Going through a divorce is hard for everyone involved. This includes both parents and children, though children often end up becoming second thoughts in the turmoil and grief of a relationship coming to an end. Still, you want to treat your child as well as possible...
Divorce
What are some money steps to take prior to divorce?
Getting a divorce will have significant ramifications on your financial situation. If you have been relying on your spouse for income, you will soon have to make your way in life without your spouse’s financial assistance. Fortunately, there are some steps you can...
What issues do you face as a grey divorcee?
More and more older couples these days have decided that now is as good a time as any to get a divorce. Experts point at everything from increasing quality of life to a better societal acceptance of divorcees as potential reasons behind this trend. But if you are...
A few telling statistics about divorce
Divorce in America and Illinois remains a complicated subject. Experts often look at trends to get insight on marriages and divorce to see what this says about changing patterns in society. One broad trend is that both marriages and divorces continue to decline in...
Can you keep your 401(k) in your divorce?
Past posts on this blog touched upon the fact that your 401(k) account becomes subject to property division during your divorce proceedings. You might go into your divorce proceedings assuming that the only impact it may have on your retirement is changing the person...
The difference between divorce and separation in Illinois
There are many reasons that a married couple may want to opt for a period of separation instead of filing for divorce right off. Couples that are experience difficulties may not be ready to call it quits or may want to see how living apart will affect the situation....
Hiding assets during divorce may come with costly consequences
Financial conflict is often a major contributor to marital strife in the first place. When facing divorce, either spouse may have strong emotions about what assets he or she deserves to keep. Unfortunately, whether out of feelings of resentment, animosity or anxiety...
What mistakes could I make with real estate in my divorce?
Real estate is one of the trickiest things to deal with in a divorce. One of the main reasons for this is that your contract for a loan on property is something the court cannot undo. In addition, another problem is not understanding how divorce will impact your...
A statutory formula determines maintenance in a divorce
Legislation enacted in 2019 addresses the subject of alimony, called maintenance in Illinois, in a divorce proceeding. The court uses a statutory formula to determine how much maintenance to grant and for what period of time. Major calculation changes Changes in the...
The benefits of a qualified domestic relations order
Among the many precious assets that a married couple may need to split up when they get divorced is a retirement account. When sharing one person's employer-sponsored account, such as a 401(k) account, the use of a qualified domestic relations order may help both...