chicago divorce attorneys | Chicago Illinois Family Law Blog
Kris Humphries and Kim Kardashian were married in August of this year, but after only two and a half months, Kim Kardashian has filed for divorce, apparently devastating her husband. According to The Huffington Post, the reason for her soon-to-be ex-husband’s dejection may not be solely because of the divorce, but perhaps the terms of the divorce.
In the divorce documents filed by Kardashian, the reality star requested that the court reject any motion for spousal support from Humphries, in addition to requesting that each party cover their own legal fees. As per their pre-nuptial agreement, Kardashian keeps all assets of hers prior to the marriage as well as anything she earned during the marriage, however short-lived. The Kardashian family made $65 million last year, while Humphries, currently unemployed as a result of the NBA lockout, made about $3.2 million.
There is much to be considered before a person decides to divorce their spouse. Divorce can be a long and difficult process, and many don’t understand that it can also inflict great financial damage to both parties. There are better or worse times to get a divorce, with regard to finances and both parties’ specific circumstances. Working with a skilled family law attorney can ensure that anyone who is considering divorce will understand the impact a divorce may have on their wallet. This is the first part of a three-part series that will discuss financial factors that must be taken into account by those facing divorce.
The Real Estate Market
First, getting a divorce during an unstable real estate market can have unintended consequences. In a “hot” market, you may be able to capitalize on your home’s value and quickly sell it; however, when it is “soft” and there is a surplus of homes on the market, you may burn through the equity in your home if you are forced to sell it due to divorce. Each person’s situation is different; however, it may be advantageous for some to have a divorce settlement in which one party stays in the home while the other party takes other assets to compensate for their share of the home’s equity. Doing so avoids selling and moving expenses, as well as real estate fees and land transfer taxes, among other costs.
The Los Angeles Times reports that Maria Shriver filed for divorce from Arnold Schwarzenegger on Friday, July 1, ending the couple’s 25 years of marriage. Shriver cited “irreconcilable differences,” and also requested joint custody of her and the former California governor’s two minor-aged children. The couple also has two other older children.
In May, the couple announced their separation, followed by the stunning news that Schwarzenegger had fathered a child with a former household staff member. In addition to her custody request, Shriver also specified that certain property should be considered separate, including miscellaneous jewelry obtained and earnings made after her separation from Schwarzenegger. Reportedly, the couple does not have a prenuptial agreement.
According to The Huffington Post, a recent study conducted by sociology professors at Penn State University found that, since the 1980s, divorce rates have consistently dropped when unemployment rates have increased.
The study analyzed data from all 50 states in the U.S. between 1960 and 2005. Researchers expected to discover that unemployment destabilizes marriage. Before 1980, this was true: when unemployment numbers rose, so did the number of divorces. Since the 80s, however, when unemployment rates have increased, divorce rates have declined.
This is the conclusion of our three-part series on our blog about planning for your financial future while going through the divorce process in Illinois. In part one, we talked about reviewing your credit report and its significance in a divorce. In part two, we discussed why you should tally your marital assets and have them appraised. Finally, we will cover the importance of determining what your post-divorce expenses will be prior to beginning divorce negotiations.
Calculating living expenses, including child care, that were acquired during your marriage and then projecting those costs into the future can have a huge impact regarding who gets how much in the divorce settlement and why. According to a recent article on DailyFinance.com, it is recommended that both parties involved in your divorce attempt to find a way to work together at the start of divorce negotiations to conclude what your total household expenses were during your marriage to save time, as well as money, later on. It may also be beneficial to negotiate together the expenses of many of the ongoing costs that will occur once the divorce is final. You will also need to create your own estimates on expenses and budget projects because you will need to come to the divorce negotiations with someplace to begin.
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