The end of a marriage in Illinois and across the country is almost always difficult. If that end is contentious, the negotiations that ensue can be even more challenging to resolve. This could especially be the case in a high asset divorce where stakes are much higher. Often, a judge must intervene as one has recently done in the highly contentious divorce of Harry and Linda Macklowe.
There is no doubt that a divorce has the potential of being contentious. Fortunately, many people in Illinois and across the country are able to settle their differences with only a relatively minor amount of upset. In the case of a high asset divorce, however, there are often additional considerations that could make the process more complicated.
When a couple in Illinois chooses to walk down the aisle, they likely do so with every intention of spending the rest of their lives together. Over the years that follow, they may have children and become professionally successful, even opening their own business, all while saving for retirement. However, some couples drift apart, leaving them with the prospect of a high asset divorce.
Many issues arise when a couple in Illinois or elsewhere around the country decide to end a marriage. Regardless of socio-economic status, every couple must deal with the issue of property division and "who gets what" of the marital assets. However, those involved in a high asset divorce must deal with those issues on a large scale.
According to researchers from leading universities, spouses are 75 percent more likely to end their marriage if a close friend or family member does the same. That sobering statistic may give some Illinois spouses pause. It turns out that in some ways, high asset divorce might be contagious within familial or social circles.
Technology has truly changed our lives for the better in countless ways. There are areas, however, where the benefits of technology can pose a problem. An example lies in high asset divorce, where technology can provide a soon-to-be-ex with a wealth of information that can be used against their partner during the divorce process. It is absolutely critical to protect personal data during and after an Illinois divorce.
For Illinois couples who have accumulated significant wealth, sorting out the details of a divorce settlement can be a challenge. Many high asset divorce cases also have a degree of contention between parties, although that strife usually abates as the process wears on and both sides begin to focus on their new lives. In some instances, however, wealthy couples behave in astonishingly negative ways during and after a high asset divorce.
Virtually every Illinois resident knows of at least one divorce of a friend or family member that ended with a great deal of acrimony and strife. In some cases, however, contention between parties reaches a fever pitch. Such appears to be the case between two West Coast spouses who divorced last year but continue to bitterly fight with one another over various aspects of their high asset divorce.
Ending an Illinois marriage is enough of a challenge without risking serious health consequences. Unfortunately, however, researchers believe that divorce can take a big toll on health and wellness. In fact, people who go through divorce are more likely to smoke or lead sedentary lifestyles as compared to those who are married or single. It's important to avoid letting a high asset divorce impact one's health and wellness.
For those Illinois spouses who are considering divorce, timing is an important consideration. That's especially true this year, as the Tax Cuts and Jobs Act will change the way that spousal support is taxed beginning in 2019. For individuals preparing for a high asset divorce, now's the time to make a number of important decisions.