People in Illinois who are not knowledgeable about or involved in the family finances may be at a disadvantage during the divorce process. According to a survey by Fidelity Investments, it takes people around five years to recover emotionally and financially from divorce. However, the longest recovery was for people who did not participate in the day-to-day finances while they were married.
When couples in Illinois divorce, financial matters are often a primary concern. Issues that need to be resolved during the divorce process include property division, particularly if a couple owns a home or a business, the division of any existing joint debts, child support, alimony and asset division.
Some people in Illinois who are going through a divorce might want to consider adding a divorce financial specialist to their professional team. A divorce financial specialist can bring expertise to matters specifically relating to divorce that other financial professionals may not be able to provide.
The type of compensation structure spouses have can have a big impact on decisions during a divorce. Each party needs to consider things like bonuses, stock options, commission, and other unique forms of compensation. For couples in Illinois who just have straightforward salaries with no bonuses, asset division is likely to be relatively simple. They don't have to worry much about the timing of a divorce filing affecting total assets.
Superlatives are thrown around a lot these days. But it is nonetheless noteworthy when the “world’s richest person” gets a divorce. We’re talking, of course, about Jeff Bezos, the founder of Amazon who is worth an estimated $110 billion. He will remain the world’s richest person even after his divorce settlement, the terms of which were recently announced.