The division of financial assets in a divorce is complicated and often unpleasant. It can be frustrating to see the results of your hard work split between you and your spouse, especially when the divorce is hostile. This is particularly true when a divorce triggers the division of high net worth financial assets, like bonuses and stock options. In this post, we’ll look at some of the most common financial assets above and beyond salary or hourly wages and how they might be divided in an Illinois divorce. 

Divorce and legal separation are both processes married couples can use in Illinois to bring their relationship to an end. While they share some similarities, they are not the same and have very different outcomes. The fundamental difference between the two is that divorce legally ends the marriage, but legal separation does not. While you can pursue divorce and legal separation on your own, hiring an experienced lawyer can help streamline the process and avoid costly legal mistakes. 

 For most people, gambling is a fun pastime that takes up very little time and money. Some people, however, will gamble away years of income, sometimes even going into debt to support a gambling habit. If the gambling partner cannot stop this behavior and drives their family into debt, the other partner may seek divorce. 

During a divorce, many things change, and others are uncertain. Because many people are insured through their spouse’s plan, they may worry about what will happen to their insurance coverage during the divorce process and after the divorce is finalized. There are several options for getting insured during or after a divorce. You should anticipate the change in insurance and keep in mind that getting new insurance can take several weeks to process and begin. Allowing your insurance to lapse can cause additional complications such as large, unexpected medical bills, so plan ahead and be …

Following a 2016 change in Illinois law, couples who are seeking a divorce in Illinois no longer need to have a waiting period before finalizing their divorce. However, a waiting period of at least six months is only waived if both parties agree that there are irreconcilable differences and neither party objects to the divorce. 

You’re about to separate from your spouse – you might even have gone through the preliminary steps – and it’s natural to want to look out for your own interests, especially if you anticipate the divorce getting hostile. But spending, hiding, or not declaring money, assets, and even smaller items like jewelry, precious metals, and bonds, can backfire and make a divorce longer and more hostile. Even reckless spending of money on gambling, fancy toys, or a new partner can be a huge mistake and may even count as dissipation.