Sometimes, people just know that a divorce is the right choice. If that's you, then what some believe was the sign to divorce might resonate with you.
Going through a divorce doesn't have to be difficult, but more often than not, there are a few snags in the process that might cause disputes or delays. There are often financial concerns to worry about, which can weigh heavily on your mind.
If you have heard that divorce rates are declining, then you might think that is a good thing. However, just saying that divorce rates are declining isn't the whole story. In fact, while the divorce rate has dropped by around 18 percent between 2008 and 2016, that isn't actually accurate when you look at the whole picture.
Going through a divorce can deal a financial blow to a person in Illinois, especially if the individual has been financially dependent on his or her soon-to-be-ex. Fortunately, spousal maintenance may be awarded if one divorcing party has a monetary need and the ex has the ability to pay. Spousal maintenance can be either permanent or temporary depending on one's situation.
Getting married in Illinois can be both exciting and scary -- exciting for those who believe they have found their soul mates -- but also scary due to the fact that the marriage may not work. This is particularly a concern for those who are entering into marriages with valuable assets, as a divorce can cause them to lose a bulk of these assets. This is why drafting a prenuptial agreement may be a wise move to make before getting married.
One of the touchiest parts of going through a divorce in Illinois is figuring out how to split assets with one's spouse. This is because the decision made during a divorce regarding assets has a long-term impact on a person's financial situation long after the divorce has been finalized. Retirement assets, such as a 401(k) or a 403(b), can especially be challenging.
Arriving at a divorce settlement that is pleasing to both parties going through the divorce is seldom easy. This is especially true when financial issues are at the heart of the divorce. A few tips may help people in Illinois to navigate the divorce process in a way that is most beneficial to them now and in the future from a financial standpoint.
Although couples often fight over the marital home and other significant assets during an Illinois divorce proceeding, one of the greatest areas of contention is often child custody. Both parents may naturally want to keep the kids, thus leaving the children stuck in the middle of a heated child custody battle. Research, however, shows that a child is actually the healthiest mentally when the child can split his or her time between both of the divorced parents.
Divorce decisions are often the most expensive decisions people make. Just as a person may work hard over the years to build assets and achieve a healthy financial situation, it is important for an individual to tackle property and asset division during divorce strategically, thinking about the big picture. A few tips may help people in Illinois to make divorce-related decisions, while taking into consideration the financial consequences of those decisions.
A divorce can dramatically affect a person's finances both in the short term and the long term. Coupled with the emotional challenges of divorce, this type of family law proceeding can be complicated and overwhelming for individuals in Illinois. A few tips may help people going through a divorce make wise financial choices in order to protect themselves during and after a split.