Many people in Illinois choose to file for divorce over financial issues. According to research by the Federal Reserve Board, a large difference in incomes between spouses is associated with a higher risk of divorce within the first five years of marriage.
Starting over can be a challenge for anyone ending a marriage in Illinois. However, the difficulties are often greater for older adults. It's an increasingly common occurrence since the divorce rate among adults 50 and over has doubled since the 1990s. Some so-called "gray divorces" do involve second marriages or unions of a short duration. However, it's not uncommon for knots to be untied after many years together. This could mean having to make decisions about jointly owned accounts, investments and savings.
For many Illinois residents planning to tie the knot, it can be uncomfortable to think about a potential divorce. But in a world where lots of marriages end sooner than expected, it may be a good idea for soon-to-be-spouses to have some protection in the form of a prenuptial agreement. The purpose of this type of document is to clearly determine what each party would get or agree to give up in the event that the knot is legally untied at some point.
Divorcing couples in Illinois may experience significant stress when they consider how their finances will fare because of a divorce. They can retain control of their lives and lower their stress levels by focusing on their financial situations, specifically by getting a clear picture of their income, liabilities, expenses and assets.
Marriage changes the financial lives of people in Illinois, and the prenuptial agreement has become a way for partners to disclose assets and debts and establish the terms for a divorce should one happen. Young people entering their first marriages have been choosing to create these premarital contracts in increasing numbers. A majority of attorneys surveyed by the American Academy of Matrimonial Lawyers reported that more people between the ages of 18 and 34 have wanted prenuptial agreements than ever before.
Have you and your spouse made the decision to end your marriage? Are you both already in agreement regarding the terms of a final divorce order and settlement details? If you are ready to move forward with a divorce and believe you can do so without contention or conflict, you may consider filing for an uncontested divorce.
When you find yourself on the brink of divorce, you are undoubtedly going to feel overwhelmed at some point. You are probably feeling stressed and emotional because everything in your life is changing. You may be uncertain of what steps to take next. You are likely getting opinions and advice from all directions and are unsure of which counsel you should follow.