Posted on July 15, 2024 in Divorce

The emotions involved in divorce are often thought of as the most difficult aspect of the entire process. While emotional factors play a considerable role in a divorce, so do the financial implications. One area that often gets overlooked but is crucial to your financial well-being is your credit score. Particularly in the aftermath of divorce, maintaining a healthy credit score can be a lifeline that can help keep you afloat.

Whether you are just starting the divorce process or are already knee-deep in legal proceedings, protecting your credit score should be a top priority. Discuss with an Illinois divorce lawyer the best way to protect your credit score before, during, and most importantly, after proceedings.

Close Joint Accounts

One of the first steps you should take is to close all joint credit accounts. This prevents either party from racking up debt you may still be responsible for. Reach out to your lenders to freeze or close these accounts immediately. Also, if you have mortgage or car loans, talk with your attorney to properly manage these larger financial obligations. Remember that not closing joint accounts can leave your financial future vulnerable to your ex-spouses' actions, which is a risk that is not worth taking.

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 Posted on July 12, 2024 in Divorce

Divorce is not just an emotional challenge but a significant financial transition. Proper financial planning before initiating a divorce can offer you the clarity and control needed to navigate this major life change effectively. By evaluating your fixed expenses and expected income, you can gain a comprehensive understanding of how the divorce will impact your financial future, helping you make better-informed decisions. Talk with an Illinois divorce attorney to learn more about how you can set yourself up for financial success before proceedings begin in your divorce.

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 Posted on July 09, 2024 in Divorce

When facing a potential divorce, there are serious emotional and financial implications. As far as financial considerations are concerned, creating a budget for your divorce can help provide a clearer picture of your financial situation. As a result, you can better manage costs as you navigate your divorce. Speak with a respected lawyer and learn more about how to ensure your divorce meets your financial specifications.

What Costs Will Be Involved in Your Divorce?

Divorces in Illinois can be very, very expensive. However, how much they cost depends greatly on your specific situation. Common expenses in a divorce include:

• Attorney fees.

• Court costs.

• Mediation fees.

• Financial advisors or therapists.

There might also be costs associated with setting up a new household, such as rent, utilities, and furniture. By identifying these expenses early on, you can prepare yourself better. Start by listing all potential costs and categorizing them. This can include:

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 Posted on July 03, 2024 in Divorce

Walking into your first divorce consultation can be an emotional and uncertain experience. Whether the decision to part ways is mutual or one-sided, this first meeting with an Illinois divorce attorney will set the stage for the road ahead. To make the most of this crucial first step, it is important to know what to expect and how to prepare. To ensure a productive consultation, here are a few things to consider.

Setting Goals in Your First Divorce Consultation

One of the primary purposes of the initial consultation is to articulate your goals for the divorce process. This includes not only the end result but also the steps to get there. Are you seeking spousal support? What assets and property are most important to you? A clear picture of your objectives can help your attorney understand your priorities and craft a strategy tailored to your unique needs. Be honest and transparent; this is the foundation upon which your case will be built.

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 Posted on June 28, 2024 in Divorce

Navigating the complexities of tax filing can be challenging, and post-divorce tax preparation comes with its own set of unique considerations. In Illinois, understanding how to handle your taxes after a divorce is crucial to avoiding complications and ensuring compliance with various laws. Discuss with your divorce attorney how your divorce will affect your taxes and future.

Determining Your Filing Status

One of the first steps in preparing your taxes after a divorce is determining your filing status. Your marital on December 31 of the tax year dictates your filing status. If your divorce was finalized by December 31, you are considered unmarried for the entire tax year. You may then file as either "Single" or, if you meet certain criteria, as Head of Household." Understanding the Head of Household status qualifications can provide tax benefits, so it is worth exploring if you qualify.

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 Posted on June 26, 2024 in Child Custody

Navigating the process of divorce when you are also a parent is among the most difficult things any parent can go through. Protecting your custody rights is crucial to ensure your children's well-being and maintain a strong and supportive relationship with them. Protecting custody rights begins with being proactive. If you are wondering what to do first, contact a lawyer to lead you through the divorce and Illinois custody process.

What do Illinois Custody Laws Say?

Understanding the framework governing custody in Illinois is important to effectively protect your rights. Under Illinois law, the term “custody” has been replaced with “parental responsibilities,” which includes both decision-making responsibilities and parenting time.

The court's primary concern is the best interests of the child. To determine the child's best interests, the court will consider factors like the child's needs, each parent's ability to meet those needs, and the child's relationship with each parent.

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 Posted on June 21, 2024 in Divorce

Divorce can be one of life's most challenging experiences due to the emotional and logistical issues involved. One of the most important aspects to consider in a divorce is property division, which requires a clear understanding of Illinois divorce laws. Residents of Wheaton, Illinois, are subject to the state's property division statutes, which lean heavily toward equitable distribution rather than equal division. Illinoisans can rest assured, however, that lawyers are available to make the process much more bearable.

Equitable Distribution in Illinois Divorce

In Illinois, the law mandates an equitable distribution of marital property, which means a fair division of assets and liabilities. One key takeaway is that “equitable” depends on various factors, including the duration of the marriage, the contribution of each party to the marital estate, and the economic circumstances of each spouse. It is essential to differentiate between marital and non-marital property, as only assets accumulated during the marriage are subject to division.

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 Posted on June 18, 2024 in Divorce

When infidelity shatters trust in a marriage, the emotional fallout can be devastating. But if you are considering divorce in Illinois, it is important to understand how the legal system views cheating. Contrary to what many may believe, Illinois is a no-fault divorce state, meaning that allegations of adultery do not affect the legal proceedings as significantly as they might in other states.

However, things may get more interesting if your spouse dissipates assets, such as spending large amounts of marital assets on the affair. Discuss with your attorney the best way to move forward to ensure your rights are protected.

No-Fault Divorce: What it Means for Cheating Spouses

In Illinois, the grounds for divorce do not include fault-based reasons like adultery. Instead, couples can file for divorce on the basis of “irreconcilable differences.” This difference means that courts typically do not consider why the marriage fell apart. Rather than attributing blame to one party, the focus remains on the equitable distribution of assets, custody arrangements, and support obligations.

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 Posted on June 14, 2024 in Divorce

Divorce rates among older couples, often referred to as “gray divorce,” have seen a significant rise in recent years. In Illinois, as in many other states, older adults face unique challenges and considerations that younger couples may not encounter.

Understanding these differences can help ensure that older couples navigate their divorce with greater clarity and preparedness. No matter what age you are, hiring a lawyer to lead you through the divorce process is strongly encouraged.

Financial Implications and Retirement Funds

One of the most significant considerations for older divorcing couples in Illinois is the division of financial assets, particularly retirement funds. Unlike younger couples who have time to rebuild their savings after a divorce, older individuals are often nearing or already in retirement.

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 Posted on June 12, 2024 in Divorce

In today's digital age, social media has become a major part of many people's lives. It keeps us connected, provides entertainment, and allows us to share moments with friends and family. However, while social media has its benefits, it can also be a double-edged sword, especially when it comes to marriages and divorces.

It is becoming increasingly common for social media to play a role in causing marital strife and even influencing divorce proceedings. Understanding how to protect your privacy and navigate social media during such a sensitive time is important. Speak with your Illinois divorce attorney on this subject to learn more about how social media can impact divorce.

The Role of Social Media in Marital Strife

Social media platforms like Facebook and Instagram can worsen existing problems in a marriage. Issues often stem from online activities, like one partner spending excessive time on social media, engaging in inappropriate conversations, or reconnecting with ex-partners. These digital interactions can lead to feelings of jealousy, betrayal, and insecurity, causing serious rifts between partners. Studies have shown that social media contributes to many divorces, revealing just how significant a role it can play in modern relationships.  

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