“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
It’s often said that 99% of divorces end up settling rather than go to trial. But what does that mean? What is the result of a divorce settlement in Illinois? The end result of divorce in Illinois is a series of documents: The Judgment For Dissolution Of Marriage is a document which actually divorces the
Divorce is about unwinding two people’s professional and personal relationship. Each party to the divorce keeps certain assets and is assigned responsibility for certain debts. But some things are either both an asset and a debt or kind of neither, like a timeshare. So, what happens to a timeshare in an Illinois divorce? What Is
In an Illinois divorce every object or conceptual thing the couple owns, either together or apart, can be divided. Physical objects like paintings, animals, cars, houses, and photo albums can all be allocated in an Illinois divorce. Non-physical items such as patents, bitcoins, and royalties can also be allocated in an Illinois divorce…but not many
A divorce in Illinois can be a cause for a lot of changes. It’s not surprising to see my divorce clients undergo physical changes. My male clients will often see their hair go grey under the stress. All of my clients either lose or gain a lot of weight. Some of my clients take the
Divorce is a tumultuous time. Your family is no longer the same. Your finances are completely reshuffled causing you to turn to credit cards and other debt. Debt can become a lifeline during a divorce’s uncertainty. Therefore it’s natural to wonder how a divorce can affect your credit score and how you can protect your
Everyone knows that you split the assets in a divorce but people rarely consider that you also have to split up the debts. Usually debts are associated with an asset like a house and a car so whoever keeps the asset, keeps the debt. When it comes to student loans, however, there is no physical
Owning a house is a big deal, financially. So, what happens to your house during a divorce in Chicago, Illinois? What Happens To The Marital Home During An Illinois Divorce? Most people’s biggest asset is their house. However, the marital home is typically held by two people as a couple because, as a couple, they
Social Security and divorce have interesting effects on one another in Illinois. Social Security is the United States’ federal government’s system for making regular payments to people if they are disabled and/or elderly. People who are getting divorced and also receiving a social security benefit (or their spouse is receiving it) need to know how
When two people get divorced in Illinois, they follow the procedures of the Illinois Marriage And Dissolution of Marriage Act to determine what will happen to their assets and incomes upon entering the final judgment of dissolution of marriage. In lieu of following the requirements of the Illinois Marriage and Dissolution of Marriage Act the
Illinois divorce law relies on both parties disclosing all of their assets and income to the other party in order to settle their divorce. But what happens if one party lies about their assets or income in a Chicago, Illinois divorce? Before we jump into this topic known as “discovery“, it all starts with the financial