When couples in Illinois are in love and planning for their next steps, divorce may be the furthest thing from their minds. However, these milestone occasions like marriage or pregnancy may inspire people to make plans in case they separate in the future. Prenuptial agreements are contracts that spouses-to-be negotiate with each other before they marry. These can address matters like inheritance or generational wealth, but they can also handle a range of financial and practical matters. They are a form of divorce planning, but they are handled while people are in a happy, loving relationship.
When couples in Illinois struggle in their marriage and consider divorce, they risk making an uninformed decision on whether to continue in the marriage. Being knowledgeable about the things that impact relationships, how division of property and custody matters are handled in their state and the emotional effects of a split can help them make a clear decision on how to proceed.
While people in Illinois who are over 50 might be more likely to get divorced than younger people or previous generations in their age group, the financial and emotional toll can be high. According to one study conducted by the National Center for Family & Marriage Research at Bowling Green University, wealth for people who get a divorce after age 50 drops about 50%. Older divorced people in one study also reported a higher rate of depression than those whose spouses had died.
According to psychology and family law experts, summer is the prime time for Illinois residents to begin plans for a divorce. The results of a study that was conducted by sociologists at the University of Washington indicate that divorce filings tend to increase during August and March.
Gender-equal marriages are becoming more common in Illinois and other states, but this isn't always the norm. In some situations, couples begin married life together in traditional roles that change over time. And this is when there's the potential for issues that may lead to divorce, at least according to a Swedish study.
Basketball fans in Illinois and elsewhere may remember Kevin Garnett from his days as an NBA superstar. However, he is now in the news because of legal issues between himself and his wife. She claims that she signed a prenuptial agreement under duress and wants it to be declared invalid. Kevin Garnett has requested a trial to determine its validity before negotiating new asset division or spousal maintenance agreements.
In Illinois, divorcing couples may have issues about who should get the family home. The home is commonly the largest asset that a couple has, and there may be emotional attachments to it. People who have children might also decide that they want one of the spouses to keep the home.
When people in Illinois decide to divorce, they often know that there are serious financial consequences and changes to come. Of course, the end of a marriage comes with numerous emotional and practical challenges, but the financial effects can linger on for years after the other matters have been resolved. This can certainly be true for families in which one spouse is a stay-at-home parent. Illinois is an equitable distribution state, which means that property is divided in order to produce a fair outcome rather than directly in half.
There is a lot to deal with during a divorce. You likely are experiencing emotions like sadness, anger and maybe even some relief. When you have children, you are also trying to manage all your children's feelings. You want to protect your children of course, but there are only some many things you can protect them from in a divorce. No matter what, your children will no longer have two parents that live together.On top of that, you are also dividing all your shared property which may include a house, vehicles, savings accounts and retirement funds. If your children are younger, you may not have even thought about who will pay for the children's college tuition. However, before you finalize your divorce agreement, you may want to include an agreement regarding college expenses. Here is what you need to know about Illinois law regarding this issue.