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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.
Property division major part of Illinois divorce
One of the most difficult areas during a divorce proceeding is property division. When two people have spent years accumulating assets and property together, trying to determine who will get what property or items can be confusing. A few tips may help individuals to navigate the process of property division during a divorce in Illinois.
First, appropriate provisions need to be in place for intervening expenses. For instance, one spouse might be in control of the couple's bank accounts, financial records and vehicle titles as well as other assets. It may be necessary to petition the court to require that all of this information and assets are shared between the two divorcing individuals.
It is also important to take note of what the date of separation is for the couple. This might become essential in determining the status of debts and property acquired after this particular date. Yet another important consideration when getting divorced is if a property agreement, such as a prenuptial agreement, has been created. This type of agreement may help to simplify the process of property division, but it may be deemed invalid if it was not created properly. It might also be deemed unfair to one spouse by a judge or might omit important assets.
Credit card debt may be split during Illinois divorce
One of the most contentious areas of a divorce proceeding in Illinois involves the splitting of assets, especially high-value assets. However, debts also must be divided during a divorce proceeding. One type of debt that must be considered when getting divorced is debt on credit cards.
Who assumes responsibility for credit card debt following a divorce is usually decided based on if a credit card happens to be a single or joint account. In most cases, marital debt is considered to be all debt that accumulated when the two people were married. This is true no matter whose name is actually listed on the credit card account.
An individual who is getting divorced will thus most likely have to assume partial responsibility for the debt, even if he or she was not the person to make the payments. On the contrary, however, separate accounts remain separate. The person whose name is on the credit account will usually be fully responsible for the debt on that account.
Debt can be a tricky area of a divorce, especially if two people cannot seem to find common ground when it comes to dealing with money matters during divorce. Appropriate legal guidance may help individuals pursue a settlement that is fair and help them avoid being taken advantage of when it comes to the division of assets and debts. It is within the rights of divorcing parties in Illinois to fight for their best interests in an effort to protect themselves financially both short- and long-term.
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