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Couples usually anticipate a division and distribution of their assets during the divorce process, but many are surprised to learn that their debts are also split during the proceedings. Unfortunately, when parties are not prepared for the allocation of their debts, it can create serious financial issues, both immediately and in the distant future. Learn how you can avoid such an issue during your Illinois divorce, and discover how our seasoned attorneys can help.
In marriage, debts and assets can become intrinsically intertwined; untangling them can be difficult, to say the least. Yet, it is critical that divorcing parties have a clear understanding of their debts. Additionally, parties are encouraged to try and distinguish which debts were initiated by them or their spouse, and which were co-marital debts.
Not sure how to decide?
First, consider whether the debt was established prior to or after the marriage. If initiated before the marriage, the debt would likely belong to the person who owned it prior to the marital union. Debts established during the marriage are generally considered co-marital. However, that does not necessarily mean that you and your spouse would split them evenly. Instead, they are generally divided in a way that is similar to the division of a couple’s marital assets.
Divorce can be a costly endeavor, which is why parties are usually encouraged to plan and save for the process. Of course, if you are not the one who files, you may not have such a privilege. Instead, your spouse may catch you completely off-guard, with little to no resources at your disposal. What can you do to ensure you still have access to seasoned legal representation in such a situation? The following information explains.
The internet is full of information on discount and do-it-yourself divorce options, but these methods can have a lasting and negative impact on the outcome of your case. It is also important to realize that everything from your financial well-being to the amount of time you receive with your children can be affected.
Since discount and DIY divorce methods are not viable options, there is only one option left to consider: hire an attorney. Just be sure to avoid the trap that many disadvantaged spouses fall into when they hire a lawyer; never hire based on cost alone. Instead, ask for referrals from friends and search for reviews online. Then, when you have narrowed your choices down, start scheduling consultations. Share the details of your case with them and listen carefully to their responses. Are they in-tune with your needs and concerns? Do they seem pre-occupied with winning the case, or are they supportive of your desires to negotiate or settle fairly?
Divorce is a highly complex process with several moving parts, and the cost of a mistake can be devastating. Because of this, it is highly recommended that all parties seek the guidance and assistance of a seasoned legal attorney during their divorce case.
Having legal assistance during divorce does not eliminate the need to understand the steps of divorce, however. In fact, those who are informed about the process tend to fare better in their cases. This is partly due to their ability to make sound decisions throughout the process. Learn more in the following sections, and discover how our skilled attorneys can help.
One of the most critical steps in an Illinois divorce is preparation - and determining if you even qualify. In these moments, you will find an attorney to represent you, gather financial documents, and perhaps even create a post-divorce budget to help you achieve your financial goals.
Divorce can impact many areas of your life. Your marital finances, time with the children, and ownership of assets are really just the beginning. Parties can have their information highjacked, or even their reputations ruined by a vindictive spouse. Thankfully, there are steps that you can take to protect yourself and your children during the process. Start by ensuring you address these technology issues before you file or tell your spouse about your plan to divorce.
In today’s digital age, nearly everyone stores and shares information online. Couples also tend to share devices, data, passwords, and even some of their accounts. Sadly, that unfettered access in a divorce can create all sorts of issues. Spouses can gain access to data and financial information that does not apply to the divorce (i.e. an inheritance that was gifted to you after the separation) to hike up your child support or spousal support obligations. A vindictive spouse could attempt to drain your bank account and transfer everything over into their name, or they may even go so far as to delete important information or mine your social media accounts and photos for details they can use against you in custody proceedings.
People do not typically marry with the intention of one day divorcing, but those who have already experienced a failed marriage may be even more adamant to grow old with their new partner. Sadly, the risk of divorce is significantly higher for subsequent marriages. As such, it is highly recommended that parties take proactive steps to protect their assets in a second marriage. Learn more about how a prenuptial agreement can help you do this, and discover how our seasoned family law attorneys can help.
Just as it is critical to know your wealth and assets in a divorce, you should know them going into a marriage. Not only does this give you a base to work from in the event of a divorce, but it also enables you to effectively and proactively protect your wealth, long before a divorce occurs.
If you did not sign a prenuptial agreement before your first marriage, it is likely you know just how messy dividing assets in a divorce can be. When you add in the fact that may divorcees also have children from their previous marriage, perhaps even child support and spousal support obligations, the importance of protecting one’s assets in a second marriage becomes even more crucial. One of the most effective ways to do this is to ensure you have a sound and concise prenuptial agreement before you marry a second time.
Studies have long shown that divorce can impact the academic performance of children, but a new research project provides even more insight into the types of families that are more likely to see such issues after a divorce. Learn more in the following sections, and discover how our seasoned attorneys may be able to help improve the outcome for your children.
The study, which was published in the Proceedings of National Academy of Sciences, examined the families and socioeconomic demographics of 11,512 children and 4,931 children to determine their risk of divorce. Researchers then cross-referenced the data and compared it to the educational outcomes of the children who ultimately experienced a divorce, as well as those who did not. Children from families that had a low risk of divorce saw a greater risk of poor academic performance and an increased risk of not completing their education.
With more parents speaking out about the benefits of 50-50 shared parenting, and more studies indicating their benefits, the popularity of such plans are increasing. Of course, like most things, there are some challenges to drafting such a parenting plan - especially if you are used to being around your child all of the time or have doubts about the other parent’s ability to handle the child. Discover how to overcome such challenges in your parenting time case, and how our seasoned family law attorneys can assist you with the process.
Relationships that end in explosion might make for great fiction, but in real life, these endings have real consequences - especially when there are children involved. Studies have shown that it is not necessarily the end of the relationship that negatively influences children. Instead, they say it is the amount of conflict they experience between their parents on a daily basis. That means two very important things:
During the Great Recession, many savvy investors jumped into the housing market - and a decent percentage of them hit it big. Their success, paired with popular house-flipping television shows, caused many “average” people, who had no real investment experience, to jump into the market as well. What happens to these investors when a divorce occurs? Learn more about how real estate is divided in an Illinois divorce, and discover what our seasoned Wheaton divorce lawyers can do to assist you with the process.
Ideally, investors would have a prenuptial agreement in place before a divorce, as this is the easiest way to ensure a straightforward division of the marital assets. Granted, there are situations in which a prenuptial agreement may not be honored (i.e. a prenuptial agreement signed under duress), but these are fairly rare. Just note that investors are highly encouraged to seek legal assistance when drafting their prenuptial agreements, as this decreases the risk of legal issues in the division of the marital estate.
Money can cause numerous issues in a relationship. In fact, it is one of the biggest reasons that couples argue and divorce. It can also be an especially contentious matter in divorce. Thankfully, there are some steps that you can take to protect your financial future in an Illinois divorce case - and it starts with knowing which financial issues may impact your case. Learn more in the following sections, including how a seasoned divorce lawyer can assist with the process.
Every couple handles their money differently. Some couples share financial knowledge and information. Others have just one party managing marital finances. In either scenario, complications can arise. The biggest risk is hidden money or debts, which is far more common than most people think. In fact, one in five parties admits that they have undisclosed money or debts in their relationship. As such, it is critical that parties obtain the assistance of a seasoned lawyer to ensure they have a clear understanding of their marital finances.
Just as married people do not usually enter into marriage, one day planning to divorce, business owners do not typically start their companies, expecting to one day divide it with their ex-spouse. As a result, there are many business owners who do not have a prenuptial agreement in place to protect their company.
Unfortunately, the lack of pre-planning can put the business and its owner at risk for significant financial loss - perhaps even to the point of closure. Thankfully, with some precautionary measures and the guidance of a seasoned divorce lawyer, business owners can still protect their companies in a divorce. Learn more with help from the following.
If you own a business and are planning to initiate a divorce, hold off on telling your spouse until after you have had the chance to speak with a divorce lawyer. Divulging your plans to your spouse takes away your ability to prepare and plan ahead.
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