“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
After 17 years of divorcing people, I have learned that the average Illinois resident only has two assets: their 401(k) and their home. Their home is worth as much as it would sell for on the open market less than the balance of the mortgage for that home. This amount of surplus in value over
In my years as a divorce lawyer in Illinois, financial infidelity has been a bigger issue in my divorce cases than actual infidelity. Spending money and incurring debt without the permission of the other spouse is simply a bridge too far. It is one thing to break up with someone…but it is another thing to
While a divorce is usually about who gets what asset, most people have a mix of assets and debts. A married couple’s debts are also divided in an Illinois divorce. Illinois divorce courts “shall divide the marital property without regard to marital misconduct in just proportions” 750 ILCS 503(d) “It is well settled that marital debts as well
Divorce attorney see their clients and their client’s spouse’s true finances. The truth is that most people have little in the way of assets outside of their marital home and their retirement accounts. When a divorcing couple’s assets are tied up in a home and retirement accounts, the divorcing the parties must pay for their
People who cheat on their spouses, betray their spouse’s trust and disregard their spouse’s feelings…usually don’t care much about what they owe the Federal government in taxes. But, most spouses file their taxes jointly and, therefore, both spouses sign the tax return. “The fact that an individual’s name is signed to a return, statement, or
A broken marriage can be the final result of a series of financial disasters. When a couple experiences loss of income, additional expenses and debt, that couple will end the year without paying their taxes in full. That leaves the couple in debt to the IRS and the local state government. Finally, the strain of
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
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
There are many kinds of debt that people can hold when they are going through a divorce: home mortgages, auto loans but the most common is credit card debt. Credit card debt can be in one spouse’s name or both spouse’s names but either way it must be addressed in a divorce to determine who
The most important value of our law firm is our commitment to our clients. We understand the serious nature of divorce and family law, and we are dedicated to helping you achieve the best possible outcome for your family and your individual set of circumstances. In every case, we fight to achieve the best possible result.
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