If you are about to embark on a divorce in Illinois or maybe are already in the midst of one, you know how important it is to track your marital assets. The net value, including both assets and liabilities, of your marital estate may be a big contributor to your final divorce settlement. It is this fact that can lead some people to attempt to paint a specific financial picture during settlement discussions to attempt to lower the amount they may need to pay or lose in the process. One way this is done is by hiding money or other assets.
With the divorce rate in the U.S. slowly continuing to climb, analysts are examining the situations that lead to divorce and the demographics of the couples that are divorcing. What has been discovered is that more people that have been in long-term marriages are divorcing. There are a variety of reasons that late-life divorces occur, including those listed below.
Have you and your spouse made the decision to pursue a divorce in Illinois but want to find the most amicable way to do so? Many people are aware that mediation can be used in divorce proceedings. However, these same people may not always know the true facts about mediation and what is can or cannot do. In order to get the most benefit out of mediation for your divorce, it is important to understand a few basic principles before you get started.
No matter what your job or role in society, getting divorced can be messy business. If you happen to be a public figure of some sort, the messiness of a divorce can get even more complicated than if you were just the person next door. This applies to entertainers, artists, politicians, well-known entrepreneurs or executives and more. If you fall into any of these categories, you know how your reputation may be one of—if not the most—important asset that you need to protect.
It would be hard for anyone in Illinois or the rest of the United States to be unaware of the fact that one of the most famous musicians of our time died recently. While there may be many interesting facts about the artist’s unexpected death, one particular fact can be held up as a valuable lesson to many divorcing spouses in the state. The man passed away without any estate plans in place whatsoever.