Category: Divorce

When divorcing a millionaire, a person has the additional burden of understanding the many and often complicated financial holdings. If the well-heeled spouse is a high-powered executive, for instance, it’s important for divorcees to know about stock options and restricted stock plans. Stock options are considered assets that can be divided between spouses in a divorce.

Managing daily logistics can be complicated when co-parents live separately and are on less-than amicable terms. Luckily, there are co-parenting apps that can help parents communicate clearly, stay organized, keep track of all details, reduce angry phone calls and confrontations, and focus on what really matters – raising happy kids. The following apps are designed to make the realities of co-parenting easier and less stressful.

It’s common for “high net individuals” to set up trusts as part of tax shelter, wealth protection measures, and estate planning, but that presents a unique set of challenges when it comes to divorce. A trust is a legal agreement in which the trustor (the person who creates the trust) gives the trustee (the person in charge of the trust) the right to hold title to assets or property for the benefit of a beneficiary (the person for whom the trust is created). The trust is usually given a different name, affording the trustor added privacy. The outcome of high net worth divorce proceedings involving trusts will greatly depend on the nature of the trust.

Since the 1990s, the number of divorces for people over the age of 50 has roughly doubled, and tripled for adults 65 and older. Gray divorce is three times more likely for remarried couples than those in first marriages. Those who have been married for less than 10 years are ten times more likely to divorce than those married 40 years or more. Gray divorcees are also called “diamond or silver splitters.”

If a custodial parent wants to relocate with the kids after divorce, he or she must get permission from the co-parent and approval from the court that issued the original custody order. Sometimes relocating to another area is the right thing to do for the family. It could mean escaping a toxic relationship, getting a better job, or obtaining a better education.

Wealthy couples have higher odds of divorce because more money translates to more stress in a committed relationship. A 2018 study by Northwestern Mutual found that a person’s relationship with money increases his or her chances of divorce. Around 41% of more than 2,000 adults surveyed said financial anxiety affects how they relate with a partner or spouse.

Planning for a divorce in Illinois involves hard work, but the more prepared a person is ahead of time the better. While the process of ending a marriage can be emotionally burdening, it also comes with mounds of paperwork, settling of debts, division of assets, and dealing with life changes. With proper planning, however, things will move along more smoothly. Here are some basic things a person can do to plan for an Illinois divorce:

Couples often experience a variety of marital stressors. The way each couple comes together and relates to one another will define whether the relationship is healthy or headed for divorce. Below are ten top reasons couples get divorced. 

Gender roles may impact a person's decision to initiate a divorce. Traditional and modern gender roles have their fair share of conflict. In traditional roles, the perspective is a male breadwinner and female homemaker. Modern couples often have a more contemporary view that places men and women as equal earners with shared responsibilities. There is a set of expectations regarding each partner's responsibilities in both dynamics. Whether or not partners are in agreement regarding the dynamic may influence them to separate.  

Illinois law requires that a couple considering divorce live separate and apart for at least six months. This period is known as legal separation. By understanding what the law considers legal separation, couples can ensure the necessary steps are taken to make it possible to divorce at the end of the six month period. Even in a high net worth divorce, the rules for legal separation are the same.