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.
Many Illinois readers are aware of the marital troubles between former "Today" show host Matt Lauer and his wife of 20 years, Annette Roque. Lauer was fired last fall after allegations surfaced regarding inappropriate sexual conduct in the workplace. It appears that those accusations also placed additional stress on a marriage that already seemed troubled. Annette Roque filed shortly thereafter, and the couple now seems on track for a high asset divorce.
Many Illinois spouses want to try couples counseling before they move forward with a divorce. Marriage counseling can be an effective way to save a relationship, and some couples experience a strengthened bond and renewed appreciation for one another as a result. However, some spouses avoid counseling based on fear that the therapist will suggest that the relationship cannot be saved, paving the way for a high asset divorce.
The division of assets is a primary consideration in the majority of Illinois divorces. In many cases, there are multiple investment accounts as well as real estate and other assets that need to be accounted for. In each instance, the value of each item and how each item is transferred can have a significant impact on the individual and his or her financial picture following a high asset divorce.
The typical Illinois business owner often spends considerable time and effort establishing and maintaining his or her business. In some cases, the individual is the only family member involved; in other cases, the spouse and even the children become involved in the business. Regardless of family involvement, when the business owner becomes involved in a high asset divorce, the business can become a part of the process.
The rise of digital currencies throughout the world are giving wives and husbands in Illinois a brand-new way in which to hide their money during divorce proceedings. The reason these new currencies are so attractive to those aiming to conceal their marital assets is that they offer anonymity and privacy. Using these currencies, such as Bitcoin, may be especially tempting for those who have a lot to lose in a high-asset divorce.