Zuba & Associates, P.C.

August 2017 Archives

Advantages of prenuptial agreements

Illinois millennials might be more likely to have a prenuptial agreement than earlier generations. They are marrying at a later age than previous generations and coming into marriages with assets and debts that they might want to keep separate. While in the 1970s about 80 percent of people were married by the age of 30, the same percentage in 2016 was not reached until the age of 45. In 1975, more than 40 percent of women did not work outside the home. By 2016, that percentage had dropped to 14 percent. People in their 20s and 30s are also prioritizing financial stability before getting married.

Tips for the lower income spouse in a divorce

When an Illinois couple ends their marriage and one has earned less money than the other, that person might want to make a financial plan for after the divorce. The lower earning spouse is often a woman. Women are still paid less than men at 82 cents to the dollar. One reason for this is that women are more likely to take on care-giving for older relatives and children. This can limit their career opportunities and opportunities to save money since they often have to work fewer hours.

Divorce and retirement accounts

Some divorced couples end up returning to an Illinois court for an agreement modification, but many others can only wish they had the opportunity to do it all over again. Unfortunately, not all mistakes can be fixed after the fact and are best off avoided in the first place. One potentially costly error is failure to obtain a qualified domestic relations order (QDRO) prior to the division of a retirement account.

Calculators for child support

Illinois parents who are going through a divorce may use online child support calculators provided by the state to determine how much support a non-custodial parent will be obligated to pay. However, they should be aware that these calculators are not as reliable as they may think, and the actual child support amount ordered by a judge may be completely different from the estimate obtained from the calculator.

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Zuba & Associates, P.C

Firm Location:

6067 Strathmoor Drive
Rockford, IL 61107

Phone: 815-397-7000
Fax: 815-397-1834
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