The Tax Cuts and Jobs Act that went into effect in December of 2017 was designed to lower the tax burden of American families. However, the legislation will also have a big impact on couples seeking to finalize their Illinois divorces in 2019. Depending on individual circumstances, some exes will fare better than others under the tax changes.
Celebrity couples and those from wealthy families attract a great deal of attention, especially when they announce their nuptials. Speculation often surrounds the question of how long the marriage will last. Along those lines, rumors often swirl regarding prenuptial agreements. However, these days, a regular Illinois couple may be just as likely as a famous couple to establish a prenup.
Parents in Illinois might worry about how divorce will affect their children. While a family separation can be challenging, it is possible to build a child's resilience and help them through the process.
The unfortunate truth is that most Illinois couples are at risk for eventually separating. In partnerships where certain personality traits are strong, however, the risk for divorce is a lot higher. According to some psychologists, therapists, divorce lawyers and other experts with experience in divorces, there are seven specific personality characteristics that can increase the chance of a relationship ending.
Illinois residents can face challenges during divorce whether they are younger and have children or are just a few years away from retirement. For individuals who are age 50 and over, the divorce rate has doubled since 1990 according to data from the Pew Research Center. This is despite the fact that divorce rates have been declining overall. If a person is going through a divorce, it is important to manage money carefully.
People in Chicago who are thinking about divorce may focus on the financial aspects of the separation, especially once the emotional and practical issues are resolved. This can be particularly critical when children are involved. While divorcing parents may think extensively about how to manage child custody and set up a parenting plan, it is equally important to develop a schedule for how the children's educational expenses will be handled in the future. The divorce process can give both parents the opportunity to decide their responsibilities and memorialize them in the resulting decree.
Illinois couples who are getting a divorce may be concerned about the state of their financial affairs. However, they can begin to take control of their lives by being proactive and getting a handle on their liabilities, income, expenses and assets.
How married couples act when it comes to money can impact many things. It could affect how likely a marriage is to last. Money problems are a common divorce cause.