Illinois Divorce Laws: What to Expect When You File
Everything you need to know about Illinois divorce laws at a glance—requirements, property division, child custody and support, domestic violence, and more.
5 Things To Know About Spousal Maintenance in Illinois
Divorce is never easy, and spousal maintenance, commonly called alimony, is one of the most complex financial aspects involved. Understanding spousal maintenance in Illinois is essential whether you are preparing for divorce, currently navigating one, or simply seeking to educate yourself. Consulting family law professionals can provide clarity, ensure your decisions are legally sound, and […]
What To Ask Your Family Lawyer About Child Support
Navigating the intricacies of family law can be challenging, especially when it comes to child support. Many parents find themselves overwhelmed by the legal jargon, complex calculations, and emotional considerations involved in these matters. Understanding your legal obligations and rights is essential not only for protecting your financial interests but also for ensuring the long-term […]
Facts About Spousal Maintenance in Illinois
Spousal Maintenance
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.
Money over Marriage: Financial Implications of Divorce
Financial Implications of Divorce are significant, as couples often realize that dividing assets and income isn’t as straightforward as they might expect. With nearly half of marriages in the U.S. ending in divorce, financial issues like equitable distribution of assets can become complex and contentious. Working with an experienced divorce attorney can help ensure a fair division of property, taking into account factors like the length of the marriage, each spouse’s contributions, and future financial needs.
High Asset Divorce: Planning Your Strategy before You File
High asset divorce cases require thorough planning to protect your financial future. Gathering key financial documents and understanding your legal rights can help you secure a fair settlement, especially if you’re a dependent spouse. Consulting with an experienced attorney will ensure that your current needs and long-term goals, such as retirement and career advancement, are carefully considered throughout the divorce process.
Financial Security after Divorce
Financial security after divorce is essential to ensure a stable, independent future, especially if you were not the primary breadwinner. Establishing a post-divorce financial plan, which includes setting up separate bank accounts, building credit, and opening insurance policies, can help you navigate this new chapter with confidence. This is particularly vital if you have children, as budgeting for their needs on a single income may require careful financial adjustments and planning.
Understanding Military Divorce Finances
Military divorce finances require special considerations, as factors like the division of military benefits, child custody across bases, and retirement distribution can complicate the process. Unique to military divorces, the Uniformed Services Former Spouses’ Protection Act (USFSPA) allows military pensions to be treated as marital property if specific requirements are met. Understanding these regulations and planning accordingly can help both parties navigate the financial aspects of a military divorce more effectively.
Understanding Marital Property
Marital property includes assets acquired during a marriage that may be subject to division in a divorce. This can encompass a range of possessions, from the family home to jointly started businesses or vacation properties. Generally, any property bought or gained while married is seen as shared, though certain exceptions exist, such as personal items delineated in prenuptial agreements. The division of assets can involve complexities, particularly when the value of previously owned assets increases over the course of the marriage. Working with a knowledgeable family law attorney is essential to navigating these nuances and ensuring a fair distribution.
Preparing Financially for Divorce
In the middle of divorce, financial decisions are among the most difficult and complicated to make. In the past, when a couple was divorcing, it was often the woman who ended up without anything, especially in states where there was no equal distribution property law and the woman did not work outside the home. These days, […]
Divorce Finances: Protecting Yourself Financially after a Divorce
Because a divorce can be such an emotionally draining experience, it is natural to breathe a sigh of relief after it is over. However, even after a divorce there is still important work to do. You need to take steps to protect your financial future. Check Your Accounts Often in a divorce there is a court order […]
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 […]
Health Insurance after Divorce
Healthcare has been a trending news topic for several years now, with the passage of Obamacare and the extension of insurance policies for millions of uninsured Americans. So if you are headed for divorce and have to reconsider what type of health insurance plan you will enroll in, it may be last on your list of things […]
Preparing for Divorce: Getting Finances in Order
Finances during marital dissolution can be one of the most difficult aspects of the process, and many people fail to take appropriate steps in order to maintain financial security after the divorce is finalized. The most important step to finding financial stability after divorce is to speak with a qualified family lawyer, who can help you to […]
Credit Card Debt and Divorce
When you are going through a divorce, financial concerns may feel like the last thing you want to consider. After all, when your family and emotional life is crumbling around you, dealing with credit card debt, mortgage payments, and property division can seem almost overwhelming. Dealing with financial issues, however, is one of the most important […]
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 […]
Financial Infidelity Can Ruin a Marriage
In recent years, much has been said and written about emotional infidelity. An emotional affair is a relationship, not necessarily physical, that is considered cheating due to the level of intimacy shared with a non-significant other. However, there is another, less intimate, form of infidelity—financial. Financial infidelity is any type of behavior in which one spouse […]
Financial Behavior Can Be an Indicator of Divorce
According to Time, certain spousal behaviors indicate that a marriage may be headed for divorce. What some spouses may see as thoughtful behavior—showering a spouse in gifts and vacations, or fixing up a large house with the intention of moving to a smaller one—could actually be signs that the other spouse is ready to split. Changes in […]
Determining Property Division during Divorce
When going through a divorce, the division of propertycan be one of the most difficult steps for couples. Divvying up a life once shared can be an emotional process, and it can also lead to nasty disputes and arguments. According to the Internal Revenue Service, nine states in the U.S. have community property laws. Hence, all property […]
Spousal Maintenance Reform Comes to the Land of Lincoln
For the last several years, advocates of alimony change in Illinois, New Jersey, South Carolina, and a number of other jurisdictions have asked their state legislatures to change spousal support laws. Last year, the Illinois state legislature passed significant revisions to the alimony law in Section 504. A judge still has some discretion when setting an amount and […]
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 […]
Divorced Parent Paying for College: Planning Ahead
Sorting through complicated financial issues is one major hurdle that many divorcees fear. There may be complex decisions to make regarding spousal support or alimony, the division of property, or issues of child support when applicable. Additionally, if you and your soon-to-be ex-spouse have children together, sorting out how you plan to pay for your […]
Property Division After Divorce: A Brief Guide
Difficult emotions, stress, and heated arguments are not the only hurdles divorcing couples face. One of the more tricky aspects of divorce is the division of property. Several gray areas exist and can lead to conflict between separating spouses, especially when an attorney is not present to review ownership and legal stipulations. Although property division is a […]
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 […]
The Basics of Post-Decree Modifications
After a divorce is finalized, some may feel stilted or left out in the cold. This could be the case when one party in the divorce is awarded an exorbitant or seemingly unfair settlement given the circumstances of the divorce. For example, if the wife is caught cheating and then all marital property is equally distributed—even though the […]