Tag Archive for: illinois asset division

Navigating Gray Divorce on Senior Citizens Day

Gray divorce is on the rise, with more older couples ending long-term marriages than ever before. As we approach Senior Citizens Day on August 21st, it’s important to address the unique challenges that gray divorce presents to seniors. 

The phenomenon of gray divorce was relatively uncommon in 1970 and saw modest growth over the years. In 1990, only 8.7% of marriages among people over age 50 ended in divorce. By 2019, that number had risen to 36%.  Today, according to Bowling Green State University’s Susan L. Brown, co-director of the National Center for Family & Marriage Research, “well over a third of people who are getting divorced now are over the age of 50”. While the reasons behind this trend are complex and varied, understanding them is crucial.

Keep reading to discover why divorces after age 50 are becoming more common and how they can impact a person’s well-being. Here’s what you need to know.

Understanding Gray Divorce

Gray divorce refers to the increasing trend of older couples in long-term marriages getting divorced. This phenomenon highlights the rise in separations among older couples who have been married for many years. According to a U.S. Census Bureau report, more couples over 65 are ending their marriages. Gray divorce differs significantly from divorces among younger couples because the stakes are often higher for seniors due to several factors:

  1. Financial Security: Senior couples are usually more concerned with financial stability, as they may have limited income sources and are closer to or already in retirement. Divining assets, retirement accounts, and pensions can significantly impact their financial futures.
  2. Healthcare and Insurance: Older adults often have greater healthcare needs. The loss of a spouse’s health insurance can be a significant concern, especially for those not yet eligible for Medicare or with costly medical conditions.
  3. Social and Emotional Impact: Gray divorce can lead to isolation, especially if the individual’s social circle is closely tied to their spouse. The emotional toll can also be significant, as older individuals may find it harder to adjust to being single again after many years of marriage.

Key Considerations in Gray Divorce

Navigating a gray divorce presents a unique set of challenges for older adults. The stress of divorce can significantly impact both physical and mental health. Additional hurdles include dividing assets and informing adult children (and potentially grandchildren) about the decision to part ways after many years together. Here are some of the most common factors contributing to gray divorce:

  • Addiction and Abuse: Addressing issues related to addiction or abuse can lead individuals to reevaluate and opt for separation.
  • An Increased Desire for Happiness: As people age, personal happiness and fulfillment become more critical.
  • Empty Nest Syndrome: Couples might reassess their dynamics when children leave home, leading to different paths.
  • Infidelity: Infidelity can strain relationships irreparably, leading to the decision to part ways.
  • Financial Differences: Discrepancies in financial goals, spending habits, and values can cause couples to separate.

It’s important to understand that divorce looks different for everyone. However, older couples seeking a separation and divorce should consider working alongside a divorce attorney.

Legal Aspects to Consider

After many years together, it can be challenging to recall who owned what. A great first step in a gray divorce is identifying which assets are part of the marital estate and which are pre-marital possessions. Illinois asset division divides marital property and debts between spouses fairly and equitably. It’s essential to understand that the goal is not necessarily to divide everything equally but rather fairly, considering the unique circumstances of the marriage. Here are some key assets to discuss with your divorce attorney:

A skilled divorce attorney can help prioritize your best interest regarding asset division. It’s important to note that equitable distribution doesn’t always mean a perfect 50/50 split. It’s about creating a fair and just arrangement based on each person’s unique situation. This process can be tricky, so it’s a good idea to work with a divorce attorney to help ensure your rights are protected during asset division in Illinois.

Legal Support in Gray Divorce

Given the complexities of gray divorce, seeking legal advice from a professional experienced in handling divorces among older adults is vital. A divorce attorney can help you navigate asset division and alimony to help ensure that all legal documents are properly updated.

At Masters Law Group, we understand that gray divorce presents unique challenges and stress. Our clients seek a fresh start, and we are dedicated to guiding them through settlement negotiations and mediation, with their well-being as our top priority. Whether you’re venturing on a contested gray divorce, uncontested gray divorce, or gray civil union separation, our team of attorneys is positioned to advocate for your best interests when it matters most. 

Final Thoughts

As we celebrate Senior Citizens Day, it’s important to acknowledge seniors’ unique challenges when facing divorce and separation. Proper planning, support, and legal guidance can help individuals navigate these family law cases with confidence. Remember, gray divorce is not just an end but also a new beginning, offering the opportunity for a fresh start and renewed focus on personal growth and happiness.

At Masters Law Group, we understand there are many moving parts to divorce, and we are here to help you every step of the way. Our dedicated DuPage divorce attorneys are ready to skillfully advocate for your position and provide your voice when you need it most. Servicing DuPage County and the surrounding Chicagoland areas, our attorneys can help guide you through the process and protect your rights. 

Contact us today to schedule your complimentary consultation.

Navigating The Nuances of LGBTQ+ Divorce in Illinois

The end of a marriage is always challenging for the couple involved, and the impact on family members can be significant. This holds true for those in LGBTQ+ marriages as well. If you’re going through a divorce, striving for an amicable resolution is crucial.

Same-sex marriage became legal in Illinois on June 1, 2014, thanks to the Illinois Religious Freedom and Marriage Fairness Act signed by Governor Pat Quinn on November 20, 2013. This law also allowed civil unions in Illinois to be converted to marriages within a year. 

However, despite these strides, LGBTQ+ couples encounter unique complexities in divorce, including legal nuances and emotional hurdles. Support and guidance from a skilled divorce attorney are crucial to help navigate divorce effectively. Here’s what you need to know.

Understanding LGBTQ+ Divorce in Illinois

Navigating a gay divorce involves grappling with legal frameworks that may still be evolving in some jurisdictions. While marriage equality is recognized in many places, the intricacies of divorce laws can vary widely. Moreover, dealing with societal attitudes and biases can add stress to an already challenging situation.

In Illinois, same-sex couples seeking a divorce must adhere to specific criteria. Firstly, they must be legally married. Additionally, they must fulfill the 90-day residency requirement and file for divorce in their county. Irreconcilable differences serve as the primary grounds for divorce, as is the case for all couples in the state. The divorce proceedings typically encompass a blend of out-of-court negotiations, courtroom litigation, and mediation sessions.

Given the intricate nature of divorce proceedings, same-sex couples should seek the guidance of a divorce attorney well-versed in the nuances of same-sex divorce. Getting the help you need will not only help ensure adherence to legal procedures and provide valuable resources for emotional support throughout the process.

Understanding Illinois Asset Division

Asset division can be contentious in any divorce, including for LGBTQ+ couples. Illinois Asset division divides marital property and debts between spouses fairly and equitably. It’s essential to understand that the goal is not necessarily to divide everything equally but rather fairly, considering the unique circumstances of the marriage. Here’s how it works:

  1. Contribution to the Marriage: The court looks at what each spouse brought to the marriage regarding money and non-money contributions like caring for the home or children.
  2. Duration of the Marriage: How long the marriage lasted matters, as it can affect how assets are divided.
  3. Economic Circumstances: Each spouse’s financial situation, including income and needs, is considered.
  4. Non-Marital Property: Things owned before marriage or received as gifts or inheritance during marriage may not be split.
  5. Custodial Arrangements: If there are kids, the court looks at the allocation of parental responsibilities and how it impacts finances.
  6. Spousal Support (Alimony): Whether one spouse needs support payments is factored in.
  7. Tax Consequences: Taxes resulting from asset division are considered to make things fair.
  8. Wasteful Dissipation: If one spouse recklessly spends or wastes money, it can affect the division.
  9. Future Needs: The court considers what each person will need, especially if one is in a tougher spot after the divorce.
  10. Agreements: Any agreements made before or during the marriage, like prenups, are considered if they meet legal standards.

A skilled divorce attorney can help prioritize your best interest regarding asset division. It’s important to note that equitable distribution doesn’t always mean a perfect 50/50 split. It’s about creating a fair and just arrangement based on each family’s unique situation. This process can be tricky, so it’s a good idea to work with a skilled family law attorney to help ensure your rights are protected during asset division in Illinois.

Allocation of Parental Responsibilities

In Illinois, same-sex couples enjoy equal rights to opposite-sex couples concerning the allocation of parental responsibilities and divorce. However, there are distinct legal considerations that LGBTQ+ couples may encounter during divorce. This includes the following: 

  1. The child is born while the spouses are married to each other.
  2. The child is born after the marriage is terminated. It must be within 300 days after that termination.
  3. In the first two situations, the couple attempted to enter into a marriage or civil union “in apparent compliance with the law.” However, that marriage or union is later terminated or declared invalid for some reason.
  4. A person marries the birth mother after the child is born and consents to being added to the birth certificate.

Additionally, the court may evaluate if one parent is unwilling or unable to engage in co-parenting, potentially leading to a sole parental determination. The law encourages parents to collaborate on crucial child welfare decisions, including education, healthcare, religion, and extracurricular activities. Courts prefer shared responsibility between parents and may allocate it to one if necessary. If parents fail to reach an agreement on a parenting plan, a judge may employ the same criteria utilized in opposite-sex couples’ divorces to decide parental responsibilities.

A skilled divorce attorney can effectively advocate for the children’s best interests while nurturing a positive co-parenting dynamic.

Emotional Support and Healing

Beyond the legal intricacies, the emotional toll of divorce can be profound. For LGBTQ+ individuals, facing the end of a relationship can evoke a wide array of emotions, including feelings of isolation, rejection, and uncertainty about the future. It’s essential to prioritize self-care during this challenging time. Here are some tips for navigating the emotional journey of divorce:

  • Seek Support: Contact friends, family, or mental health professionals for emotional support and guidance.
  • Participate in LGBTQ+-Friendly Support Groups: Joining support groups or therapy sessions tailored to the LGBTQ+ community can provide a safe and understanding space to process emotions.
  • Practice Self-Care: Take time to engage in activities promoting relaxation, mindfulness, and self-reflection.
  • Be Gentle with Yourself: Understand that it’s normal to experience a range of emotions during this time, and it’s okay to give yourself permission to feel and heal at your own pace.
  • Focus on Personal Growth: Use this opportunity for self-discovery and personal growth. Explore new interests, hobbies, or goals that bring fulfillment and joy.

Taking proactive steps to address emotional well-being is crucial for navigating the challenges of divorce and emerging stronger on the other side.

Getting The Help You Need

One of the first steps in navigating the nuances of an LGBTQ+ divorce is seeking the guidance of a knowledgeable divorce attorney. Masters Law Group understands that divorce is a stressful situation and that our clients want to move on with their lives. We empower you to make informed decisions and strive for an outcome that supports your best interests and your family’s.

As such, we move through settlement negotiations, mediation, or litigation with our client’s assurance and well-being in mind. Whether you are facing an LGBTQ+ contested divorce, uncontested divorce, or civil union divorce, our firm’s divorce attorneys are ready to skillfully advocate for your position and provide your voice when you need it most.

Final Thoughts

As we close out Pride Month, Masters Law Group reaffirms its commitment to supporting all members of the LGBTQ+ community, including those navigating divorce. By fostering empathy and understanding, we can help LGBTQ+ individuals emerge from divorce stronger and ready to embrace new beginnings. You don’t have to navigate this journey alone. With the guidance of our compassionate divorce attorneys and a supportive community, healing and closure are within reach. 

Contact us today to schedule your complimentary consultation.

Splitting Digital Assets in Divorce

In an age where our lives are increasingly intertwined with technology, the division of assets during a divorce has taken on a new dimension. As we enter 2024, “digital assets” have become a significant consideration in divorce proceedings. 

These assets encompass various digital properties, from cryptocurrencies to digital media collections and online businesses. In this blog, we’ll explore the complexities and challenges of splitting digital assets in divorce for 2024. Here’s what you need to know.

Defining Digital Assets

In divorce proceedings, the concept of digital assets has introduced a new layer of complexity. As couples navigate the intricacies of separating their lives, digital assets have become a significant factor to consider. Digital assets encompass any property or wealth existing solely in the digital realm. Here are a few key areas to consider:

  • Cryptocurrencies: In light of the surging popularity of cryptocurrencies like Bitcoin and Ethereum, divorcing couples may encounter the challenge of dividing their digital currency holdings.
  • Online Businesses: Couples who have established or invested in online businesses, such as e-commerce platforms or software startups, must grapple with dividing their digital business assets.
  • Social Media and Online Accounts: Contentious issues may arise regarding access and control over social media accounts, email accounts, and other online profiles.

Understanding the specific complexities of each category is essential. Addressing these digital assets is crucial to achieving fair and equitable divorce settlements in the digital age.

Challenges in Splitting Digital Assets

During the process of a pending divorce, it’s crucial for both you and your spouse to take inventory of all your digital assets, much like you would with physical ones. Each party should compile a comprehensive list of everything categorized as marital property. Here are a few things to consider: 

  • Valuation: Determining the value of digital assets can be challenging, as their worth is often subjective and volatile. Cryptocurrency values, for instance, can fluctuate significantly.
  • Ownership: Establishing ownership of digital assets can be complex. Cryptocurrencies might be held in hidden wallets, and online businesses may have multiple stakeholders.
  • Privacy and Security: Access to digital assets often requires sensitive information, such as private keys for cryptocurrency wallets or login credentials for online accounts. Sharing this information can pose privacy and security risks.
  • Tax Implications: Transferring digital assets between spouses may have tax consequences, depending on the jurisdiction and the nature of the assets involved.

Digital asset division laws and regulations can vary significantly from state to state. This can add complexity to the divorce process. Working with an experienced divorce attorney can help you understand the digital asset division.

Understanding Asset Division in Illinois

If you suspect that your spouse may be concealing cryptocurrency assets, there are steps you can take to investigate the matter thoroughly. In divorce proceedings, fully and honestly disclosing all assets, including cryptocurrencies, is crucial. In Illinois, dividing cryptocurrency assets follows a process similar to any other marital property.

Illinois does not adhere to the community property principle. Instead, the court will equitably distribute assets purchased, converted, or appraised during the marriage. It is important to understand that equitable does not necessarily mean equal; various factors are taken into account in determining the distribution, including:

  • Age, health, and financial circumstances of each spouse.
  • Contributions made to the marital estate.
  • Obligations related to previous marriages, as ordered by the court.
  • Considerations regarding child custody.
  • Pre and post-nuptial agreements.
  • Tax implications.
  • Duration of the marriage.
  • Alimony arrangements.

If you ever find yourself uncertain about the ownership of assets, seeking legal counsel is recommended to help ensure everything is clear.

Working With a Divorce Attorney

Working with a divorce attorney experienced in splitting digital assets can be a game-changer for individuals going through a divorce in 2024. Divorce attorneys understand the complexities of digital assets so that nothing is left to chance during asset division proceedings.  

At Masters Law Group, our experienced attorneys can help you with the following: 

  • Professional Assistance: Consult with financial experts and lawyers experienced in dealing with digital assets. They can help assess these assets’ value, ownership, and tax implications.
  • Negotiation and Mediation: Amicable negotiations can help couples reach mutually agreeable solutions for dividing digital assets without litigation.
  • Court Intervention: In cases where spouses cannot agree on the division of digital assets, a court may step in and decide based on applicable laws and regulations.

From cryptocurrencies’ volatile valuations to online businesses’ intricate web of ownership rights, our divorce attorneys can provide valuable guidance in assessing digital holdings’ value, ownership, and tax implications.

Final Thoughts

As we navigate the digital age, the division of digital assets has emerged as a crucial aspect of divorce proceedings. For couples facing separation in 2024, it’s essential to recognize the challenges and complexities associated with splitting digital assets. 

Let Masters Law Group provide transparency so you can work towards a fair and equitable distribution of your digital assets. Our skilled attorneys, serving communities across Chicago and the suburbs of Elmhurst, Hinsdale, DuPage, and Oakbrook, offer experience and insights into digital assets and divorce, helping you navigate this complex process.

Contact us today to set up your complimentary consultation.