Divorce can be an emotional process, and it also involves a wide variety of legal issues that can be difficult to understand. Both of these factors can cause people to make mistakes that may not only result in unfavorable decisions, but they can also make the divorce process more expensive. If you are going through a divorce, avoiding the following mistakes is crucial in order to protect your financial interests and future.
The stress of separating from your partner, when combined with the anger, sadness, or resentment you may be feeling, can result in fights that will not help your case. For example, you may argue about certain marital property based on a desire to win arguments with your spouse rather than out of a real need to keep these assets. Doing this can draw out the divorce process unnecessarily, resulting in higher costs that may leave you in a more difficult financial position following your divorce. While you may have to fight for what is rightfully yours, you should be sure to understand when these types of disputes will be necessary, and when they will be financially beneficial....
During your divorce, you will want to be sure you are working with an attorney who is the right person for your case. In some situations, you may have personality conflicts with your divorce lawyer, or the trust or confidence in your attorney may have broken down. If you are not receiving the legal help you need, you may ask yourself if you should change divorce lawyers. However, before ending your relationship with your lawyer and hiring someone else to represent you, you should be aware of some important considerations.
Reasons to Look for a New Lawyer
There are many reasons you may want to change the divorce lawyer who is working on your case. These include:...
Property division is often one of the most contentious aspects of a divorce, particularly when it comes to the family home. You and your spouse will need to determine who will own your marital home, and many factors may come into play when making that decision. To help you decide what to do with the family home in your divorce, you can ask yourself the following questions:
Is the Home Separate or Marital Property?
In many situations, a husband and wife will purchase a home together after they have gotten married. If this is the case, the home is marital property, and it must therefore be included in the property division process during divorce. Illinois is an equitable distribution state, which means the home’s equity is subject to being divided between spouses. In some cases, one spouse will keep the home, while the other will receive other property of similar value. In other cases, the home may be sold, and the proceeds will be divided between the spouses.
If one spouse owned a home before getting married, it will likely be considered separate property and may not be subject to Illinois’ property division rules. However, if one spouse made contributions to a house owned by the other spouse, such as by sharing in mortgage payments or assisting with improvements that increased the value of the property, that spouse may be reimbursed for their contributions to non-marital property....
After English singer-songwriter Adele divorced her husband in 2019 without a prenuptial agreement in place, many wondered what would happen to her amassed wealth. Ultimately, the divorce settlement was worth 140 million English pounds, which is more than 175 million dollars in the United States. Some people have stated that the fact that Adele did not have a prenup in place was a mistake. However, there are other mistakes many people make when going through a high net worth divorce. If you are about to go through a divorce, and you or your spouse have a high net worth, you will want to understand how you can protect yourself financially. Here are some common mistakes that you will want to avoid:
1. Hurrying the Divorce Process
No one wants to go through a lengthy divorce, but high net worth divorces are rarely over quickly. Multiple professionals often have to get involved, including attorneys, financial advisors, forensic accountants and others. These professionals can provide valuable insight into how to resolve the legal and financial issues involved, and they can help divorcing spouses reach a fair settlement. If you try to rush the divorce process, you may end up making hasty decisions that will cost you in the long run, and you may regret these mistakes for years to come.
2. Letting Emotions Take Over
Feelings of guilt, anger, regret and resentment are common in any divorce. These emotions are all completely normal, but you will want to do your best to put them aside and to ensure that they do not influence the decisions you make. Failure to do so can lead to mistakes that you may regret in the future....
No couple gets married thinking that they are going to divorce. Traditionally, the top reasons marriages fail have been considered to be mishandling money, marrying too young and suffering a loss of identity; however, a recent study found that those are no longer the most common reasons for divorce. Below are the three most common reasons why modern couples choose to end their marriage, according to the study:
Lack of Love and Intimacy
No matter how passionate a relationship is at the beginning of a marriage, this passion tends to diminish over time. This is normal and happens to many couples. However, intimacy is still an important part of marriage and includes much more than just what happens in the bedroom. When couples reach the point where they experience fewer acts of affection, including holding hands, kissing or even calling or texting just to express one’s love, this may be a sign that divorce is on the horizon.
Communication is extremely important in a marriage. A couple must be able to not only talk to each other about everyday life, but also the big and small problems that may crop up during their marriage. Although different styles of communication are not necessarily a sign that a couple is going to divorce, each spouse will want to understand the other’s style of communication so he or she can adequately respond to it. In addition, both spouses should understand that talking and listening are equally important....