When Illinois residents are going through divorces, they might wonder what they should do about the college savings that they have accumulated for their children. College savings should be clearly addressed in their property settlement agreements to prevent their ex-spouses from spending the money on themselves or on others in the future.
A substantial concern of divorcing spouses in Illinois is what will happen to their homes after they are separated. Those concerns can be especially heightened if one spouse is interested in retaining the property. Many times, the reasons for wanting to keep the home are based purely on emotional attachment. However, this might not be the wisest financial decision.
Inherited assets may be an issue for Illinois couples who are planning to get a divorce. Inheritances that are acquired during a marriage are not usually viewed as marital property, and as a result, they are usually not subject to division. They are typically considered to be separate property that belongs to whoever inherited the assets and cannot be reallocated between divorcing parties.
Illinois residents know that a marriage usually begins with an engagement, and often, the engagement and subsequent wedding ceremony involve the exchange of rings. These rings might have financial and sentimental value for the parties, as they are a representation of the couple's love. However, they might become a source of additional conflict if the couple later decides to end their marriage. If you find yourself in this situation, you might be wondering who the rings belong to in the event of a divorce.
In-depth negotiations and a divorce agreement signed by an Illinois judge may not result in an equitable property division in all cases. According to an investment adviser, taxes and early withdrawal penalties can turn an equitable split into a lopsided arrangement. Improper treatment of retirement funds can also cause financial difficulties for divorcees down the road.
Illinois residents who own a business with their spouse may have a difficult time dividing that asset in a divorce. Because many business owners hold the majority of their wealth in their company, it's usually not that simple for one spouse to just buy out the other spouse when they go through a divorce. In many cases, divorcing business owners who do not want to keep working together are forced to sell their business and divide the profits.