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Protecting Your Health During a Gray Divorce
Studies suggest that divorce can have a negative impact on one’s health. The risk could be even greater for divorcing individuals nearing retirement, especially if they are already struggling with health issues. Thankfully, there are ways that divorcing parties can protect their health, even at an advanced age. Learn more in the following sections, including how the assistance of a seasoned attorney may help to further mitigate the risk of health issues during and after your divorce.
How Divorce Can Impact Your Health
Divorce is one of the more stressful life events that one can endure. Sadly, all that stress can have devastating effects on the health of divorcing individuals. In fact, science has long associated bouts of extreme and prolonged stress with health complications like weight gain, depression, anxiety, and ulcers. Recent studies have even linked extreme and prolonged stress to an increased risk of heart disease, and some health experts believe it can even increase one’s risk of developing cancer and other insidious diseases.
Study Finds That Career Paths May Impact the Risk of Divorce
Although the divorce rate has been steadily dropping over the last two decades, statistics indicate that about 43 percent of all married couples are still deciding to call it quits. Many factors can influence the chances that a couple will ultimately make this decision, including the education level and income of the parties and the number of children they have. Now a new cohort suggests that a person’s chosen career path may also increase their risk of a divorce.
How Career Paths May Influence the Risk of a Divorce
Scientific studies have examined various factors that can increase a person’s risk of divorce, but until the recent study from Stockholm University, no one had really considered how work might impact marital relationships. Yet, this is where people tend to spend most of their time, which is exactly why the authors decided to fill this gap. They examined data on hundreds of thousands of Danes, looking for links between employment and divorce. Ultimately, they determined that more mates at work tended to increase the risk of divorce, but the complete data is actually a little more complex.
What Happens When a Spouse Tries to Hide Money During a Divorce?
Divorce can bring out the worst in people. In fact, some spouses are willing to go so far as to illegally hide money from their spouses to keep more for themselves. This act, known as asset hiding, can leave one party financially disadvantaged - and not just during and immediately after the divorce. The impact of asset hiding in a divorce can last a lifetime. Thankfully, disadvantaged parties do have the law on their side, and if appropriate measures are taken, they can still obtain a fair settlement during their divorce.
The Law and Hidden Assets in Divorce
Under Illinois state law, any assets acquired during the marriage are considered part of the marital estate. If the couple goes through a divorce and no prenuptial document is in place, the total value of those assets is calculated. The entire marital estate is then distributed “equitably,” or fairly between the parties. Fair holds a different meaning for everyone, however, which is why spouses sometimes attempt to hide money during the divorce process.
Examining the Pros and Cons of a Litigated Divorce
While most divorcing couples choose a collaborative divorce path (i.e. mediation), there are still situations in which litigation is either necessary or more appropriate. In fact, some divorcing parties may fare better during a litigated divorce. For others, it may be the only way to ensure a fair ruling. How do you determine if this path is right for your Illinois divorce case? The following information on the pros and cons of a litigated divorce can help you decide.
Potential Disadvantages of a Litigated Divorce
Since the risks of a litigated divorce can sometimes outweigh any potential benefits of litigation, divorcing parties are highly encouraged to consider the disadvantages before examining any possible benefits of this divorce path. In particular, parties should know that:
- Litigated divorces are usually more costly. Not only do you have to cover the court costs, but your legal fees will probably increase as well. The more contentious the proceedings become, the more your divorce is likely to cost. If money is a factor in your case (either because you have a high net worth and at are a risk for extreme financial loss or are simply concerned about your financial future), you may want to consider a collaborative divorce over litigation;
Not Seeking Legal Assistance During Your Illinois Divorce Can Have Serious Consequences
Divorce, like many things in today's do-it-yourself society, has become something that people try to handle on their own. Unfortunately, a DIY divorce approach can result in numerous consequences for both parties. Learn more about them in the following sections, and discover where you can find seasoned, competent legal representation in your Illinois divorce case.
Incorrect Valuation of the Marital Estate
One of the first steps in divorce is to determine the worth of a couple’s marital estate, which is typically done through a complex process known as a valuation. Sadly, there are many things can impede the valuation, such as a spouse trying to hide or dissipate their marital assets to keep money away from their spouse. Parties may also make mistakes when trying to handle the matter on their own, which can dramatically impact one’s settlement amount. In extreme cases, improper valuation may even result in an extreme financial loss, which could result in financial strain after the divorce or even divorce-induced poverty.
Splitting Assets in an Illinois Divorce - When to Start and How to Avoid Common Mistakes
Of all the issues that a couple faces in divorce, matters that pertain to the division of marital assets can be some of the most complex, confusing, and contentious. This area is also where couples tend to make the most critical mistakes. Avoid such issues during your Illinois divorce with help from the following information and assistance from a competent divorce lawyer.
How Assets Are Handled in an Illinois Divorce
Unless the divorcing parties signed a prenuptial agreement before the beginning of their marriage, the assets that were obtained over the duration of their union are typically considered “joint” or “marital assets.” Such assets are usually subject to the division of assets process that takes place during a divorce. Parties can negotiate how they will be divided, but it is highly recommended that spouses each obtain their own legal counsel before signing a settlement agreement, as there may be factors that dramatically change one’s entitlement to the marital estate. For example, a stay-at-home mother may not think she is entitled to much of the marital estate since she did not really earn any income over the course of the marriage, but the courts would consider her contribution to the family (sacrificing her career or earning ability to care for the couple’s children) as one that increases her overall stake in the marital estate.
5 Tips for Successful Co-Parenting After an Illinois Divorce
While some couples are able to completely end their relationship with a divorce, others must continue to interact with one another because of the children they share. This new relationship, a process that is more commonly referred to as co-parenting, continues (at least) until the child turns of age. How you navigate it - not just during the divorce, but long after - can make a massive difference in how your child adjusts to the new structure of their family. Increase your chances of success by using these five tips for successful co-parenting, and discover how a seasoned divorce lawyer can help improve the outcome in your Illinois divorce.
1. Keep Your Child Out of the Divorce
Though children are inevitably affected by the divorce of their parents, they should not be privy to all the details of the case. It is a personal and financial matter between adults who wish to end their relationship. The child’s relationship with each parent usually continues, however, so long as it is in their best interest (which it usually is). Allowing them to overhear details could taint the child's perception of the other parent, and that could ultimately create maladjustment issues for them. Alternatively, if you lean on your child and overshare details with them, you could potentially harm your child’s relationship with not just the other parent, but yourself as well. Avoid such issues by ensuring you keep your child out of the divorce as much as possible.
Preserving Your Wealth in a High Net Worth Divorce
Divorce can be a costly endeavor - especially for the wealthy. In fact, the moderately wealthy tend to argue more than any other demographic group during divorce. Yet, interestingly enough, the extremely wealthy tend to divorce more amicably. Why is this and how can you protect your wealth, regardless of your marriage’s net worth? The following information explains.
Moderate Wealth vs. Extreme Wealth - What is the Difference?
Although contention over money is common across all income groups, those that are worth one million to five million tend to fight longer and far more frequently than any other group of divorcees. Interestingly enough, couples worth over five million tend to divorce more amicably. Relationship experts believe there is a reason for this. They say that, when you are only moderately wealthy, you are not set for life, and that lack of financial security can cause some to become hostile in divorce. Unfortunately, the desire to protect one’s wealth (and the social status that comes with it) can sometimes be the very thing that threatens their financial future.
Strategies for Protecting Your Business in an Illinois Divorce
Divorce is extremely common in the United States. In fact, an estimated 40 to 50 percent of all first marriages end this way. Perhaps even more common is divorce among entrepreneurs, who often sacrifice time with their families to spend countless hours building their businesses. Sadly, many learn that their spouse is entitled to far more of the company than they predicted, and some have even lost their businesses because of divorce. Thankfully, there are strategies that entrepreneurs can use to protect a business in a divorce. Learn more about them in the following sections, and discover how a seasoned divorce lawyer can help to improve the outcome in your case.
Businesses as Marital Assets - A Closer Look at What is at Stake
Whether started before the marriage or once it began, businesses that are not protected by a prenuptial agreement or postnuptial agreement are usually considered a marital asset. That means your spouse could be entitled to a share - how much depends on the contributions that they made during the marriage. Note that contributions are not just monetary, such as offering funds to stimulate company growth; a contribution can also mean staying home with the children so that the entrepreneur can network and attend meetings. If the family had to make substantial sacrifices during the business’s early years, this, too, could be considered a contribution to the business’s growth and success. It is also important to note that spouses who work as partners or contribute to the business directly are often entitled to even more shares of the company.
Planning for (and Protecting) Your Child’s College Tuition During an Illinois Divorce
College tuition prices currently range between almost $10,000 and nearly $36,000 per year, depending on whether a student attends private or public college, and an in-state university or one that is outside their state of residence. Those figures, which have been increasing at an alarming rate over the last decade, are expected to rise even further over the next several years, which is why so many parents have college savings accounts for their children.
Unfortunately, if the parents eventually divorce, the child’s college savings account could be split between the parties. What is more, parents may find it more difficult to save for their child’s college tuition once the divorce has been finalized. Thankfully, there are preventative measures that can be taken during the divorce process to protect a child’s future education. Learn more in the following sections, including how a seasoned divorce attorney can help to improve the final outcome in your Illinois divorce case.
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