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...
Divorce
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...
Possible issues when splitting an IRA in a divorce
When people in Illinois are getting a divorce, they might need to divide a retirement account. This can be a complex process, and it may be more complex if the individuals are nearing retirement. Divorce is on the decline overall, but it is on the rise for people...
Positive results are seen in states where divorce is easier
Illinois residents may be interested in hearing about research that shows some of the financial benefits of splitting up. January is a busy time for divorce lawyers. There are couples who work to stick together through the holidays and then begin to prepare divorce...
Protecting a business when an owner divorces
When business owners in Illinois decide to divorce, they could face even more serious financial consequences than people with other types of jobs. Many more people are exploring their potential through entrepreneurship and startup firms, especially in the tech sector....
