Studies indicate that the divorce rate in the United States is around 36%. With that in mind, thousands of Illinois residents go through the process of ending their marriage each year. While divorce creates several financial issues, knowing what to do with a...
When a couple in Illinois decides to seek a divorce, the process will involve dividing their assets. This part will include identifying separate and marital assets. Trust assets are one type of asset over which you and your ex might become contentious if one spouse...
Older couples who go through a divorce in Illinois have different considerations than those in their 20s and 30s. Many mistakenly believe they won't have significant financial issues following a split, yet financial difficulties can be a genuine but decidedly...
Something that can certainly make a divorce more complicated in Illinois is the ownership of specific kinds of assets. The ownership of real estate, business interests and other assets present peculiar challenges to the court in regards to how split up those assets...
When a couple in Illinois makes the decision to end their marriage, the process of dividing marital assets often creates a host of issues. While bank accounts, stock holdings and real estate are routinely divided by the local courts, many divorcees have questions...
Many divorced parents in Illinois have adopted co-parenting. This is a situation is where the parents are no longer romantically involved but they both assume responsibility for raising their young children. Communication and empathy are essential in co-parenting...
An intangible asset is a property without physical form but may have significant economic value to the owner. Illinois divorce courts treat such assets as tangible pieces of marital property, assigning value and dividing them between the two spouses based on their...
A divorce involving Illinois spouses with significant assets could involve complex negotiations for a fair settlement. Sometimes, one party might have substantial assets and a net worth more significant than the other. The one of lesser means may need to look closer...
Ending your marriage may have a significant impact on your finances both now and in the future. For example, it may make it difficult to afford your Illinois home or essential items such as food or clothing. It's also possible that taking such a step may force you to...
Illinois residents who are 62 years of age or older often take out reverse mortgages instead of home equity loans. A homeowner does not make payments on a these loans as long as the property remains their primary residence, and reverse mortgages, which are called home...
