Planning for a divorce is not something many married couples in Illinois want to contemplate, especially if their marriage is going well. However, the rate of divorce in the United States is almost 50 percent with nearly 2 million divorces occurring each year. Understanding the divorce process and having an idea of what to expect can help lower anxiety about divorce if it occurs. Making plans for before, during and after a divorce is important part of getting through the process successfully.
When Illinois parents divorce, they may wonder how the practical and financial fallout may affect their kids' future college education. University tuition is a massive expense for people in any family situation. Tuition has risen significantly over the past decades, a trend that experts expect to continue. Every year, the cost of going to college increased by around 3 percent. As a result, it costs around $46,950 each year to attend a four-year private university while it costs about $20,770 to attend a four-year public school, including tuition, fees, room and board.
Since 1990, the divorce rate for those who are 50 or older has increased while it has stayed steady or declined for other age groups. Of those in the former segment who have gotten divorced in the past 25 years, more than half had been married for over 20 years. There are many variables that could explain why this is happening in Illinois and throughout the country.
Divorcing spouses in Illinois may need to make a parenting schedule that plans when children will spend time with each parent. They might have to go to court if they are unable to agree on a schedule. However, the couple will have less of a say in the final decision.
When wives in Illinois suffer serious illnesses such as cancer or heart disease, divorce may be more likely. However, same is not true when husbands develop these conditions.
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.