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.
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 a postnuptial agreement is an option. Still, any couple should be careful that they do not unintentionally make the postnup unenforceable in an Illinois court of law.
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 people who should have prenups in place before they marry.
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, anger and stress, some people suffer an identity crisis after their marriage ends. For example, someone may have pictured themselves as a spouse for many years, and when they become single after a divorce they may feel as if they do not know who they are.
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 the amount that each spouse owes on the home. From there, the spouses must make a choice regarding the future of their home.
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 result of your employment; why, then, would they be considered a marital asset? First off, you should understand that the entire amount of your 401k may not be subject to property division; only the amount contributed to it during your marriage is. Since these contributions are made from your income, they are considered marital property.
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 relationship in a healthy manner. However, counseling certainly does not work for every couple, and in some cases, it may even make the marital problems a couple is dealing with even worse. If you are dealing with this, you may have no choice but to move forward with a divorce.
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 for long distances as a result of business. In some cases, a parent may even have to leave the country for extended periods of time due to their business. It is important to understand how this could play a role in a custody decision and do what you can to fight for your child's best interests.
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 during a divorce, however. Those who are wealthy and receive a lot of attention may also face a particularly hard time when they bring their marriage to an end. If you are a high-profile CEO in Illinois, you may have to take special care when you approach the process of divorce.