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Recent Blog Posts
Divorce Study Reveals Who Initiates Breakups Most Often
A new divorce study reveals that women are more likely to file for divorce than men are in heterosexual marriages, however, the same does not hold true when it comes to heterosexual couples who live together without marrying.
The study was conducted by researchers from Stanford University, who conducted a survey of 2,262 adults, ages 19 through 64, who had partners of the opposite-sex. The survey, titled "How Couples Meet and Stay Together," contained relationship questions which spanned the years from 2009 through 2015. By the end of the survey, 371 of the participants had broken up with their partners, with 92 of those breakups between couples who were married.
The results of the surveys revealed that women initiated the majority of participant divorces - 69 percent. This result was not a surprise for researchers, since it is similar to other divorce studies which have been conducted, both in this country and in Europe.
Filing for Conservatorship in Illinois
In some situations, it is necessary for a conservator to be appointed to oversee a person's affairs. Many people refer to a conservator as an adult guardian. A conservator can be appointed to make decisions regarding a person's financial affairs (referred to as a conservator of the estate) or to make personal decisions for the incapacitated person (referred to as a conservator of the person). In many cases, one person can be appointed for both duties.
Sometimes, the person who needs the assistance of a conservator is able to make the decision as to who is appointed. However, it is often the case that the person is too incapacitated to do so. In these situations, there is a preferred legal order that the court considers when making the appointment. It is usually preferred that the spouse or domestic partner be appointed conservator. Other people who may be considered, in preferable order, include an adult child, a parent, and a sibling. If no one from the family is qualified, available, or willing, then there are professional conservators who are available for a fee, which is paid from the estate.
Wealth or Legacy: What Tops Boomers Inheritance List?
When most people think of leaving a legacy for their children, the legacy usually revolves around finances. Many of us want to make sure our loved ones are taken care of when we are no longer here to do so ourselves. Therefore, we need to take the appropriate estate planning steps to ensure that there is enough money, property, and other assets to accomplish these desires. However, a study, which was conducted by Allianz Life Insurance Company of North America, reveals that those in older generations appreciate the value of personal legacies as well.
The American Legacies Pulse Study surveyed both baby boomers (those who are between the ages of 47 through 66) and elders (those who are age 72 years or older). The company had conducted a similar survey seven years prior to this one.
An overwhelming 86 percent of boomers who were surveyed said that family stories— those passed down from generation to generation—were the most important legacy one can leave behind. For elders, 74 percent agreed that family stories were the most important legacy.
Tips for Getting through a High Conflict Divorce
Any divorce, even the most amicable, is a stressful, intense, emotional situation. While everybody certainly hopes that their divorce will happen peacefully, for some, that is not the case. If you are struggling with a high conflict divorce, you may feel like you are drowning in negative energy and stress. Struggling through a tough divorce with a difficult ex-partner can be life consuming, but there are ways to manage your stress and minimize your pain. Here are a few things to keep in mind if you are experiencing a high conflict divorce.
Find Help
Even the friendliest of divorce cases require the assistance of lawyers and possibly other experts including therapists or accountants. The first thing you can do for yourself, if you are entering a high conflict separation, is to surround yourself with a great team. First, find yourself a qualified attorney. Look for a lawyer that has helped other clients through similar experiences as yours. If you have children, seek out an attorney that has experience in child custody. Ask friends and family members for referrals. Finding a lawyer you can trust to advocate for you is key. A bad lawyer will not only drain you financially, but leave you with stress and uncertainty.
Also consider finding a therapist. One of the biggest challenges of going through a tense situation like divorce is being unable to let your emotions out. Bottling and storing your emotions within can take a serious toll on both your mental and physical health. Look for a therapist who will allow you to vent, without letting you spiral into a deeper depression. When you leave your therapist's office, you should feel less stressed and consumed with negative energy. If you leave feeling worse, search for a new therapist.
Help also comes in the form of good friends. Get together with friends who remind you of the bigger picture of life, and not just the temporary situation you are in now. Call on positive friends that can rally around you and help you stay happy. Try your best to laugh, live your life, and enjoy the great company of your friends. Also, you may want to look for one or two close friends that can assist you in stressful times, like in the courtroom.
Estate Planning: Blended and Traditional Families and Same-Sex Couples
A recent survey compiled by UBS highlights the differences in the American family structure of today compared to past generations, and how those differences may affect a family's estate planning.
According to the survey, 34 percent of all high-net-worth investors live in modern families and 35 percent live in traditional families. However, nearly two-thirds of those who participated in the survey felt that financial advice is targeted to only traditional families.
The survey classified a modern family as one consisting of same-sex couples, one in which children were living in the home from prior relationships, or a home with parents and adult children living together.
There were 2,715 high-net-worth and affluent investors who participated in the survey. Of those who participated, 1,787 had a minimum of $1 million in investable assets, with slightly more than 400 members of that group having at least $5 million in investable assets.
Protecting Your Credit during Divorce
Many recently divorced people find themselves establishing a new life. Transitioning from a life with a partner's support to one where you are one your own can be difficult, but most post divorcees find it much needed and refreshing. They may buy a new home, change jobs, relocate to a different state, or make other serious life changes. The last thing any post divorced person wants to deal with is financial restrictions due to a bad credit score. Unfortunately, many people going through a divorce are forced to deal with separating and protecting their credit from their former spouse. Below are steps you can take to ensure that your credit score remains in tact when you need it most; as a newly financially free single person.
Newlywed Estate Planning Checklist
One of the last factors that most newlyweds consider—yet perhaps one of the most important—is making estate planning arrangements. This is especially true for younger married couples.
There are steps a newly married couple should take to ensure that if one spouse is affected by a tragedy, the other spouse will be cared for.
Newlywed Estate Planning Tips
First, a couple should contact their employers' Human Resources departments. There are often benefits and/or retirement accounts which will need to be updated with new beneficiary information. For example, one spouse may have had one or both of his or her parents as the beneficiary of an employment life insurance policy. If the beneficiary information is not changed and something happens to that spouse, the surviving spouse would not receive any of that life insurance policy's payout—the funds would go to the parents of the spouse.
Division of Marital Property in a Divorce
Getting married is more than just a symbolic moment. Typically, what used to belong to "you" and "I" is now owned by "us." This not only includes the flat-screen television and the suburban home but also Tabby the cat. What happens, though, when the relationship begins to sour? Couple's counseling has turned up more loose ends than solutions, and the only answer left is to file for a divorce.
Items that once existed peacefully in marital bliss now need to be assigned new owners. Dividing property is always a sticking point during divorce proceedings with each partner trying to secure his and her favorite items, whether it's the trustworthy kettle or the lakeside cabin.
Marital and Separate Property
In Illinois, couples have the option to resolve property issues outside of court. However, if they cannot reach an agreement, a judge will have to review the case. According to Illinois law, the first step in dividing property during a divorce is figuring out whether property is marital or separate.
Report Finds Americans Are without Retirement Savings Plans or Pensions
The U.S. Census Bureau estimates that as the baby boomer generation ages into retirement, the age 65-and-older population will grow over 50 percent over the next 15 years. However, according to a new report recently released by the U.S. Government Accountability Office (GAO), a good majority of that population will not have the financial resources needed for retirement.
The GAO used data from the 2013 Survey of Consumer Finances, a survey sponsored by the Federal Reserve Board and the Department of the Treasury, to compile their report.
Per the GAO report, more than half of Americans aged 55 years or older do not have any type of retirement savings account, such as a 401(k) or Individual Retirement Accounts (IRA). Approximately 20 percent do have some type of pension which they will be able to draw from during retirement; however, another 30 percent will be left without retirement savings or pension.
Are You Stuck in a Toxic Marriage?
It can be difficult to tell when a relationship takes a turn for the worse. Marriage can be a source of joy, love, and support, but the health of a marriage can decline over time, leading to many couples stuck in unhappy situations. How does one tell if they are stuck in a so called toxic marriage, meaning a marriage that no longer provides happiness, but instead depression, anxiety, and a longing for something different? Going through a divorce is a difficult process, but one that may be worth it if you are no longer happy with your life. While only you can truly determine if you are happy and fulfilled or not, there are a few signs that may indicate that you are no longer in a healthy marriage.
The first things to pay attention to is your current relationship with your spouse. Do you feel attacked by them? If your spouse is constantly criticizing your every move, and making you feel like you simply can not do anything right, you no longer have a healthy relationship. No spouse should feel the need to retreat from the other out of fear of being criticized. You both should be working together as a team.
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