When someone in Illinois is nearing retirement age, divorce takes on an entirely different meaning. Instead of being about custody, financial issues predominate and will dictate the tone of the divorce. Decisions made in this crucial area will have an impact on the...
ELGIN FAMILY LAW BLOG
A billionaire hides assets in one state
Spouses in Illinois must make a full accounting of their assets when they are getting divorced. Sometimes, a spouse will try to move assets out of accounts or stash them somewhere that may be difficult to trace. One state may even give spouses the ability to hide...
A 401(k) may be divided in a divorce
You may be wondering how an Illinois court would treat your retirement accounts in a divorce. Even though Illinois is not a community property state, it will still divide your 401(k) to an extent in a divorce. This will require you to adjust your plans for retirement...
Business owners need prenuptial agreements
Business owners in Illinois who are planning to get married should strongly consider signing a prenuptial agreement before the wedding. This is a way of protecting their financial interest in their business in the event of a divorce. Without it, their business that...
Costly divorce errors to avoid
Avoiding a few common errors during a divorce can be important to establishing financial security for people in Illinois. One of those mistakes is spending too much money on the divorce by fighting over property and child custody in court instead of trying to reach an...
Who pays student loans when the marriage ends?
In Illinois, one or both spouses may have been making payments on their student loan debts throughout the course of the marriage. They might have even taken out new student loans while they were married. When the marriage ends in divorce, responsibility for student...
Reaching an agreement about a business in a divorce
When Illinois couples who own a business get a divorce, they must decide whether they will sell it, continue running it together or have retain ownership together with just one of them as the primary operator. The first option is common since it can be difficult for...
Working parents can get custody rights too
One common misconception about divorce in Illinois is that judges will automatically give custody to the parent who stays at home more often. As views on gender roles and child custody change, some judges will actually give points to those who earn money to care for...
Settling a divorce or going to trial?
When people in Illinois decide to divorce, that choice may have come after a series of conflicts with their partner. They may feel like they will never agree on anything again, especially if the period before the divorce was filled with arguments and fighting. Still,...
Pricey artwork causes problems settling high-profile divorces
Art collections discussed among high-profile divorces cases in recent national news postings may have some Illinois residents considering their own costly artwork. One prominent couple who filed for divorce in 2018, has yet to reach a settlement on several pricey...
