Category Archives: Divorce
Specific Types of Debt in Illinois Divorce
Many couples generally understand that when they divorce both their assets and their debts are divided equitably between them. Equity is not the same as equality; it is more related to fairness, which means that you may be asked to pay a debt that your spouse is not able to, because it will cause you less hardship. However, there are certain types of debt that must be handled in more specific ways, and it is important to understand what those may be.
The Race to the Courthouse: Does Filing First Matter in Divorce?
Once you have reached the decision to end your marriage, the real work must begin. You and your spouse will need to decide how to divide your property, how to make arrangement for your children, and how to adjust to your new post-divorce lives. Before you can get there, however, one of you will need to start the legal process of divorce by filing a petition for the dissolution of marriage at the county courthouse. Many clients approach us with questions about this, often wondering how important it is to be the one who file for divorce and whether it makes any difference at all.
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Young Adults and Divorcing Parents
There is a common misconception that children over the age of 18 are emotionally stable enough to handle the divorce of their parents. Even though young adults can process thoughts more rationally than younger children, the divorce process can still take a negative toll on a young adult’s life.
Millennials’ Perspective on Marriage and Divorce
Marriage has always been considered a rite of passage for many people. However, over the past 15 years, marriage rates have drastically decreased.
In Illinois, 49 percent of the whole population is married, with a breakdown of 50 percent of Illinois males being married and 47 percent of females.
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Change of Marriage Statistics in the 2010’s
Marriage has been considered a monumental rite of passage for many decades. Yet despite couples marrying each year, no matter the age, the number of marriages in general has declined.
Some people are breaking away from social norms and opt to cohabit, while others have not yet met “the one” and are focused on their careers. In theory, there are a lot of differing opinions on the idea of marriage and its effect on others.
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High Asset Divorce Also Has Its Issues
There are times when divorce is a necessary step couples must take in order to promote a better life between both parties. However, if a couple’s divorce includes high assets or no assets at all, the process can be financially and emotionally straining.
Steps to Take When Filing for Divorce
Divorce is inarguably one of the most painful times in a person’s life, both financially and emotionally. Yet before legally finalizing a divorce, there are several steps each spouse must take in order to make the process as painless as possible.
With the help of an experienced divorce attorney, the divorce process can go smoothly and efficiently.
Property and Divorce
When going through a divorce, each spouse may have certain assets that he or she desires to keep—the marital home, family gifts, a boat, bank accounts, pensions, etc. Therefore, when it comes time to divide these assets, there may be tension. Hence, when dividing property and assets, each spouse needs to have a thorough understanding of the process.
Chicagoland Divorces Are Beginning to Decrease
A divorce can be one of the toughest times in a married couple’s life, financially and emotionally. While there are still many divorces to be finalized this year, there has been a steady decrease in divorce rates since 2010. Moreover, the statistics keep decreasing.
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Taxes and Divorce – What Every Disadvantaged Spouse Should Know
Couples often assume that a finalized divorce is the end of their separation journey, but nothing could be further from the truth. Steps must still be taken to complete the unraveling of finances, and there are still some areas in one’s life that can be impacted by a divorce. For example, a divorce can affect a person’s federal income taxes. Learn more about taxes and divorce for disadvantaged spouses, and how some of the decisions you make now may impact you when you file your taxes next time.
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