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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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DuPage County divorce attorneys, late life divorceCouples deciding to divorce later in life will deal different issues than those faced by younger couples. Often, a couple's children are adults or are in college. Therefore, the couple will not need to focus on developing parenting plans or making child custody decisions.

Additionally, dissolving the marriage may feel less threatening for a couple if they have both had successful careers and have established retirement accounts. This does not mean dissolving a marriage after 20 or 30 years is simple, but rather that divorce negotiations may center on issues related to retirement such as dividing Social Security payments or cashing out retirement accounts.

Dividing Social Security Payments

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
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
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, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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