Illinois Family Law Insider
All about navigating Family Law in Illinois — your trusted source for expert answers on divorce, child custody, support calculations, and all family legal matters. Each episode features Managing Partner Katie Vandeusen having meaningful conversations with our seasoned attorneys who break down complex issues into practical guidance.
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Illinois Family Law Insider
5 Money Mistakes People Over 50 Make in an Illinois Divorce - #80
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Divorcing after 50 comes with financial risks most people don't see until it's too late. In this episode, managing partner Katie Van Dusen and senior associate Jacqueline McClellan walk through the most common — and most costly — financial mistakes people make in a gray divorce in Illinois.
You'll learn why pension valuations trip people up (and what happens to those payments if the pension holder passes away), what a QDRO is and why your divorce decree alone isn't enough to actually divide retirement accounts, why keeping the house might sound like a win but could cost you your entire retirement, and why spousal maintenance isn't the guaranteed income stream most people assume it is.
Katie and Jacqueline also cover how Illinois's equitable distribution standard works in practice for gray divorces, how to prove which assets are non-marital, the Social Security benefit most people over 50 don't know they're entitled to, and why building a team — attorney, financial planner, and accountant — is the single best thing you can do before signing anything.
If you're over 50 and considering divorce in Illinois, this episode could save you from a mistake that reshapes your entire financial future.
In this episode:
(0:35) What is gray divorce and why is it financially riskier?
(2:20) The pension vs. 401k vs. IRA valuation trap
(4:52) QDROs — the document most people forget to file
(5:55) Spousal maintenance isn't permanent
(6:25) The health insurance gap after divorce
(7:30) Should you keep the house?
(9:12) How Illinois handles retirement division
(10:00) Marital vs. non-marital assets
(11:45) Prenuptial agreements in later marriages
(12:38) Social Security benefits after a 10+ year marriage
(13:57) Building your financial team
(14:54) One piece of advice for anyone over 50
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