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Wheaton divorce lawyersA college degree is almost essential in today’s job market, which is why so many parents set up an educational savings account for their children. Unfortunately, that account may be subject to division if the parents end their marriage. Learn how you can protect your child’s savings account during your Illinois divorce, and discover how a seasoned divorce lawyer may be able to help improve the overall outcome of your case. 

How Divorce Can Endanger Your Child’s College Savings

Going from one household to two can have a significant impact on your family’s overall financial trajectory - and that includes your child’s college savings account. That is because the household, which used to share expenses, now has two sets of bills. Add in the possibility of child support and alimony, and there is even less money to go around. As such, it may be difficult for parents to continue contributing to their child’s college savings account. Another issue is that some savings accounts are considered marital assets, so they may be split like other assets. Yet, even if the account is not split (such as with a 529 plan), there is a risk that one parent may wrongfully spend the money that has been saved. 

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Wheaton divorce attorneysMost people view divorce as a failure of their marriage, but relationship experts say this is not always the case. In fact, people often grow and mature during their marriage, and divorce can be a part of that process. Learn more in the following sections, including how a seasoned divorce attorney can help you successfully navigate the ins and outs of an Illinois divorce. 

Human Relationships Can Promote Personal Growth

When you are single, the only person you really have to worry about is yourself. In contrast, marriage encourages you to put the needs and feelings of others before your own. Relationships can also help you see where you need to grow. For example, marriage can reveal your tendency to act with selfishness or immaturity. It can also help you to see where you need to act more responsibly (i.e. managing money, etc.). Of course, few people enter their marriages with this mindset, which is why divorce is typically seen as a failure. Yet, experts say that choosing a divorce - especially when you have grown apart or outgrown your relationship - can be the most mature decision one can make. It can also indicate you are not overly fearful of change and personal growth, both of which are unavoidable when you end a relationship. 

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Illinois divorce attorneysDivorce can be a stressful and taxing process - so much so that it may impact your health, mental well-being, and relationships with friends and family. Thankfully, it is possible to reduce your stress levels during divorce. Learn more in the following sections, including how the assistance of a seasoned Illinois divorce attorney can improve the overall outcome of your case. 

Gearing Up for the Divorce

Odds are, you know about the divorce before the proceedings begin. Use this time wisely and you could improve your ability to cope once the real action starts. For example, you could seek out therapy and a support group so that you are emotionally prepared to navigate negotiations with your spouse. Making a budget and appropriately planning for your financial future can also help to ease money-related stress while you are preparing for the divorce process. 

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Wheaton divorce attorneysOne of the first questions that divorcing parties ask is how long the process will take. Unfortunately, the answer is not a simple one, especially since there are so many variables involved. For example, a contentious divorce is likely to take far longer than an amicable one. Still, there are some generalizations that can give you an idea as to how long the process might take for you and your spouse. Learn more in the following sections, including how a seasoned divorce attorney may be able to take steps to expedite your Illinois divorce. 

Method of Divorce Can Affect the Duration of Your Case

Couples used to have to go through court for a divorce, but the process is both long and costly. As such, the system has added new avenues for divorce. For example, a couple may choose to mediate their divorce instead of going to litigation. Alternatively, they may use their attorneys to work out a negotiated settlement, or they may seek out arbitration. All of these avenues typically take less time than a litigated divorce, and they are usually less expensive. 

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Illinois divorce lawyersThe Great Recession endangered the retirement of thousands of Americans, but experts from the Center for Retirement Research at Boston College recently found that divorce can be just as detrimental. Much of this is due to the splitting of assets and the decrease in income that ensue once proceedings begin (or sometimes even before), but parties can mitigate their risks. Learn more in the following sections, including how a seasoned divorce lawyer can help. 

The Retirement Risk Index

Ideally, your retirement should allow you to sustain your current lifestyle. Unfortunately, after the Great Recession, approximately half of all American households were at risk of not meeting that goal. With some 40 percent of all marriages ending in divorce, that number may be increasing on a daily basis - especially since divorce can increase one’s risk of not meeting their retirement goals by 7 percentage points. Thankfully, if parties understand how divorce endangers their retirement, and they learn how to mitigate against the potential issues that may arise along the way, they can decrease their risk of not meeting their retirement goals. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Warrenville Office
Address28371 Davis Parkway
Suite 103
Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road
Building A, Suite 105
Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street
Suite 900
Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street
7th Floor
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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