There will be big changes in the future once you decide to end a marriage. Among the many things to consider if you or your spouse have filed for divorce is what this means for your retirement. Illinois is an equitable distribution state, meaning the courts will...
Property Division
Illinois property division when one spouse is a homemaker
Navigating property division can be complex, especially when one spouse has taken the responsibility to earn money for the family while the other has dedicated their time to homemaking. Nonetheless, understanding equitable distribution is vital in ensuring a fair...
5 common challenges when running a business during divorce
Conducting business and processing a divorce are separate endeavors that require significant time, effort and financial resources. When taken on simultaneously, they can be profoundly disruptive to both company and family members. Thus, it will help if soon-to-be...
Is your spouse squandering marital assets during the divorce?
You and your spouse have worked hard to accumulate valuable assets and build the marital standard of living you enjoy today. It does not matter whether one took on the role of homemaker while the other pursued a rewarding career or you have a dual-income household....
What add-on costs should I anticipate during the divorce?
Divorce can lead to significant financial obligations, including child support, spousal support, and other costs. Most of the time, involved parties might only focus on the essential expenses related to the process. Still, the divorcing couple might face add-on costs...
Confirming suspicions of hidden assets in an Illinois divorce
The property division aspect of divorce allows parties to protect their individual financial interests and receive their fair share of the marital properties. However, the process will not work in terms of fairness if one of the parties fails to disclose or...
Do you have to pay your ex-spouse’s debts in a divorce?
The division of marital property is an essential part of divorce. Both assets and debts may qualify as marital property, depending on when and how they were acquired. Depending on the circumstances of your divorce, you may end up settling the bill for your ex's debts....
Dealing with your art collection in a divorce
If you and your spouse have collected antiques and art during your marriage, those collectibles can comprise a considerable portion of your marital property. Yet, valuing those items when contemplating divorce in Illinois can become difficult. Here is what you can do...
Keeping real property in a divorce
In the state of Illinois, any property held inside of a marital estate may be divided in a final divorce settlement. This means that any rental properties, commercial holdings or lots of land that you own could be ceded to your spouse. However, it may be possible to...
Dividing retirement accounts in a divorce
Divorce comes with several financial changes that can be difficult to navigate or understand. If you have retirement accounts, you'll need to know what to expect if you're planning to end your marriage. If you're an Illinois resident, here are some important details...