When you are involved in a high asset divorce in Illinois, there is always a concern about your spouse possibly hiding assets. This can be done in a variety of ways, but a common approach is to put money in an offshore account. You have to uncover the money if you wish for it to be considered by the court when your assets are divided, so you can get what is owed to you under the law.
If you are considering a divorce in Illinois but have accounts, real estate, antiques or other personal possessions that are highly valuable or complex, then you will likely be facing a high asset divorce. At Lois Kulinsky & Associates, Ltd., we have experience with situations like this where there may be some special circumstances not found in other divorces. Depending on your finances and investments, there may be high asset divorce legal services that you will need.
Stock options are treated in the same way as any other asset in an Illinois divorce case. They will be divided up as the court decides. However, it can be easy to forget about this type of property or to overlook them. It is important to ask about whether your spouse has them and to do a check of investments for yourself, both because it is easy to overlook them and because they’re easy to hide. If you do not know about them, they will not be included in the division of your assets.
In Illinois, a business that is considered marital property could be up for grabs in a divorce. According to Crain's Chicago Business, divorce could lead to bankruptcy for a company, especially if a spouse is involved in the management or operations. Even if your spouse is not involved, your portion of the business may be at risk, which puts the whole company on shaky ground.
The idea of grey divorce, which is defined as divorce in people over 50, is becoming more common today. So many people in that age group have started to divorce their spouses that the grey divorce term was specifically created for that demographic. Between 1990 and 2010, the rate of people in the over-50 age group who were getting divorced actually doubled. There is no indication that this rate will slow down any time soon, so more grey divorces will be seen in the future. It can be difficult financially, hard on adult children, and stressful overall, but it can also be the right thing to do for many people.
For married Illinois couples, splitting up assets can be one of the most challenges and contentious parts of getting a divorce. Obtaining proper valuations for all assets and then determining which spouse will receive which asset or parts of assets is no easy task. When a primary marital asset is or could be a business, the challenges can increase even more. Other people such as employees and even other owners or shareholders may be involved as well as the spouses themselves. Knowing how to handle these situations requires great care.
When the possibility that a marriage may be coming to an end starts to set in, it is not uncommon for spouses in Illinois to be concerned about their financial well-being. A divorce can have serious financial implications for people that may last for years after the divorce itself is final. Spousal support, child support, asset division, reduced incomes and more are just some of the realities that face divorcing and newly divorced spouses. How can you stay or get on good financial footing after a divorce?
Most Illinois couples would agree that honesty is a critical component to a healthy and successful marriage. Both partners should be able and willing to be open with each other about a myriad of topics, including money. Any breach of this essential honesty can be seen as a form of marital infidelity and may signal a larger problem - maybe even an impending divorce. How can you notice potential financial infidelity? What are some warning signs that your spouse may be preparing to leave the marriage?
If you are newly engaged, the thought of talking to your future spouse about a prenuptial agreement may be the furthest thing from your mind. However, you may want to reconsider that and open up a discussion about this. Why should you do this? For starters, it puts you in control of your life and your assets rather than some arbitrary laws. You could consider that you will always have a prenup. It can either be the one you and your spouse create or the divorce laws in your state. Which sounds better to you?
Many people who have been married for some time stay married not so much because they are satisfied with the relationship, but because they have a real concern over what else they might do. Some fear being alone, and don't know how or if they want to get back into the dating game. Some think they have become too old to take on such a big change. But people often wonder, "Am I too old to get divorced?" The answer is no.