Dissolution Of A Long-Term Marriage
Dissolution Of A Long-Term Marriage
While there is no denying that every divorce is challenging, the dissolution of a marriage that’s lasted many years is that much more so. And this is true not only in terms of emotional upheaval but also in the legalities of the matter. Protect your rights and best interests from the outset by reaching out to an experienced Chicago divorce attorney today.
The Division of Marital Property
Generally, the two terms of divorce that tend to be the most challenging – and contentious – are the division of marital property and parental responsibilities and parenting time. After a long-term marriage, however, the matter of minor children typically isn’t an issue, but issues regarding finances are often exacerbated. If you’ve been married a long time, you’re likely to have accumulated more assets, which tends to make the equitable division of marital property that much more challenging.
This equitable division refers to a fair division – when an array of factors like the following are taken into consideration:
- The length of the marriage
- Each spouse’s contributions to the overall assets, including contributions such as caring for the children and home
- Either spouse’s contributions to the other’s career success
- The matter of separate property (assets brought into the marriage by one spouse and kept separate throughout)
- Any dissipation of marital assets by either spouse
Factors such as the following can take matters to the next level:
- Business ownership
- Involvement in joint holdings
- High assets
- Complicated financials generally
- Significant separate assets
Alimony
Many, many divorces do not address the matter of alimony, but the longer a marriage lasts, and the greater disparity there is between the spouses’ earning potential and current earnings, the greater the chance that alimony will play a role. Further, after being married for many years, the recipient is much more likely to be close to or at retirement age, which means that they are less likely to become financially independent post-divorce. As such, alimony is more likely to be indefinite rather than temporary, which means it will last until the recipient’s death or remarriage.
The factors that determine whether alimony will be awarded and the amount and duration include:
- The marriage’s length
- The standard of living achieved during the marriage, which is likely to be higher after a longer marriage
- The overall physical and mental health of each spouse
- The financial resources and earning potential of each spouse
- The contributions each spouse made to the marriage
- The tax implications of the proposed division of marital assets
- Anything else deemed relevant by the judge handling the case
An Experienced Chicago Divorce Lawyer Is Standing by to Help
Divorce after a marriage that lasted many years can be that much more challenging in terms of both emotions and finances. The formidable Chicago divorce lawyers at Hammer Serna & Quinn are well prepared to harness the full force of their impressive experience in focused pursuit of your case’s optimal outcome. We’re on your side, so please don’t wait to contact us for more information today.
Get In Touch
Call or email Hammer Serna & Quinn, LLC today to schedule a consultation.
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