Retirement and college costs among issues to address in divorce

 Posted on March 19, 2015 in High Asset Divorce

For people in Illinois who are getting divorced, money problems likely are a huge source of conflict during the divorce proceeding. This is true whether two people are part of the working class or are billionaires. A couple of areas that can be particularly contentious during divorce are financial matters concerning the kids and the issue of retirement.

In addition to disagreeing about who should have custody of the kids, the parents may not see eye-to-eye about how to fund the kids' college costs. The cost of college is particularly a concern because of today's rising education expenses; also, the parents must take into consideration that, when the time comes for the kids to go to college, they might have brand new families and financial responsibilities to tend to simultaneously. It helps if both parents can negotiate on how to handle this financial matter in a way that benefits both parties and ultimately helps their children.

Regarding retirement, the court might award one person a part of his or her soon-to-be ex's retirement plan. In this situation, it is wise to enter and present what is called a qualified domestic relations order to the sponsor of the retirement plan. This ensures the rights of the recipient.

Getting a divorce in Illinois can be tricky because of the complex financial matters often involved in this type of family law proceeding. When two people cannot find common ground, this tends to make the matters even more difficult to address. However, appropriate legal guidance may help divorcing individuals to navigate the process in a way that will protect them financially both now and in the future.

Source: The Huffington Post, "Divorce and Money", Terry Savage, March 18, 2015