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Libertyville Divorce Blog

Handling the family home during property division

The family home may be one of the most important assets for couples in Illinois who decide to divorce. For many people, the marital home is the most valuable item that they own, far outstripping other investments. In addition, it can come with sentimental attachments, especially for couples with children. Many people decide to sell the home during the divorce. This way, they can move forward after paying off the mortgage and splitting the remaining proceeds as part of the property division process. However, others may want to make an effort to stay in the family home.

It can be expensive for one spouse to buy out the other as part of the property division process. The amount of equity each spouse has in the property should be determined. This process includes an assessment of the value of the home as well as the mortgage remaining on the property. If there is a mortgage, the spouse staying in the home will usually need to refinance into his or her name alone. They may also pursue a larger mortgage to buy out the spouse. However, the spouse must be able to get approval for a larger loan from the bank based on his or her credit and income alone.

Conquering personality traits may help married couples

Contrary to popular belief, couples are not rushing to divorce courts. Yet a newly married couple still has to worry about what might end their marriage. Comprehending their faulty personalities can help spouses focus on learning how to develop tolerance toward each other and prevent the downfall of their marriage.

It is a known fact that adultery is a major reason couples file for divorce. A lack of self-confidence can cause a spouse to feel so insecure that the person looks to someone else for comfort. Seeking solace in the company of another person is one way to deal with feelings of inadequacy. A spouse may think they are engaged in an innocent friendship only to learn that the relationship has escalated into an adulterous affair. When spouses live together without any sense of love or closeness, the chance of committing adultery transforms itself into tangible reality.

Divorce need not be so difficult

No one looks forward to divorce. While it is true that many Illinois marriages simply don't work and either one or both parties know they will ultimately be better off going their separate ways, the process of divorce can be messy and emotionally taxing. Although there is no magic formula to make the myriad of legal issues that need to be decided go away, there are ways to approach divorce that allow for the business matters to be taken care at the same time the human aspects are acknowledged and addressed. Divorce doesn't have to be so traumatic.

The number one mistake people going through divorce make is to internalize everything. Family therapists stress the importance of being realistic about all that is going on and reaching out and get the help that is needed. Help can come from professionals, such as lawyers, accountants and therapists, but also simply from friends and family who can offer encouragement and support during a difficult time.

How to decrease the cost of your divorce

When it comes to divorce, it may feel like the only positive is that you will no longer be married to your spouse. The rest can be a nightmare, including the bill at the end of the day.

If the cost of divorce is preventing you from proceeding, do not despair. Follow these tips to make it more affordable.

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: 

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