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Tag Archives: money and divorce

Illinois divorce lawyersMoney can be one of the greatest sources of contention in a divorce - and for good reason! There are some parties who are just dead set on getting more than their fair share. They will even go so far as to hide money and other assets from their unsuspecting spouses. Is your spouse participating in this underhanded (and illegal) activity? Look for these signs.

Your Spouse is Secretive or Defensive About Money 

If your spouse gets defensive whenever you talk about money or finances, it could be a key sign that they are trying to hide something. Alternatively, they may be secretive about their earnings, perhaps even going so far as to revoke your access to certain financial accounts. Some will even hide secret purchases (a commonly used tactic in asset hiding). 

Your Spouse Intercepts Bills and Financial Statements 

An asset hiding spouse does not want you to know where the family’s finances stand, so they will go to extreme lengths to ensure you never see a bill or statement. They may even have a secret post office box for receiving these pieces of financial information. 

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Illinois divorce attorneysThough divorce may be the right choice for a marriage, it is far from the easy one. It can be mentally and emotionally draining. As a complex and nuanced legal process, it can also be financially draining if not approached in the right manner. Reduce the risk of significant financial issues during your Illinois divorce by taking these five steps during the preparation phase.

1. Track Your Income and Expenses

Start tracking your income and expenses, as soon as you realize that divorce is inevitable. The more financial information you have, the better. Check bank accounts, stocks and bonds, savings accounts, any investment interests, retirement accounts, and any educational savings accounts that you and your spouse may have set aside for your children. Also, ensure you know exactly how much income you and your spouse bring in each month. 

You’ll also want to take stock of any assets that you and your spouse may own. This can include: 

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Wheaton divorce lawyersLife’s catastrophes do not care what your circumstances are; they just are. Such is the case with job loss and divorce. So what do you do when you or your spouse loses a job whilst knee-deep in divorce negotiations? The following information can help to provide some answers. 

Notify Your Attorney of the Situation

Notifying your attorney of the situation is your first (and perhaps most important) step in managing a job loss during divorce negotiations. If you are the one now unemployed, your attorney can help you devise a strategy for moving forward, which may be critical to your financial well-being if you were positioned to pay child support or alimony. If your spouse was the one let off from their job, attempt to understand the cause of the job loss to the best of your abilities and relay that information to your attorney. Depending on the situation, your total settlement may not change (i.e. your spouse voluntarily quit their job or was terminated for attendance issues, which they can control). It is important to note that their obligation to pay spousal support or child support may be temporarily placed on hold, but that does not necessarily mean it will disappear entirely. 

Create a Plan for Moving Forward

Regardless of whether it was you or your spouse who experienced the job loss, it is important that you devise a plan for moving forward. If you are the one currently unemployed, take an inventory of any savings you may have on hand to tide you over until new employment can be found. If your spouse is the one now unemployed, determine how you will forge forward if your settlement suffers. Some ideas might include:

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Wheaton divorce lawyersFamily structure has changed drastically over the last couple of decades, with many wives now serving as the sole or primary breadwinner. Unfortunately, studies have found that divorce is more likely to occur if the wife is the only one working, and now a new research project suggests that divorce risks are still greater when the husband works but earns less than the wife. So, what happens when a couple goes through a divorce and their familial structure is different from the typical but outdated societal norms? Learn more in the following sections. 

Division of Assets with Women as the Primary or Sole Breadwinner 

In many ways, the process of divorce does not change, simply because the wife is the sole or primary breadwinner. Debts and assets are calculated to determine the value of the marital estate, and the estate is then divided equitably between the divorcing parties. Yet, because of social issues - particularly those involving lower wages for women - the financial stability of a woman may be even more threatened than a man’s after the division of assets in a divorce. Additionally, you may be ordered to pay alimony to your spouse, which only increases your risk of financial issues after the divorce. For this reason, it is critical that wage-earning women have a seasoned divorce lawyer on their side, protecting their financial interests during the entire divorce process. 

Child-Related Matters with Women as the Primary or Sole Breadwinner

Matters pertaining to children, like parenting time and the allocation of parental responsibilities are not determined by money. Yet, because work may limit the amount of time that you have to spend with your child, you may receive a lower allocation of your child’s time in a divorce decree. Combat such issues by first finding ways to free up your time. Can you cut back on working hours or rearrange them so that you are free to spend time with your child more often? Is there a way that you can telecommute, at least for some your working hours? Also, remember that you may be required to pay child support if there is a large enough disparity in income. 

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Wheaton divorce lawyersBills and other financial obligations do not end just because you are filing for a divorce. In fact, money management is usually more difficult while trying to navigate the divorce process because there are more bills and less money to go around.

Thankfully, there are measures that one can take to improve their financial situation, even while pursuing a divorce. Learn more in the following sections, and discover how our seasoned divorce lawyers can assist. 

Track Your Finances and Develop a New Budget

The first step to improving your financial situation is to understand your finances. Start by tracking how and where you spend your money, then determine if any of your expenses can be eliminated or temporarily suspended. Doing this can give you more in the way of liquid assets. It also allows you to develop a new budget so that you can start saving for your new future. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
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
Phone630-580-6373
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, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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