There are a wide variety of reasons people in Illinois file for divorce. Illinois is known as a no-fault divorce state which means couples can obtain a divorce for any reason. Sometimes it is for infidelity reasons, anger issues or a conflict over expectations in the marriage, as well s for other reasons. One of the other reasons that marriages end in divorce is financial issues such as budgets and the spending habits of one spouse.
In a recent report, 10 percent of the people polled stated that hidden credit card purchases played a part in their divorce. Two major reasons people hid purchases were because they knew the other spouse would be angry or would disapprove of the purchase. Interestingly, however, not all hidden purchases were frivolous. Fifty percent of the people stated that the hidden purchases they made were for utilities, gas for the car, food and other living expenses. This is just one study that has linked financial issues to divorce. In another study, researchers found that the top reason for divorce was arguing about finances.
In an Illinois divorce, much like the marriage, there are many decisions that need to be made involving the couple’s finances and property. If the couple has a significant amount of property, asset division may be the most complicated portion of the divorce. Assets like bank accounts, retirement accounts, stock, real property and cars, as well as the couple’s debt, must be divided. If one spouse, or both, owns a business, that will have to be divided too. This is in addition to issues such as child support and spousal maintenance which will also require a determination in a divorce. Any financial issues in the marriage will ultimately be resolved in the divorce.
A divorce in Illinois can be complex if there are many marital assets but there are also many divorces that do not involve significant assets and may not be as complex. In any divorce situation, however, emotions can run high. Skilled divorce attorneys who understand the divorce process can help a party understand the various aspects of a divorce and guide the party through the sometimes emotional experience.
Source: Huffington Post, “Secret credit card spending and divorce linked in new survey” Oct. 14, 2013