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Tag Archives: Wheaton divorce

Wheaton divorce attorneysOf all the issues that a couple faces in divorce, matters that pertain to the division of marital assets can be some of the most complex, confusing, and contentious. This area is also where couples tend to make the most critical mistakes. Avoid such issues during your Illinois divorce with help from the following information and assistance from a competent divorce lawyer. 

How Assets Are Handled in an Illinois Divorce

Unless the divorcing parties signed a prenuptial agreement before the beginning of their marriage, the assets that were obtained over the duration of their union are typically considered “joint” or “marital assets.” Such assets are usually subject to the division of assets process that takes place during a divorce. Parties can negotiate how they will be divided, but it is highly recommended that spouses each obtain their own legal counsel before signing a settlement agreement, as there may be factors that dramatically change one’s entitlement to the marital estate. For example, a stay-at-home mother may not think she is entitled to much of the marital estate since she did not really earn any income over the course of the marriage, but the courts would consider her contribution to the family (sacrificing her career or earning ability to care for the couple’s children) as one that increases her overall stake in the marital estate.

When to Split the Debts and Assets in Your Marital Estate

When it comes to dividing your debts and assets in a divorce, timing is everything. Some items should not be divided until the entire divorce process is complete (i.e. a retirement pension plan or a child’s college savings fund). Others, like credit card debt and student loan debt, can be separated before you officially file for a divorce, so long as you both agree to the terms. How you handle the latter is entirely up to you, but do not enter an agreement or make changes to your marital estate without first consulting your attorney. They can guide you in how to ensure that any agreements made before the start of proceedings are honored at the end of them. 

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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 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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DuPage County divorce lawyersDivorce is a complex and often emotional legal process – one in which the assistance of an attorney is highly recommended. Unfortunately, with all the choices that are now available, consumers often struggle to find the one that is most suitable for their situation. Learn why finding the “right” attorney for your Illinois divorce is so important, and discover some tips that can help with the selection process.

Strive for Balance Between Quality and Cost

Of all the concerns that divorcing parties have, those relating to cost are the most common. Understandable as that might be, parties should be careful to not let cost rule their decision – especially since many “discount lawyers” and “divorce mills” have little regard for the outcome of your case. Instead, do your research and strive to balance quality of the cost. Also, if you are afraid that you cannot afford the attorney of your choosing, discuss your concerns with them. Some may be willing to do payment plans, and in some situations, parties may be entitled to support from their spouse to cover any applicable legal expenses.

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Wheaton divorce lawyersGray divorce – one that occurs when the couple is nearing retirement – has been on the rise for a while now. Experts say there are several reasons for the trend, but the main contributor is that, with no job and no children, couples have more time alone together. In that extra time together, many are finding they are not happy or no longer in love, or that maybe they stayed together out of necessity, or for the sake of the children. In this scenario, the decision to divorce is not altogether bad, but there are some drawbacks. 

One of the biggest is issues is that, sometimes, parents with adult children forget that divorce still has an impact. In fact, one college counselor recently spoke out about how divorce was impacting students on campus. Adult children with kids of their own can feel the stress of your divorce as well. Learn how you can help them cope, and discover what an experienced attorney can do to assist you through the complex legal process that lies ahead.

Understanding How and Why Divorce Impacts Adult Children

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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
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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