Equitable distribution. Dual classification. What do these words have to do with your home, your valuables, your taxes, and your retirement? Plenty, if you’re getting a divorce. In our latest infographic, Nottage and Ward, LLP, explains how Illinois divides assets after the breakdown of a marriage.
This fictional scenario is one that Chicago couples face every day.
Tom used to take his wife Abby’s pork tamales to his office every Thursday. It didn’t take long before they were a big hit—not just in his office, but in the whole building. “We were going through so many that I had to charge for them and keep receipts. Abby and I thought, why not make a real business out of this? We could do the food truck thing. That’s what people do, right?”
One of the key stages of an Illinois state divorce is the process known as disclosure. In Cook County (Chicago), a financial affidavit must be filed at the beginning of a divorce case by both spouses. The affidavit acts as the initial disclosure of your basic financial information, which will then become the basis of the division of property during your divorce proceedings. It can even be used by the judge when making a determination with regard to temporary support and the payment of attorney’s fees before the case has finished.
One of the key points of discussion during a divorce is money and property division. These issues can become heated quickly. While some couples argue over who retains stock, property and business ownership, others must decide who will carry the burden of their acquired debt. In both cases, the financial impact of the divorce will be substantial and long lasting.
Here are just a handful of financial consequences that may arise from a divorce:
Anybody who owns pets knows that they are more than mere pieces of property; they are members of the family. That is why pet custody is becoming a growing — and frustrating — issue in divorce cases in Illinois and across the nation.
A recent article in the Chicago Tribune pointed out how contentious the battle for a pet can become.
Location does not just describe one’s physical environment; it incorporates social, financial, and legal “geographies,” such as culture, job availability and proximity, and laws. In other words, location affects everyone deeply and largely determines their lives. Even family law can vary widely depending on location.
When considering a divorce many questions come to mind. While we initially concern ourselves with the well being of our children and our own emotional health, financial matters must also be considered. In the state of Illinois, property or money acquired during the marriage is presumed to belong to the marriage and to be subject to equitable (fair) division upon divorce. Examples of property to be equitably divided during a divorce include the following:
The real estate market crash made and still makes life difficult for homeowners across the country. House values have plummeted and people are left with loans that are worth more than their homes, making it nearly if not completely impossible to keep up with expensive loan payments or even to sell. According to a Yahoo! Finance article, approximately 3.5 million homeowners are behind on their mortgage payments while another 1.5 million have already begun the foreclosure process. In the next two years, it is estimated that there will be 3.6 million foreclosures.
A recent article in The Los Angeles Times discussed the affect divorce and re-marrying can have on retirement planning and claiming Social Security benefits. For 72 percent of retirees that are unmarried, many due to divorce, Social Security is the primary source of income. Understanding the basics of spousal and survival benefits can help those who are divorced avoid making costly errors.
A new bill introduced in the Oklahoma legislature would limit a military spouse’s ability to claim a portion of their spouses’ military pension and benefits, reports Tulsa World.
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Leslie has been the strongest representation I could ask for in a very complicated, emotional matter. She has continuously looked out for my best interest and the best interest of my son. She is always prompt in getting back to me and in keeping me well informed about my case.
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