Your financial future and where you’re going to live are probably two of the biggest considerations when facing a late-life divorce. For instance, if you own a home together, who gets it, or do you sell it and split the profits?

If one spouse has stayed at home to rear the children, never really pursued a career, and perhaps has little or no retirement savings, does the issue of alimony come into the picture? Even if both spouses enjoyed successful careers and built up a nice nest egg for retirement, do you split the accounts, so each spouse has equal funds for the future?

Life insurance may also be a factor to consider. If one or both of you took out a policy to care for the other should you pass away, do you retain those policies or fulfill their promises in some other way? Decisions need to be made.

According to Illinois law, assets must be split equitably, which does not always translate to 50/50, but finances for each spouse’s future are a huge concern in divorce proceedings and in settlements presented to the court for approval. Everything acquired during the marriage, in whoever’s name, is considered marital property except inheritances or gifts to one spouse alone.

Social Security may also be an issue. Here, the rules can get a bit complicated, so you should check with your attorney about your options.

Basically, if you’ve been married for at least ten years and are age 62 or older, you may be eligible to receive 50 percent of your ex-spouse’s accumulated Social Security retirement benefits. If your former spouse dies and you were married for at least ten years and are 60 or older, you can receive survivor benefits of 100 percent of your former spouse’s Social Security retirement account.