The end of a marriage comes with some major life changes. Some people think that this is going to be a time of joy, but they soon find that they are dealing with some losses they didn't expect. Knowing what you might have to deal with ahead of time may help you come up with solutions for them.
For Illinois residents and others throughout the country, a divorce is an emotional event. It can also have a significant impact on a person's finances. This can be especially true for those who didn't keep track of how much debt their households accrued during a marriage. It isn't uncommon for both parties to a marriage to be responsible for paying off a portion of any debt that was accrued before the divorce.
Prenuptial agreements are becoming more common among millennials. However, some analysts say the phenomenon indicates that this age cohort takes marriage seriously. The divorce rate has also declined among millennials. Furthermore, while many people may think of prenups as being for wealthy people, for millennials they may be more about addressing the debt they are bringing into the marriage as well as what they will do about property.
Perhaps in part due to how the situation has been portrayed in books and on the screen, it has long been thought that many women in Illinois and around the country are far more keen on getting married than men. However, research has shown that once they have tied the knot, women are also the ones who are more likely to file for divorce.
Securing alimony, also called spousal maintenance or support, can be an important part of getting through a divorce with one's financial security intact. In order to understand how to pursue alimony, an Illinois resident should be aware of the many factors that courts may look at in order to decide if spousal support is appropriate. This post will discuss some of those factors but may not be comprehensive. Readers are always encouraged to talk to their own attorneys about their family law and divorce needs.
Marriage is both an emotional and legal undertaking. While an Illinois resident may initially find themselves drawn to another person on an emotional level, they must formalize their relationship through the legal process of marriage in order to be recognized by the state and thereby qualify for marriage-related benefits. Choosing to marry is thus a big decision. Those who decide to pursue marriage can and should speak with their prospective partners about whether they will enter into a premarital agreement.
While it is important for Illinois residents to always be true to their own needs and emotions, it is important that they also fully realize the consequence that their decisions may have on their lives and futures. This is especially true when a person decides that they want to end their marriage in divorce. A divorce can bring about many emotional, financial, and legal changes that those who pursue it may not be prepared to cope with.
The property that a person owns when they get married may be treated differently depending upon what it is and what purpose it may serve in the individual's relationship. For example, while the individual's car may be shared with their spouse and immediately retitled to demonstrate their joint ownership of it, the individual's pre-marital savings account may stay under their name only and untouched by the parties, never being used for marital purposes. Property in Illinois may be considered marital or separate, and this distinction is important when that property must be divided up pursuant to a divorce.