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Is My Spouse Entitled to Half the Marital Estate in an Illinois Divorce?
If you are considering divorce or have already decided to end your marriage, you probably have many questions. One of these questions may be about how your accumulated wealth and property will be divided during the divorce process. Television and movies are rife with examples of a resentful spouse getting more than their fair share during a divorce. However, Illinois courts do make every effort to make property division decisions as fairly as possible. If you are wondering how your property will be divided between you and your soon-to-be-ex spouse, read on to learn about Illinois equitable distribution laws.
If You and Your Spouse Agree on How to Divide Property
Illinois courts encourage divorcing couples to make their own decisions about property. If a couple can agree on who will get what after the divorce, there may be no need for court intervention. Understandably, some divorcing couples are not able to come to such an agreement. If you and your spouse cannot reach a settlement about property and debt, the courts will use a method called equitable distribution to make property decisions.
Do Not Make These Social Media Mistakes During Your Divorce
Social media has revolutionized the way we talk to our friends and loved ones. Most people who experience a major life change such as a marriage or birth of a child write about the event on their social media pages. Ideally, everyone would be able to post what they wanted to online without any negative consequences. Realistically, however, almost everything you do or say online could come back to cause problems for you during divorce. Those undergoing a separation or divorce should make sure to post with caution and avoid the most common social media blunders.
Bragging About Expensive Vacations or Other Purchases
You can inadvertently cause problems for yourself in the future by posting information about major purchases on social media during your divorce. If you are putting pictures up of a new car or computer, this will could your argument for spousal support. You may have been pinching pennies for a long time to afford your new things, but such posts can create the impression that you are making money “under the table” or are otherwise not being honest about your assets.
Considerations When Undertaking a High Net-Worth Divorce
As the old saying goes, he who has much has much to lose. Any divorce can be stressful and financially risky, but high net-worth divorces involve an increased risk. If you are someone with a high net worth or you own complex assets and plan to divorce, you should know that the road ahead may be bumpy. Fortunately, you do not have to face the complex world of high net-worth divorce alone. Divorces involving valuable and complex assets almost always require the skill and experience of a divorce attorney familiar with high-asset divorce.
World’s Richest Man to Divorce Wife
Jeff Bezos is mostly known for being the founder, CEO, chairman, and president of the retail giant Amazon. He has an estimated net worth of over $90 billion which makes him the world’s richest person. Bezos recently announced that he and his wife of 25 years are divorcing. The couple and their children live in Washington state which has slightly different laws about property distribution during divorce than Illinois.
What You Should Know About Divorcing a Gambling Addict or Compulsive Shopper
Any divorce is challenging, but divorcing a spouse who struggles with an addiction can be especially legally complex and emotionally burdensome. For some, compulsive spending is a coping mechanism used to deal with negative emotions or memories. Studies show that purchasing a new item releases a feel-good hormone in the brain which is similar the effects of drugs and alcohol. Gambling addictions can occur when a person convinces themselves that the only way to fix their financial situation is to finally win big. Unfortunately, the big win rarely comes and the house always wins. If you plan to leave a spouse who sometimes acts in financially reckless ways, you should take steps to protect yourself personally and economically.
Separate Your Finances As Soon As Possible
When you decide to leave a spouse who is a compulsive shopper, gambling addict, or who may otherwise waste marital funds, you should take steps to separate your finances as soon as possible. Illinois state law dictates that only shared property, called marital property, will be divided during a divorce. Once you decide to divorce, you must make sure any assets you accumulate from then on will be considered separate property which is not subject to division. One way to accomplish this is to get a legal separation. Simply living apart is not the same as being legally separated and does not afford the same legal protections. Another way to protect yourself financially is to request a court order that prevents your spouse from accessing certain assets like saving accounts or retirement accounts.
What You Should Know About Dating During Your Divorce
If you are in the midst of a divorce, there is a very good chance that you feel like your marriage has been over for quite some time. The legal proceedings associated with divorce are important steps toward your new life, of course, but from a personal standpoint, you have probably started to move on already. As the divorce process continues, you might be tempted to start a romantic relationship with a new partner. The thrill of a new relationship, along with the feelings of appreciation and empowerment that often come with it, can certainly be attractive. Depending on your situation, however, you may want to avoid dating someone new until your divorce is finalized.
Legal Concerns
According to the laws that govern divorce in Illinois, you are not prevented from seeking a new romantic relationship while your divorce is ongoing. If you decide that dating is right for you, it is important for you to keep track of how you pay for your dates. You can use your own money, of course, but if you are found to be spending marital assets on your new partner, your spending could be considered dissipation. Dissipated funds will need to be paid back to the marital estate before it is divided.
Surviving Your Contested Divorce in Illinois
Divorces in Illinois can be either contested or uncontested. At the crux of any divorce are the issues of property and debt division, child custody or the allocation of parental responsibilities, and support/maintenance payments. When divorcing couples are able to come to an agreement about these issues, either on their own or through mediation, they can begin an uncontested divorce. Although every divorce involves at least some degree of disagreement, these disagreements do not always require court intervention. On the other hand, spouses who cannot come to an agreement on their own must undergo a contested divorce.
What Is a Contested Divorce?
Contested divorces are those in which spouses cannot reach a decision as to the terms of the divorce and must therefore go to trial. Contested divorces can be more expensive and time-consuming than uncontested divorces, so most experts suggest avoiding this route. However, in some cases, such as when one or both spouses are unwilling or unable to cooperate, a contested divorce is necessary.
Should I Pursue a Legal Separation Before Divorcing My Spouse in Illinois?
If you and your spouse are considering ending your marriage, you may have questions about legal separation. Although divorce is the most common way a married couple splits, it is not the only option Illinois couples have. A legal separation is a special court order that dictates the rights and responsibilities of a couple. A legal separation does not technically end a marriage, but it functions very similarly to a divorce. Although legal separations are less common than divorce, they can be a beneficial legal tool for spouses who have personal or financial issues upsetting the marriage. There are advantages and disadvantages to both divorce and legal separation. A qualified Illinois family law attorney can help you further understand which option is best for your unique family and financial situation.
Differences Between Divorce and Legal Separation
The most important difference between legal separation and divorce is that a legally separated couple remains legally married whereas a divorced couple is no longer legally married. Some couples choose a legal separation instead of a divorce specifically because this option allows them to stay legally married. Remaining legally married is important to some for cultural or religious reasons. A separation also preserves most healthcare and social security benefits that are generally terminated through a divorce. Divorce ends spouses’ rights to property benefits upon the death of the other, but couples with a legal separation still have property rights.
Understanding the Basics of Parenting Plans in Illinois
Among all of the decisions made during a divorce, issues pertaining to children are some of the most important elements that must be settled. These issues can include parenting time, decision-making responsibilities, and other child-centered concerns. All of these things will be covered in a parenting plan, which Illinois requires as a part of your divorce settlement if you have children. Parenting plans are written agreements that outline all legal issues, from which parent has a child and when to how decision-making responsibilities will be shared or divided. Parenting plans can be difficult to negotiate, but they can save a lot of headache in the future.
Elements of a Parenting Plan
Before you go before a judge to determine a parenting plan, Illinois courts allow you and your spouse to come up with your own agreement. If you cannot come up with your own parenting plan, you will be ordered to attend mediation to help you formulate a plan. If you still cannot come to an agreement, you will have to attend a court hearing so a judge can make decisions pertaining to your parenting plan.
How to Survive the Holidays After Your Illinois Divorce
For many people, December means delicious food, spending time with family, exchanging presents, and enjoying the season. Unfortunately, for many families, the holiday season also means a time of stress and emotional tug-of-war. When parents are divorced, the holiday season can be difficult, because not only must they decide when they each will have the children, but they will also need to juggle all of the events that take place during the holidays, such as plays, concerts, recitals, holiday parties, and gift exchanges.
Here are a few ways that divorced parents can have a joyful and happy holiday season:
Plan Well in Advance
Like most things in your co-parenting relationship, a successful holiday season will largely depend on how you plan for it. Ideally, both you and your ex will be able to attend all of your children’s events. If you cannot stand to be in the same room as each other, make a plan to pick and choose which events you will be attending and which events you will sit out.
4 Surprising Benefits That Come With a Divorce
It is no secret that divorce can be difficult on everyone involved. Some people feel like their divorce makes them a failure, and children of divorcing parents may worry that the divorce is their fault. However, while a divorce is most often seen as a negative event, it can be one of the most positive things you can do for yourself and your family. Even though it may not feel like it, especially right after your divorce is finalized, a divorce can be a good thing. Here are four ways your divorce can benefit you and your family:
1. You Can Finally Relax
After you get a divorce, it can feel like a massive weight has been lifted off of your shoulders. You will no longer need to feel like you have to tiptoe around the house, hoping to avoid your combative spouse. You no longer have to worry about every single one of your decisions being met with contradiction and arguments. You can finally sit back, relax, and have some time for yourself.
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