When spouses in Illinois get a divorce, they'll be required to share detailed information about their assets with each other. However, in some situations, one party might attempt to hide assets from the other. Assets may be hidden altogether with the claim that they...
Divorce
How to navigate a divorce in Illinois
There are few things harder for a person than going through a divorce. The stress and emotional burden can never fully be eliminated, but it can be mitigated. Here are some ways to help make it through the divorce and take away some of the pressure. While an...
Actions to avoid during a divorce proceeding
Illinois residents who are going through a divorce may experience a variety of negative emotions. However, those feelings don't justify taking actions such as destroying joint property or using a child to get back at a former spouse. It is also unethical to use a...
Tips for effective preparation for a gray divorce
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...
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...
