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High-Asset Divorce Archives

Handling retirement plans during a gray divorce

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 older face unique concerns, especially when it comes to things like retirement plans and certain tax changes.

Considering debt during asset division

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 during asset division.

Prenuptial agreements preserve property interests

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 happy marriages. This is why Illinois couples may benefit by considering how prenuptial agreements can protect their property interests.

Why are women more likely to divorce after a promotion?

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 accept. When women receive promotions, their marriages are much more likely to end in divorce than when men advance in their careers.

Marital property, Social Security benefits support retirement

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 it is not the only approach.

Will I lose my pet during divorce?

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 during divorce.

Protect your 401(k) during divorce

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 an unavoidable issue during divorce. Here are a few things one might expect when dividing a 401(k) account.

Why am I thinking about divorce during the holidays?

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 reasons why the number of people filing for divorce drastically increases during the first month of the year.

What can a prenuptial agreement protect in a high asset divorce?

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.

Inheritances may be vulnerable during asset division

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 one or more generations of hard work and dedication. Protecting that inheritance during a divorce should be simple enough. However, there can be certain complicating factors during asset division.

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