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Married couples dream of retiring and enjoying their golden years together, but with the high rate of divorce these days, this dream is not always realized. In fact, divorce in retirement has become extremely common - so much so that it has even developed a name. Dubbed the gray divorce, retirement in your senior years can significantly impact your future. Learn how to prepare and mitigate the effects with help from the following sections.
Divorce can be a costly endeavor, in and of itself, but its effect is often amplified when it occurs during or shortly before retirement. Much of this can be attributed to the division of assets and the lack of earning years left for the divorcing parties. Younger couples have time to rebuild their retirement; this may not be true for those approaching retirement or currently retired. Yet, like all other divorcing couples, their assets must be equitably distributed between the divorcing parties.
In a divorce, the safety and well-being of children are prioritized by the courts. As such, accusations of abuse and parental alienation are treated as serious matters. Learn how abuse and alienation claims are handled by the family courts, how it may impact your parental rights, and what you can do to improve your chances of a positive outcome in your Illinois divorce.
Once a claim of abuse or alienation is made, your rights may be immediately impacted. You could be subject to supervised visitation, meaning you cannot see or spend time with your children unless another adult or court-appointed supervisor is present. Depending on the situation, you may even be restricted from speaking with your child over the phone.
Though claims may be unfounded, the courts require that an investigation take place before your rights can be fully returned to you. Typically, this means you will need to speak with a social worker or your child’s Guardian Ad Litem. They may also speak to your child’s friends, neighbors, teachers, and other persons of interest in your child’s life.
Raising a child takes financial resources, so when you are ordered to pay child support, is important that you fulfill your financial obligation. Unfortunately, life can get in the way. People get injured or laid off from their jobs. Health complications can make it difficult to maintain gainful employment. If any of these (or any other scenarios) apply to your situation, there may be options available to you. Learn more with help from the following information.
Parents who fall behind on their child support payments sometimes avoid asking for help because they fear it will only increase their overall costs. Yet, if changes to their order for support are not made, the obligated parent may fall far enough behind on their payments to warrant disciplinary action from the state. Such consequences may include:
Divorce has seen a lot of changes since its peak in the United States. Whereas courts used to almost always award custody to the mother, with fathers being afforded very few rights, the system now recognizes that children need and deserve the love and support of both parents. Developmental and behavioral studies on children have been integral to these changes, but parents themselves have helped to pave the way as well.
While some divorce cases involving children remain acrimonious, the majority of parents recognize that their child is extremely vulnerable to behavioral and emotional trauma during parental separation. Moreover, parents are becoming more knowledgable about the negative effects that a bitter divorce can have on the future and overall development of their child. As a result, many are intentional about the way they conduct themselves during the divorce process.
From an attorney’s perspective, divorce is primarily a financial transaction. Yet, for the parties separating, divorce is far more than just a division of assets; it is an emotional endeavor. Grief, an emergence of buried emotions, and even feelings of doubt and regret can surface.
Some fall into depression at this time. Others experience intense anger. Parties leaving an abusive situation can also suffer from PTSD. In short, it is important to protect one’s mental health during a divorce. The following tips offer a few ideas on how to go about doing this.
As previously mentioned, grief is exceptionally common during divorce. Rather than deny or bury it, allow grief to take its natural course. By avoiding it, you can end up doing yourself for harm than good.
Rising stress levels, suppressed anger or resentment, and other negative emotions are all common symptoms experienced by those who are attempting to avoid their grief. In contrast, those that allow themselves the time to process and grieve their loss tend to adapt much better after their divorce. This is likely because they feel more grounded and at peace with their decision.
Couples nearing retirement often assume that they will stay together for the rest of their natural lives. Yet, with people living longer and healthier lives, many stop and evaluate their current situation as they move into their golden years. What some find is that they and their spouse have changed so much over the years that staying married no longer makes sense.
How do you navigate such a massive financial and lifestyle change like a divorce without compromising your future? The following tips on navigating divorce during your retirement can help.
Divorce may be an emotional process, but it is the financial implications that tend to have the longest-lasting effect on one’s life. This statement is especially true for those heading into their retirement years. The following are just a few ways that divorce can affect your finances:
When a child is born to unwed parents, the mother typically receives automatic rights at birth. The same cannot be said for unwed fathers. Instead, they must establish paternity in order to gain legal rights to the child. Learn more about this process in the following sections, including what it entails and what parental benefits you may receive.
Even when unwed parents reside together and plan to marry, fathers must acknowledge their paternal bond with the child to gain legal rights. While this added step may seem unfair and a hassle, the goal is to ensure that the obligation for financial support is assigned to the right person.
Biological fathers who pursue this legal action can provide their child with certain financial benefits that can improve the child’s overall quality of life, including the right to receive:
Adoption can be a rewarding and fulfilling experience for all involved, but it is not a decision that should be taken lightly. By going through this legal process, you are taking on all of the financial, medical, emotional, and developmental needs of the child. The following are five things you need to know and consider before embarking on your adoption journey.
Families considering adoption often allow themselves to become overwhelmed with all the tasks and changes involved. They may also become nervous about their shortcomings during the interview or home study process. Rest assured that you do not need to be perfect to complete an adoption. You are not required to have a “traditional” household. All you really need is to prove that you can provide a stable, loving environment for a child and that you will do everything possible to ensure the child’s needs are met.
As more families work toward amicable splits, the rate of full joint custody has increased. In addition, there are studies that highlight the potential benefits of a near equal time split between parents. Unfortunately, communication between divorcing parties can be stressful, even when both are focused on the well-being and best interests of their children. Gain some helpful tips for minimizing issues (and unnecessary stress) in your joint custody plan in the following sections.
Managing a kid’s schedule is difficult enough when working out of one home. Split the bills and responsibilities and things can get downright confusing. Effective communication is the key to reducing stressors while managing schedules during a divorce. You can also incorporate online applications, such as shared family calendars.
Divorce can impact every facet of your life—including your business and financial stability. Thankfully, there are a few key strategies that you can employ to minimize the risks to your business operations while also reducing the chances of it affecting your employees. Learn more about them in the following sections.
It is not uncommon for married couples to co-own their family business. Even when one party is not directly involved in the day-to-day operations, they may hold shares in the company. In either case, both parties need to mindfully separate business from their personal life.
Conduct yourself professionally whenever you are at the company or conducting business, and stay away from marital matters whenever talking about business operations. Remember: the well-being of your employees and the future stability of your company could be on the line.
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