Going through a divorce often leaves working women in Illinois and around the country in precarious financial situations. When researchers from the London School of Economics looked into the effect that ending a marriage has on how much spouses earn, they discovered that working wives saw their incomes drop by about 20% following a divorce. Men, on the other hand, brought home approximately 30% more after their divorces were finalized.
Divorced parents in Illinois who are attempting to co-parent with a difficult ex-spouse may be interested in learning steps that they can take to make the co-parenting experience better. Co-parenting with a toxic individual can be frustrating; they may be constantly pushing boundaries and making unfounded accusations.
There are many ways Illinois parents can bond with their children after a divorce even if they live a long distance away. They should keep in mind that scheduled visits and phone calls are not the only way to stay in touch. They can call at unscheduled times, or they can send encouraging messages using postcards. Text, social media and email all provide additional ways for parents to stay in touch with children, and they can also ask their children what they prefer.
When Illinois couples get a divorce, they need to take steps to protect their investments. These might be IRAs, securities, annuities or other assets. After the divorce, they should ensure that their estate planning reflects this life change, including removing the ex-spouse from beneficiary designations unless they still want the former spouse to inherit those assets.
Lots of people would be happy to save money on taxes. However, not everyone is willing to go through a divorce in order to do so. The so-called "marriage penalty" has some Illinois couples, especially high-earning ones, talking about the potential benefits that would come from divorcing on paper.
Most married people in Illinois understand that there are several factors that drive couples apart. It is usually not just one simple thing. While having issues in a relationship does not mean that divorce is inevitable, it doesn't get rid of everyone's problems. Here are a few factors that can signal an unhealthy relationship.
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.
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.
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.
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.