Posts tagged "divorce"

Prenuptial agreements for entrepreneurs

A 2016 survey of matrimonial attorneys in Illinois and around the country revealed that prenuptial agreements are becoming far more common. These agreements are often created when wealthy individuals are planning to marry and wish to protect their assets, but they are also becoming popular among entrepreneurs who have ideas that they believe will blossom into thriving businesses. Having a signed prenuptial agreement can also make it easier for entrepreneurs to raise the funds they need to get their commercial ventures off the ground.

Choosing to sell or keep the family home in a divorce

Divorcing spouses in Illinois and around the country often find it difficult to decide how to deal with the marital home. The family residence is usually the most valuable marital asset, but it can be hard for spouses to put their emotional attachments aside and concentrate on financial considerations. The two basic options are selling the house and dividing the proceeds or one spouse remaining in the home. In either scenario, the first step is to determine how much the property is worth.

Some personality types make divorce more likely

There are many reasons why people in Illinois may decide to divorce, but scientists point to certain personality types as more commonly linked to the end of a marriage. If people do not take care to curb problematic behaviors and interactions, they may run into serious relationship problems down the line. Divorce lawyers interact with many couples who have decided to end their relationships, and they note that there are certain common factors they often encounter. One of the most common traits linked to divorce is the tendency to catastrophize or excessively exaggerate relatively small matters into major crises.

Steps to get past a divorce

Divorce can be a traumatic experience for Illinois residents, and it could lead to problems such as alcoholism or depression. However, there are steps that a person can take to make the end of a marriage easier to process. For instance, it is generally a good idea to lean on family members and friends for support. Trying to keep feelings bottled up is generally considered to be unhealthy and can lead to greater emotional problems in the future.

Researchers study relationship between divorce and finances

According to a new research study, the link between financial hardships and divorce is mitigated when couples in Illinois start their marriages with high-to-moderate satisfaction with their relationships. People who felt dissatisfied in the early years of their marriages were the most susceptible to reduced marital satisfaction if they also faced economic disadvantages.

Important financial considerations during and after divorce

Planning a divorce in Illinois requires an exhaustive analysis of marital assets and future finances. Former spouses must identify all assets and debts and wrangle with calculations for child support and sometimes spousal support. Both parties must figure out what their individual incomes and expenses will look like after the divorce and develop new personal budgets. Certified divorce financial analysts help people sort through these details and make decisions about how to divide their marital estate.

Financial dishonesty during a divorce

When some Illinois couples divorce, their once-loving relationship can quickly turn into one of distrust and competition. This can be particularly true when there is a major financial disparity in the relationship along with a significant amount of anger. When only one spouse is aware of the financial details of the relationship, it can seem far too easy for that person to hide assets in order to prevent them from being divided. Of course, this is unlawful, and family courts frown severely on spouses who conceal assets from the proceedings. Of course, hidden assets must first be noticed and brought to the court's attention.

Dealing with financial challenges in a divorce

For some Illinois couples, a divorce can mean financial problems. However, there may be ways to mitigate some of those issues. Making a budget can help a person understand what short-term expenses may be ahead, including finding housing, getting new insurance and purchasing a new vehicle. People should also estimate what the divorce will cost.

What to do about the family home in a divorce

Some people in Illinois who are going through a divorce might also be getting custody of the children and want to keep the family home to lessen the upheaval they feel. Others may simply want to keep the house because they are attached it. Whatever the reason, the first step in keeping a home is to determine its value and how much of that value is owned by each spouse. Next, one spouse usually has to buy the other out.

Divorcing over 50? What you need to know

As people live longer, healthier lives, retirement has become a whole new adventure for many. For some married couples, retirement is an opportunity to rediscover the relationship. Others realize they do not wish to spend their retirement years with someone they no longer love.

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