Tag Archives: divorce finances

IL divorce lawyerWeeks after the sad death of Larry King, his widow is now challenging his will in court. Larry King’s widow, Shawn Southwick King is arguing that her husband did not have the mental capacity to draft a will, which he wrote two months after filing for divorce from Shawn. She is also stating that he was influenced by other people when creating his will. Although Larry King had already filed for divorce, the case was not yet finalized. While the case contesting the will is still ongoing, it does highlight the need for divorcing couples to revise their wills when their marriage has come to an end.

How Wills are Treated During Divorce

A last will and testament is the foundation of many estate plans. Within a will, a person can state their wishes pertaining to the distribution of their assets upon their death. Wills can also name an executor, or the person responsible for managing the estate during the probate process, as well as the guardianship of minor children.

The law in Illinois states that when a person gets a divorce and has a valid will in place, the will remains valid and the probate courts will not revoke it. However, any provisions that pertain to the deceased’s former spouse are revoked. The law treats these wills as though the former spouse passed away before the testator did.

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IL divorce lawyerDivorce is never easy and it brings many consequences for the people going through it. One of these consequences people do not consider is their credit score, and how it will be impacted during divorce. While sometimes, a divorce will hurt a credit score, there are ways to protect it so it is easier to move forward in your new life.

How Does Divorce Hurt Your Credit?

A divorce can hurt your credit in a number of ways. Many people feel the financial strain after a divorce because they are accustomed to living in a two-income household. When one of those incomes is no longer available, it is more difficult to make loan payments, pay bills, and more, which can ultimately hurt a person’s credit.

Additionally, during a divorce, a judge may decide that one spouse is responsible for paying debts owned jointly by the couple during property division hearings. If that happens and your spouse does not pay their portion of the payments, that will also hurt your credit score.

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IL divorce lawyerDivorce is expensive. Most people entering the process understand that. However, although many people associate the cost of divorce with attorney fees, spousal maintenance, and child support, there are other costs of divorce, as well. These are often the somewhat hidden costs that people do not realize they will have to face until they have already gone through the process. Below are the six biggest hidden costs that you should prepare for if you are about to get a divorce.

Moving Costs

Both spouses do not remain in the home after a divorce and few, if any, people even want to. As such, you must consider the cost of a new home, including the expense of moving your belongings from one place to another. Moving can cost a lot, so it is important to research what rental properties cost in the area you want to move to, or the local housing market, if you want to purchase another property.

A New Home Loan

If you are remaining in the marital home but both you and your spouse are named on the mortgage, you will have to take out a new mortgage. It is important to consider how much your new mortgage payment will cost and if you can handle the other costs of homeownership, such as paying property taxes and upkeep.

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IL divorce lawyerGoing through a divorce is a very difficult and emotional process. It is hard to say good-bye to the person you thought you would spend the rest of our life with. However, along with the many emotions you will feel during this time, you will likely also have other concerns, including the cost of divorce. It is well understood that divorce is often expensive and it is not uncommon for those going through it to wonder just how much their divorce will cost. Although no one can determine how much a specific divorce may cost, there are some common factors that will always affect the cost of a divorce.

Whether the Divorce is Contested or Uncontested

The more contentious a divorce is, the more a divorce will cost. Divorces that involve spouses that cannot agree or compromise will typically go through litigation, which is a lengthy and expensive process. Not only does the length of a divorce affect the cost, but when a divorce goes to court, there are also additional fees, such as court costs. Also, during a litigated divorce the parties involved are subject to the schedule of the court, which can make the process take much longer. A divorce in which the two parties can agree to all terms will proceed much more quickly and cost much less.

When the Divorce Involves Children

Typically, divorces that involve children are typically more costly than divorces that do not. This is for many different reasons. The first is that divorces that involve children involve many more issues, such as child custody and child support. These issues will make the divorce take longer, which will make it more costly, as well. The second reason divorces that involve children cost more is because issues related to children are the most contentious of any divorce. This often means divorces involving children are contested, which makes them cost more.

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IL divorce lawyerIf you are getting a divorce, you will likely want to speak to a divorce lawyer that can help with your case. Most divorce lawyers in Illinois will offer a free consultation during which you and the attorney will discuss your case and the lawyer will provide the legal options you have to get a fair settlement.

Preparing for these consultations can be somewhat confusing, particularly if you have never been through the divorce process before. To make it easier, below is a list of things you should bring with you that will provide the attorney with more insight into your case, and help you determine if the lawyer is right for your case.

A List of Questions

You likely have a lot of questions about the divorce process. As you think of these questions, you should write them down so you do not forget to ask the lawyer about them during your meeting. You should also ask the lawyer some questions about the attorney’s caseload, their experience, and if they will be handling your case, or if a paralegal or associate will. All of these are important and will help you better understand the process and if you want to work with a certain attorney.

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