A couple who has been married for 25 years are experiencing being quarantined for the first time. Both spouses have white-collar jobs in Chicago. The wife has been able to telecommute from home due to the coronavirus quarantine. The husband worked in the travel industry which has been hit hard by the coronavirus. His employer put him on an unpaid furlough leave. Their two college-age children have had to move back home after their schools closed down early.
After a few days of being quarantined together, the couple begins arguing more frequently. The past hurts rise to the surface as they worry about their financial future. Before the quarantine, the husband had been unfaithful to his wife. The wife had made peace with the affair, but the pressure and stress of the coronavirus quarantine has brought the issue back to the surface. She decides that she is finally going to act on her desire to get divorced. What economic issues will she face during the divorce process?
Financial Difficulties in Divorce
Divorce can have devastating financial consequences, especially for women. In fact, at least 75% of all women who apply for public welfare benefits file because of a divorce or separation from a partner. The typical family that experiences divorce will see a reduction in the family’s range of income, from 28% to 42%. Additionally, divorce also creates a decrease in each household’s net worth significantly. A married couple’s net worth will decrease during separation and the first year during a divorce.
Challenges Dividing Property
One of the most difficult aspects of seeking a divorce in Illinois is dividing up the property between the divorcing spouses. Divorcing couples can come to a voluntary agreement as to how to divide their property. When they cannot agree on how to divide their assets, the court will need to step in and divide up their property.
Illinois courts divide up marital property fairly between both spouses. Marital property is any property the couple came to own during the marriage. Courts do not necessarily split the property in half equally. Instead, they will look at factors such as the length of the marriage, the age and health of each spouse, the income or property each spouse brought to the marriage, and the standard of living during the marriage.
Many fierce disputes in a divorce involve how to divide the property. After all, neither spouse wants to give up more of their hard-earned assets then they need to give up. Couples frequently argue about whether courts should classify the assets as marital or separate property. For example, the wife in our story might argue that the house that she bought before the marriage is separate property that should belong to her exclusively after the divorce.
Contact Our Experienced Family Law Lawyers
If you are considering filing for divorce in Illinois, you will likely face financial challenges and hurdles, especially during the coronavirus epidemic. Contact our lawyers as soon as possible to schedule your initial consultation with one of our experienced Illinois divorce lawyers.