There is no doubt that divorce can affect nearly every aspect of a person’s life. However, the financial implications of divorce are often some of the most difficult consequences to deal with. The financial impact of a divorce is especially apparent when spouses have substantially different incomes. Spouses who chose to be a homemaker or stay-at-home parent may find that they lack the employment history and job skills needed to find suitable employment after divorce. Spouses who are disabled or otherwise unable to work may also be at a great financial disadvantage. There could also be a significant income disparity if both spouses work but one spouse makes much more money than the other spouse.
If you are getting divorced and you make significantly less or significantly more than your spouse, it is important to understand how this income inequality can impact the process and outcome.
Property Division Issues and Complex Assets
Many people with a higher-than-average income choose to invest their earnings into stocks, bonds, CDs, real estate, businesses, and other investments. Properly valuing and dividing complex assets like these in a divorce typically requires assistance from a skilled financial professional, in addition to legal guidance from a divorce lawyer. In Illinois, marital property includes property that was acquired during the marriage. Investments a spouse made before the marriage may be his or hers alone; however, the increase in value of the asset may be marital property to which both spouses are entitled.
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