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High-Asset Divorce Archives

Debts may leave you vulnerable after divorce

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.

Can divorce affect my credit score?

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.

Is business debt ever considered marital property?

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.

Protect complex marital property with a postnuptial agreement

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.

Does a divorce dispute always have to go to court?

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.

MacKenzie Bezos' success with her high asset divorce

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.

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.

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