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Tag Archives: financial protection

Illinois divorce attorneysMoney is one of the leading stressors in a marriage, which also makes it one of the leading causes of divorce in the United States. It is not necessarily a lack of money that leads to a divorce, however. In fact, statistics show that divorce rates actually rise during periods of economic growth instead of declining, which suggests that a couple’s relationship with money (and how it ultimately affects their relationship with each other), is more of an influential factor in their risk of divorce than the balance of their bank account. 

How Wealth Can Increase One’s Risk of a Divorce

Wealth is often seen as the answer to all money problems, but the upper-middle-class and barely wealthy can prove this simply is not the case. They can experience the same issues that lead to financial strain for lower-income families - the ever-increasing cost of living, child tuition costs, student loan debts, expected lifestyle, social pressures, etc. - and they can just as easily over-expend. If the financial strain becomes bad enough, the marriage may start to crumble. Fears over losing one’s status, feelings of guilt or remorse for the poor choices that one made during the couple’s downfall, and casting blame at the other party can further exacerbate matters. If left to fester, or if financial strain worsens, a divorce may ultimately ensue. 

Protecting Your Assets in a Failing Marriage 

When a marriage begins to fail, it is important that you take critical steps to protect any remaining assets from creditors, and even one’s own spouse. Asset hiding and dissipation are extremely common in divorces among the wealthy, and even more likely to occur in divorces that involve: 

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DuPage County divorce attorney, high asset divorcesDivorce is a complex emotional and financial event. This is true for couples regardless of their financial status. Wealthy couples with high assets will face a unique set of challenges and stress during their divorce. You and your spouse will need to work through the emotions of a divorce and defend the financial assets you have built. You will also have the difficult task of sorting through your stocks, property, IRAs and 401k accounts. Additionally, in many cases, you will need to investigate your spouse's finances to ensure that you have identified all available assets to divide in the divorce. In many high asset divorces, property division can become the central issue.

Protect Assets with a Prenuptial Agreement

While prenuptial agreements are not just for the wealthy, it is probably a good idea for wealthy couples to consider drafting such a contract. Under Illinois law, couples can use a prenuptial agreement to make decisions about their assets and other issues that may arise in a divorce. Issues that you can incorporate in your prenuptial include:

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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