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. Keeping Tabs on Stock Portfolio Executives and key employees sometimes have stock options and restricted stock plans. … [Read more...]

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. Our Family Wizard The brainchild of a divorced couple, Our … [Read more...]

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 … [Read more...]

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.” Reasons for Gray Divorce Empty Nesters Syndrome For some couples, the focus has … [Read more...]

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. Child Relocation Laws in Illinois In custody-ordered arrangements in Illinois, relocation is defined as a move at such a distance … [Read more...]