As you approach the property division phase of your divorce, you no doubt think about the task of dividing the marital home, your vehicles, perhaps a boat and similar assets. The financial aspects of the property division process are also extremely important. Here are...
Year: 2021
When should I take my divorce to trial?
Some divorces go smoother than others. It is possible for some divorcing couples to use the skills of a mediator to get through the process. However, if you are looking at a high-conflict divorce, you may find yourself in the courtroom. Contrary to popular belief, it...
What is nesting and is it an option for our divorcing family?
Dealing with the aftermath of a divorce is difficult on multiple levels, particularly if you have children with your ex-spouse. One of the most immediate concerns following a divorce is setting up new living situations and helping your children adjust. It is highly...
What are ways I could buy out my spouse?
If your spouse has any ownership stake in your business, you may have to sell your company to split the proceeds in your upcoming divorce. You might prevent this from happening if you can buy out your spouse. If you succeed, you will be the sole owner of your business...
Can you and your former spouse work together?
If you decide during your divorce to keep your business and continue to run it together, you may worry about the decision. It can be tough to work with your former spouse, but many couples make this choice to keep the business running. Fast Company explains that you...
My ex-spouse found someone new — does this affect child support?
In Illinois, courts determine child support through the "percentage of obligor net income" model. Essentially, there is an assumption that you and your ex-spouse split the costs associated with raising your offspring. As the non-custodial parent, a percentage of your...
Why is grey divorce on the rise?
As trends in divorce rates change over the years, some things stay consistent. For example, grey divorce rates consistently rise as time passes. Does this hold any particular implications? More important, what are the reason behind these consistent upward inclines?...
What do you have to address in an Illinois parenting plan?
When you and your child’s other parent split, but you both plan to share custody over your son or daughter, the state of Illinois requires that you submit something called a parenting plan or Joint Parenting Agreement. The parenting plan outlines each parent’s rights...
Consider using percentages when dividing a retirement account
You have spent years building up your retirement accounts, so if you end up divorcing your spouse, you want to keep as much of a 401(k) or an IRA as you can. This means avoiding mistakes that could deprive you of money you would have otherwise kept from your divorce,...
How does Illinois treat pets in a divorce?
In most states, the court only considers pets as property in a divorce during property division. Despite them being living things, the court does not set visitation or treat them any different than other property you own. According to the DuPage County Bar...