How does the court divide debt in a divorce?
When you get a divorce, the court will expect you to divide everything in your marriage between the two of you. Everything includes all property, assets and liabilities. The Illinois General Assembly explains the law sees debt as any other type of property. For this reason, debt division occurs in the same way as property […]
How can I move on financially after a divorce?
A divorce can have negative effects on your financial situation. It is common to end up with some financial issues after a divorce simply because you are dividing your income into two households. However, you can move on financially after a divorce if you prepare yourself for the changes and have a plan for moving […]
If you’re a stay-at-home spouse, do you have any right to the marital assets?
When you’re a stay-at-home spouse without an income or resources of your own, the idea of getting a divorce can be particularly scary. You may feel financially restricted in your marriage because of your lack of income or you may feel frightened that your spouse’s decision to leave will leave you destitute. Under Illinois law, […]
Can you file for uncontested divorce?
There are two types of divorces in Illinois: contested and uncontested divorce. A divorce is considered “contested “when both parties cannot come to an agreement on at least one issue such as property division, child support or child custody. Qualifications for an uncontested divorce Illinois allows couples to file for an uncontested divorce in three […]
Does a non-working spouse get part of the retirement savings?
Getting a divorce in Illinois is often an expensive and time-consuming process. Spouses considering divorce will often carefully review their circumstances to find out if there’s a way to limit what their spouse receives in the divorce or what expenses they will incur by ending their marriage. Other than your marital home, your retirement account […]
Does the name on the account matter in an Illinois divorce?
The way that you split up your shared or marital assets is often one of the more contentious aspects of an Illinois divorce. Couples often suspect divorce will occur for some time before either spouse actually files the petition. During that intermediary time, it is somewhat common for one or both spouses to attempt to […]