Call Us630-665-2500

124C S. County Farm Road, Wheaton, IL 60187

blog

Couples choose to end their marriage for many reasons, including financial problems. Perhaps you were a saver and your spouse was a spender, which caused many arguments or conflicts. Regardless of why you have decided that divorce is your best option, there are many issues you and your spouse will have to resolve before you can legally dissolve your union. Your first thought may be how to divide up your assets and property. However, it is important to remember that any marital debt will also need to be divided before you can finalize your divorce in Illinois.

Debt Allocation in Illinois

When it comes to dividing marital assets, Illinois is an equitable distribution state. This means that each spouse will be allocated a fair amount of the marital estate, including both property and debt. The first step in determining who will be responsible for what is figuring out which assets or debts are part of the marital estate and which ones are considered personal debts. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), any property or debts that you and your spouse acquired after your wedding day and before the day you filed for divorce are included in the marital estate. If the debt was accumulated before you got married or after you filed for divorce, it is usually considered individual debt.

...

blog

Ending a marriage is undoubtedly one of the most emotionally draining situations many people have to face. At this difficult time, it is vitally important to be aware of the negative impact this emotional upheaval can have on personal finances. While working through your separation and divorce settlement process, it is necessary to take proactive responsibility for safeguarding your personal finances and credit score.

Good Credit Is Crucial

For spouses who have not been responsible for bill-paying in the marriage, the transition to successfully managing their personal finances can be challenging. At our firm, we work with our clients to get an overall understanding of their finances so we can help them make smart decisions going forward. One important area of focus involves the personal credit score. Everyone has their own credit score assigned to them by the credit reporting agencies, regardless of if they are single or married. However, for married people, depending on how the couple’s credit and loan accounts were set-up and administered, their individual credit scores may be substantially different.

...

blog

The decision to get divorced is never easy, but once you have made that decision, the real work begins. You and your soon-to-be ex-spouse must now decide how you will divide your marital property, share the responsibilities of parenting your children, and build your respective lives after the divorce. One of you must also initiate the formal divorce process by filing the petition for divorce at your county courthouse. At our firm, we are often asked about this, and many clients are curious to know does it matter which spouse files for divorce first.

What Does the Law Saw?

The Illinois Marriage and Dissolution of Marriage, or IMDMA, is a collection of laws that essentially govern the entire process of divorce in the state of Illinois. According to the law, a divorce is, at its most basic, a legal proceeding through which the marital contract between two parties is officially dissolved. Technically, a divorce has a plaintiff and a defendant, but the application of the terms is much less important during a divorce than in other types of legal proceedings, such as criminal or personal injury cases. As a matter of fact, the IMDMA references the parties in a divorce as the plaintiff or defendant in just a single paragraph.

...

blog

It may be awkward to bring up the possibility of a prenuptial agreement with your partner, as it can be uncomfortable to think about divorce before the marriage even begins. However, a prenuptial agreement can be more than just a safeguard for your assets in the event of a divorce. It can also be an opportunity for you and your spouse to have an open discussion about your finances and help you remain aware of each other’s needs and priorities throughout your marriage.

Items to Address in a Prenuptial Agreement

Couples can choose to address a variety of issues in their discussions and prenuptial agreements, primarily related to their financial and property interests. Some important topics include:

...

blog

When you imagine ending your marriage, the term divorce likely pops into your mind. You may be thinking of how your marital property will be divided, where your children will live, and whether or not you will receive alimony payments from your former spouse. However, filing for divorce does not necessarily have to be your first step if you would like to end your marriage. Maybe you are not ready to divorce just yet or you have reason to believe that your marriage may be considered invalid. Regardless of the reasoning, you should know your options before taking legal action.

Legal Separation

...
Back to Top