Elgin Family Law Blog

Being a parent or teenager can be tough enough without the added stress of a divorce. The teenage years are already a time when a child is transitioning into an adult, and they may not always want to do what their parents ask of them. Furthermore, divorced parents in Illinois may have to contend with a lack of communication with the child's other parent. Therefore, it can be easy to make mistakes raising a child.

For example, parents may communicate less because they feel like their teens can handle some problems on their own. However, they still need support and guidance, and that can only happen if a parent knows what a son or daughter is going through. Teens may also take advantage of the fact that they have more freedom as they get older and receive less parental supervision.

According to data maintained by the Bureau of Labor Statistics, it's becoming increasingly common for wives in Illinois and throughout the U.S. to earn more money than their husbands. Roughly 38% of wives are bringing home more income than their husbands, and that dynamic can cause problems in a marriage. Some research indicates that the risk of divorce increases and the likelihood of marriage decreases when the woman earns more than the man.

At the same time, some have advanced the opinion that couples are more likely to stay together if they cannot afford to maintain separate residences. Men in the U.S. tend to be more comfortable when they earn more money in the relationship. According to a study that examined more than 6,300 married couples, the risk of divorce is almost 33% higher when the husband doesn't have a full-time job.

Once a couple in Illinois decides to divorce, the next step is for them to fill out legal documents and file them at the courthouse. During this process, each spouse must decide how to divide his or her assets and money, including jewelry and financial holdings. While it is simple to split up books, DVDs and similar belongings, it is difficult to divide monies and properties.

Consequently, couples thinking about divorce need to consider several important things, including who is going to live in their current home. Plus, they must decide how to divide the holdings belonging to their Individual Retirement Accounts (IRAs). When each person in a marriage has his or her own IRA, he or she must divide his or her holdings and monies during a divorce. One exception is if the couple writes and signs a marital settlement agreement describing how they wish to divide their monetary assets.

Family law attorneys working in Illinois may be familiar with the processes involved in dividing assets in a divorce. Cryptocurrency assets are throwing a wrinkle in the equation, making it challenging for attorneys to advise their clients on the best ways to divide assets.

One of the reasons why dividing cryptocurrency assets during a divorce can be a challenge is that the value of cryptocurrencies fluctuates drastically. While a cryptocurrency may have a value of $80,000 in November of one year, it could skyrocket into the millions a few months later. A few months after that, the value could drop back to where originally it was or lower. This rapid fluctuation in value is a real challenge when it comes to valuations. As a result, it may be necessary for cryptocurrency valuations to be carried out multiple times during the divorce proceedings.