Even though the overall rate of divorce decreased over the years, divorce among people over 50 increased significantly. Bloomberg, the U.S. News & World Report and many other sources report that elder divorce can significantly impact your finances - especially your retirement savings.
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There are severe penalties in place for spouses who hide assets during a divorce. It is illegal to lie about anything during the court proceedings, and after you and your spouse have signed a financial affidavit, then you both need to be completely transparent until the divorce is final.
When a divorce is in the works, sorting out financial issues can out a lot of stress on both parties. Sometimes, one of the spouses may feel tempted to hide assets in order to gain the advantage when it comes to division, or even simply out of spite.
The beach house is your home away from home, and you might want to keep it in the divorce. However, with two people’s combined debts and all the financial figures being thrown around, you do not know if keeping the beach house is possible.
One of the basic functions of a divorce is dividing assets. In order for a fair distribution of assets to take place, you and your spouse must both disclose all your finances. Sometimes this does not happen, especially in high-asset divorces. Your spouse may attempt to hide valuable property or income to avoid splitting them in the settlement.
As one goes through a divorce in Illinois, there are many issues to discuss as the couple separates their lives. These issues include child custody, visitation, child support, spousal maintenance and property division. Each one of these issues can be very complicated and take some time to resolve. It all depends on the circumstances of each divorce and each issue is very fact specific.
Divorce can happen for many reasons, either because the parties fell out of love or generally do not see eye to eye on various issues. That is partly what makes the divorce process emotional and sometimes difficult or contentious. There are many issues that need to be resolved during an Illinois divorce, and therefore there are plenty of issues to disagree about.
Every divorce in Illinois can have its complications. From time to time a couple can divorce with few disputes, but generally there are disagreements as to how to handle the various aspects of the divorce. These aspects can include child custody, parenting time, child support, alimony and property division. Each of these issues are present in many divorces and each can bring about their own unique complications.
There are many issues that must be resolved in any divorce in Illinois. The big issues are child custody, child support, alimony and property division, which includes dividing up all of the couple's assets. When a couple is dividing assets there are two major steps. The first step in this process is determining what is marital property. After that determination has been made, the next step is dividing the assets between the two spouses.