People in Illinois who wish to make a commitment to each other but do not wish to get married can consider entering into a civil union. For some time, these agreements provided same-sex couples with the only opportunity they had to enjoy some sort of legalization of their relationships. Today, however, these couples can choose to get married yet may still feel that a civil union is the better option.
Certainly couples in Illinois look forward to a full life together when they choose to get married. That wish, however, does not negate the wish to have appropriate control over one’s assets and future. Prenuptial agreements give future spouses the ability to have the level of control they wish while still planning a lifelong marriage. Postnuptial agreements do much the same thing except for people who have already gotten married. Both documents can identify ways of dividing marital property assets or separate non-marital property from such decision.
Avoiding divorce court may be a wise decision for couples looking to save time and money. Many people in Illinois seek alternatives, such as collaborative law and mediation. There are distinct similarities between mediation and collaboration, such as the following:
People who live in Illinois and face the prospect of divorce must struggle with many challenges. When unable to agree on how to stay married, the process of agreeing on how to divide assets is rarely easy either. Property division determinations can be very complex in today’s society. For many couples, homes and vehicles are far from the only assets to be considered. Retirement accounts, other investments and business assets all become part of the mix. Perhaps two of the most complicated forms of assets to value and divide are restricted stocks and stock options.
One of the most common problems divorcing couples face is dividing marital property and dealing with the financial fallout. For those in Illinois and across the country, property division can often cause stress and even lead to serious money problems. There are measures people can take to protect themselves and their wallets in the event of a divorce.
Of the many assets that will be divided during a divorce, it may be easy to overlook or underestimate pension plans, 401(k)s and other investment accounts. According to the U.S. Department of Labor, more than 46 million people in Illinois and across the country have employer-provided retirement accounts. This kind of property is subject to division no matter the age of the divorcing couple as long as the funds were acquired during the marriage.
When Illinois couples go through a divorce, their attorneys work with them to divide their assets and personal belongings as fairly as possible. Sometimes the divorcing spouses’ emotional attachment to a particular item or pet sparks heated arguments that must be resolved in court, but in most cases, the former spouses are able to reach an agreement.
For many couples in Illinois, the decision to get a divorce is not one that is easily made. No matter what level of income or assets is at stake, a separation in Illinois usually entails property division. Couples should go into divorce proceedings with even a basic knowledge of how taxes may come into play in order to ensure that they are receiving what they are legally due.
When most people get married, they are not thinking about what may happen if they get divorced. For some Lake County residents, however, marriage does end. For those who are separating, property division can become an issue. On top of the house, savings account and appliances, there are also other things to consider, such as debt. It is good to have an understanding of who will be responsible for debt once the divorce papers are signed.
Most Illinois residents have either friends or family members that have gone through a divorce. They have also likely heard many stories of the hardships associated with this experience. Identifying marital property and non-marital property as part of an overall property division settlement alone can be hard. The added struggles associated with determining child custody, child support, spousal support and more only increases the potential for challenges to arise.