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January 2015 Archives

Financial impact of divorce can be tricky to handle

Divorce can be an emotionally trying experience for couples in Illinois, but one of people's greatest concerns during a divorce is the cost. This is particularly true when two divorcing individuals are not in agreement on how their assets should be divided. However, getting divorced can still be messy even if a divorce is amicable and straightforward.

Dividing assets in an Illinois divorce: How it works

Illinois couples who are divorcing may have significant assets to divide. Although Illinois law states that this division must be equitable, it is important to keep in mind that in this case, "equitable" means fair rather than equal; the split may not necessarily be straight down the middle. A number of factors may be weighed by the court in deciding how to achieve an equitable division.

Does spousal maintenance have to be paid monthly?

Being ordered to send monthly spousal maintenance payments may be a hindrance for some former spouses because they want to be free of any reminders of their former marriages. Others might simply be worried about accidentally missing a payment. Those who are divorcing in Illinois and are negotiating spousal maintenance could avoid monthly payments by paying it all in a lump sum.

How does bankruptcy affect child support?

Bankruptcy is a common means of wiping out debts, but many Illinois parents who have gotten a divorce may wonder what a bankruptcy filing will do to their child support obligations. Before filing for bankruptcy, understanding how bankruptcy laws affect child support obligations is important.

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