call our office at 630-409-8184 to set up a consultation.

 

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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