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Divorce risk is greater if a wife earns more than her husband

Some men in Illinois and elsewhere in the country simply can't handle situations where their wife is the higher earner. However, this is an increasingly common fact of life. The Bureau of Labor Statistics estimates that nearly 40 percent of wives earn more than their husbands. While there are some couples capable of focusing on other aspects of their relationship, long-existing social and cultural forces still place a higher value on husbands bringing home more bacon than their wives.

Stay-at-home parents during a divorce

A significant number of parents in Illinois leave the workforce to raise their children, especially mothers. Across the country, around one-quarter of all mothers stay at home, while 7 percent of fathers do the same. This choice is widely supported in surveys of American attitudes, especially when stay-at-home mothers are involved. Over half of people in some surveys say a mother could do a better job than anyone else raising the kids at home, even including the children's father. Even 10 percent of all highly educated moms with a master's degree choose to stay home from work in order to raise their children.

How divorce can impact retirement savings

Many divorcing couples in Illinois focus on issues such as who gets custody of the children and who gets the house. Unfortunately, retirement decisions are often overlooked or not given sufficient consideration. Even if parting spouses are years away from retiring, there are issues related to this type of savings that could create some unpleasant financial woes later in life.

How the Bezos couple split Amazon assets

While some parts of the Jeff and MacKenzie Bezos divorce are more salacious, other aspects seem more amicable. The couple agreed on a divorce settlement that would give MacKenzie some Amazon stock while Jeff would have voting power for her shares. Here are some details about the Bezos divorce that Illinois residents might want to know about.

Natalie Maines and Adrian Pasdar dispute over prenup and support

Illinois fans of Dixie Chicks member Natalie Maines may be aware that she is involved in a contentious divorce from her husband, Adrian Pasdar. Pasdar, an actor, is seeking child and spousal support as well as legal fees. Maines is asking a judge to uphold the prenuptial agreement the two signed before they married in 2000.

Facts about assuming a mortgage in a divorce

When Illinois couples who are also homeowners get a divorce, they must decide what will happen to the family home. If one person keeps the home, both could remain on the joint mortgage. However, this could be a major disadvantage for the one who does not keep the home since a missed mortgage payment could cause significant damage to that person's credit score.

How cryptocurrencies are putting a new spin on divorce

Many Illinois residents have seen firsthand how challenging it can be to divide assets during the divorce proceedings. Cryptocurrencies, which were first introduced to the public in the late 2000s with the likes of Bitcoin, have only recently started to have an impact on divorce proceedings. Part of this impact has to do with an increased public awareness about the value that cryptocurrency could have. Now, family law firms are dealing with individuals who have high net worth in cryptocurrencies. They are struggling to figure out how to deal with this currency.

Steps to take before filing for divorce

Spouses who are approaching divorce in Illinois can take steps to make the process as smooth as possible. Divorce is almost never easy; it creates stress of several varieties, including emotional and financial worries. Taking the time to get organized prior to divorce can prepare a person for what is to come, relieve stress and make favorable outcomes more likely.

Tips to protect a business if divorce happens

People who are starting a company or getting married generally do not want to think about getting a divorce. However, business owners in Illinois may want to take steps to protect their company if their marriages end. Prenuptial and postnuptial agreements do not mean a couple is planning to get a divorce or that one person wants to take financial advantage of the other. Instead, such an agreement provides the opportunity to talk about financial matters and how property should be divided outside of the emotionally fraught atmosphere of divorce proceedings.

Planning for divorce

In many cases, the last thing married couples in Illinois may want to think about is divorce. However, they should know that the rate for divorce in the United States is almost 50 percent, with nearly 2 million divorces occurring every year. The subject can be intimidating, but understanding the process and having an idea of what to expect can make it easier to handle and can lessen stress. Planning that is done before, during and after a divorce is also helpful.

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