15255 S. 94th Ave. 5th Floor, Orland Park, IL 60462

Call Us312-702-1293

The Foray Firm

IL divorce lawyerThere are a variety of financial issues that will need to be addressed during a divorce, including determining how to divide the property a couple owns between the two spouses. However, during the property division process, a couple will also need to consider the debts they owe. Just like the assets a couple owns, the amounts that are owed to creditors will need to be allocated between the spouses. However, it is important to understand how different types of debts may be handled, as well as the factors that may complicate things during or after a divorce.

Division of Secured and Unsecured Debts

It is important to remember that assets and debts do not need to be divided exactly equally. Illinois law requires a “fair and equitable” distribution of marital property. Depending on the decisions made about certain types of assets, each spouse’s overall financial situation, and other factors, the final decisions on how to divide debts may vary. While they work to reach agreements on these issues, a couple will need to consider how different types of debts may be handled.

Balances on credit cards are some of the most common debts that couples will have. Any balances on a joint credit card will typically be considered marital debts, although even if a card was only in one spouse’s name, purchases made using this card while a couple was married will also usually need to be considered during the property division process. Credit card purchases that may not count as marital debts include those that may be considered asset dissipation, meaning that they were made by a spouse for their own sole benefit after the point at which their marriage had broken down beyond repair. Charges that occurred after a couple’s legal separation but before their divorce will also be considered separate property.

...

Continue Reading...

IL divorce lawyerGetting a divorce can lead to significant financial difficulties for both parties. In addition to addressing the costs of the divorce process itself, each spouse will need to make adjustments as they shift away from combining their incomes and expenses and establish new living arrangements where they will each use their separate incomes to cover their ongoing costs. In some cases, spousal support (which is known as spousal maintenance in Illinois) may be needed to ensure that a spouse will be able to support themselves. While this form of support is not a factor in every divorce, it may be appropriate in situations where one spouse earns a much higher income or when a person is a stay-at-home parent.

While spousal support may be awarded based on the parties’ circumstances at the time of their divorce, these circumstances may change in the future. When a person experiences changes in their life that may affect spousal maintenance payments, they will need to understand the steps that they can take to request a modification of the court’s orders.

Post-Divorce Modifications of Spousal Maintenance

In most cases, spousal support is meant to be temporary. These payments may help ensure that a person who earns a lower income than their former partner will be able to maintain their standard of living and cover their ongoing expenses. However, a person will be expected to become self-supporting in the future, and they may be able to use the payments they receive to pursue education or other opportunities that will allow them to increase the income they can earn.

...

Continue Reading...

IL divorce lawyerGetting a divorce will involve a variety of complex financial issues. During the property division process, a couple will need to evaluate all of their assets and debts and determine how they will be allocated between the spouses. While the physical items a couple owns will be a big part of this process, ownership of financial assets will also need to be addressed. In recent years, cryptocurrencies such as Bitcoin have become an issue that is more and more common in divorce cases, and spouses who own these types of assets will need to understand the role that they may play as they divide their marital property.

Cryptocurrency and Hidden Assets

While married couples are required to fully disclose all of the assets they own during the divorce process, there are many cases where spouses attempt to hide certain assets so that they will not have to share them. Cryptocurrency is becoming an increasingly common method of hiding assets. Transactions involving virtual currencies can be difficult to track since they are completed using private online accounts. Because of this, a person may attempt to convert money or other assets into cryptocurrency and transfer ownership of these assets to other parties or to foreign accounts in hopes that their spouse will not be aware of what they are doing.

A person who believes that their spouse may have attempted to use cryptocurrency to hide assets may look in a number of places to uncover these issues. Reviewing bank statements and tax returns may help a person determine whether money has been transferred to online accounts. However, because these transactions can be complicated, it may be necessary to enlist the services of a forensic accountant who can scour online blockchain records to uncover illicit transfers and any other attempts to hide assets.

...

Continue Reading...

IL divorce lawyerIn a perfect world, all divorcing spouses would be financially stable and able to exit their marriages with comfort and ease. In real life, unfortunately, this is not always possible. Challenges finding suitable employment, disabilities, and transportation issues can all make finding and keeping a good job difficult. Individuals who are unemployed can still get divorced in Illinois, but it helps to be aware of how unemployment may affect the divorce process.

Are You Voluntarily or Involuntarily Unemployed?

If you have been laid off, furloughed, or fired but are trying to find a job, you will probably be considered involuntarily unemployed. But if you choose to be unemployed, any financial obligations you may have that could factor into a divorce will be handled considering the income you would likely be earning if you had a job. One exception to this is if you are voluntarily unemployed because you are raising children while your spouse works.

Will I Still Have to Pay Child Support if I Am Unemployed When I Get Divorced?

Illinois uses the “income shares method” to calculate child support payments according to each parent’s income. While unemployment may affect child support calculations, especially if a spouse is involuntarily unemployed, a change in future employment could change child support contributions at any time. A spouse who tries to remain unemployed just to avoid paying child support will likely be ordered to pay child support as if he or she was employed according to their honest earning capacity.

...

Continue Reading...

Your Questions About Prenups, Answered

Posted on in Divorce

IL family lawyerAs a newly engaged person, you may have a million thoughts running through your head. Some of these thoughts may be related to a prenuptial agreement. Prenuptial agreements or “prenups” are legal documents that protect spouses’ financial interests in the event of death or divorce. However, there are many myths and misunderstandings associated with these essential legal documents. Read on to learn about the basics of signing a prenup in Illinois.

What Is the Purpose of a Prenup?

If your soon-to-be spouse has asked you to consider signing a prenup, your first thought is probably, “Why?” Prenuptial agreements have been increasing in popularity recently for a variety of reasons. One reason is that people are simply more realistic about marriage and divorce. Even the most loving couple may eventually break up. The purpose of a prenuptial agreement is to prepare for this possibility.

How Does a Prenup Benefit Spouses?

Prenuptial agreements can accomplish many different goals. During divorce, any property or debt acquired by either spouse during the marriage is marital property subject to division. In a prenup, spouses can identify what property or debt is marital and what is non-marital. For example, you can characterize a small business as non-marital property belonging to only one spouse to shield it from division during divorce. Prenups can also address spousal maintenance concerns. For example, a stay-at-home mother may use a prenup to ensure she will still have access to financial support should the marriage end.

...

Continue Reading...

BBA Of Will County Illinois State Bar Association Cook County Bar Association The National Bar Association BWLA
Back to Top