If an Illinois spouse files for divorce, he or she must resolve numerous issues in order to achieve a fair settlement. If the couple in question has children, top priorities will no doubt include child custody issues, as well as child support. Property division is also an important matter, especially if one spouse suspects the other of trying to hide assets to gain the upper hand in proceedings.
There is no denying that divorce can impact one's finances, so ensuring that everything goes smoothly during property division is essential. This can be a difficult task in a high asset divorce. For example, taxes associated with certain assets such as retirement accounts and stock holdings can lead to profoundly different outcomes than expected.
Owning a home or second house is often one of the biggest investments a person will ever make. While real estate is generally a smart, safe investment, property can be difficult to deal with during divorce. Even Illinois couples who agree to sell a house encounter hurdles throughout the process.
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 in divorce. Especially if you're filing for divorce later in life, the unique nature of high-asset property division means you might encounter challenges when trying to ensure that your property is properly valued and fairly divided.
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.