Tag Archives: divison of assets

IL divorce lawyerDeciding to get divorced is a big decision and one that you have undoubtedly spent countless sleepless nights agonizing over. Now that you have made up your mind that divorce is in your best interest, the prospect of having to go through the divorce process can suddenly seem extra daunting. Divorce is stressful, it takes half a year or more in many cases, and it puts extra strain on your children, your other loved ones, your career, and your finances. Below are four frequently asked questions about divorce that our clients commonly have.

Who Gets the Children?

In many divorces, the spouses are able to reach an agreement about child custody and the parenting plan with assistance from their attorneys. However, when agreement and compromise fail, a court will make the child custody decision for you. Judges always favor the custody arrangement that they believe will be in the child’s best interest. Long gone are the days when mothers were always given sole custody, in Illinois and across the country, fathers are fighting and lobbying to make joint custody the norm.

Are Marital Assets Divided Down the Middle?

Illinois is an equitable division state, which means that marital property is divided “fairly,” though not necessarily an even 50/50. In a contested divorce, courts look at the following information to help them decide which spouse gets what:

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Illinois divorce attorney, Illinois marriage and divorce lawsDivorce at any age can be challenging but for the many seniors opting for divorce later in life, financial instability may climb to the top of the list. Grey divorce began trending as one of the most powerful generations, the baby boomers, are vacating their marriages at an alarming rate. It is reported that for every four divorces, one involves a couple 50 years or older. The trajectory for grey divorce estimates that Americans over the age of 50 are now twice as likely to divorce as their predecessors of 20 years ago.

Not only is this a trending topic, but one that involves new challenges, especially financial concerns. Unlike their counterparts who divorcing in their twenties or thirties and are discussing family law issues such as child custody, older couples face a different set of issues to contend with. Financial advisors urge those involved in a grey divorce to review retirement plans, real estate, business, and most importantly, debt.

Retirement Accounts: Division of Assets

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