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Joliet IL Divorce Law Blog

Illinois billionaire faces issues during high net worth divorce

Many individuals hope that throughout their lives they will be able to make something. Some parties may wish to make a family, and others may desire to make a considerable income. Some individuals are able to make both of these desires come true, but there is potential that one or both could not work out. Consequentially, high net worth divorce could be an outcome.

Such a divorce is currently underway in Illinois concerning billionaire Ken Griffin. Griffin is the CEO of Citadel, a financial institution, and he and his wife are currently facing issues during their separation proceedings. Griffin's spouse wants to have the prenuptial agreement that they established thrown out as she feels she was forced into signing the agreement.

Safety and happiness could play role in Illinois child custody

Many Illinois residents have been affected by divorce in one way or another. Whether their own parents are divorced, they have friends who are divorced or are divorced themselves, separation is not as uncommon as it once was. Though it is more common, children who have parents going through divorce can still be greatly affected, especially by child custody proceedings.

If parents are attempting to work through custody issues, it is important that they are aware of how their children are handling the situation. Therefore, parents may need to communicate more often with their children and assess their emotional states. It may also be important to work with the children individually to help them understand the situation in their own time and in their own way.

Illinois parents may want to gain agreeable child custody terms

The relationships that children have with their parents can play a formative role in how the children grow as individuals. These relationships can at times become strained, especially if child custody becomes an issue. The terms that these agreements detail may result in Illinois parents spending less time with their children and being uncertain as to how their presence or lack thereof may affect the kids.

When parents no longer see their children on a daily basis because of custody agreements, it is important that parents continue to provide some stability. This stability may come from parents following through with promises that they make, such as being on time to pick children up for visitation or coming to school events. It is also important that parents let children know that they are emotionally available.

Complex property issues may worry Illinois couples

When Illinois couples get married, they may consider the aspects of their lives that they will soon be sharing. Some parties may consider sharing on an emotional level and think about needing to be open about their thoughts and feelings. They may be able to put that practice into action by discussing a prenuptial agreement regarding property they may also share, especially for complex property issues.

Some marriages may not always be equal in terms of the assets that are being brought to the union. One party may have considerably more wealth than the other, and that individual may wish to protect that wealth in the event of a divorce. Therefore, creating a prenuptial agreement may be a wise step to take before saying "I do."

Child custody issues may affect Chris Rock, wife in divorce

When Illinois parents divorce, the welfare of their children is often an issue they take very seriously. Child custody proceedings can be difficult for all parties involved, and the outcomes can vary depending on the circumstances that surround the family and their lifestyle. This issue is also one that many celebrity couples must face if they decide to divorce.

Chris Rock and his wife Malaak Compton-Rock will likely face custody proceedings during their divorce process. It was recently reported that the couple had decided to separate, and in the report, it was noted that the couple has two young daughters, ages 12 and 10. Compton-Rock stated that her children were her "top priority" at this time, and she hopes that their situation is respected.

Child support modification may be possible for Illinois residents

Illinois parents, like parents all across America, want to provide for their children as best as they can. However, divorce can make providing for them more difficult. Child support agreements are supposed to ensure that custodial parents are able to financially support their children. Unfortunately, parents who must pay the support can, at times, have difficulty doing so.

The term "deadbeat dad" has become a negative phrase often associated with fathers who do not pay child support. However, some individuals may be too quick to judge parties who are in this situation. Because child support amounts are often decided in court, some parties may wish to make their payments but are unable to do so because of their limited incomes.

High net worth divorce may be complicated for Illinois residents

Some Illinois residents may have been lucky enough to amass a considerable amount of wealth in their lifetime. Though being financially secure can make a person feel at ease, significant amounts of money and assets can sometimes complicate a divorce process. High net worth divorce can lead to each party wanting his or her share, and in some cases, the individuals may not always be considering aspects correctly.

In order to avoid not fully understanding the value of property, some individuals may wish to have their assets appraised. Separating couples may wish to agree on a knowledgeable third party who can accurately give an approximate value of property. By better understanding the value, each party may have a better idea of which assets he or she truly wants to maintain ownership.

Order of protection may help Illinois victims of domestic battery

Many Illinois residents may be fortunate to have a caring and loving family. Sadly, not all residents are so lucky and may be the victims of domestic battery. These situations can be difficult to escape, but there is help available for individuals how may be in need of orders of protection. Seeking help may be the first step in removing yourself from a dangerous situation.

Some parties may have some knowledge about restraining orders, but there are certain situations that could warrant an emergency order of protection. These orders can be effective immediately, and the other party involved does not have to be informed before the order can be put in place. However, the other party may be able to contest the order later.

Cohabitation could lead to alimony termination in Illinois

For many Illinois residents who have gone through divorce, there may continue to be a few points of contention that lead to negative feelings. Alimony, or spousal support, can often be one of the topics that many parties feel negatively about, especially for the individual that must make the payments. Though alimony may be helpful to parties who may not have been a part of the workforce or have other extenuating circumstances, there may be situations in which alimony reduction or elimination may seem fit.

Some parties may believe that alimony should be affected when a party begins living with another individual. Because cohabitating with another person may mean more income for the household, the need for support payments may be reduced. If support payments are still being made, the individual making the payments may essentially be providing income for the party that the recipient is living with as well.

Child custody and co-parenting could concern Illinois parents

Many Illinois residents know that divorce can have an emotional impact on the parties involved, including children. In numerous cases, children may be the ones most affected by their parents' divorce and the outcomes of child custody agreements. In order to potentially lessen the negative effects that could stem from a separation, parents may want to consider shared custody and possible co-parenting.

A recent report noted that children who are raised by only one parent make up considerable percentages of negative statistics, including 63 percent of teenagers who have committed suicide. Statistics such as these could possibly point to the need for children to have both parents in their lives. As a result, some parties may consider shared custody a step toward ensuring that children have active participation in their lives from both parents.