Tag Archives: divorce finances

IL divorce lawyerDivorce can be expensive. What many people do not know is that there is a way to cut those costs so that in the end, you are not left with nothing. While a divorce will still likely cost you something, there are ways that you can mitigate the expenses so your divorce does not cost you absolutely everything in the end. If you can follow the below tips, you will find that your divorce is much cheaper than most.

Avoid Litigation

When many people think about divorce, they envision a bitter and messy courtroom battle. Although many divorces go this route, that does not mean that yours has to. The most expensive way to divorce is to go through litigation. If you can find an alternative, your divorce will be much easier on your wallet.

Try Mediation

Mediation is one of the best ways to avoid litigation. During mediation, you and your spouse will meet with a mediator. Mediators are neutral third parties that do not give legal advice but do try to get you and the other side to come to an agreement that is fairly mutual. You can still work with an attorney to ensure your rights are being protected. Your divorce will just end up costing less and take less time in the end.

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IL divorce lawyerGetting your finances in order goes a long way in divorce preparation. A Hinsdale divorce and high asset property division attorney can help you get your legal and financial documents in line to ensure that your divorce goes as smoothly as possible.

Create an Inventory of Your Assets and Debt

Division of marital assets is one of the most hotly contested aspects of divorce. Marital assets include everything acquired during the course of the marriage, while non-marital assets are everything else. Divide assets and debt by marital and nonmarital. Assets include everything from real property, bank accounts, 401(k) accounts, and pension plans, to jewelry, furniture, automobiles, and other tangible belongings. Debt acquired during the marriage is also marital property so long as both spouses signed their names to the mortgage, loan, or credit card.

Compile Documents

Having your financial documents in order saves time and hassle down the road. You probably will not be able to gather every necessary document before you talk to an attorney, but a good start includes locating the following:

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IL divorce lawyerIt is no secret that financial troubles are a leading contributor to matrimonial anxiety and divorce. One recent study found that student loan debt is the cause of one out of eight divorces. Another survey found that money is the leading cause of stress in relationships. Whether debt, disagreements about how money should be spent, general incompatibility, or something else was the cause of your divorce, bankruptcy can quickly put your plans to a screeching halt.

Property Division Actions Are Stopped During Bankruptcy

Filing for Chapter 7 or Chapter 13 bankruptcy allows homeowners immediate relief from foreclosure due to the automatic stay, which also stops lenders and debt collectors from continuing their debt collection practices. However, bankruptcy, due to the automatic stay, also stops all property division actions. For Chapter 7 bankruptcy, the court appoints a bankruptcy appointee who has the power to sell off your property to pay back your debt. While Chapter 7 bankruptcy will delay the division of marital property, this form of bankruptcy is over with relatively quickly.

Chapter 13 bankruptcy takes between three and five years, a time during which you must adhere to a strict payment plan to repay your debt. None of your property is sold off to pay back your creditors during Chapter 13 bankruptcy, but if you are going through divorce and desire to divide marital property, you must get permission from the court to do so. As such, going through a divorce during bankruptcy is a complicated task, though in some cases it cannot be avoided.

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IL divorce lawyerWhile many couples think they know just about everything regarding the other party before they get married, there are often some big surprises that get revealed after a bride and groom say their vows. Everyone has bizarre, and typically harmless, habits that they either keep under wrap early in a relationship or unconsciously avoid doing around others. However, some individuals have more damaging habits, addictions, and ways of living than is good for them, or their spouse. One of these is compulsive spending. Compulsive spending and the financial strain that it causes on a relationship can ruin a marriage. A family law attorney may provide an option for you before it comes to this, however.

What Is Compulsive Buying?

It is reported that six percent of the U.S. population has compulsive buying behavior, which is not a diagnosable disorder but certainly derives from a serious behavioral issue. Compulsive buying or spending is more common in women — 80 percent of people with compulsive buying are women — though with online shopping it is expected to increase in the male population as well. Compulsive buying is characterized by an obsession that compels the individual to continue a repetition of behavior (buying unnecessary things) even though there are obvious adverse consequences, such as not being able to afford necessities, credit card debt, going into bankruptcy, and getting divorced.

How a Postnuptial Can Help

According to a number of surveys, financial fighting between spouses is the leading or secondary contributor factor in divorce, with 41 percent of Generation X spouses reporting that they got divorced because of disagreements about money. Nearly half of married and cohabiting couples argue about money, with the majority of the arguments involving a spouse saying that the other spends too much, or a spouse that says that the other is too stingy. Other fights are common, such as whose responsibility it is to pay the bills or what the couple’s financial goals are. A postnuptial agreement can help resolve these conflicts by cutting money disagreements out of the marriage altogether.

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IL divorce lawyerMany of the laws surrounding divorce can seem complicated, unnecessary, poorly thought-out, or just plain wrong depending on your side of the argument. For example, disability benefits can be garnished to pay alimony or child support. For some, this may seem like an unfair demand or request. On the other hand, the receiving spouse may rely on that money to make rent or pay for their child’s healthcare expenses. An experienced Hinsdale divorce attorney can help explain how disability benefits can and cannot be divided during divorce.

Does Social Security Disability Income Get Split as a Marital Asset?

Over 10 million Americans rely on Social Security Disability Income (SSDI), with the vast majority of those people being disabled workers. If you are receiving SSDI benefits through your own work record and health condition, your disability benefits will not be altered during divorce in regards to division of marital assets. Similarly, if you were receiving SSDI benefits as a spouse to the person with a disability, your spousal SSDI benefits will not be affected unless you were married for fewer than 10 years.

How Do Child Support and Alimony Affect SSDI Benefits?

SSDI benefits can be garnished for child support or spousal support if those court-ordered payments are not being provided in a timely fashion to the receiving spouse. Whether you are the party with the condition or you are the party that is receiving SSDI benefits as a former spouse, your SSDI payments can be redirected to the other party to ensure that support orders are fulfilled.

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