One of the state’s most wealthy individuals recently settled a highly publicized divorce case, according to recent reports. As reported in the Chicago Tribune, a billionaire hedge fund manager and his wife first initiated their divorce case over a year ago. Disagreements over a prenuptial agreement, as well as custody and child support disputes, delayed the proceedings and the details became a major topic of discussion within the media.
According to reports, a series of trials were set to occur over the next few months for the purpose of litigating the individual issues. The court date over the premarital agreement was to begin in October, followed by a November trial about child support and a final trial in January to determine custody and visitation. The Cook County Circuit Court announced that the couple had reached a settlement agreement just short of the first trial beginning.
There are numerous pros to settling your divorce outside of court. Settlement agreements occur when the parties and their attorneys negotiate their differences and come to a mutually agreeable conclusion. Some of the benefits include:
- Preventing a third-party intervention – The only information that a judge knows about your family is what is presented to the court. Conversely, you and your spouse likely know your family better than anyone else in the world. Why let a third party make decisions about your family? By putting your feelings to the side and working towards collaboration, you can come to an agreement.
- Avoiding litigation costs – A divorce can draw out when litigated in the Illinois courts, especially when the parties are not in agreement. The various costs can add up. When a settlement agreement is reached in a mutual manner, it is presented to the court for approval and turned into a court order. This process is substantially shorter than the litigation process.
- Less contention – Especially when children are involved, divorce means the end of a marriage, but not the end of a relationship. You may still have to communicate with your partner about a variety of issues and topics. Negotiating a divorce settlement can prove much less adversarial than fighting it out in a courtroom. Generally, the goal of litigation is to win, sometimes at all costs. The goal of negotiation is compromise and collaboration.
- Preservation of family – Unfortunately, divorces sometimes become a battle of airing out dirty laundry. This type of situation not only affects you and your spouse. It also extends to your children. If your goal is to protect the well-being of your children, a settlement agreement may prove the best solution for your situation.
Even if you decide to avoid the litigation route, an experienced Wheaton attorney is still vital to the negotiation process and preservation of your interests. Contact one of our divorce attorneys at the Law Office of Elizabeth J. Chacko, P.C. today for assistance with a premarital agreement. Serving clients in Naperville, Wheaton and Downers Grove, our capable attorneys are available to assist with all of your divorce needs.