Back in the Reagan years, trickle-down economics was in vogue. The general idea was that you spur investment by giving investors tax breaks. That spurs production, which spurs job creation, which in turn puts money in consumers' pockets. Demand for all that upstream production goes up. Everyone wins.
If you feel like smartphones have changed the way we communicate, you’re probably right. In just a few taps, we can tell all of our friends where we are at by clicking “check in” on Facebook, share our latest culinary masterpiece on Instagram, and even show off our vacation photos while we are still on vacation.
In the midst of a divorce, dealing with the emotional issues may be difficult enough. However, preparing for life after divorce is something that all divorcees should be preparing for, and your emotions should not impair this process. As we have noted in some of our prior posts, developing a post divorce budget is key; but what good is a potential budget if you don’t know what you are going to be responsible for after your divorce is finalized.
Over the past few years, study after study has shown that more couples in their 50s and 60s are divorcing. And not just a few more: According to a recent report from Bowling Green State University in Ohio, the number of divorces in the 55- to 64-year-old age group doubled from 1990 to 2012; for 65-years-old and up, the number tripled during the same time period.
Imagine a young couple decides to end their five-year marriage. Bob and Judy have no children and no pets. They do not own a house, and they have kept their finances separate. An inheritance from Judy's aunt, for example, was not deposited in a joint account, where it would raise issues of commingling marital and non-marital property -- in fact, they have no joint account. They both have good jobs, so neither is expecting spousal maintenance.
The holidays can be tough on divorced or separated parents and their children. There are so many choices to make, and there is so much explaining to do. For many, the best part of the holidays is when they are over.
About 18 months ago, Illinois hedge fund billionaire Ken Griffin filed for divorce from his wife Anne Dias Griffin. According to reports at the time, the move came as a surprise to Dias Griffin, but the couple had been living apart for a while. In fact, the Daily Mail reported that Griffin had moved out in 2012 when Dias Griffin was pregnant with their youngest child.
The news in early October that Ken Griffin and his wife Anne Dias Griffin had settled their divorce was not much of a surprise for family law professionals. The dispute focused on the couple's prenuptial agreement, and courts seldom set prenups aside.
Property division in a divorce can be more complicated than either spouse thinks. In general, all assets and debts will fall into one of three categories: Spouse A's property, Spouse B's property and the couple's marital property. While the spouses retain their own property, states differ on how marital property is divided. Wisconsin, for example, is a community property state. Illinois, however, is an equitable distribution state.
We are turning back to our Aug. 28 post and the case about a woman who petitioned the court to invalidate (annul) her marriage on the grounds of fraud. When we left off, the Cook County Circuit Court had granted her petition, but the court of appeals overturned that decision. The respondent may have withheld certain information from the petitioner, but that information did not go to the "essentials of marriage," the statutory standard for fraud. No fraud, no grounds for annulment.