Many Chicago-are residents are familiar with the divorce process. It often takes a lot of time and preparation to make sure a divorce settlement is fair for both parties. The more you can do to prepare -- and the sooner you can do it -- will benefit you greatly, especially when it comes to your finances.
When you think of a high-asset divorce, you probably think of a celebrity couple fighting over who gets each of their five homes and how many tens of thousands of dollars one of them will get in spousal support. The juiciest celebrity breakups, though, are usually the ones that don't involve a prenup. Without a prenup, all marital assets are up for grabs, which makes for good headline fodder. Think for a minute, though, about what it would be like to be in that situation.
When you wake up every morning, the first thing you do is let Fido out in the backyard. When he comes bounding back in, you fill his food bowl and watch him scarf it down. You entertain him for a few minutes by playing a little tug-of-war before you head back upstairs to get ready for work. Later in the day when you get home from work, Fido greets you at the door. You pull out his leash and he goes wild with excitement. You clasp it on to his collar and head out for a walk. You’re tired from a long day, but Fido’s enthusiasm makes the extra effort worth it. You couldn’t imagine living without him.
As thousands of Chicago-area residents know firsthand, getting married usually means totally intertwining your life with your spouse's. You share a home, a bank account, a car, kids and pets. If your marriage doesn't work out down the road, all of these things will have to be dealt with in some way. While we are not going to address any of those things today, we are going to talk about one area that is easy to overlook but important to address in divorce: insurance policies.