In Illinois, marital property is divided in an equitable manner in divorce. However, the term equitable does not mean equal. Property may be divided in a wide range of ratios during divorce -- for example, 50-50 or even 60-40 -- depending on the circumstances surrounding a person's case.
Getting a divorce quickly may be wise if marriage is toxic
Ending a marriage in Illinois can seem scary, especially for those who have been married for long periods of time. However, getting a divorce is a wise move for those who simply cannot make their marriage work. Divorce is especially important in a couple of situations.
Being proactive with finances can help after divorce
A divorce can be emotionally draining. It can also significantly impact personal finances. This is true no matter what a person's net worth may have been before the proceedings started. A couple of tips may help individuals to take care of themselves financially during and after an Illinois divorce.
Decisions made during divorce may have tax-related effects
Tax season can be a complicated time for anyone in Illinois, but it may be especially challenging for those who are going through the process of divorce. The wrong decision during a divorce proceeding can have negative tax implications down the road. Some tips might help people to make smart decisions that will benefit them tax-wise in the years to come.
Wise decisions may prevent bankruptcy following divorce
Divorce is often a stressful process because of both the financial and emotional components of this type of family law proceeding. Unfortunately, the divorce process has the potential to cause a person to go bankrupt. A few tips may help people in Illinois protect themselves financially in divorce.
