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Illinois divorce lawyersStudent loan debt is currently at an all-time high in the United States ($1.5 trillion), and it is creating excessive financial stress for married couples all over the country. In fact, a survey of divorced couples revealed that student loans were a factor in one-third of all failed marriages, and a total of 13 percent specifically blamed student loans for the end of their relationship. How are these debts divided when a couple pursues a divorce, and how can a seasoned divorce attorney help protect your financial well-being during the process? The following information explains. 

How Student Loan Debt is Divided in an Illinois Divorce

Debts, like assets, are divided equitably in an Illinois divorce. What this essentially means is that the assets, income, and future earning potential of each party is considered when determining how the debt should be split. The one exception that may apply is if the debt was incurred prior to the start of the marriage; in this instance, it is typically considered pre-marital debt, and the owner of the loan is usually responsible for repaying it on their own. 

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Wheaton divorce lawyersDivorce can significantly impact the mental, emotional, and financial well-being of any child, but those who have special needs’ are at an especially high risk. When one takes into account that an estimated 10 percent of the population has a family member with special needs, and the risk of divorce is significantly higher for them when compared to the general population (an estimated 86 percent compared to 50 percent), the importance of proper divorce planning becomes clear. Learn more about how to approach the process in the following sections, and discover how a seasoned divorce lawyer can help to improve the overall outcome of your case. 

Understanding What Could Be At Stake 

Minor and adult children with significant disabilities often need a lot of support from their families, health care professionals, community, and government. Unfortunately, if their parents go through a divorce and the process is not approached carefully, it may render the child ineligible for many of these types of assistance. As a result, the physical, mental, or financial well-being of the child may be negatively impacted. 

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Wheaton divorce lawyersWhen it comes to divorce, parties often wonder when is the best time to file. Some make their decision based on circumstance (i.e they are fighting more frequently). Others base it on emotion (which some believe to be the driving factor behind the peak divorce times each year). While neither is necessarily “wrong,” they are not the best determining factor for determining when to file. Learn what determining factor may give you the best possible chance at a favorable outcome in your Illinois divorce, and discover how a seasoned attorney can help you prepare for the process. 

Basing Your Decision on Financial Standing 

The end of a marriage can be emotional and tumultuous, but basing your decision on emotional and circumstantial factors alone can leave you (and your spouse) at risk for financial devastation. Part of this can be attributed to the divorce process itself, which is financial, rather than emotional or fault-based. Having a one-income household or being in the dark about your financial situation can further exacerbate the problem. Thankfully, if you base your decision more on your financial standing and readiness, rather than other factors, you can mitigate many of the money-related risks that are commonly associated with a divorce. 

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Wheaton divorce lawyersAlthough a divorce does not have to affect your credit, it can. The possibility of reduced income, moving expenses, and actions or inactions of your spouse are all possible causes, but once the divorce is finalized, there is only one real solution: rebuilding your credit. Learn more about how to do this in the following sections. More importantly, learn how a seasoned divorce lawyer could reduce the chances that you will experience adverse credit issues during your divorce. 

Make a Plan - Jointly and Independently

Perhaps one of the best ways to mitigate the risks of credit issues during and after your Illinois divorce is to sit down with your spouse, take an inventory of your finances and debts, and develop a plan. Discuss your options, such as: 

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Wheaton alimony lawyersMoney is often one of the leading sources of contention during a divorce, and it is about to get worse, thanks to the new tax law regarding alimony payments. Set to take effect on January 1, 2019, this new law will eliminate the tax credit that paying parties used to receive at the end of the year. Learn what this could mean for your Illinois divorce, and discover how a seasoned divorce lawyer may be able to help you mitigate the potential risks and issues that could arise. 

A Closer Look at the New Alimony Tax Law

In previous divorces, and those completed before January 1, 2019, alimony payers receive a tax credit at the end of each tax year. The receiving party is also required to report their alimony payments as income to the Internal Revenue Service (IRS). Both of these aspects of divorce will be changing at the beginning of next year. That means there will no longer be an incentive for paying alimony, and fewer parties will be willing to pay it. That can hinder the financial well-being of receiving parties, as well as the paying parties, perhaps even more so than many realize. It can also make for more contentious divorces, and that can increase the stress levels of all involved parties - especially any minor children that the couple may share. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Warrenville Office
Address28371 Davis Parkway
Suite 103
Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road
Building A, Suite 105
Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street
Suite 900
Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street
7th Floor
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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