Many husbands and wives in Lake County are not only run their households and families together but also work together, oftentimes with other relatives, to manage a family business. In many cases, these businesses are the couple's primary source of income and are also the family's most valuable asset.
One of the most common reasons why a couple in an unhappy marriage stays together is for the children. Research has shown, however, that staying together in a possibly unhealthy or toxic relationship can be detrimental to the wellbeing of the children. Staying together for the sake of the children is often not the best way to proceed. Children have a keen sense of awareness. They know when a relationship has gone sour. Allowing children to be exposed to an unhealthy relationship can do more harm than good.
In the majority of states in the U.S., including Illinois, marital property is divided by equitable division. Compared with community property states, where all the property value is pooled together and split down the middle, equitable division allows the courts to determine how the property is divided, which may or may not be divided equally.
A previous post here discussed several of the benefits that a couple could enjoy and some preventive measures associated with creating a prenuptial agreement, or "prenup." Prenuptial agreements are honored by the courts and could be used to help resolve divorce issues.
Throughout the United States, more people considering marriage create prenuptial agreements ("prenups"). While many believe that prenups are only for celebrities and the, it is important to understand that are helpful to everyone, including those living in Waukegan, Illinois, and Lake County.
Money is often one factor that leads to divorce, and many in Waukegan going through a divorce find that these fights continue throughout the process. After all, even those striving for an amicable divorce may find that emotions get in the way of making sound financial decisions. Therefore, it is important that individuals protect their interests.
Divorce was once seen as taboo, especially for those who had been married a long time. However, these days divorce is much more socially acceptable and even couples who had been married for decades may decide that, as life went on, they became incompatible and it is best they go their separate ways. In fact, the Pew Research Center reports that "gray divorces" -- that is, divorces of people age 50 or over -- have grown twofold over the previous 25 years. However, as some Waukegan couples may find, the longer a couple is married, the more complex their divorce might be.
Alimony, also referred to as spousal support, is often a paramount concern in many divorces. Divorcing couples are able to reach an agreement concerning alimony themselves but if they are unable to do so, the family law court can determine how spousal support will be awarded. The court seeks to reach a fair and equitable settlement and will evaluate certain considerations to determine alimony.
Getting a divorce in Illinois can be a difficult matter to deal with, but this is made worse if the participants do not take certain steps before moving forward with the end of the marriage. Prior to getting a divorce, there are unavoidable emotions that will come to the forefront, but that should not hinder the spouses from ensuring that their financial future has been considered and is accounted for. Doing so can assist with the process and make an unavoidably difficult time easier.
Illinois couples who are coming to the end of a marriage will have a great deal to consider on a personal basis before even thinking about how a family business might be affected. But, this situation does arise quite frequently. There are numerous factors that go into the building of a business. When a couple that was involved in a business chooses to divorce, a dispute can be unavoidable. The value of the business, problems separating the finances involved, and perhaps selling the business are all issues that may come up. Having an idea of how to navigate this situation is key.