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.
Couples in Illinois who live together before marriage might struggle more and may have a higher likelihood of divorce than those who do not. According to a study published in the Journal of Marriage and Family, what researchers have called the "premarital cohabitation effect" does not disappear during the marriage.
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.