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 in Illinois, focusing on one's financial security and personal property interests can feel difficult. Here is how one can easily make finances a priority during divorce.
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 of divorce? Not at all, and this is where a postnuptial agreement can help.
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 a settlement. In a high asset divorce, a spouse who wants to have the upper hand in property division proceedings may try to hide marital property to keep it away from the other spouse.
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 in or near retirement should be ready to advocate for themselves.
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 be difficult to find a married couple in Illinois without any marital debt, so this is a problem that many are likely to encounter.
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 scores during what might already be a difficult period of time.
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 property.
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 marital property -- the postnuptial agreement.
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 a more appropriate option. Even when dealing with complex assets, a collaborative divorce can leave both parties feeling satisfied with the end result.
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 from Jeff Bezos -- the founder of Amazon.