Tag Archives: divorce and finances

IL divorce lawyerAlthough it may be difficult to remain in the same home as the spouse, you are separated from or divorcing with, leaving the house is among the most disastrous decisions anyone makes during the divorce. Once you go, there is no guarantee that you will ever make it back into the home, or that your items will be there and in one piece once you get back. Here are of the leading reasons why you should not leave your home if you are facing divorce.

Custody Complications

If you leave home, and you leave the children behind, that is a genuine possibility that you will have “points deducted” when it comes to both property division and parenting time arrangements. Any spouse who chooses to walk away from home puts themselves in the unfortunate position of being an outsider in the family. Being the outsider is not a secure vantage point during divorce. Think of it from the judge’s point of view: they must do what is in the best interest of the children, and in many cases, the children do better if as little as possible changes. When children remain in the home, they have the same school, same friends, and the same bedroom. Before you leave the house and the children, protect yourself and secure temporary parenting time agreement for your case.

Property Concerns

If you leave home, your spouse has total control of the property. Although you both have joint interests, once the locks change, court orders will become necessary to enter the home again. Unless you gather your personal belongings with you at the time you leave, you must entrust all of your belongings with your spouse. If you need to go but cannot take your items with you, you should make an inventory of all of your articles and photograph the ones of high importance.

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DuPage County divorce attorneyGetting a divorce can wreak havoc on many areas of your life, but your finances can take an especially hard hit. When you are married, your accounts, loans and bills are all typically in both you and your spouse’s name, but that can be disastrous, especially if your divorce is particularly contentious.

After your divorce, you have to separate your finances from your spouse, but it is not uncommon for people to come out of a divorce with quite a bit of debt and some damaged credit. Without good credit, it can be difficult for you to get loans in your name or obtain housing, among other things. Here are a few things you can do to return your credit back to a healthy state after your divorce:

Live Within Your Means

Now that you are separating your finances from your spouse’s, you need to look at your expenses and income and determine whether you are making enough to live. You should create a budget that outlines all of your necessary monthly expenses, your optional monthly expenses and money for spending. Keeping a good credit score is mostly dependant on paying your bills on time and keeping your debt low. Living within your new means will help.

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Hinsdale IL property divsion lawyerDivorce is financially stressful in virtually all cases. Many American families rely on two incomes to make ends meet. When you divorce, your income is reduced to your income alone, which can mean big changes for your lifestyle. In addition to having your income reduced, your expenses also tend to increase.

It is not impossible to achieve financial security after your divorce, but it can be difficult without taking the proper steps. Here are five ways you can take care of your finances after your Illinois divorce:

1. Take Inventory of Your Finances

When you are married, your finances become intertwined. The first thing you should do after your divorce is to take an inventory of your assets, liabilities, income and expenses. This will help you know where you stand when you move on to step two.

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college account, DuPage County family law attorneys, Martoccio & Martoccio, college savings, college planning, college accounts, divorce and finances, college expenses, vocational school expenses, grandchild's college expenses, Illinois divorceIf your adult child is going through a divorce, and you have set up a college account for your grandchild, do not give your child's spouse a free ride on college expenses. Protect your grandchild’s college funds.

Under Illinois law, if there is a divorce, your child and his or her spouse are both obligated to contribute toward the university, college or vocational school expenses of their children. (See 750 ILCS 5/513 of the Illinois Marriage and Dissolution of Marriage Act.)

If you create a college account for your grandchild and there is a divorce between your child and his or her spouse, that account may be designated by the divorce judge to be used first for payment of the grandchild's college expenses, before the your son-in-law or daughter-in-law's obligation to pay for college expenses kicks in. In fact, your child’s soon to be ex-spouse may get a free ride if you have put enough funds into your grandchild's account, which you created, to fully pay for college.

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