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An understanding of the law critical during divorce
Divorce in Illinois can be a challenging process for an individual no matter how long he or she has been married. Although family and friends can be a helpful support system during divorce, their advice may not always be in one's best interest. This is why proper legal guidance is invaluable during this type of family law proceeding.
Some individuals believe they can handle a divorce on their own simply by looking up legal terms online. However, divorce is a complicated process, involving complex calculations such as those involving child support and alimony. Making one seemingly minor mistake can end up costing a person financially long term. Appropriate legal guidance can save a person not just time but also his or her sanity.
It is also important to avoid rushing through a divorce in an effort to be done with it. Divorce is understandably an unpleasant time, but it is essential for people to take their time so that they can effectively explore all of their legal options. This is especially critical when people are dealing with financial issues. Divorcing individuals would also be wise not sign any document without first fully reading it and comprehending the consequences of it.
Prenuptial agreement offers benefits in the event of divorce
When people in Illinois get married, they often naturally believe that the marriage will be long-term. Unfortunately, not all marriages last, and in these situations, a prenuptial agreement can be immensely helpful. Creating a prenuptial agreement before a marriage can help a person protect himself or herself in the event of divorce down the road.
Some people feel that asking a future spouse to sign a prenup is not exactly the type of romantic conversation they would like to have. However, a prenup offers many benefits. For example, it protects a person's individual property, particularly if two people's assets happen not to be evenly balanced when they enter a marriage.
A prenup is also helpful in that it defines the couple's marital property. Marital property must be divided between the two parties during a divorce, while separate property does not have to be split. Prenuptial agreements additionally arrange the legal aspect in the event of either a marital dissolution or a death. It is important to make plans to take care of a surviving spouse.
Only children can be affected by divorce involving child custody
One of the biggest sticking points of a divorce in Illinois is child custody. This is because two parents may not agree on where the child should primarily live and who should have the power to make decisions that impact the child. Only children are particularly impacted by a divorce proceeding involving child custody.
One of the reasons that divorce impacts only children so heavily is that it may cause these children to feel very isolated following divorce. After all, they do not have any brothers or sisters with whom they can discuss the marital dissolution and related life changes. Also, if they do end up having to change schools or neighborhoods, it might be more challenging for them to approach their peers than it would be for children with one or more siblings.
Only children also run the risk of becoming their parents' confidantes. This is because they are usually verbally advanced since they spend a lot of personal time with grownups. This may cause their parents to improperly assume that these kids can process adult feelings or offer helpful advice. It is paramount that only children are given opportunities to spend plenty of time with other children closer to their own ages through activities or playdates.
Divorce involving a business is complex
Splitting assets is often a contentious and complicated part of the divorce process in Illinois. However, things can get even trickier for people who own businesses. A few tips may help business owners navigate the divorce process in as painless a way as possible.
During a divorce, the court will determine which assets belong to the man, which ones belong to the woman and which ones belong to them both. The individuals' separate assets are essentially those assets that are nonmarital gifts, inheritances that are kept separate or premarital assets. Meanwhile, any assets acquired during the marriage will be distributed equitably.
When a business is part of the equation, the business will fall under the equitable distribution process if it was started during the couple's marriage. A valuation expert will determine the business's value based on factors such as its marketability, its accounts receivables and its actual assets. The business can then be sold, with the net proceeds being split, or one party might choose to buy the other party out. Otherwise, both parties may agree to keep owning the business jointly.
Divorce increasing among baby boomers
Nowadays, an increasing number of baby boomers are deciding to finally call it quits in their marriages. A new study shows that a quarter of new filings for divorce are by people 55 years old and older. This new era of what are known as gray divorces is due in part to the fact that baby boomers today in Illinois and other states feel more financially secure due to the recovery of home prices and the stock market.
Baby boomers are deciding to divorce because their children are older now, so they no longer have to worry about taking care of them. In addition, currently in America, life expectancies are longer and people now want more individualism, thus fueling the increase in divorce filings. The rising rate of divorce among boomers is expected to continue to the year 2030 as people who are unhappy gain financial independence and choose not to live with their partners anymore since they do not have to, financially, do so.
When splitting assets during divorce, it is wise for people to focus on splitting their retirement assets first. This is especially important for those nearing retirement. Then, it is wise for people to keep these assets in their savings accounts if they do not need the money to survive financially on a daily basis.
Tracking down accounts an important part of divorce
Going through the divorce process can easily feel like going through a whirlwind. In addition to dealing with a variety of emotions, a person must be prepared to make a large number of financial decisions, which may have long-term implications. A few tips may help people in Illinois maintain their sanity when going through divorce.
It is important to immediately close and then monitor joint accounts during divorce. This is because a soon-to-be-ex will sometimes move money to his or her individual account from a joint account, all in an effort to make it nearly impossible for the other party to recover this money. This divorcing spouse may also decide to accrue large amounts of debt on the couple's joint credit cards, and the other spouse will end up being responsible for this debt as well.
It is also important to track down and document all marital financial resources. This includes writing down information about assets and accounts held both individually and jointly. It helps to note the account number and the balance along with the authorized users on the account. Other items to document include assets such as retirement plans, property, homes, vehicles, insurance policies, brokerage accounts, furniture and jewelry.
Divorce financial matters can be complex
After two people have shared everything in life, from a house to a car, getting divorced and splitting up their property can be complicated. This is particularly the case if the two individuals cannot agree on how to split their assets in Illinois. A couple of tips may help individuals effectively navigate the divorce process when addressing financial matters.
First, it is critical to separate one's credit from that of one's soon-to-be-ex. If it is allowed by the divorce decree, it may be beneficial to individually refinance or split joint accounts. These include credit cards, mortgages and car loans. If it is not possible to refinance separately, it might be best to simply sell the asset.
This is important because if a former spouse does not make payments on time, the other spouse's credit score may suffer. If a divorce proceeding involves kids, the court might award child support. It may also award spousal maintenance. Establishing a life insurance policy may help to make sure that these and other financial obligations following divorce are paid if one's spouse ends up dying while he or she still has an obligation to pay.
Divorce decisions have long-term repercussions
Divorce in Illinois is often an emotionally draining experience, especially when two people are not on the same page when it comes to dealing with matters such as splitting assets and property. In addition, the potentially contentious issue of child custody can have a negative impact on the entire family. A few tips may help people going through divorce to complete the process in a way that will benefit the whole family in the long run.
First, it is wise to only share details of the divorce with close friends and family members. After all, other adults might not be careful when gossiping about the details of one's divorce when their kids are around. These kids may end up telling one's own kids information that is best for them not to know.
It is also common for two parents during divorce to angrily make threats toward each other regarding the money or the kids. This can cause an already volatile relationship between the two individuals to worsen, thus making it even more challenging for them to cooperate after the divorce when handling matters involving their shared children. Being at odds may furthermore make the kids feel like they are stuck in the middle, which can lead to emotional issues for them.
Best interest of child important when divorce involves relocation
When two people divorce and end up with two separate homes, this can be burdensome not only on the couple but also on their shared children. The situation can be challenging both financially and emotionally; the children may particularly struggle with the idea of not just leaving behind friends if they have to move to a new community, city or state, but also leaving behind one of their parents. A few tips may help divorcing individuals in Illinois to focus on the best interest of the child when making decisions that impact their child, such as where the child will live moving forward.
Children are naturally fearful and concerned about how they will cope with their parents' divorce if it involves them moving away from one parent. It is important for the parents to be ready to answer their children's questions concerning how they will be impacted by the move. The details related to the move need to be worked out before this conversation takes place.
Children usually process change in a way that is different from how adults process change. They might become angry or emotional about having to move away. The move may be particularly tough if the two parents previously shared parenting responsibilities such as doctor's appointments, involvement with music lessons or sport activities, carpooling and school projects.
Collaborative divorce can be helpful for parents, business owners
One of the most stressful aspects of divorce in Illinois is figuring out how to divide shared assets and property. However, deciding how to handle the expenses associated with caring for shared children can be just as challenging. A collaborative divorce can help two people approach these issues in as cordial a way as possible.
When children are at the center of a divorce proceeding, collaborative divorce can be especially helpful for a couple in specific situations. One is if the couple's kids go to college. There is no law requiring that the parents pay for the kids' higher education; however, two divorcing individuals usually agree to share these costs. The second situation is if the couple's child has special needs. Caring for the child can be complex and demanding, but through collaborative divorce, the parents can work together to handle all aspects of the child's care.
Also, if two divorcing individuals own a business, they may benefit from the collaborative divorce process. This is because they can achieve a private settlement without causing panic to clients or investors. Even though the two people do not want to stay married, they can still be respectful of each other.
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