Can You Divorce Away Marital Debt?
Dividing marital debt can be one of the most challenging parts of the divorce process, as spouses often disagree about who should be responsible for debts like mortgages, loans, and credit card balances. Determining if the debt is marital or separate is the first step, with debts acquired during the marriage typically shared, regardless of whose name is on the account. If an agreement can’t be reached, a judge will divide the debt based on factors like asset distribution, marriage duration, and each spouse’s financial situation.
Pet Custody in a Divorce
When you are entering the beginning stages of divorce, determining the separation of marital assets, including large ones such as the family home, and deciding on groundbreaking, life-altering things like child custody obviously take precedence. As such, other major life-altering decisions can sometimes get pushed to the back burner. One of these decisions is pet custody […]
Hidden and Wasted Assets during Divorce
The divorce process relies on both sides to disclose all of their assets and relevant financial records to allow judges to make fair decisions about the division of property. When one spouse hides assets or wastes the marital assets on purely personal pleasure, it threatens to undermine the entire system. Uncovering Hidden Assets One of the […]
Division of Property: Ramifications of Moving out of the Family Home during Divorce
When you are going through a divorce or approaching the beginning of marital dissolution, the separation of family items and assets can be both one of the most emotionally difficult and legally contentious part of the process. The family home – usually part of the division of property negotiations – is one of the most important assets […]
Post-Divorce Finances: The Basics
If you are going through a divorce, figuring out your financial future can be one of the most daunting prospects of the entire ordeal. Knowing exactly what you are dealing with can help to ensure that you are not left without options after your finances are separate. This can be especially important if you were not […]
Are Your Prenup Fears Unfounded?
The stigma surrounding divorce may be tapering; however, the idea of a prenuptial agreement still causes many to run away scared. The suggestion or insistence of a prenuptial agreement may be viewed as a sign that one’s partner plans to end a marriage early, or is not in it—so to speak—for the long haul. It may also be interpreted […]
Keeping a Vacation Home during Divorce
Dividing assets during a divorce can be one of the most complicated, and certainly most contentious, procedures of the entire process. One frequently asked questions that divorce attorneys face is how a client may be able to keep a house. While couples may decide that selling the marital home is best—for emotional reasons as well […]
Obtaining a Mortgage after Divorce
Moving on after divorce can sometimes mean exactly that: moving. Changing homes can be both emotionally draining and time-consuming. Additionally, in a worst-case scenario, the person who is forced to leave the marital home is not the one who wanted the divorce in the first place. Unfortunately, for many, it does not get easier. According to an […]
When Mediation Works in Illinois
Ending a marriage is consistently rated as one of the most stressful life events that a person can go through. According to the American Institute of Stress’s Holmes-Rahe Life Stress Inventory, divorce is the second most stressful event a person can endure, second only to the death of a spouse. Marital separation from one’s mate is […]
Pet Custody Battles during Divorce
One of many complications of the divorce process is often overlooked—who gets the pets? For couples, especially those without children, determining who gets to keep the family dog or cat can be as difficult and emotional as a traditional custody battle. However, according to an article posted by The Huffington Post, in standard divorce law, pets are not […]
Qualified Domestic Relations Orders: What You Need to Know
National statistics regarding marriage and divorce have drastically changed in recent decades. According to the U.S. Bureau of Labor Statistics (BLS), social factors such as the feminist movement, the increasing number of women in the American workforce, and altered perceptions of gender roles have contributed to these changing statistics. Also, the average age of divorce has continued to increase, as […]
To Keep Or Not to Keep the Marital Home
One of the most complicated steps of divorce is the division of marital property. If you and your spouse have been married for several years, this is all the more complex—especially if you have multiple pieces of property, cars, or share financial or operational duties in a small business. If you are considering divorce, the importance […]