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 property acquired during a marriage is considered marital property. As such, asset division can be particularly complicated depending on the length of marriage or how much property a couple acquired during that period of time.
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 investments during a high asset divorce should be a priority.
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 attention to complex assets such as retirement plans. Even the division of something as seemingly simple as a 401(k) can become a foundation for financial security following divorce.
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 assets to benefit from a prenup, either. Startup founders, entrepreneurs and investors who have yet to make it big can still protect their current and future wealth.
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.
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 during a divorce.
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 marriage that led to entangled ownership, and a breadwinner versus homemaker situation, things might become more complicated.
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 affect a divorce settlement.
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, each spouse needs to fully disclose what he or she has, but it also helps to know how to look for assets the other side may try to hide.
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, the higher earner now has to consider how the lower-earning spouse or homemaker fares financially on their own.