Some couples in Illinois might think of prenuptial agreements as tools that are only useful for wealthy people. However, since most divorces involve the division of property, a prenup can also be helpful for couples who do not have enormous incomes. It gives them the opportunity to establish what assets they want to keep separate and how they will divide shared income and handle spousal support in a calm environment.
When the possibility of divorce becomes a reality, Illinois residents in this situation might be concerned about how to pay for the divorce. With legal fees averaging about $15,000, financing a divorce can be the first challenge to overcome. However, there are a variety of ways residents can pay for their divorce process.
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.
Ending a marriage is rarely easy, and the desire to get through the process as quickly and painlessly as possible sometimes leads divorcing spouses in Illinois to make financial decisions that haunt them for years to come. Many of these poor decisions are made during property division negotiations when assets such as real estate or automobiles are discussed. This is because these assets are often financed with loans that both of the spouses involved have signed.
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.
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.
There are three stages to a divorce. The first is filing. The next is discovery, which involves both spouses sharing all financial information. Finally, the last is disposition, which may involve mediation or going to court. People in Illinois may be able to make this process less stressful by preparing ahead of time.
There are obviously many reasons why marriages in Illinois and around the country might end, but some of them might be because of a lack of commitment, infidelity or too much conflict. These were the top three reasons cited in a study conducted by the National Center for Biotechnology Information.
Most people in Illinois are aware of what kind of partner they're likely able to attract. Therefore, they may seek relationships with people on par with themselves when it comes to physical attractiveness. Still, there are some people who prefer to seek more attractive partners. Should relationships like this result in marriage, however, the odds of a long-term success may not be so good. This a conclusion based on research from various sources indicating that physically mismatched couples may be more likely to untie the knot.
Illinois residents and others who are ending their marriages may benefit from having a divorce coach. The divorce coach helps an individual gather information or get ready to meet with an attorney. A coach may also help a person face a divorce with confidence or greater self-esteem. In some cases, working with such a person will allow a divorcing individual to identify and prioritize issues that will be present in their case.