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Libertyville Divorce Blog

Millennials have an increased interest in prenuptial agreements

Illinois residents may find it interesting to learn that the 62% increase in married couples getting prenups is being driven by millennials. One of the forces that may be driving this increase is a change in financial focus seen in millennials. According to some, they are less interested in purchasing a home and more interested in the stock market. Going into marriage, it is possible that they have significant assets that they want to protect.

Millennials first entered the workforce around the economic downturn that took place during 2008. Many saw firsthand the effect that a turbulent economy can have on one's finances, and so they are eager to protect themselves from future upheavals. The increased interest by millennials in soft assets means that while they do not go into marriage with concrete assets like people did in the past, they are financially invested and want to protect that investment.

How to handle conflict during a divorce

As a general rule, all parents in Illinois are given the chance to be part of their children's lives after a divorce. This is based on the idea that a child does better by having access to both parents. Furthermore, allowing both parents to be in a child's life can reduce conflict between them. This could be beneficial for everyone in the family.

However, there is a chance that parents will engage in disputes over child custody or visitation matters. Ideally, the parents will be able to decide those issues on their own. However, if they cannot, a judge will issue an order to resolve the problem on their behalf.

Special concerns during a gray divorce

For those who divorce later in life, the process can be more complicated. This is because a couple might have more assets and property to divide during a gray divorce, which is what it's referred to when both parties are 55 years old and above. Here are some things Illinois residents may want to consider during a gray divorce.

Illinois is among several states that abide by the rules of equitable distribution when it comes to marital property. In equitable distribution states, divorcing couples are not required to split everything equally. Instead, the division of assets and debts must be fair. Items acquired during the course of a marriage are typically considered marital property. This may include stocks, furniture, vehicles, bank accounts, home equity and more.

Preventing financial deception in a divorce

When Illinois couples decide to divorce, their once-loving relationship may have been transformed into something resentful and hateful. Even so, many people simply want to end their marriage as quickly as possible and divide the assets. Others may hatch vast schemes that attempt to keep assets from the other spouse, however. These types of actions are unlawful, and spouses found to be hiding assets may be held accountable by the court or financially penalized. Still, people continue to attempt to conceal assets in hopes of walking away with a financial advantage.

There are several warning signs that could point to a spouse who is hiding assets during a divorce. In the first place, this is far more common when couples have a significant wealth disparity. The higher-earning party is often fully in control of family finances. The other spouse may know little about bank accounts, investments or real estate. He or she may rely on the wealthier party for most information about the state of their affairs. During a divorce, it is important for each spouse to have copies of tax returns, bank statements and other key financial documents as well as full access to marital accounts.

Planning helps avoid financial stress after divorce

Getting a divorce can be among the most stressful events in a person's life. It is taxing emotionally, financially and mentally, but people in Illinois and elsewhere who are considering ending their marriages can make the process more financially manageable by paying attention to a few specific areas. Individuals who keep track of costs during divorce, create a post-divorce budget and divide assets fairly have a better chance of avoiding financial strain.

Keeping track of divorce expenses means going into the process with an idea of what it will cost. Like any major life event, divorce necessitates a budget. People who plan for the cost of divorce are likely to save money and feel less anxiety. It's a good idea to review invoices from divorce attorneys and other professionals to make sure the costs are fair and align with what was predicted.

3 ways to manage emotions during your divorce

Divorce can take a tremendous toll on virtually anyone’s mental health. If you currently face the end of your marriage, you may feel a variety of emotions, ranging from anger to sadness. You are also apt to have strong feelings about your partner's and your own future. How you cope with your emotions may make a tremendous difference on your divorce’s outcome. 

Dissolving a marriage does not have to be an all-out battle. Still, if you and your soon-to-be ex-spouse plan to seek a collaborative divorce, you likely do not want your unchecked emotions to force you into court. Here are three ways to manage your emotions during a divorce: 

Divorce can impact a person's health in many ways

A divorce can have a significant impact on a person's mental and physical health. Illinois residents who are older than 50 when they end their marriages may be even more vulnerable to changes in their mood, behavior or cognitive function. If someone's caregiver was his or her former spouse, it may be difficult for that person to obtain the medical care that he or she needs after the divorce.

Individuals who have just gotten divorced may become isolated from friends or other contacts made during a marriage. This may be especially true for men who relied on their wives to schedule events for them. Those who are isolated may become more sedentary or start to show signs of depression. Depression could cause a person to take unnecessary risks such as using drugs, eating too much or engaging in sexual activity with multiple partners.

What to consider when keeping the home in a divorce

Some people in Illinois who are going through a divorce may be sentimentally attached to their home and want to keep it after the separation. Others might want to retain the marital home because they think it will be better for their children to remain in a more stable environment. The first step is to find out the value of the home and how much equity each spouse has in it. It may also be important to consider what other fees and taxes each spouse may be responsible for paying.

Next, the couple should decide how one person will buy out the other. Divorced couples often do this by arranging for the spouse who is not keeping the home to get a bigger share of the assets. This could be jewelry, a savings account or any other piece of property that makes up the difference. Another option is taking out a loan. This could be done through a refinance or home equity line of credit. Some people turn to family and friends for help.

What to do about social media during a divorce

For some unhappy spouses in Illinois, it might be tempting to vent about an upcoming divorce on social media. However, it is usually best to avoid divulging too much information. What a spouse posts on social media can be used against them in a divorce. In fact, a soon-to-be ex may want to consider increasing their privacy on social media accounts during a divorce and removing anyone from their friends list who is likely to be a troublemaker.

Once the divorce is underway, a spouse should continue to observe this discretion. If the divorce is amicable, the couple may want to make an agreement about when and how they will announce the divorce online. Even an amicable split can quickly change if one person badmouths the other online.

How to cut costs during divorce

When you split from your spouse, you will undoubtedly need to work through several different matters, and doing so can cost you a substantial amount of money. Spending a ton of money on the divorce process, however, often leaves little to put toward a new home, a new car or other things you may need once you and your ex go your separate ways. Therefore, you may consider keeping divorce-related costs low a main priority.

Luckily, you can take several steps to help reduce how much your divorce costs you. For example, if you look to lower costs associated with your divorce, consider:

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