Prenuptial agreements, sometimes called premarital agreements, are contracts that are drafted before two people are joined in marriage. Prenuptial agreements often cover topics related to how the parties do and will own items of property and may also address if and how alimony should be awarded in the event that the parties' marriage ends in divorce.
The topic of gray divorce may or may not be familiar to readers of this Springfield family law blog. It refers to divorces that occur between individuals who are older, generally in their 50's or older. Often gray divorce brings long-term marriages to their end and often does not involve matters related to custody or child support. To such ends, gray divorces often revolve around happiness, money and making the most of the parties' futures.
Not all spousal support orders are intended to last indefinitely. While it is true that in some cases an Illinois couple may end a long-term divorce and the support-receiving party may not have any chance of re-entering the workforce, for many divorcing parties there is some way for the recipient spouses to find ways to support themselves. Therefore, the type of spousal support that a court orders will have a lot to do with when that order will eventually end.
"No fault" divorce may seem like an odd phrase to give to a legal process that is literally built upon terminating a relationship where the parties no longer want to be affiliated with each other. It would seem that in such circumstances two Illinois residents would feel as though the other is at fault for causing them to want to divorce and to divide up the life they had built together as a married couple. However, a "no fault" divorce does not mean that a divorce is without conflict, but rather that it has arisen due to the unfixable breaking of the couple's marriage.
Although it is not uncommon for both of the partners to a marriage to be employed and earn significant incomes during their lives, some couples still practice the more traditional path of having one partner manage household responsibilities while the other works outside of the home for pay. In the past, women were more likely to be stay-at-home parents and household managers than their spouses, both over time more men have embraced this role as well.
Parents in Illinois will go to the ends of the world in order to protect their children. While it is impossible to protect young ones from all the risks, downfalls and upsetting situations in life, parents have the ability to reduce the negative impact certain life events can have on their children. This is especially true for those parents ending a marriage. It is clear that this process will alter the life of their children; however, there are opportunities to reduce this.
Filing for divorce is by no means easy. And even if one or both spouses agree that it is best for them to end their union, this does not mean that there aren't any emotions or that they are not hurt by the fact that their marriage is over. In some cases, divorcing couples in Illinois and elsewhere might be faced with difficult divorce decisions, causing a heated debate. And while no one intends to or expects that their dissolution will resemble a battle filled with conflict, the fact of the matter is that this could happen.
Filing for divorce can be an emotional process to initiate and progress through. Nevertheless, divorcing couples in Illinois may still believe that divorce is in their best interests. Therefore, they will endure the ups and downs of the divorce process. Because litigation is often looked at as an emotional, lengthy and costly process, some divorcing couples seek alternative methods when reaching a divorce settlement.
In a recent post, we discussed the income tax treatment of alimony payments. For Springfield residents, who are going through a divorce or who were divorced last year, there are other significant tax implications. One of these is the capital gains tax and its impact on the divorce property division.