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While few couples blame money for their divorce, studies show money troubles can significantly increase a couple’s risk of divorce. In fact, arguments about money were found to be the top predictor of divorce in one from Utah State University. Researchers also determined that frequent fighting increased a couple’s overall odds of divorce by 30 percent.
Of course, not all debt is acquired during the marriage.
In a Fidelity, Couples & Money study, almost half of all the couples surveyed indicated they had entered into their marriage with debt. Around 40 percent of them said that it had a negative effect on their marriage, and 49 percent said they disagreed about who was responsible for those debts.
With such a strong link between marital troubles and divorce, it makes sense as to why some relationship experts encourage couples to try debt elimination before divorce - and in some cases, it may work! No two situations are exactly alike, however, and it is important to distinguish the difference between a marriage struggling because of money troubles and one that is no longer healthy or functional.
Divorce can be a costly endeavor - especially for those in complex situations. There are ways to reduce the costs associated with an Illinois divorce, but be wary of the option you choose. Online divorce services, often used by divorcing parties who wish to cut costs and simplify the process, can actually cause more harm than good. Learn more about the risks of using an online divorce service, and discover how our seasoned divorce lawyers can improve the outcome in your case.
When performing an internet search for divorce services, parties are likely to come up with a wide array of options. Online services, where legal paperwork is completed and then returned to the paying client to file, are usually toward the top. They claim to offer a “simple” but “affordable” way to complete a divorce. For many, the price seems too good to pass up.
Sadly, there are many who have pursued such options, only to find themselves in the midst of chaos. That “simple” service turns out to be frustrating, confusing, and in some cases, a complete scam. As an example, consider the recent news coverage of an online divorce service that took money from clients, promising to provide completed paperwork. Some never received their completed paperwork at all. Others say the documents were riddled with errors - to the point that they simply could not use them to file for their divorce.
Prenuptial agreements often carry a negative connotation. Yet, when one examines the details of some of the nation’s biggest divorces, the importance of a prenup becomes clear. Millennials are starting to change the way that we see them (they are signing these documents at an unprecedented rate), but maybe more can be done to help people see them for the useful tool that they are. One financial expert recently suggested that couples use it as a financial planning tool.
If you are considering a prenuptial agreement, chances are, you already know you will one day be successful in business or money. Perhaps you have a knack for sales and have just made stockbroker. Maybe you see just how hard your spouse is working in medical school, and you are certain that they will be a successful physician. In either case, you envision a future that involves at least some measure of wealth.
The decision to divorce is a highly personal one - and far from simple. There might be years of happy memories that are difficult to let go of, despite how difficult things have been lately. Perhaps there are children involved, and like most parents, you are worried about how a divorce might affect them. Add in any number of the other possible variables that occur in a divorce (domestic abuse, financial disadvantages, disability, etc.), and divorce may no longer seem like an option. For others, staying in an unhappy or toxic situation might begin to seem preferable to the complex and often lengthy process of a divorce.
Thankfully, neither scenario needs to occur, as there are options for even the most difficult situations. Of course, before one can actively seek out solutions for their situation, they must first come to terms with it. Look for these five signs in your marriage. If you have noticed any of them, it may be time to decide if divorce could be the next best step in your life.
When it comes to money, some spouses will stop at nothing to keep more than their fair share in a divorce. Offshore accounts, cryptocurrencies, and foreign real estate are just some of the tools that sneaky spouses use to hide money.
Sadly, only so much can be done to track down the missing money in a divorce - and even a skilled team of professionals have their limits. The money does sometimes surface after the divorce has been finalized, however. Learn what options you may have in such a situation in the following sections, and discover what our seasoned divorce lawyers can do to assist you.
Most deceptive spouses think only about the immediate situation; rarely do they consider what might happen if you discover the hidden assets once the divorce has been finalized. As such, they may begin to relax their spending habits once the proceedings are over, giving you the evidence you need to reopen your divorce case.
Divorce often marks the beginning of a happier, more evolved life for the formerly married parties. Some people discover their passion or find a new love. Others return to their roots for love and support, which may ultimately deepen their relationships with extended family and old friends. Whatever the scenario, divorce can ultimately change people for the better. Sadly, the same cannot always be said for the children of divorce.
Children of divorce are often victims of circumstance with little to no decision-making power in the process. If their parents decide to sell the family home and both move into a smaller or cheaper place, the child may be forced to change schools. When parents struggle to get along or agree on specific, child-related matters (i.e. what religion the child should practice or where they should go to school) they may be caught in the middle of a long and contentious battle over parenting time issues or the allocation of parental responsibilities.
Adoption can be a rewarding way to grow one’s family - and in some situations, the only option. With a surplus of children awaiting safe and loving homes, one would think that adoption agencies would want to provide their services to every prospective parent, regardless of their gender, marital status, sexual orientation, or religion.
Sadly, this is not always the case.
Discrimination against marginalized persons in adoption is still a major issue in some states, and it does not appear to be changing any time soon. In fact, the White House recently voiced their support for faith-based organizations, stating that their denial of certain families falls under their protected right to exercise and practice their faith. They also granted an exemption for a faith-based adoption agency in South Carolina, which recently came under fire after it was revealed that they only place children in “Christian” households.
Each year, an estimated 1.5 million children in the United States experience the divorce of their parents. In less populated countries like Norway, the numbers may seem less impactful, but the rate of divorce is actually around the same - around 40 percent. That, along with their low immigration rate, made them the perfect location for a study on the use of antidepressants among the now adult children of divorce.
Divorce used to be a fairly rare occurrence - both around the world and in the United States. Rulings were also very different back then, with mothers often receiving sole custody of the children, along with alimony and child support. Social norms (fathers were usually the breadwinners and mothers typically stayed home to care for the children), paired with the perception that mothers had a superior role in the development of children were largely responsible, but science has since challenged our understanding of familial roles, child development, and the impact that divorce can have on kids.
Of all the issues that one may deal with during the divorce, those related to money tend to be the most sensitive and volatile. That is because, in this arena, mistakes can be costly, and they often have a lasting, negative impact. Thankfully, by avoiding these four commonly made money mistakes, parties can decrease their risk of experiencing significant financial loss in a divorce while also increasing their chances of receiving the divorce settlement to which they are entitled.
While the law does require you to provide financial disclosure to your spouse during the discovery process of your divorce, there is such a thing as oversharing. Examples of information that you may want to keep private include:
New tax laws that went into effect for this year have brought about quite a few changes. One major change, which could be bad news for those who are currently in the process of divorce, is that alimony (known as spousal maintenance under Illinois law) is no longer tax-deductible for those who pay it, and it will not be considered taxable income for those who receive it. This may be a major loss for people who are required to pay a large amount of alimony.
The 2018 Tax Cuts and Jobs Act (TCJA) is in effect now, and it applies to any divorce cases finalized after December 31, 2018. Therefore, going forward, any divorce that includes spousal maintenance will follow the new rules. Pre-2019 divorcees, however, may still qualify for the old rules.
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