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The complicated relationship between money and divorce

The relationship an Illinois spouse has with money has a good chance of bleeding into their personal relationships. Financial issues provide a significant source of marital distress. A survey of 2,000 adults conducted by a bank reported that 35 percent of respondents admitted that money caused strain in their relationships. Other research has found links between divorce and credit scores or income.

The relationship between industry and marriage

Illinois residents might be surprised to find out that the industry they work in could potentially predict if they get a divorce in the future. According to a study from Stockholm University, certain fields carry a higher risk of divorce, particularly those that include a lot of socializing and are dominated by members of the opposite sex, such as restaurants and hotels.

Wealthiest couples may have lower-conflict divorces

Despite the beliefs of many in Illinois that more money can lead to greater conflicts during a divorce, couples are actually more likely to find an amicable settlement to the end of their marriage if they have significant wealth. Financial problems can lead to conflicts within a marriage, undermining its foundations and moving a couple towards legal separation. However, it seems that when a couple has a net worth of $5 million or more, they may be far more likely to end their marriage without lengthy court battles.

Protecting your health during a gray divorce

As many Illinois couples know, going through a divorce can impact them emotionally and financially, but another serious consequence is the effect it can have on physical health. Particularly for older couples, the emotional stress and feelings of isolation caused by divorce can have a direct impact on their health.

Prenuptial agreements are more beneficial for some relationships

The use of prenuptial agreements has increased in Illinois and throughout the country in recent years as they have become less controversial. More people understand the reasoning behind working out an agreement about property and financial contingencies on the front end of a marriage rather than enduring protracted litigation and additional legal expenses at the end. Contrary to what some believe, having a prenuptial agreement in place doesn't mean the parties are expecting to end in disaster. Having a prenuptial agreement is more akin to an insurance policy than anything else.

Baby boomer divorce on the rise

A growing number of older people in Illinois and across the country are choosing to divorce. While many people still think of divorce as a young person's phenomenon, baby boomers' divorce statistics continue to rise. Since 1990, the divorce rate has doubled among people 50 and older. At the same time, that rate has tripled for people aged 65 and above. Divorce has become more socially acceptable and generally supported, but there are many factors that can play a role in older people opting to end their marriages.

How divorce is affecting older couples

When older couples in Illinois end their marriage, they may face some particular financial challenges. Divorce in this age group is on the rise, with three times as many people aged 65 and older getting divorced compared to 1990 and two times as many who are 50 and older.

Divorced women and their retirement

People in Illinois may already be aware that getting a divorce can have a significant impact on their current and future financial well-being. However, divorce seems to affect women more negatively than it does men. According to one 2008 study, divorced women tend to experience a drop in income by over a fifth while men actually experience a rise in their income by nearly a third.

Dealing with Bitcoin during a divorce

When Illinois couples decide to divorce, assets often need to be identified and disentangled. With the rise of cryptocurrencies, a new layer of complication has been added to the already-complex process of understanding marital assets. These digital currencies, like Bitcoin and Ethereum, often offer a high level of anonymity. They have also witnessed a sharp upswing in value, and what began as a small investment may now be worth many times the initial outlay.

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