Divorce raises a number of financial concerns that couples will need to navigate. Our experienced team handles financial issues related to Illinois property division, parenting time and parental responsibility, child support, spousal maintenance and temporary orders.
Illinois Property Division and Marital Debt
Many couples begin by taking account of marital assets to divide such as bank accounts and personal property, but sometimes neglect to consider that any debt acquired during the marriage – mortgages, loans, credit card debt, tax liability and more – is considered “marital debt” that must also be divided as part of the divorce settlement.
Illinois Child Support
Many parents who divorce are sometimes surprised by how much child support they must pay. Illinois child support is calculated using the each spouse’s respective incomes, which may mean that one spouse is paying a considerable amount of support each month despite equal parenting time. Working with an experienced child support attorney can help parents understand what to expect in a divorce.
Spousal Maintenance
While less common, some divorce settlements include spousal maintenance payments from a higher earning spouse to a lesser earning spouse on a temporary or permanent basis depending on the circumstances of the case. Whether spousal maintenance will be ordered depends on various factors such as the income and earning capacity of each party, the duration of the marriage and even the standard of living established during the marriage. It is important to discuss spousal maintenance with an experienced attorney.
To Keep or Not to Keep the Family Home in a Divorce
Many couples most valuable asset is the family home which one or both parties may wish to keep. There are many issues to consider if a spouse decides to retain the family home in divorce, which may include qualifying for a loan with enough funds built in to pay the other spouse their share or alternatively, trading other assets in exchange for the home. Making mortgage payments, paying taxes, and maintaining a home can prove overwhelming for one spouse, who may just wish to sell the home an split the proceeds after careful consideration.
High Asset Divorce Valuation
A high asset divorce may have significant business interests, investments, real estate, and other complex assets that require skill and knowledge to divide marital property fairly. Not only will an experienced attorney be crucial, but also professionals such as valuation experts and forensics accountants. A valuation expert can pinpoint the value of various assets that may be difficult to value including stock options, crypto currency, or collectibles. A forensic accountant is trained to find hidden assets if there are any concerns that a spouse might fail to disclose all sources of income and property, a common issue that must be property addressed in a divorce.
Contact an Experienced Illinois Divorce Lawyer for Help
When considering divorce, there a various financial issues to consider. The first step is to visit with a knowledgeable and experienced family law attorney to gain insight, and to have an advocate on your side. When you have questions, contact Lake County Family Law attorney Ronald L. Bell for answers at 847-495-6000.