Wheaton Divorce AttorneyDivorce is a scary word for anyone, especially couples nearing the retirement age. For many couples close to retirement age, one spouse may not have worked during the marriage and instead raised the family. That spouse may have little to no social security income of their own. How will this spouse support themselves after the divorce?

You may collect from your spouse’s social security, even after the parties divorce. You may be entitled to up to one half of your spouse’s social security income if: you were married for ten years or more, your spouse is entitled to benefits, the amount you are entitled to is less than that of your spouse, and you are at least 62 years of age.

Questions on social security? No social security? Contact our Naperville family law attorneys today to ensure you are provided for after your divorce.

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Wheaton Divorce AttorneyYou know that retirement account you started building during your marriage? It also is subject to division during the divorce. Divorcing couples must be careful, however, to ensure a retirement plan or account is properly divided to protect against unnecessary tax or withdrawal penalties.

One way to ensure the account isn’t further reduced by penalties is to transfer money using a Qualified Domestic Relations Order (“QDRO”). These orders avoid any early withdrawal penalties as the divide is incident to divorce.

Second, each plan as its own set of rules for withdrawal or changing plan designations. Last, you may be able to divide other liquid assets in a more creative way to avoid any withdrawal from your retirement plan.

An experienced DuPage, Kane, Kendall, or Will County family law attorney can help maneuver each plan’s rules and structure a settlement that protects your egg.

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Wheaton Divorce AttorneyA simple divorce? From what you have heard about the divorce process, it is nowhere near short, simple and cheap. Every divorce you have heard about is contentious, involves lawyers and arguments, and ends up being expensive. Good news! You might be able to avoid all of this!

In Illinois, parties may file a joint petition for simplified dissolution. In order to qualify for this simplified divorce, the parties must meet the following requirements:

  • Neither party is requesting spousal support or maintenance from the other;
  • Both parties have lived in Illinois for 90 days or more prior to filing the petition;
  • Irreconcilable differences led to the breakdown of the marriage;
  • The parties do not have children of the marriage;
  • The marriage is less than eight years old;
  • Neither party has interest in real property such as a house, and neither party has retirement benefits that exceed $10,000 combined;
  • The fair market value of personal property is less than $50,000 and neither party has a gross annual income exceeding $30,000.

If you meet these requirements, you can simply file a petition for joint simplified dissolution of marriage along with your marital settlement agreement dividing all marital property and present the agreement to a DuPage, Will, Kendall, or Kane County judge for approval.

If you need help preparing a settlement agreement and petition for joint simplified dissolution of marriage, contact our experienced family law attorneys serving the Naperville, Wheaton, Joliet, Aurora and Bolingbrook areas today.

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