Divorce is already complex and emotional enough for separating couples. Add property division into the mix and it becomes an even more complicated and overwhelming process. Fortunately for some, the process can be significantly smoother when there is a prenuptial...
Property Division
What happens to a co-owned business in an Illinois divorce?
Even if separating spouses are certain about their divorce, they may face the uncertainty of their respective financial futures. Not only will they have to adjust from having two sources of income to one, but they will also have to accept how the court divides and...
Dividing retirement accounts in an Illinois divorce
Property division in divorce can be complex, especially if it involves multiple properties, businesses and liabilities. In the initial property division process, the court must identify which properties are part of the marital assets. One of the usual inclusions for...
What you need to know about debts in your divorce
When you marry someone, you expect to share your life. Part of this includes your finances. Many couples have joint checking accounts and retirement savings. They live in a home together, purchase valuable items, and purchase insurance policies under their names. Upon...
3 issues that can invalidate your prenup in Illinois
These days, it is not uncommon for a couple to sign a prenuptial agreement before tying the knot. Done right, a prenuptial agreement can help couples separate private assets from marital assets in the event of a divorce. Unfortunately, many people learn that the...
Financial mistakes to avoid during your divorce
If you are in the midst of a divorce, you know your entire life is about to change. This is a transitional time that comes with big emotions and challenges. While your entire life will change, it’s important to pay close attention to your financial situation. ...
Can assets be hidden in an Illinois divorce?
Once the decision to obtain a divorce has been made, there are numerous issues that must be settled. If spouses have children, then their custody and visitation rights must be resolved. There are also financial aspects to consider, such as spousal support and child...
What will happen to your debts during an Illinois divorce?
Spouses typically share almost everything with one another. You may use the same checking account and deposit your retirement savings into a joint account as well. You likely live in the same home, eat the same meals and share an insurance policy that covers both of...
How do you divide retirement savings in an Illinois divorce?
You have probably put a little bit of money into your retirement account every week for years, if not decades. Whether you have a pension partially funded by your employer or a 401(k), your retirement savings may represent multiple years of your salary or possibly...
3 steps that help you secure a fair property division order
You have reached the point where you know you want to file for divorce, but that doesn't mean that the hardest part of the process is behind you. Instead, it means that you will soon have to make some difficult decisions with your spouse. You will have to divvy up...