Divorce - Chicago Illinois Family Law Blog
Are There Negatives to Filing a No-Fault Divorce in Illinois?
Filing for a no-fault divorce in Illinois can seem like a simple option when you’re facing the end of a marriage. It allows you to move forward without the need to prove that someone is at fault for the breakup.
Still, it’s important to understand that this path might come with its own set of challenges. This is especially true when establishing asset division, maintenance payments, and arrangements for the allocation of parental responsibilities.
Should I Get a Divorce During the Holidays?
The holiday season is often synonymous with joy and celebration, but it can also be a time when underlying relationship tensions come to the forefront, prompting many to reassess their marital commitments. For those contemplating divorce amid the festivities, it is crucial to weigh various factors before proceeding with such a significant decision. For example, the emotional complexities of the holidays can cloud judgment, making it difficult to decide whether to remain in the marriage or pursue a new beginning.
Handling Stock Options and Executive Compensation in Divorce
Stock options are complicated. They are subject to intricate and convoluted tax laws, and determining whether stock options are separate or marital property can be difficult. If you are involved in a divorce that’s concerned with stock options, bonuses, preferred compensation, and other complex forms of executive compensation, it’s a really good idea to seek the services of a knowledgeable Chicago high-asset divorce attorney.
Divorce and Drug Addiction: Legal and Emotional Challenges
Even under the best circumstances, divorce is a painful and difficult process. If your spouse suffers from drug addiction, things become a lot more complicated. The instability that results from drug addiction may threaten the safety and well-being of you and your children. Drug addiction frequently causes financial issues, and this may be an issue when making decisions about asset division and spousal support.
Divorce and Retirement Accounts: Splitting Assets Fairly
Illinois is an equitable property division state. When a marriage terminates in divorce, all marital assets are subject to equitable distribution – meaning they are distributed fairly but not necessarily equally. All property and assets acquired by either spouse during the marriage are considered marital property, including retirement accounts. Dividing 401(k)s, IRAs, or other retirement accounts fairly can be a complicated and emotional process.
Divorce and Student Loans: How Debt Is Handled in a Divorce
More than half of students who attend four-year college leave school with student debt, and the total amount of student debt continues to grow. Along with home and auto loans, student loans are among the largest types of debt that most people will take on during their lives.
Americans now owe over $1.75 trillion in student debt. According to Forbes Magazine, students in Illinois with student debt owe an average of $ 37,223.
Divorce Mediation and Litigation: Which Do You Need?
If you recently decided to dissolve your marriage, you are likely aware that you have more than one option available. Depending on the specifics of your case, mediation or litigation may be more appropriate for you.
Mediation is a more collaborative approach to divorce that allows both parties to maintain more control over the terms of their divorce. It is designed for spouses who are willing to work with one another. If you and your spouse are unable or unwilling to cooperate, litigation is likely the only option.
The Psychological Effects Divorce Can Have on Children
Divorce can have profound psychological effects on children. The extent of those effects may differ from one child to the next. However, there are specific measures parents can take to minimize the psychological impact of divorce on their children.
In the United States and other Western countries, the divorce rate has steadily increased since the 1960s. According to a paper from the National Library of Medicine, approximately 60% of children live in a household where their biological parents are married.
Maintaining Good Mental Health During Divorce
Divorce can be a difficult experience for everyone concerned. No matter the factors leading up to a divorce, it still means the death of a marriage. It can cause emotional pain and deep psychological distress that may prevent you from moving forward. For these reasons, it is critical to prioritize your mental health when you are going through a divorce.
First Things to Do When You’ve Chosen Divorce
Getting a divorce can be agonizing for everyone involved, especially the two spouses and their children. Whether you saw it coming for a while, or if your partner made a sudden decision that caught you totally off guard, divorce is an emotional process.
As soon as you know that you’re headed for a divorce, it’s important to find a good Chicago divorce attorney right away. The decisions you make now will affect you and your children for the rest of your life. You’ll want to have an attorney by your side who will help protect you, your children, and your financial security.
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