Divorce is always a complicated and stressful matter, and divorcing after 45 is no exception. More years into the marriage might mean a more complex divorce proceeding, but a skilled divorce attorney can help you with the issues you might face. There was a story in the October issue of Illinois Bar Journal about divorce after 45, which discussed a number of specific issues. However, we will concentrate on what was said about division of property.
One of the main issues in divorce for the more matured is how to divide or apportion retirement accounts and how social security benefits will affect the division of property. Illinois is an equitable division state, so marital property is divided on the basis of several factors.
When dividing the marital property of older couples, the courts will look at the duration of the marriage, the age, health, and station of each spouse. Occupation, vocational skills, employability, liabilities, estate, and reasonable opportunity of acquiring capital assets and income are also looked at. Also, the division of property and the maintenance award must be discussed together, since both are factors in determining the other.
Retirement accounts of any spouse that were acquired after marriage are presumed to be marital property. If either spouse has a retirement plan they participated in prior to marriage, a portion of it may be designated non-marital. The equitable division of a pension plan or other retirement accounts is put to effect with a Qualified Domestic Relations Order.
If you are planning on filing for divorce or going through one, it is important to have a knowledgeable divorce attorney on your side. Make divorce a little easier, and contact our Illinois divorce attorneys today.