Making the decision to divorce isn't one that any married couple takes lightly. It came after much self-reflection and often after having several conversations with your spouse and leaning on friends and family for support. One portion of the divorce process that can bring the stress level up is the portion surrounding property division. This is mostly because people don't know what will happen with property division and the unknown can be stressful.
By now many of our readers in Illinois have probably heard about the pending divorce case involving Jeff Bezos, the world's richest man. Bezos and his wife, who were married for 25 years, initiated their divorce case earlier this year, with many people ending up stunned that the world's richest man did not have a prenuptial agreement in place. However, as many reports pointed out, Bezos and his wife got married well before Bezos made his enormous fortune, mostly from his ownership stake in the online marketplace behemoth Amazon.
Many people in Illinois who are facing a marriage that is "on the rocks" may be contemplating a move to file for divorce. People in this type of situation usually have quite a few questions about what will occur in a divorce case, if they decide to go through with it. It is important to understand the timeline of events in a divorce case.
Some professionals and executives who work in the Rockford area may receive what are called "stock options" from their employers. These options can prove to be a valuable benefit and can be subject to a great deal of controversy in a divorce or legal separation.
Many people in the Rockford area and throughout Illinois support themselves through a family business, an enterprise which they have built from scratch or from some other form of self-employment. Often, a person's business is more than just a source of income. It is a living symbol of years of time and effort. Moreover, one's interest in a business, including a family business, can be a significant source of wealth.
One way many Rockford, Illinois, families make extra money is by purchasing and then renting out additional real estate. Sometimes, this business can be quite lucrative, even to the point where a couple can make a very decent living just managing their properties full time.
Previous posts on this blog have talked about how Rockford, Illinois, residents can benefit from having prenuptial agreements. One of these posts described how Illinois has certain minimum requirements that people must follow if they wish to create an enforceable prenuptial agreement, that is, one which ultimately will be upheld by a court in the event of a divorce or, for that matter, even a probate contest.
This blog has previously discussed how some aspects of divorce or separation decrees can be changed under certain circumstances. For instance, child support and the allocation of parental responsibilities can be reviewed periodically at the request of either parent.
There is a fairly common conception, largely based on anecdotal evidence, that a lot of couples in Rockford and in other parts of the country face divorce or permanent separation at the first part of every new year, starting in January.
This blog has reported previously on the fact that the tax treatment of alimony, which often called spousal maintenance or spousal support, will be changing on January 1.