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In an Illinois divorce, parties divide their assets in an equitable manner. However, not all items can be divided or split. Some items can also be difficult to value; art is a prime example. Learn more about how difficult-to-divide assets like artwork are divided in a divorce, and discover how a seasoned attorney can help to protect your financial future.
The Value of Art
Legally speaking, artwork purchased during the marriage is no different than any other valuable asset; it is appraised and receives a dollar value and is then added to the overall total of the marital estate. Parties can then either sell the artwork and split the proceeds in an equitable manner, or one party can “buy” the other out by offering other assets in lieu of the artwork.
Unfortunately, it is not always easy to place a value on artwork. Appraisers can only offer estimates on what a piece may go for if it is sold, and the values can be different from one appraiser to the next. Having one party that is particularly attached to their art collection can even further compound the issue. How do couples work around such issues?
Divorce can be a costly process, but it does not have to be. In fact, there are several strategies that parties can use to save money on their proceedings. Learn more about them in the following sections, and discover which purported money-saving tips can actually do more harm than good.
Avoid Litigation Whenever Possible
While negotiated divorces can be complex and costly, they tend to be less expensive than litigated divorces. Part of this is due to the way proceedings are conducted (going to court is generally most expensive than meeting with a mediator), but there are other factors involved as well. For example, a litigated divorce places your financial future in the hands of a judge; in mediation, you tend to have more control over the outcome of your case.
Know What You Own
While many parties choose to talk to their spouse before an attorney, doing things this way can greatly increase the risk of “lost” paperwork and hidden or depreciated assets. Most lawyers suggest that you gather financial documentation and supply it to them before breaking the news to your spouse. Not only does this give you the knowledge and information you need to negotiate effectively in your case, it can also give you more time to decide what it is that you really want out of your divorce.
Once the difficult decision to divorce has been made, parties often struggle with how to break the news to their family, friends, and children. While everyone is different and each couple will decide how to proceed, based on what works best for their needs, there are some hard and fast rules that you can use when talking to those that are closest to you. The following also provides some valuable information on what an experienced attorney can do to assist in your divorce.
Avoid a Social Media Frenzy
Social media has become the way to communicate these days, but it is not necessarily the best way to break the news of a divorce - especially when it comes to family and friends. Sharing that you are going to divorce online can also cause a tense social media situation if you and your spouse have mutual family and friends. In short, conversations like this are typically best held in person. If distance and finance will not allow for an in-person conversation, a phone call may suffice.
Even in the best of circumstances, divorce can be a massive undertaking. What happens, though, when you feel like you are dealing with the worst of circumstances? How do you handle a spouse that refuses to compromise during negotiations? What recourse do you have if you suspect asset hiding or depreciation during your divorce?
Some parties choose to take such complex matters to litigation, but it is not the best option for everyone. Learn how to determine if litigation may be the most appropriate course for your Illinois divorce, and discover how the assistance of a seasoned and competent attorney can help to improve the outcome of your case, regardless of the path you chose.
Negotiation versus Litigation
Although there are many ways to approach divorce, cases are typically settled in one of two ways: through negotiation or litigation. Negotiated divorces are those in which parties compromise and agree upon specific terms (mediation, alternative dispute resolution, etc.). Litigation is when a case is heard by the court and a judge determines the outcome.
Divorce requires you to consider and make decisions on many things you might not have previously considered (i.e. where you will live and who keeps the dog). Financially savvy individuals also consider the long-term implications of a divorce, like how they will fund their retirement and protect their estate. Learn more about this consideration in gray divorces, and discover how a seasoned attorney can assist with the process to improve the overall outcome of your case.
Failing to Plan for the Unexpected
While death inevitably happens to everyone, people rarely think about it in advance. In fact, statistics indicate that less than half of all Americans have a will or trust in place. Unfortunately, this can have a devastating impact on their estate. Funds may be depleted in probate, assets may go unallocated, and children could be placed into foster care until a guardian can be appointed. Matters can be even more devastating if the individual happened to be going through a divorce at the time of their death.
During the divorce process, each party must make a number of difficult decisions. Some of the decisions are fairly simple and straightforward (i.e. who gets the pots and pans). Others, like deciding where one will live during and after the proceedings, can be far more challenging and are rarely considered in advance. To make matters worse, there are often practical, emotional, and financial implications involved. Learn what considerations can help to ease the decision-making process, and discover what an experienced divorce lawyer can do to improve the final outcome of your case.
Examining Your Options
When it comes to living options during and after a divorce, most people have only three: continue living in their current home, purchase a new home, or rent a new home or apartment. Some divorcing parties may also have the option to stay with family or friends (at least for a while), but such arrangements are usually temporary. For this reason, even parties with a fall-back plan are encouraged to consider their long-term living options.
Couples do not typically enter a marriage with the intention of divorcing. Sadly, divorce is the path that nearly half of all couples will take. What causes them to head that direction, and how can you avoid meeting the same fate in your impending marriage? The following information examines the most common causes of divorce, as well as how to avoid them, and it explains how a seasoned family law attorney can use a prenuptial agreement to protect your finances before your marriage even starts.
Fighting Dirty
No matter how much you love your spouse, you are not going to agree on everything. How you handle those disagreements could predict whether or not you will one day divorce. Name-calling, shaming, blaming, and other nasty fighting tactics can strip away the trust and give each of you the sense that you are no longer in a loving partnership. Over time, that can degrade your marriage to the point of divorce. If you notice that you and your spouse are starting to fight dirty, consider marriage counseling before things get worse.
Divorce can jeopardize the financial future of both men and women, but women tend to be at the highest risk for financial devastation. If contention, domestic abuse, or financial abuse are present in the marriage, that risk exponentially increases. Thankfully, there are steps that women can take to mitigate against a severe financial loss during their divorce. Learn more in the following sections, including what a seasoned, competent attorney can do to help with your Illinois divorce.
Women Remain at a Disadvantage in Divorce
Society has come a long way in the last few decades, particularly in the way of women’s rights. Sadly, we still have a long way to go. Women continue to make less than men in the workplace, even when they have the same level of experience and training. They are also more likely to make career sacrifices for their family, such as staying home to care for the children, rather than putting them in daycare. Alimony is also awarded less often these days, and thanks to the new tax law, it is likely to be less helpful for disadvantaged divorcing women than it once was.
Alimony, though awarded less frequently today than it once was, is still a component in some divorces. Thanks to the changing tax laws under the Tax Code and Jobs Act, the rules that once applied will be changing as well. More specifically, parties who pay alimony will not be eligible for a tax deduction if their divorce is finalized after December 31, 2018. Learn more about how this new law may impact your post-divorce finances and discover some strategies for minimizing the damage in the following sections.
Alimony Under the New Tax Law
The new tax law removes the deduction that alimony paying spouse once received. Sadly, this can keep them in a higher tax bracket, which may ultimately impact the amount of alimony that they are willing to pay. The receiving spouse, though no longer required to pay taxes on their alimony money, may receive a lower award, thanks to their spouse’s tax bracket stance. The new tax law may also hinder negotiations, making for a longer, more drawn-out divorce, which also drives up the cost of divorce. In short, the new law could have a significant impact on the finances of all involved parties, both during and long after the divorce.
Once the decision to divorce has been made, people often get excited about the future. Some are even ready to search for love. Relationship experts caution against moving too fast in the dating world if you have children, however. Learn more about why and discover how an experienced divorce lawyer can help to ease the stress of the divorce process for your entire family in the following sections.
Protecting the Best Interests of Children in Divorce
While divorce can be a painful process for all involved parties, children are typically at the greatest risk for long-term effects. Part of this is due to their position in the divorce (invariably caught in the middle unless the parents strive for and successfully implement some amicable co-parenting strategies and techniques), but there are other factors as well.
The fragile and rapid development of their brains can also place children at risk for maladjustment issues, and in the severest of cases, children may suffer from life-long mental health issues. Some studies suggest that children may also be at risk for immune system deficiencies if they are exposed to a particularly contentious divorce. Thankfully, parents can mitigate these risks by putting the best interests of their children at the forefront of their divorce.
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