For wealthy couples in Illinois who are getting a divorce, the process of dividing property can be complex. This is illustrated in the case of Amazon founder Jeff Bezos, who recently issued a statement with his wife that the two were ending their 25-year marriage. Since Washington is a community property state and Bezos started Amazon after getting married, his wife may own 50 percent of it.
An article in "Psychology Today" reported that couples who have different levels of attractiveness tend to have less successful relationships than couples who are roughly equal in their physical attractiveness. This means that if one person in an Illinois couple is significantly more attractive than the other, that couple may be at greater risk for divorce.
For splitting spouses who did not complete the divorce process in 2018, they must now settle their separations according to the newest tax laws. The Tax Cuts and Jobs Act withdrew the tax deduction that people who paid spousal support had been allowed to take. With alimony no longer deductible as of 2019, some Illinois residents negotiating their high-asset divorces are looking for alternative methods to reconcile financial disparities within the division of marital property.
Some divorcing couples in Illinois may need to divide a home. It is important to do this in a way that minimizes financial harm to both people. For example, some people may be committed to keeping the home, but realistically, they may be unable to keep up with the associated expenses. The couple can sell the home right away and split the proceeds, or one spouse can buy out the other.
The end of a marriage in Illinois doesn't necessarily mean the end of joint credit card debt obligations. This is because credit card companies aren't legally bound by divorce decrees. Therefore, it's entirely possible that an ex could be held responsible if a former spouse fails to pay a debt that was jointly incurred. While it is possible to add stipulations to a divorce agreement that would force an ex to pay their share, returning to court can be a time-consuming and expensive process.
Many couples preparing to walk down the aisle in Illinois do so with the anticipation of staying united in matrimony indefinitely. Unfortunately, circumstances can change, and knots can be untied. According to one study, nearly 60 percent of couples surveyed believed financial issues were "somewhat" responsible for the end of their marriage. Approximately 20 percent of divorced respondents felt financial matters were a more of significant factor, and nearly 30 percent cited their spouse's credit score as a source of marital stress.
Illinois parents who are getting divorced might be worried about how to handle the holidays. This can be a time of anger, fear and sadness for both the exes and children. However, parents have an obligation to put aside those feelings and focus on trying to make the holidays pleasant for everyone in the family.
When an Illinois resident is considering getting divorced, he or she may assume that the first step is to hire an attorney. While an attorney may provide legal counsel and representation in a divorce, another type of professional could provide guidance and help a divorcing person to prepare for the matters that lie ahead. A divorce coach offers emotional support, guidance and answers to questions about what to expect as the divorce moves forward.
For many decades, alimony has been tax-deductible for the payor and tax-payable for the recipient. However, the Tax Cuts and Jobs Act will be reversing that situation for divorce agreements finalized after the end of 2018. Most experts agree that this means both parties will probably have less money as a result. In addition, the lack of a deduction could put some Illinois payers in a higher tax bracket.
Individuals who are going through divorce in Illinois may need to decide if they want to keep the marital home after the divorce is finalized. The spouse who keeps the home usually pays the other spouse their half of the equity and assumes the mortgage debt. There are several important factors to weigh when deciding whether or not to keep the home after a divorce.