Tag Archives: DuPage County divorce lawyer

IL family lawyerDivorce is usually a time of drastic changes. Everything from your normal breakfast routine to where you sleep at night goes out the window during divorce. For many couples, selling the home becomes a necessity to manage finances. As the two spouses split up and live in different locations, paying the mortgage on top of rent becomes unmanageable, particularly when the two parties have to pay separate utilities and a plethora of other expenses that used to be shared. In fact, 61 percent of divorced couples end up selling the home. However, not all soon-to-be divorced couples sell the home, and in some cases, this is the best decision if at all possible.

If You Have to Sell the Home

Finances or moving out of town are two of the most common reasons that divorced couples sell their home. Selling the home can provide the best way to split the value of the property during division of assets, can allow both parties financial footing to start off anew, and can minimize stressful costs by getting rid of an expensive mortgage. After all, if one party ends up owning the house, they may not even be able to cover the mortgage by themselves. If you are selling your home during divorce, make sure to follow the tips below:

  • Discuss the full plan with your spouse before taking any other actions, as well as the pros and cons of selling or staying;
  • Divide the costs of cleaning, maintenance, renovations, and any other repair work evenly or at least keep close track of the costs;
  • Choose a realtor together;
  • Keep dialogue open with your spouse during the sale;
  • Hire an attorney before the sale goes through; and
  • Divide the assets. Marital property in Illinois is divided equitably.

Choosing to Keep the Home

For parents who can afford to keep the home, the stability that brings to your children may outweigh any other positives that selling the home has to offer. Additionally, older divorces may benefit by holding onto a home that they own outright. After all, late-life divorces are much more common now than in the past. In 2014, Americans over the age of 50 were twice as likely to get divorced than 50-plus-year-old Americans in 1990. For divorcing couples that choose not to sell the home, they, along with their attorneys, need to figure out an equitable way to divide assets, since the home (usually) cannot continue to belong to both parties. And, if there is a mortgage left to pay, the spouses must reach a decision on who is responsible for paying what. In some cases, the spouse who no longer lives in the home may be responsible for paying part of the mortgage.

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Il divorce lawyerDivorce is a messy business, no matter the situation and specific details. Although avenues are available that make the process more amicable, it is no easy feat separating a marital union into two separate lives. Some cases have fewer factors for consideration, such as those with a short duration, no kids, and a little marital property. Once you begin piling on the elements and building a life together, the process becomes complicated. Every divorcing couple has a lot to lose, but high asset divorce accompanies other uncommon difficulties. Although the divorce process is the same, regardless of your net worth. However, when there are more properties, businesses, and other complexities, the chance for mistakes increases. These are the most costly mistakes you will want to avoid in your high asset divorce.

Acting Too Quickly

No one wants to linger in the divorce process longer than necessary, but it is often not beneficial to your case to speed through the process without careful consideration. Regardless of the emotional concerns, divorce is a legally binding contract that has a dramatic impact on your financial status. Your long-term financial stability depends on the agreement. Do not haphazardly agree to terms to rid yourself of the discomfort of the situation.

Hiding Assets

It is not uncommon that one spouse does not want to share with their ex. Although you may feel owed or otherwise entitled, you are under legal obligation to disclose all assets during the divorce process. That includes avoiding the temptation of transferring money to other accounts or third-parties for safe-keeping. It is very rare that a spouse succeeds in an attempt to conceal funds. You will be discovered, and it will put you at a disadvantage throughout the remainder of the proceedings.

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IL divorce lawyerAlthough social media has many redeeming qualities, social media seems to pick on everyone at some point. However, a favorite target appears to be the newcomers on the block, the Millennials. Also known as Generation Y, the term Millennials refers to anyone born anywhere from the early 1980s to the early 1990s. Regardless of the credibility of their social wrap sheet, there is one area that this generation seems to excel where other generations have failed; that is, they are decreasing the divorce rate.

Let us explore why:

A Dramatic Decrease

Each generation behaves markedly different than the preceding generation; the same is true in this circumstance. Americans under the age of 45 have found a unique way to oppose their parents: to stay married. Between the years of 2008 and 2016, America saw an 18% decline in divorce rates. Researcher and University of Maryland professor Philip Cohen went on to explain that even when all other influential factors, such as age, were removed the equation, this period still experienced a dramatic decline from the previous years.

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DuPage County divorce attorneyThough every divorce is different, and there is no one set way that can be used in all divorces, there are some general guidelines that can help make your divorce easier on you. The nature of divorce makes this period of time in your life difficult already, so figuring out ways that you can make it easier on everyone involved is a good idea. You may not even be aware that you are making these mistakes, but they can hinder the divorce and separation process. Here are five mistakes that you should try your best to avoid making:

1. Being Uninformed or Unprepared

If you are unaware of your financial situation, you are setting yourself up for failure. Before you begin the divorce process, you should make sure that you have access to all bank accounts and credit card accounts, as well as tax return information and investment accounts. You will want to make copies of all available financial records, such as tax returns, bank and credit card statements, loan documents, insurance policies, and deeds to real estate or vehicles.

2. Letting Your Emotions Guide You

Divorce dredges up many thoughts and feelings, so it can be difficult to take your emotions out of the process. It is completely normal to feel everything from grief to anger to resentment, but it is important that you do not let these emotions control your decisions. Seeing a counselor or therapist who specializes in divorce or family issues can help you work through those emotions in a healthy way.

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IL divorce lawyerDivorce is a challenging situation for fathers, mothers, and children. However, it can be particularly difficult for fathers, especially if the divorce was not their idea. Let’s take a closer look at five of the most common challenges divorcing fathers frequently face.

Loss of Control

When a father is going through the divorce process, they may feel like they no longer have control of their life. The good news is that working with an experienced divorce lawyer can help them feel more in control of their future and ensure their rights are protected.

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phone 630-920-8855
address15 North Lincoln Street, Hinsdale, IL 60521
phone 331-588-6611
address21 North 4th Street, Geneva, IL 60134
Our firm handles family law and personal injury matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Burr Ridge, Carol Stream, Darien, Downers Grove, Elmhurst, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lombard, Naperville, Oak Park, Oak Brook, Oakbrook Terrace, Clarendon Hills, Oswego, Park Ridge, Roselle, St. Charles, Geneva, Villa Park, Warrenville, Wheaton, Western Springs, LaGrange, Winfield, Woodridge and Yorkville.

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