After working extremely long hours at a law firm while raising two kids, a Chicago woman is ready to retire. She has been dreaming of moving out of the city to Tower Lakes, Illinois. Knowing Tower Lakes has been ranked one of Illinois’s best places to live, she is looking forward to the rural feel. Walking along the lake through the trees will help her finally de-stress and take better care of her health. Her husband is also looking forward to retiring. After they move into a lakeside home in Tower Lakes, they begin spending their days together without distractions.
At first, they enjoyed making up for all the lost time they spent away from each other while they both worked demanding jobs. However, as the months go by, they start to realize that they have grown apart and do not have many shared interests anymore. Eventually, they decide that they would rather live their retirement years separately and file for divorce.
Be Financially Prepared
It is impossible to prepare fully for a divorce, especially if you have been married for a long time. If you are in your retirement years, there may be some financial advantages. You had decades to save, and the financial burden of divorce can be more easily met. On the other hand, there are tax advantages to being married, and carrying the full burden of rent, mortgage, living expenses, and insurance can be difficult after your divorce.
Embrace Your New Life
Divorce can be a devastating process during retirement, even if you are both in agreement that you need to get divorced. One of the best things you can do is to spend time thinking about your new life. Try to visualize being contentedly single during your retirement years and all of the activities you would like to pursue.
Anticipate Dividing Your Assets
Illinois is not a community property state, and judges will not simply divide your assets in a 50/50 split. Instead, judges must try to divide the spouse’s assets fairly and equitably. However, it is more likely that a judge will divide your marital assets in half if you have been married for a long time. Remember that your debt will not be exempt from being divided between you and your soon-to-be ex-spouse. If you have earned significant assets, it is wise to work with a financial planner during your divorce.
Understand What Happens With Your Retirement Accounts in Divorce
Your home and 401(k) may be your most valuable assets as a retired individual. There are several ways you and your spouse can divide your retirement assets. You may split the retirement account, which is complicated. You may decide to liquidate the account and divide up the critical assets. Another option is to allow one spouse to keep something of value to the 401(k) assets. Other couples decide to allow one spouse to have the house and one spouse to have the 401(k). If you are unable to negotiate how to divide your assets, a court will step in and decide.
Speak to a Divorce Lawyer
If you need representation for a retirement divorce in Cook County, Glasgow & Olsson is here to help. When you need an attorney, experience matters. Contact us today to learn how our experience can get you the results you deserve.