More people age 50 and older are choosing to divorce than ever before. Due to longer life expectancy and reduced stigma over the issue of divorce, many older couples are choosing to seek happiness and personal fulfillment in their later years. Illinois readers know that any significant family law decisions made later in life can have a significant impact on a person's retirement and his or her long-term financial stability.
The divorce process is both confusing and stressful, which may lead to a person making decisions that are not really in his or her best interests. If an Illinois reader is considering moving forward with a divorce, it is smart to take steps to avoid common family law mistakes that can affect future interests. With preparation and careful consideration, it is possible to avoid certain missteps.
If divorce is looming, an Illinois spouse likely has many concerns about how to manage financially. Like any financial issue, it helps to do some careful planning to reduce the chances of struggling in the future. Family law analysts say that those who are divorcing typically have three areas to focus on when it comes to their finances: tax ramifications, asset division and income reduction.