Like all high-net worth spouses in Illinois and beyond, you worked hard to get where you're at today. Whether you're a business owner or climbed your way to the top of the ladder in a particular industry as an employee, you want to make sure your financial interests are protected…
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Successfully navigating a divorce is about much more than signing the final papers. A more appropriate goal than simply getting through the process is to come out the other side of divorce with a strong sense of financial wellness. But since divorce can be an emotionally significant experience for people…
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Some Illinois couples who start out marriage with very little to their names often end up accumulating significant assets over time. However, someone in this situation might not have thought about whether a prenuptial agreement could be beneficial. So is it too late to protect one's self in the event…
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When an Illinois married couple decides that their relationship is no longer sustainable, it typically sparks a series of decisions that must be made. If the couple has minor children and a spouse files for divorce, issues involving custody, visitation and child support must be resolved in order to achieve…
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Living well into a retirement usually hinges on one's financial foundation built earlier in life. But even if a foundation seems sturdy enough, some life events -- such as divorce -- can cause serious damage. Divorce tends to hit women's finances much more than men's, so Illinois women who are…
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Dividing marital property can elicit intense emotions. Both spouses might feel particularly attached to certain assets, like the family home or certain collections. But while a couple might battle over who gets these assets in the divorce, there are some that neither may want -- debt. It would most likely…
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Having good credit is an important part of one's current and future financial success. But while divorce does not directly impact someone's credit score, actions taken during the process certainly can. Understanding the possible threats to credit may encourage some individuals in Illinois to be proactive about protecting their credit…
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While debt might seem like just another part of life, it can further complicate already difficult matters. Business debt in particular can cause problems during divorce. Depending on how a business owner used money borrowed against his or her business, it may be hard to untangle that debt from marital…
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Societal perception of prenuptial agreements has changed over recent years. These legally-binding agreements protect both parties should they decide to divorce, often addressing different topics such as property division and alimony. But there is another handy agreement that is often overlooked, even in marriages with significant business interests or complex…
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Filing for divorce is an emotional process, but it is a legal one as well. This leaves plenty of room for dispute over things like business assets, retirement savings and more. It is understandable that some people in Illinois might feel compelled to "win" these disputes, but there may be…
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The stakes are high during divorce, and even seemingly small decisions can significantly influence the outcome. During a high asset divorce, a couple must seriously consider the implications of dividing certain marital property. MacKenzie Bezos apparently made a few key decisions that ensured her continued financial stability after her divorce…
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Divorce is not just for younger couples, and just because a marriage has lasted decades does not mean that it is invincible. Anyone of any age in Illinois may find him- or herself ready to end an unhappy marriage. But men and women who are 50 years of age or…
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Whether taking out an auto loan, applying for a mortgage or purchasing something with a credit card, it often seems as if debt is an unavoidable part of life. But what happens to that debt during a divorce? This is an issue that many Illinois couples will have to address…
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Protecting one's personal interest is important throughout every stage of life. However, this is often overlooked when heading into marriage. While it is admirable that many couples feel strong and secure in their relationships when saying "I do," it does not erase the fact that many divorcees started out in…
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The manner in which people view marriage, child rearing and divorce have all evolved over recent years. An increasing number of women in Illinois are now earning more than their husbands, turning an old standard of marriage on its head. This new standard might be harder for some people to…
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No one wants to just get by during retirement, but establishing a secure financial footing for the future is not always easy. Divorce in particular can complicate plans for one's later years. Making sound, informed decisions regarding the division of marital property is one way to protect that future, but…
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Although there is an undeniable emotional bond that comes with pet ownership, the law generally does not acknowledge anything of the sort. In Illinois, pets are property and little more. Just as with the marital home, investments and even the furniture, couples must decide what will happen to the family pet…
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Creating a financially secure retirement takes much more than just tucking away a bit of money for a few years. Adults in Illinois spend decades growing their retirement accounts through both personal and employer contributions. The idea of compromising those savings might feel out of the question, but it is…
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The holiday season is the happiest time of year for many people, but for others it represents a struggle more than anything else. Social pressure and expectations place a tremendous amount of pressure on couples who are already struggling to find happiness in their marriages. This is one of the…
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Prenuptial agreements are powerful planning tools for protecting wealth. Significant assets may be on the line during a high asset divorce, including property interests, retirement plans and more. A high-profile couple in Illinois can avoid dealing with complex asset division during divorce by addressing the matter prior to marriage.Asset division…
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Leaving an inheritance to an heir is an act of love and respect. An inheritance might include valuable assets or family heirlooms, both of which are meant to stay within the family. When an heir receives a size-able financial sum as his or her inheritance, it may be based off…
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Even if it may not seem like it, married couples tend to put a significant amount of time, effort and money into purchasing or investing in property. Although this term might sound particularly specific it is actually applied rather broadly. Unless there is a prenuptial agreement stating otherwise, almost all…
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Money is a common point of contention during marriage, but it can be even more so during divorce. Individuals may feel as if they are hyperfocused on securing their future financial situations, but in doing so often overlook the need for financial focus in the present. Paying close attention to…
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Divorce is just as much a financial and legal process as it is an emotional one. The financial implications of ending a marriage can be significant, but it is still possible to minimize undesirable outcomes. For example, couples in Illinois who are divorcing after decades of marriage should pay careful…
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Getting a prenup does not mean that a couple thinks their marriage will not work out as intended. Instead, it is simply a way to make sure that both people and their respective assets are protected should they divorce. A person in Illinois does not need lots of wealth or…
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When it comes to marriages in Illinois, it may seem counterintuitive to enter with premade plans for an exit. However, the reality is that about half of marriages fail. It only makes sense then to plan for the 50/50 chance of breaking up in the future.This requires a financial agreement,…
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For many Illinois residents, one of the most challenging aspects of divorce relates to finances. This may be especially true for individuals who did not pay attention to or manage household spending during the marriage. Allowing both spouses to share money management tasks and responsibilities may reduce stress and conflict…
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If you are getting a divorce in Peoria, you may have wondered how you can prepare for that financial hit. Some divorces are amicable with couples never needing to set foot in court, or at the very least, not for long. However, when there are high-value assets involved, years of…
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When individuals get a divorce in Illinois, the most complex parts of the settlement often revolve around finances. When a court grants a divorce, part of the order includes a division of the couple's finances, including both assets and debts. It is important for individuals to understand how debt may…
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Couples who are going through a divorce in Illinois must make sure they are aware of all the assets and income the other spouse has. Unfortunately, some spouses hide assets so they do not have to divide them up during divorce proceedings. This is especially true in high-asset marriages. Legally,…
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Illinois couples divorcing after their 30s, likely already have some retirement assets to divide. The older the couple, or more specifically, the breadwinner, the more valuable the retirement assets may be. When these retirements plans were first put in place, the couple may not have made provisions for divorce. However,…
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Many couples who have a lot of assets at stake compose prenuptial agreements to describe how they would like their property divided should they decide to divorce. However, not every couple takes this option, though after tying the knot, some couples may wonder if they should have done otherwise. Fortunately, drafting…
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Prenuptial agreements establish rules about asset ownership when a couple enters into a marriage in the event the union ends in divorce. While many people believe these legal documents are only suited to the extremely wealthy, they're quite useful in a wide variety of situations. Forbes offers a few examples of…
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When the subject of divorce crosses someone's mind, they may think about how this major life change could affect their kids or their finances. However, the emotional toll of a divorce should not be ignored either, as it can create serious issues for men and women alike. Aside from depression,…
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Once a Peoria couple decides to call it quits on their marriage, they have to choose what to do with their home. According to Nerdwallet, the first step is to assess the value of the home. Once that is accomplished, the equity of each spouse can be determined, which is…
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When you choose to get a divorce in Peoria, you may be prepared to have to split the value of a number of your assets with your spouse. One of the assets you may not be prepared to share, however, is your 401k. The funds in your 401k are the…
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For many couples facing problems in their relationship, meeting with a counselor is a good way to resolve differences and find some common ground. Many marriages have been salvaged as a result of counseling, which can help people understand their spouse better and discuss some of the challenges within their…
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There are many different issues that can affect family law cases, especially when it comes to child custody. Courts examine multiple issues that may play a role in the outcome of a custody dispute and every parent is in a unique position. Some, for example, may be required to travel…
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For any couple, bringing a marriage to an end can be challenging. There may be many different family law issues to deal with for those who have kids, whether there is disagreement over child custody or child support matters arise. Parents are not the only ones who often face problems…
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Our law firm is fully aware of how challenging a divorce can be. For some people, such as someone who is suffering from a health crisis, this process can be especially hard to navigate through. If you are struggling with any type of illness or health problem, you should make…
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If you own property, have a lot of assets, or are a business owner, having a prenuptial agreement in place is a must. These agreements answer serious questions about the financial aspect of a marriage before the marriage even takes place, which makes them beneficial to people with large amounts…
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There are various considerations that may arise for those who move ahead with a high-asset divorce, many of which have been covered on our blog. However, other divorce-related issues can arise during and after a high-asset divorce, some of which can have a major impact on a person's future. For example,…
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Often, people focus on some of the negative aspects of divorce, such as the amount of time and money that may be lost, stress during the entire process, the division of marital property, custody disputes and so on. However, it is important to note that there are a number of…
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When a couple decides that their marriage should be brought to an end, many questions may arise, especially those which are financial in nature. For example, people may wonder how much child support they will receive or how much alimony they will have to pay. The distribution of marital property…
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There are all sorts of issues that arise with regard to divorce, whether they are financial or emotional in nature. Everyone's circumstances are unique, and some people may face a more challenging divorce than others. For example, some people who have decided to end their marriage may find that outside…
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One of the first things that people should realize when they approach the process of divorce is that every couple's situation is unique. For some people, such as those who attract a considerable amount of attention and are wealthy business owners, divorce can be even more complicated. For example, a…
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Our blog has covered many of the different concerns that can arise for those who move forward with a high-asset divorce, such as the distribution of marital property and handling divorce as a high-profile individual. However, there are other ways in which the end of your marriage could affect you…
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When couples decide that the time to end their marriage has arrived, many concerns may be present, from the emotional impact of ending marriage to the financial implications of divorce. Furthermore, some may worry about how their decision to file for divorce will affect their kids, or if it is…
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When people think of high-asset divorce, they may picture a contentious courtroom battle or financial concerns brought on by the division of marital property or a child support order. While these are issues that many people have to work through, there are many other ways in which people can be affected…
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If you have a high net worth, different concerns may be on your mind when it comes to the end of marriage, such as court decisions involving the division of marital property and the amount of money you may have to pay in spousal support or child support. However, those…
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Couples in Illinois who are going through a high-asset divorce have a lot to consider. Each side needs to dig a little deeper sometimes to uncover assets the other one may be hiding. One way some wealthy individuals attempt to keep money from their spouses is through an offshore account.…
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Auto accidents sometimes result in debilitating injuries and even the loss of life. However, some of the other consequences of a crash should not be overlooked, such as the potential strain that these accidents can bring to a relationship. After a wreck, a person's life may change in all sorts…
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Even though bringing your marriage to an end can be tough at any point during the year, certain times may be even more challenging. Heading into the tax season can be especially difficult for some people for an array of reasons. Not only can this time of year bring additional…
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There are many different topics to consider with regard to ending a marriage, from the impact that this decision could have on kids to the division of marital assets. However, it may be helpful to review some of the reasons why divorce arises or becomes necessary and different issues that…
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Many people struggle with divorce, regardless of their personal circumstances or habits. For some, however, divorce can be even more challenging. For example, if you consider yourself a workaholic and feel as if you are always at work, the divorce process may seem more daunting to you, especially if you…
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With any divorce, taking the proper approach is critical. However, this may be even more important if you have a high net worth. Divorce can be tricky from many standpoints, which we have gone over on this blog, such as legal issues involving children. That said, the potential financial impact…
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When a couple calls off their marriage, there are a multitude of legal hurdles that could arise, such as disagreements related to the distribution of marital property or a child custody arrangement. That said, the financial impact of divorce can be significant and many people are unsure of their rights…
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If you are preparing for the end of your marriage or trying to move forward after a high-asset divorce, you may be facing various challenges. We have covered many of these issues on our blog, such as property division and those involving children (custody, child support, etc.). However, there are additional…
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Many different experiences and conditions can make it harder for people to split up with their spouse, whether they are concerned about the financial effects of ending their marriage, are struggling with a health condition, or do not believe that it is an appropriate time to divorce. However, those who…
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Those going through a high asset divorce frequently encounter certain difficulties, from concerns about how marital property will be divided to issues involving child support and custody. However, some people may also struggle with talking to their other family members about their decision to end their marriage or a divorce…
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In a recent blog post, we examined some of the issues that high-profile couples may experience when they decide to end their marriage. In the information age, there is another area of concern relevant to high-profile divorces and those who want to split up with their spouse when they have…
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Making the decision to call off a marriage can be challenging for all types of couples. However, there are certain circumstances in which it can be especially tricky. For example, high-profile couples may have additional hurdles to work through, including the added stress and attention that is often associated with…
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People in Illinois who are lucky enough to have a healthy retirement benefits package through their employer may not have thought about the rules and regulations governing the plan. Once divorce is on the horizon, though, it is essential to understand how property division may affect the account. According to…
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A divorce can affect a lot of different factors in a person’s life including finances, family ties, personal well-being and even that person’s career or profession. For Illinois couples who are involved in business together but have chosen to divorce, they will undoubtedly have to make some serious decisions regarding…
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For many people, splitting up with a spouse may be one of the most difficult experiences of their life. After all, divorce can bring major life changes, such as relocation and affecting relationship with children. At Butler, Giraudo & Meister, we also know how divorce can affect couples financially (property…
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The end of your marriage in Illinois is more than the end of a relationship; it is the end of your contract with your spouse. Before it can be dissolved, the two of you will have to come up with a new agreement that you can both live with, but…
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Couples who are in the midst of high-asset divorces in Illinois may be making mistakes and should take some time to consider their strategies. Their mistakes can impact their finances, especially if they do not have any prenuptial agreements in place to protect their assets.Some couples can resolve their difference…
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A postnuptial agreement is similar to a prenuptial agreement except it is entered into after you are married. If you are already married in Illinois and do not know about this option to protect your assets and create a more harmonious marriage, then it is something worth learning about. According…
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It is often quite difficult to ensure during a divorce that all the property each spouse possesses is presented before the court for a fair division. Particularly during divorces between High Net worth individuals, it is often possible that one or both spouses are using offshore accounts to store their…
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Due to the fact that Illinois is an 'equitable division' state, it is not necessary that marital property is divided equally between spouses during a divorce. Let's look at the main factors which decide how much of the marital property will be awarded to each spouse: The first thing the…
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Divorces are tricky, and there's no telling how much of your money and assets you could end up losing to your spouse in the end. That is why it's a good idea to take steps right from the start to protect your finances in preparation for the divorce. One of…
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Going through a divorce can be a very trying experience. It's the last thing you ever thought would happen on that day you said, "I do." But since then your life has changed in myriad ways. Things are more complicated than all those years ago. For example, you and your…
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Divorce can be a tricky ordeal in itself. Sometimes it can get further complicated when the matter of distribution of marital assets among the separated couple arises. Marital property is any property that is acquired by the couple during the course of their marriage. The manner in which marital property…
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As we've discussed, the law here in Illinois provides that any property acquired during the course of a marriage is subject to equitable division in the event of a divorce. What this essentially means is that this marital property -- not to be confused with separate property -- will be…
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