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July 22, 2016

Money over Marriage: Financial Implications of Divorce

Divorce Finances



Couples entering the honeymoon phase are so excited that the nuts and bolts of marriage often take second place. The financial aspects of marriage can be tricky territory with spouses sometimes leading with their hearts and not their heads. About 40 to 50 percent of married couples in the United States are divorcing.The question of earnings and expenditures may not always be drawn down the middle with one spouse contributing or picking up the tab on more occasions.

When a husband and wife decide to end a marriage and proceed with the formalities of divorce, an experienced divorce law attorney is needed to help further. Divorces can be contentious adding additional stress to an already untenable situation. Employ the skills and guidance of a determined law firm to have your back.

Equitable Distribution

In the state of Illinois, equitable distribution of assets occurs on the dissolution of a marriage. This means a “fair split” of property that is considered marital property. Determining what constitutes marital property is in itself one of the first steps. Once that is established, many other factors come into play to make the division fair. Your attorneys at Mulyk Laho Law, LLC, will take stock of some of the following factors:

  • Duration of the marriage;
  • Contributions of each spouse;
  • Earning power of each spouse;
  • Who earned the property;
  • Value of non-marital property;
  • Post-divorce circumstances of the spouse including child custody arrangements;
  • Pre-nuptial agreements;
  • Future employment potential; and
  • Tax implications.

Bear in mind, that equitable division means a fair or just split, not exactly an even split. Who contributed what, to the marriage goes towards determining this. Furthermore, any property considered separate property, or solely owned by a spouse is not subject to equitable distribution. Commingling of sole property with joint assets is also a complication when deciding on a fair split as anything commingled becomes part of the equitable distribution.

Compassionate Legal Counsel

If you are going through divorce and have financial or other questions, the most important step is to contact a qualified DuPage County divorce attorney. Call Mulyk Laho Law, LLC today at (630) 852-1100 for a free consultation.

Sources:

http://www.apa.org/topics/divorce/

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

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