If you are close to retirement and facing a divorce (sometimes called a “gray” divorce), the issues you will need to address are at least somewhat different than those faced by younger couples. For example, you probably do not need to worry about child custody, as your children, if there were any, may already be grown and out of the house. You do likely have a lot more assets in the form of bank accounts, retirement funds, shared real estate, and more that will have to be split between the two of you.

Where to Begin

Even if both parties are willing to share and compromise, there is more to splitting certain funds than one may realize. Rather than being able to just share an IRA or 401(k) like you might do with a bank account, there are rules that must be followed to avoid various fees and taxes. Often, individuals who have passed their middle-aged years have a variety of retirement accounts, and they can be tricky.

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For many people, the time they went through their divorce may have been the worst time of their lives. No matter whether you wanted out of the marriage or not, from the moment of your separation until well after the divorce is final can be a period of uncertainty and loneliness. Legal missteps during this time can affect the rest of your life, so it is important that you try to remain as mentally and emotionally well during this time.

Coping Tips

1. Acknowledge your feelings, allow yourself to have them, and deal with them in healthy ways. Rather than trying to push down the wide range of emotions you are facing, try working on self-improvement and stress relievers, like working out at the gym, going for a walk, or talking things through with a close friend.
2. Take care of yourself. Do not allow yourself to wallow in sorrow or anger. Eat healthily, get plenty of rest, even if you are having trouble sleeping, and do not turn to alcohol or drugs as coping mechanisms. These can lead to poor decisions and lifelong issues., so tread carefully.
3. Make sure your attorney is handling your case in the way you want. If there are specific issues that you want to make sure are taken care of, make sure to communicate those necessities to your lawyer. Heed your attorney’s advice, but also offer input to ensure your needs are being met. Having things taken care of from a legal standpoint will take a lot of stress and worry off of your shoulders.
4. Avoid arguing with your spouse (or ex-spouse). It will be tempting to answer every call, text, or email, and often you will want to get some anger and disappointment off your chest, but unfortunately, this can, and most likely will, lead to even more negative emotions piling onto you.
5. Spend time with loved ones. You need friendships and support during a divorce. You may also need some alone time to reflect, but do not allow yourself to be too closed off from the people who love you and want to help you through this difficult time.
6. If you have children, reassure them, and try to keep up their regular activities as much as possible. Do not drag them into the conflict, but rather try to remain as positive as you can around them. However, also be honest about the situation and let them know that they also are entitled to their feelings, and be open for them to talk to you about the situation.

Contact an Elmhurst Attorney for Help with Your Divorce

The attorneys at Weiss-Kunz & Oliver, LLC, are knowledgeable and ready to help you through your divorce. Contact an experienced Elmhurst attorney to iron out the details that will keep your divorce process as stress-free as it can be. Call 312-605-4041 to schedule a consultation.

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Many times, the first thing on a parent’s mind when they get a divorce is how it can affect their children. Many people have said that staying together for the children is better than getting a divorce. There have been numerous studies on how divorce affects children and their well being, but their have also been many studies on how unhappy marriages affect children. Most of these studies have concluded that while a divorce is difficult for many children, staying in an unhappy marriage can be even more detrimental for children’s well being. Many times, the decision to divorce or not to divorce is made based on the children’s best interests. Here are just a couple of ways that an unhappy marriage can affect your children.

Constant Stress and Tension

If you are in a marriage where you and your spouse fight a lot, your child is experiencing some of that stress and the tension that the fights create. It is natural for children to internalize their parents, but when they internalize all of their parents’ fighting and conflict, that can lead to emotional, physical and social ailments, like depression or chronic fatigue. Even if you try to hide the fighting, children are very receptive and can sense you and your spouse's unhappiness.

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With the new year fast approaching, 2019 is right around the corner. While this is exciting for some, couples who have just filed for divorce or are mid-divorce could see some not-so-nice changes with the new year. A law that was passed in December 2017 will come into effect beginning January 1, 2019, and will affect any couple who has not finalized their divorce by December 31, 2018. Act Will Change Tax Implications For Divorcing Couples The Tax Cuts and Jobs Act (TCJA) was passed in December of 2017 and made changes to the tax code that will affect about half of Americans in some way, shape or form when it goes into full effect at the beginning of the year. For divorcing couples, the TCJA will affect the tax implications of spousal support (also known as alimony). The act will change the existing 77-year-old law on who pays taxes on spousal support. Old Law vs. New Changes Any couple who finalizes their divorce before December 31, 2018, will adhere to the current rules on who pays taxes on spousal support. As of now, the person who is paying the spousal support can deduct the payments on their taxes. The person who receives the spousal support must pay taxes on the payments depending on their tax bracket. Under the new law, spouses who pay support payments will not be able to deduct the amount on their taxes and the spouse who receives the payments will not pay tax on them. Implications of the Change Couples who are currently going through a divorce have more pressure to finalize their divorces before this new law goes into effect. The American Academy of Matrimonial Lawyers estimates that divorces will change significantly in the way they are settled and that divorce cases will become more hostile than before. The organization has also stated that couples who currently have prenuptial agreements should reexamine the documents and update them based on the new law. Get in Touch with an Elmhurst, IL Spousal Support Attorney

It is no secret that a divorce can be a messy and complicated process. With the new law that will take full effect next year, your divorce could become even more complicated. At Weiss-Kunz & Oliver, LLC, you can have peace of mind knowing that we are here to help you throughout your divorce process and will help you make the best decisions about spousal support and its effect on your taxes. Our highly-skilled Lincolnwood, IL spousal support attorneys understand the importance of receiving support and that spousal support is something that you may depend on, especially right after your divorce. Contact our office today to schedule a consultation by calling 312-605-4041.

 

Sources:

https://www.efile.com/tax-deduction/income-deduction/divorced-tax/

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Everyone who is a pet owner knows that their pet is part of the family, and to some people, their pets are even like children. For the longest time, pets were considered property in an Illinois divorce, and the spouse who got to keep a pet was mostly determined by who purchased the animal. A recent change to the Illinois Marriage and Dissolution of Marriage Act now includes a clause about pets which sets out guidelines to determine who gets the pets when spouses get a divorce.

Pets are Treated More Like Children Under New Law

A new law that took effect at the beginning of 2018 now allows pets to be treated more like dependents and less like property. This means that Illinois now recognizes that animals are living beings, and their best interests need to be taken into consideration when a separation is in order. However, it will still need to be determined whether or not pets are considered marital property before any allocation occurs. If a pet is found to be marital property, a judge can now consider certain factors when determining who gets custody of a pet in the divorce.

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