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Navigating Divorce During Retirement
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.
Know How Divorce Will Affect Your Finances
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:
- Your right to social security benefits may change,
Establishing Parental Rights in Illinois as an Unwed Father
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.
Establishing Paternity in Illinois
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:
- Social security payments if the father becomes disabled or passes away,
Thinking About Adoption? Here Are Five Things to Know Before Starting the Process
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.
1. You Need Stability, Not Perfection
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.
4 Tips to Minimize Issues in Your Joint Custody Plan
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.
1. Find a Way to Communicate Effectively
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.
2. Be Mindful of Your Ex’s Schedule
3 Important Tips for Dividing Your Small Business in an Illinois Divorce
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.
1. Keep Business and Your Personal Life Separate
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.
7 Tips for Connecting with Your Step-Child
As a stepparent, you have a unique opportunity to make a difference in the life of a child you love. You are yet another source of support, love, and guidance. Still, the role of a stepparent can be difficult to navigate because you do not have the same authority as a biological parent. Thankfully, there are ways to bond and connect with your stepchild, without undermining either of the child’s biological parents. Learn more in the following sections.
Offer Patience and Mindfulness During the Transition
Entering a family with two active and involved biological parents can be difficult—for both you and the child. As such, it is best if you approach the process slowly, with patience and mindfulness. Avoid high expectations, expensive gifts, and drawn-out family meals or activities. Focus instead on making each interaction short but positive.
Recognize the Child May Need Time to Grieve
Divorce and separation can have a massive impact on the development of a child. Many experience a grieving period. Be mindful of this, and allow them the room to process the changes within their family before expecting much of a bond with them.
Minimizing Arguments and Disagreements in Divorce as Your Kids Head Back to School
Back-to-school can be a fun and exciting time for families, but for couples in the midst of a divorce, communication is critical to avoiding arguments. Learn how you and your spouse can foster a positive co-parenting experience during this hectic period with help from the following.
Get on the Same Page (or as Close as Possible)
When it comes to educational goals, parents need to be on the same page—or at least as close as possible. Common areas of contention involve debates over private versus public school, the district in which the child should attend school, and whether extracurricular activities will be covered by child support, or if each parent will contribute to the cost of their own volition.
Remember, at the end of the day, what you and your spouse really want is to provide the best possible education for your child, at a cost that each of you can reasonably afford. Also, keep in mind that you may spend a great deal of time, negotiating an arrangement that works for all involved parties.
Keeping Your Finances in Order While Pursuing an Illinois Divorce
Divorce can make a massive impact on your life, especially when it comes to financial matters. Thankfully, there are ways to mitigate the risks. Learn more about managing your finances while pursuing an Illinois divorce in the following sections.
Create a Pre- and Post-Divorce Budget
Divorcing parties are often aware that a new budget is necessary. One budget may not be adequate, however. You may need both a pre- and post-divorce budget. The first (your pre-divorce budget) addresses how you and your spouse will handle any joint accounts in the months leading up to the divorce, along with your own personal financial responsibilities. The latter (the post-divorce budget) focuses on how you will manage your financial obligations once the divorce has been finalized.
Consider Paying Down Debt Before the Divorce
While it may be tempting to wait to pay down your debt until after receiving your divorce settlement, such a plan can create unnecessary financial risks for you once the divorce has been finalized. Interest rates may increase the amount owed. Accounts may be sent to collection agencies, which can hurt your credit. Lastly, your settlement amount may not be enough to cover any overdue balances. Alternatively, by using the settlement to cover the debt, rather than forge a new future, you could increase your risk of long-term financial issues. To avoid such an issue, consider paying down your debt before filing for divorce.
Does Your Child Need Therapy to Cope with the Divorce?
People often see kids as resilient, but the truth is, they are no different from other people. They may struggle to cope with difficult situations. Such is often the case in a divorce. Determine if your child may need therapy to cope with your separation by looking for the following signs.
Difficulty in School and Social Life
Children who are depressed and out of sorts may find it difficult to concentrate in school, or they may begin to lose interest in their social life. Watch for slipping grades, poor behavior, and an overall disinterest in social activities. They may also avoid their friends. Alternatively, your child’s social circle may begin to change; they may start to hang out with delinquents or kids who drink and do drugs. A chance to talk about their feelings may help to improve the situation, but if you are concerned about your child’s safety or future, it may be time to seek professional help.
When Should You Tell Your Spouse You Want a Divorce?
Divorce requires you to make multiple life-changing decisions. One of the first determinations is deciding when to tell your spouse that you wish to end the marriage. Time it poorly and you could compromise the outcome of your case. Wait too long and your spouse may become resentful, which can make negotiations more difficult. Time it just right using these guidelines.
When You Anticipate a Simple Divorce
In a simple divorce, there are very few issues to argue about during proceedings. Marital assets are either clearly defined or minimal. There are no involved children. Issues that cause distrust, such as asset hiding are non-existent. Timing in these divorce cases are less critical than in other situations, but you should still wait to tell your spouse about the divorce until speaking with an attorney. Even the simplest of divorces can become contentious under the right circumstances. Your attorney can help you avoid some of those potential pitfalls before they ever occur, increasing the chances that your case will remain simple.
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