Married individuals who belong to the baby boomer generation are most likely to get divorced. In fact, 40% of baby boomers were already divorced as of 2010. A couple who has been married for decades usually has more assets such as real estate, Social Security benefits...
High-Asset Divorce
What happens to the family pet in a divorce?
Prior to 2018, Illinois only recognized pets as marital or non-marital property in the event of divorce. Now, when both parties in a divorce cannot reach an agreement on pet custody, the court may rule on it for them, and pets receive custody agreements much like...
Can asset management influence divorce settlements in Chicago?
Many Chicago couples use different forms of asset management during their marriage to increase their income and start building nest eggs. However, when it comes time for a divorce, asset management can backfire. What are the rules about how assets are split? Largely,...
How to handle executive compensation in a divorce
Chicago couples going through a divorce often have difficult conversations about how to split assets and property. These conversations become immensely more complicated when one spouse has what's referred to as executive compensation. What is executive compensation?...
High-asset divorce
In Chicago, high-asset divorce can be a complex and lengthy process because of how long the financial assets take to unwind. When a couple has accumulated significant wealth, it is usually in a variety of instruments and special accounts that will have rules for...
Kaley Cuoco and Karl Cook not fighting over money in high-profile divorce
The split between actor Kaley Cuoco and equestrian Karl Cook is nearly final, with the high-profile couple close to settling their amicable divorce. Cook and Cuoco married on June 30, 2018 and announced their separation on September 3, 2021. In a joint public...
The Gates’s divorce leads to insights
Bill Gates famously innovated the technology world, making him one of the wealthiest people in the world. The financial consequences of divorce with his wife Melinda might provide insights to those concerned about asset distribution when an Illinois marriage falls...
Bill and Melinda Gates’s divorce
The Bill and Melinda Gates divorce was one of the highest-profile separations of 2021. Their split got enormous media coverage as did the financial assets divided up between them. The financial impact of the Gates's divorce Many couples going through the divorce...
Ways a divorce impacts your tax liability
Your tax liability in Illinois is dependent on your marital status. It's even more important during a high-asset divorce to put tax liability into perspective. One spouse may end up with more assets, and one might leave with less than they initially had. Your...
Who gets the pets in a divorce?
Illinois residents who’re going through a divorce must handle a lot of pressing questions regarding property and joint assets. But one of the most pressing of all questions that couples must answer is who gets the pet. Pets are beloved family members, regardless of...
