A growing number of people in Illinois are choosing to divorce later in life. In the past, older Americans tended to stay together, especially if they were already part of a long marriage. Divorce was less socially acceptable, and people often had fewer expectations of health and lively activity in their retirement years. However, since 1990, the rate of divorce for people aged 65 and older has more than doubled. This trend shows no sign of stopping and has continued even as the divorce rate for younger Americans has actually decreased. There is a number of reasons why "gray divorce" is on the rise, but there are also specific financial concerns that can accompany when middle-aged and senior Americans divorce.
When divorces happen in Illinois and around the country, chances are high that the female spouses started the process. One study concluded that wives initiated 80% of divorces. Another study that tracked 355 couples over a 16-year period collected information from both male and female spouses. Although men often had escalating anxiety about their relationships, they did not take action to dissolve their marriages nearly as often as women. The results of that study showed that the wives pursued divorce at twice the rate of husbands.
When a divorce occurs, a couple might decide to sell a house and split any profits. However, there are also reasons a person in Illinois may wish to keep a home. One could feel attached to the property, or one could wish to live in the home with children.
Divorce can be hard on Illinois residents and others throughout the country. However, it may also be a source of happiness for some who have chosen to end their marriage. According to a representative from the American College of Financial Services, women between the ages of 60 to 65 tend to enjoy the fact that they are not married. Regardless of how a person feels after ending a marriage, it can have a financial impact that needs to be accounted for.
Child support is often a major part of a divorced parent's income. Although losing the second salary in the home after divorce might make it challenging to juggle all of the expenses a couple was able to manage, child support helps ensure the children have what they need. The amount of child support that is awarded to a parent varies by location. Custodial parents in Illinois may have to budget more income for their children's expenses than those in Nevada or Washington.
The already complex process of divorce can be further complicated for people in Illinois if one of them loses a job. This can have implications for child and spousal support payments whether it is the lower- or the higher-earning spouse who loses a job.
For many Illinois families, divorce brings about a wide range of changes, including emotional, social and behavioral changes. However, one change that might not be so obvious during the process, is how divorce will affect the children's higher education plans. A study has found that for white children in particular, divorce is factor in whether they attend college or not.
When Illinois couples who own a home get a divorce, one may want to buy out the other. However, the person should first find out the answer to several important questions. One is how much equity is in the home. This can be determined in several different ways. A full appraisal is the most accurate, but it can be expensive and time-consuming, so some couples opt for quicker methods.
For the most part, both men and women in Illinois agree that parents who act as caregivers to their children play an important role in a marriage. However, men and women tend to disagree over how much a stay-at-home parent should receive in a divorce settlement. A study involving roughly 3,000 people asked participants to read a scenario about a couple who divorced after having three children. Both the husband and wife worked until the couple's first child was born.
Filing the last of the divorce paperwork can be a big relief for couples in Illinois who are splitting up, but there is usually still more work to be done after the divorce. For example, a spouse may need to be removed from a health insurance policy, and one spouse may need to find another source for medical insurance.