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.
Every divorce case is different and can present a number of unique challenges, but cases involving large amounts of separate and marital property can be especially difficult to resolve. Illinois couples considering the prospect of divorce are often overwhelmed by the many emotional, financial and practical changes to their lives. As a result, some people end up making impulsive and/or uninformed decisions during the divorce process that can have real and lasting consequences on their overall well-being and financial security.
Part of the divorce process often involves property division, which can become complex in high-asset situations. At Lois Kulinsky & Associates, Ltd., we know that valuing a business owned by one or both spouses is an important part of determining marital assets. Our goal is to help ascertain the full and fair value of a company.
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.
No matter what the circumstances are, going through a divorce can be a lengthy and emotional process. In order to try to simplify the matter, many couples in Illinois choose to enter into a prenuptial agreement, which outlines how marital property should be divided upon ending the marriage. A postnuptial agreement can achieve the same goals, but the agreement is put together after a couple weds. For stay-at-home mothers, such a document can be an asset in the event of divorce.
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.
Ending a marriage can be a difficult and confusing time. In addition to the emotions involved, there are Illinois laws that govern the way that marital property is divided. It is important for spouses who are going through a divorce understand their rights to certain property. As the divorce rate for people 50 and older has doubled, retirement funds are an essential part of property division that should not be overlooked.
Social media has enabled people across the country and around the world to connect with each other. Someone living in Illinois can send pictures, update friends and more with just a few clicks on a smartphone. As online networking has grown in popularity, it has created interesting discussions regarding employment, privacy and even divorce. Couples involved in a separation or divorce may want to be cautious with what they put online, as the results could be costly.
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.
When the economy took a turn for the worse a few years ago, the divorce rate also went down. In fact, the number of divorces filed in 2009 was the lowest seen in the United States in forty years according to the National Center for Health Statistics. This came after the rate of divorces more than doubled in the years between 1940 and 1981. When the economy faltered in 2009, divorce rates fell by a third.