Couples in Illinois who are contemplating filing for divorce understand that it is important to know certain facts about the division of marital property. Marital property generally refers to any asset or property purchased or acquired during the course of the marriage.
As any Illinois resident that has been through it knows, the end of a marriage not only can arouse strong emotions such as anger but also turn finances upside down and make the financial future cloudy at best. In fact, the financial consequences of divorce can last the rest of both former spouses' lives. And, apart from drafting a prenuptial or postnuptial agreement that can limit the financial damage, there is little a couple can do to prepare for finances after divorce, even if both spouses decide to part in the most amicable way possible.
As any Illinois resident who has been through the end of a marriage knows, the process can be difficult and emotionally challenging. For couples with considerable wealth, however, a divorce can become even more complicated when it comes to resolving finances, including spousal and child support as well as asset and property division.
The end of marriage is hard on most Illinois couples. Divorce exerts tremendous pressure on everyone involved. It means that a once-loving marriage is ending, and there are now sudden financial considerations, such as child support, spousal support and property division, all of which require focused and careful decisions. Beyond these costs are additional expenses, such as hiring an attorney and perhaps, forensic accountants and financial advisers, if considerable assets are involved.
One of our previous posts talked about marriage statistics in the United States and the rising rates of separations and annulments across the country, including Illinois. The post also discussed the issues affecting the more than half of U.S. marriages that end in divorce.
Ending a marriage is often difficult. Any Illinois resident who has been through the process knows that emotions can be overwhelming during a divorce. For those in the public eye, divorce can be especially challenging because of often-intense media scrutiny.
There is always a financial aspect to a divorce. A divorce is usually followed by alimony, property division, child custody and visitation rights, and a couple needs to deal with those issues sensitively in order to maintain a healthy relationship for the sake of their children.
Many Lake County, Illinois, residents know that the end of a marriage brings with it many challenges. Child custody, property division and child support are only some of the complicated matters that couples have to deal with and resolve. Things can become even more complicated when the couple is in the public eye all of the time.
Many U.S. couples, including those of Lake County, Illinois, will agree that a divorce can present a unique set of challenges for spouses. A few of the complicated issues accompanying divorce are spousal support, child custody, child support and property division. In addition, couples may find it difficult to deal with these processes single handedly. Professional support is usually needed in all matters, including child custody.
Contrary to popular assumptions, not all Hollywood weddings end prematurely. Lake County, Illinois, residents understand many celebrity marriages last years or even decades. Such is the case in a recent celebrity divorce, when Michael Moore and Kathleen Glynn decided to end their marriage. Moore filed for divorce in June of 2013, Michigan's Antrim County, where the couple shared a lakefront home.