Calabrese Associates, P.C.

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4200 Cantera Drive, Suite 200 | Warrenville, IL 60555

Six Financial Clues That Your Spouse Plans to DivorceMany people who were surprised by their spouse’s divorce request will say that their spouse’s financial behavior should have warned them of the divorce. A spouse will start preparing once he or she has made an independent decision to divorce in order to gain an advantage in the division of property. Some behavior is an unintentional reaction when your spouse is considering divorce. Though not guaranteed signs of divorce, these changes in financial behavior often accompany a divorce:

  1. Your Spouse Is Not Depositing into Your Marital Account: Most spouses have a joint bank account that they use to pay for marital expenses. A spouse who is preparing for divorce may secretly open an individual account for use during and after the divorce. If your spouse suddenly stops depositing his or her income into your joint account, the money may be going to the individual account.
  2. Your Spouse Has Made Unexplained Withdrawals from Your Account: Sneaking money out of your marital account could mean several things. Your spouse may be putting that money into a private account, paying for a divorce attorney, or spending it on an extramarital affair. Your spouse may face legal consequences for essentially stealing your marital assets for personal gain.
  3. Your Spouse Wants to Track Your Spending: A spouse who is considering divorce may ask that you adhere to a tighter budget and give him or her a record of your recent expenditures. Your spouse’s hidden goal may be to gather financial data to prepare for your divorce.
  4. Your Spouse Encourages You to Take on Marital Debts: Some divorces occur shortly after a couple has entered a major loan agreement. Your spouse may have taken on the marital debt knowing that you would continue to share liability for it after your divorce.
  5. Your Spouse Complains About His or Her Income: Parties in a divorce downplay their individual assets and incomes in order to receive more marital property and avoid higher support payments. Your spouse may be trying to convince you that his or her earning potential has diminished or looks bleak in order to gain this advantage in your divorce. You must investigate whether these claims are true.
  6. Your Spouse Suddenly Showers You With Gifts: Giving you expensive gifts or taking you on a luxurious vacation seems to contradict the financial interests of someone who plans to divorce. However, your spouse may be feeling guilty about the pending divorce or trying to figure out whether these gifts can help save your marriage.

Contact a Warrenville Divorce Attorney

Once you know that your spouse wants a divorce, the responsible reaction is to consult your own lawyer. A DuPage County divorce attorney at Calabrese Associates, P.C., can help you financially prepare for a divorce. To schedule a consultation, call 630-393-3111.

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How Winning the Lottery Would Affect Your DivorceWinning the lottery is not something that you can plan for, but how you respond to winning is important if you are going through a divorce. You must first determine whether your spouse is entitled to a share of the winnings as part of the division of property in Illinois’ divorce laws. If your winnings are completely your property, your sudden influx of money will still affect how you settle your divorce. What you cannot do is hide the fact that you have won.

Property Status

Whether your lottery winnings are marital property in a divorce depends on when and how you purchased the ticket:

  • Your lottery winnings would most likely be marital property if you purchased the winning ticket before you started the divorce process. Your individual income is marital income during your marriage, and purchases made with marital income are marital property; and
  • Your winnings could be individual property if you purchased the ticket while separated from your spouse but before your divorce is completed. You would need to prove that you paid for the ticket with your individual income.

Illinois law states that spouses must equitably divide their marital properties during a divorce. Your spouse would not necessarily receive exactly half of your prize money. Instead, he or she would receive what the court believes is a fair share of the money, depending on the duration of your marriage and his or her financial situation.

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Financial Concerns When Going Through a Gray DivorceGray divorce, which refers to divorcees who are older than 50, has a different focus during negotiations than a younger divorce. The children in a gray divorce are likely no longer dependents or close to that age, which means that the allocation of parental responsibilities and child support may not even be an issue. However, the financial aspects of the divorce may be more complicated because of the duration of the marriage and divorcees’ stage in their lives. Financial viability after a gray divorce is more important than normal because the divorcees will have fewer opportunities to make up for lost assets.

Marital Properties

Gray divorcees have often collected numerous and valuable properties during their marriage, which they now must divide. The most valuable and vital properties for gray divorcees may be their retirement plans because it is the money they are counting on to support them for the rest of their lives. Most retirement plans are considered marital properties, including:

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Postponing Divorce To Save Money Not Worth ItGetting a divorce can hurt you financially as much as it does emotionally. As part of the divorce negotiations, you will need to surrender several marital properties and other monetary assets. Afterwards, you will be left with fewer resources but many of the same financial obligations. Knowing the monetary consequences, some spouses choose to delay their divorce. By doing so, they may hope to:

  • Accumulate greater financial assets to support themselves after divorce;
  • Continue to take advantage of their marital status when filing taxes; or
  • Repair their marriage so as to avoid divorce.

While there are some potential advantages to delaying your divorce, the disadvantages are often greater. There are several reasons why postponing a divorce hurts spouses more than it helps them:

  1. Reconciliation Is Unlikely: Once you have concluded that you want to divorce, you have reached a point of virtually no return. In many cases, divorce is the correct decision, even if it is difficult to admit. You have accepted that your marriage is beyond repair, which can be the biggest obstacle to deciding to divorce.
  2. Resentment Grows: Instead of reconciling, you are more likely to become bitter if you force yourself to stay with your spouse. When you reach the breaking point, you and your spouse may have a high conflict divorce. Such divorces are more costly because they take longer to negotiate.
  3. Marriage Duration Matters: The longer your marriage lasts, the more financial obligation you may have to your spouse. If you are likely to pay spousal maintenance after the divorce, the duration of your marriage will determine how long you must continue to make the payments. In Illinois, the duration of spousal maintenance is calculated using a multiplier. The multiplier increases every five years. If your marriage reaches 20 years, the payments may be permanent.
  4. More to Share: Besides your regular income, you may potentially receive a sudden gift that increases your financial assets. An inheritance from a relative is the most common example. Receiving an inheritance while married is significantly different from receiving it while divorced. The gift may be considered marital property that must be accounted for during the divorce negotiation. Even if it is non-marital property, your individual financial resources are used when calculating support payments.

Inevitable Divorce

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Divorce Requires Adjusting Your Retirement PlanDivorce can upend your carefully made plans for your future, including your retirement. If you are approaching retirement age, you may have already figured out:

  • How much money you will need to support yourself and your spouse during retirement;
  • What lifestyle you will be able to live; and
  • How much you need to contribute to your retirement accounts in order to reach your goal.

However, your retirement plan assumed that you would be married. Having a spouse allows you to pool your retirement money together and share in your expenses. As a single retiree, you may have less financial resources to work with. There are a couple of ways that divorce can drain your retirement accounts.

Marital Property

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