Many couples generally understand that when they divorce both their assets and their debts are divided equitably between them. Equity is not the same as equality; it is more related to fairness, which means that you may be asked to pay a debt that your spouse is not able to, because it will cause you less hardship. However, there are certain types of debt that must be handled in more specific ways, and it is important to understand what those may be.
Marriage has always been considered a rite of passage for many people. However, over the past 15 years, marriage rates have drastically decreased.
In Illinois, 49 percent of the whole population is married, with a breakdown of 50 percent of Illinois males being married and 47 percent of females.
The divorce process is oftentimes very complex. Each divorce is different, so each situation will go down different avenues and will produce different results. Many divorce cases will include spousal support; yet, other cases will not allow it.
For each marriage that includes spousal support, there is no way to estimate the exact amount without considering child support, combined gross income, and so-called “multiple family situation.” Divorce is not a “one size fits all” type of situation.
There are times when divorce is a necessary step couples must take in order to promote a better life between both parties. However, if a couple’s divorce includes high assets or no assets at all, the process can be financially and emotionally straining.
Divorce is inarguably one of the most painful times in a person’s life, both financially and emotionally. Yet before legally finalizing a divorce, there are several steps each spouse must take in order to make the process as painless as possible.
With the help of an experienced divorce attorney, the divorce process can go smoothly and efficiently.
Establishing a place to live with loved ones can be an exciting time in one’s life, especially if an individual has just married. However, finding oneself victim to domestic violence can result in a frightening and desperate situation.
Even though there are many organizations that have helped decrease the statistics of domestic violence, far too many cases are still in existence. Domestic violence is a serious issue that has often been taken too lightly.
Marriage is a huge commitment that involves several legal matters and, if not taken seriously, could result in a potential divorce. Therefore, couples often turn to prenuptial agreements prior to marriage in order to keep their assets accounted for and to potentially save the marriage. For many couples, this is an excellent opportunity to determine marital assets.
A divorce can be one of the most unpleasant experiences in a family’s life, especially when much time has been put into the relationship and in trying to give the best quality of life possible to everyone involved.
When going through a divorce, each spouse may have certain assets that he or she desires to keep—the marital home, family gifts, a boat, bank accounts, pensions, etc. Therefore, when it comes time to divide these assets, there may be tension. Hence, when dividing property and assets, each spouse needs to have a thorough understanding of the process.
Divorcing couples who have a high net worth often expect a long, drawn-out, contentious battle. Thankfully, divorce does not have to be this way. In fact, many couples find they can resolve matters outside of court, with less stress and cost. The key is knowing if and when you should settle. Perhaps even more important is knowing when not to settle your divorce case. The following information explains further.