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The Stogsdill Law Firm, P.C.
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Illinois divorce lawyersTaking the step to file for a divorce can be one of the most difficult decisions in your life. Although it can represent a new brighter chapter in your life, the decision to separate can backfire, especially when you proceed without proper legal representation. From securing your marital assets to helping you fight for child custody, a quality family law team can ensure a happy and secure future for you and your family. If you are in the midst of a divorce, picking the right attorney can make all the difference.

Choosing the Right Lawyer

As you begin the divorce process, the most important step you can take is ensuring you choose the "right" attorney. When picking your divorce lawyer it is important to take into account their legal background, the experience of previous clients, your own needs, and your connection with the attorney.

Asking your prospective divorce lawyer about their experience in the field should be one of the first steps you take in your initial meeting. Using client testimonials and inquiring about previous victories can give you insight into how an attorney could impact your divorce. Lastly, only you can decide if you truly trust and believe in an attorney. If you do not have a good feeling about a potential lawyer, they are more than likely not the right fit for you.

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With divorce comes the division of debts and assets. For many couples, this can be a contentious issue. However, it may be made worse if one divorcing party has a spending problem. Assets can be depleted, sometimes significantly, which can result in a decreased settlement. Be it an intentional depletion of assets or a simple issue with knowing how to budget and spend accordingly, the following information can help you deal with a wasteful spouse during a divorce.

Why Continued Sharing of an Account May be Necessary

On the one hand, the solution to asset depletion might seem simple: just stop sharing accounts. Unfortunately, this is not always an option. In some cases, it may be difficult to untangle joint assets. As such, the assets may need to be shared until the divorce is finalized. In other cases, one of the spouses may be caring for the children but not have enough to support them; since the children should not have to suffer, sharing of assets may be required.

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While every divorce is unique, most can be placed into one of four categories. Each has its own set of potential advantages and disadvantages. Understanding them, and what they might mean for your future, can be crucial to the outcome of your case. Learn more about the four types of divorce, and how you can determine which one may be most appropriate for your situation, with help from the following information.

Litigated Divorce

Litigated divorces, which are otherwise known as "traditional" divorce, is the most common form. Typically, each party works through an attorney to negotiate possible settlements agreements. If they can reach one, it is presented to the judge. If they cannot, then the judge is left to determine the outcome of the case. Various factors are used in his or her decision. For example, cases involving children will consider the best interests of the child. Assets and debts are divided by considering aspects related to income, ability to earn income, age, health, etc.

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Although some married parents do file their taxes as married but separate, most opt to file their taxes jointly. This is because joint filing tends to offer more tax credits to those with dependents. What happens, though, when a couple divorces? How do they manage tax credits and deductions for dependents? The following explores the answers to these questions. It also offers some divorce strategies that may help to reduce the risk of confusion during tax season.

Benefits of Claiming Dependents on Your Taxes

Being able to claim a dependent on your tax form can offer numerous benefits. This can be especially important when there are medical expenses, child care costs, and other expenses related to rearing your child. Some may also be eligible for Earned Income Credit - a special credit that is offered to parents within a specific tax bracket. Yet, there are still benefits to claiming a dependent, even if you or yours spouse are not eligible for any of the special tax credits. In fact, just having a child as a dependent can change your tax bracket and/or tax responsibility to the Internal Revenue Service (IRS).

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Divorce is a highly complex legal process with numerous financial pitfalls. Some are minor in nature and may cost you little. Others could potentially lead to a significant depletion of your financial resources. Thankfully, there are ways you can mitigate the risks. The following information covers some of the most common financial mistakes made during divorce, and provides some tips on how you can potentially avoid them.

Failing Get All Financial Documents in Print

In today's day and age, most people use online banking, digital debt statements, and email notifications for important accounts. In fact, society has become so reliant on their digital access that few consider they might lose it while going through divorce. Unfortunately, this can and does happen far more frequently than most realize. Your spouse might change the password to your bank account, or they might lock you out of the family computer. So whatever you do, never rely on just digital copies of financial documents. Print them out instead.

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