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divorce Archives

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.

Planning a parenting schedule that works for all

During a divorce, one of the most important things parents can do is create a custody schedule that's best for the well-being of their children. This is not just about dividing up custody fairly: It's about letting children know that their parents have their best interests in mind even during a difficult time. In order to do this, parents should put themselves in their children's shoes. Empathy can be very valuable when complicated emotions are involved.

Making a clean financial break after a divorce

Divorcing dependent spouses in Illinois may not want to make all that many changes initially. This may result in the continued reliance on the same set of financial professionals that provided assistance during the marriage. However, it's generally agreed that newly single people are likely to benefit from making a clean financial break from their former mate after a divorce by choosing a new financial team, especially if it was the other spouse who maintained relationships with those professionals.

The unique nuances of super-wealthy divorces

Many people in Illinois have likely caught wind of the news concerning the divorce of Amazon founder Jeff Bezos and his wife. The pair, who announced their spit via social media, have been together for 25 years. During that time, they've amassed more than $100 billion in assets that will need to be divided among them. In addition to the big dollar amounts involved, there are other notable differences between super-wealthy divorces and more traditional splits among couples with fewer assets.

Studies probe attractiveness and relationship health

People in Illinois may wonder how the relative attractiveness of two romantic partners affects the strength of the relationship. According to some researchers, men who marry women who are considered more attractive than themselves may have a higher risk of divorce. Of course, attractiveness is an individual quality, and people differ widely on which attributes are considered attractive or unattractive. However, social beauty standards and concepts of attractiveness can have a significant impact on how others treat people, both in romantic relationships and in other areas of life.

Divorce appears amicable as Usher and wife file divorce papers

As a singer and songwriter, Usher has attracted music fans in Illinois for years. Although his career endures, his most recent marriage has ended. His marriage that began in September 2015 when he joined with a woman who had worked as his manager is drawing to a close. They filed the court papers necessary to proceed with a divorce.

How divorce can affect credit card debt

Many Illinois couples whose marriages are ending may be concerned about how to divide their assets during a divorce, but it can be just as important to consider how credit card debt will be split. When debt was incurred on a jointly held card, it belongs to both of them, and despite the text of the divorce decree, the credit card company retains its ability to pursue either party. Financial experts often advise that people seek to exit their marriages without holding any joint debt. While it may not be possible to pay off all joint credit cards, people can transfer debts to cards in the name of the individual partners, depending on their agreement about how to handle them.

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