When Illinois company owners are married, it is important for them to draw up contingency plans in the event that they later choose to divorce. Couples who co-own businesses and who do not have such plans in place risk the failure of their businesses if they divorce and are subsequently unable to get along.
Going through a divorce is never simple or enjoyable. Due to the many factors involved in a divorce, there is always an opportunity for contentious disagreements and litigation. Difficulties and complications are often worse if you and your spouse have complex assets. Because of this, you should be prepared to deal with every aspect of the process, from determining child support to valuating your business. Being prepared will help you avoid common mistakes people make during high asset divorces.
Baby boomers in Illinois and around the country had high rates of divorce during their youth, and this trend still continues as people in this generation get older. Data from the U.S. Census Bureau and the National Center for Health Statistics indicate that between 1990 and 2015, the divorce rate for those of the age of 50 and over doubled, and the rate for those who are 65 years and older tripled.
Illinois couples who own a business together may not think about their marriages coming to an end, but a prenuptial agreement or a buy-sell agreement might protect that business in such an instance. However, since some people may want to avoid discussing the possibility of divorce, couples may have no plan in place about how they will divide their business.
Illinois couples who are considering a divorce after a long-term marriage may be interested to learn that Cuba Gooding Jr. filed for divorce from his wife following 20 years of marriage on Jan. 20. The former couple were married in 1994 and have three children together.
Unlike several other states, Illinois divorce law does not start out by assuming that everything needs to be divided 50/50 during a divorce. Illinois courts aim to ensure that property is divided in just proportion. While fairness can be a fairly subjective concept, there are several factors that courts typically consider when arriving at a decision.
Illinois parents whose marriages are ending may not have the greatest trust in each other to begin with, and the divorce process can further exacerbate these issues. However, people who are planning to co-parent will have to work on trusting each other again, to an extent. For the sake of the children, people should try not to assume that their ex-spouse is always acting with bad intentions.
Although many people believe that their digital lives are private, couples who separate should be aware of the possibility that their divorces may involve a thorough examination of the data they generate. Things like text messages, social media interactions and emails can all be used as evidence in family law proceedings. Some couples have even gone as far as to include stipulations in their marriage contracts that prohibit certain uses of social media data in divorce cases.
Gray divorces, a term that refers to those that take place after the couple is 50 years or older, have risen sharply in the last few decades. According to researchers from the National Center for Family and Marriage Research, the number of gray divorces doubled between 1990 and 2014. For those who were over 65, the rate of divorce rose even more sharply.
The end of the marriage is always an unhappy time. This is particularly true for couples in Illinois and throughout the country who have children. Not only do the adults have to struggle with their own emotions, but there is also the challenge of helping children through what is often a very traumatic time.