Posted on April 13, 2019 in High Asset Divorce

Amazon CEO Jeff Bezos recently announced the terms of his divorce from his wife of 25 years, MacKenzie. The divorce is expected to be the most valuable in history because Bezos’s net worth of more than $110 billion makes him the richest man in the world. As part of the divorce:

• Jeff Bezos will keep 75 percent of the couple’s stock in Amazon and voting control for all of their stock;
• MacKenzie Bezos’s share will be about four percent of Amazon’s total stock, valued at $35 billion; and
• Jeff Bezos will receive all of the couple’s interest in the Washington Post and Blue Origin.

As a result of the divorce, MacKenzie Bezos will be the third-richest woman in the world. As astounding as the details of the agreement are, it may be just as impressive that the divorce has been amicable. The couple reached a quick agreement and has complimented each other publicly throughout the process. You could argue that it is easy to cooperate when both spouses are guaranteed to still be amongst the richest people in the world. However, a high asset divorce can just as easily create conflict between the spouses.

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 Posted on April 11, 2019 in Divorce

Studies on the likelihood of divorce often look at factors on a personal level, such as an individual’s income, education, employment, and maturity at the time of marriage. A recent study from the University of California at Irvine instead looked at how society as a whole affects the likelihood of divorce. The researchers collected divorce data from 84 countries from 1970 to 2008. They did not include the U.S. in the study because they considered its statistics to be an outlier, but the findings of the study can still be applied to the U.S.

The global divorce rate more than doubled during the study period, increasing from 2.6 divorces per 1,000 marriages to 5.5 divorces per 1,000 marriages. Countries in Northern and Western Europe generally had the highest divorce rates, while divorce rates were lowest in Southern Europe, Latin America, and Eastern Asia. Divorce rates greatly varied amongst countries in regions such as Eastern Europe, the Middle East, and Central Asia. Some countries bucked their regional trends, such as Cuba having a high divorce rate and Ireland having a low divorce rate. Researchers found five common characteristics in many of the countries with high divorce rates:

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 Posted on April 05, 2019 in Asset Division

In recent years, prenuptial agreements have been on the rise. What once was only for the rich and famous is now being utilized by people from all walks of life. The idea of a prenuptial agreement used to be taboo -- it was thought you should not be planning for your divorce before you are even married. Now, it is thought to be good planning to have a prenuptial agreement.

Young people are waiting longer to get married and are older than previous generations when they get married for the first time. This means that people are usually bringing more assets and debt into marriages and using prenuptial agreements to safeguard their finances. Prenuptial agreements are on the rise, but they may not be right for everyone.

Here are a few situations in which you should consider getting a prenuptial agreement:

1. One of You Has Been Married Before

A prenuptial agreement can be beneficial if you or your soon-to-be spouse has been down the aisle before. This is especially true if one of the spouses is are older or already has maintenance or support obligations.

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 Posted on April 04, 2019 in Children and Divorce

Some spouses have the unfortunate timing of divorcing while the wife is pregnant. Pregnancy is an emotional time for both expectant parents, though the excitement usually draws them closer. Having a child puts stress on the parents, which their relationship may be unable to withstand. In other cases, the decision to divorce just happens to coincide with the pregnancy. Illinois law does not prevent spouses from divorcing while expecting a child. However, pregnancy can change the nature of divorce, especially if it will be the couple’s first child.

Parenting Factors

Illinois law assumes that the husband is the father of any child conceived or born during a marriage. Only a voluntary acknowledgment of paternity by another man or a paternity test could break that assumption. Because the spouses will be co-parents after the divorce, their agreement must include:

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 Posted on April 02, 2019 in Divorce

Taking a vacation after completing your divorce can be therapeutic. You have built up a lot of stress during the process and may need a short period of time when you can relax and enjoy yourself. It is easier to avoid reminders of your divorce by getting away from your familiar home environment. Visiting a new location may inspire a fresh perspective on your life after divorce. You can decide for yourself when the best time will be to take that vacation and where you should go. Here are four tips for making vacation plans after a divorce:

1. Identify What You Enjoy: Vacations can be very busy or very relaxed. Some people enjoy visiting new places and seeing the sites. Others like physical activities that are intensive or leisurely. You may prefer sitting on a beach or finding a quiet place where you can disconnect. This vacation should focus on what you enjoy, whether that is activity or inactivity.

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 Posted on March 29, 2019 in Divorce

Common sense says that you should not embark on a life-changing event such as starting a new career at the same time as you are going through a divorce. Doing both will divide the time and energy you need to devote to each, as well as pile stress on yourself. However, one change can beget another, and getting a divorce may cause you to reconsider your current career and whether it is meeting your needs. Starting a career change during a divorce can be good or bad timing, depending on the reasons for the change.

Positives

There are typically three reasons that someone wants to change their career during their divorce:

• They need a better-paying job in order to be financially independent of their spouse;
• The work hours of their current job will make it difficult for them to have regular parenting time with their children; or

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 Posted on March 29, 2019 in Child Custody

Divorce is never easy for anyone, but it can be particularly stressful when a couple has children and they intend to divorce. With children comes a slew of extra issues and arrangements you must agree upon before you can finalize your divorce.

Illinois courts require that you and your spouse have a parenting plan filed with the court before you can finalize your divorce to your spouse. A parenting plan is a document that outlines both significant decision-making responsibilities and parenting time (which is now the term used for child custody). Coming to an agreement on child-related issues can be stressful and sometimes a judge must step in to settle disagreements.

Factors for Consideration

Before a judge steps in and begins allocating parenting time, the parents are encouraged to come up with a parenting time plan on their own. This both increases the likelihood that both parents will stick to the plan, but it also helps foster cooperation and communication between the parents.

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 Posted on March 26, 2019 in Child Support

Due to the overhaul of Illinois’ child support law a few years ago, some divorced or separated parents are working under a drastically different child support system than others:

• For child support agreements created before July 1, 2017, the non-resident parent pays a percentage of his or her income, based on the number of children; and
• For child support agreements created since July 1, 2017, the total child support obligation is determined by the parents’ combined incomes, and the non-resident parent pays a percentage of the obligation that is proportionate to his or her share of the combined incomes.

The new child support model would potentially reduce the payments of a parent who was using the previous child support model. However, the existence of the new law is not enough reason to allow a modification of a child support agreement.

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 Posted on March 23, 2019 in Divorce

Parents commonly experience empty nest syndrome after their children have moved out of the home. They can feel lonely and lacking a purpose or identity. Ideally, their marriage will fill the parenting void, but empty nest syndrome can put pressure on a weak marriage. If your marriage is falling apart without your children, you may need to consider divorce. Starting anew can help you discover the purpose and fulfillment you have been looking for.

Reasons for Divorce

Parenting can hold together a marriage that may have crumbled otherwise. Between your parental responsibilities and your career, you may give little thought to your relationship with your spouse as long as you feel fulfilled in these other areas. The bond you share as parents will never completely disappear, but that by itself does not make you compatible partners. With the children out of the house, your spouse may be the only person that you regularly interact with. When this happens, you may realize that you and your spouse:

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 Posted on March 20, 2019 in High Asset Divorce

Each side during a divorce is responsible for researching their various marital assets to ensure that there is an equitable division of property. However, your spouse may try to gain an advantage by hiding assets from you. Even if the hidden assets are not marital property, they are part of your spouse’s individual wealth after your divorce. A divorce court may award you additional marital properties or greater spousal maintenance if your spouse has significant individual assets. Finding hidden assets may take more effort than the normal discovery process in a divorce.

Where to Look

Suspecting that your spouse has hidden assets does not mean that you know what they are or where they have been hidden. Fortunately, there should be financial records of the purchase or movement of substantial assets. There are several sources that may lead you to hidden assets:

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