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Palatine divorce attorney property division alimonyIn many cases, people going through a divorce find themselves in a difficult situation simply because they did not fully prepare for their situation and take steps to protect themselves. If you know that divorce is in your future, there are a few steps you can take to help the process proceed more smoothly and ensure that you are able to achieve a fair settlement that will meet your ongoing needs.

Copy Important Documents

Before filing for divorce, you will want to make copies of all of the important documents pertaining to your finances. These may include tax returns, wills, mortgage documents, life insurance policies and statements for bank accounts, credit cards, retirement accounts or investments, as well as any other documentation related to your marital property. This will allow you to have a full understanding of the financial issues you will need to address during your divorce.

Understand Household Finances

You should keep track of your utility bills, mortgage or rent payments and other household expenses. You will also need to be sure you understand your spouse’s income as well as your own and any debts or financial obligations either of you may have. If either you or your spouse are self-employed or own a business, you should keep track of all of the income that comes in for a few months prior to the divorce. By understanding your ongoing income and expenses, you will be able to address these issues during divorce and ensure that you can meet your needs after your marriage has been dissolved.

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Posted on in Spousal Support

Hoffman Estates family law attorney, enforcing alimony, maintenance payments, Illinois spousal support, divorce and financesFormer spouses who receive alimony, or maintenance, are often cast by society as greedy and lazy, using this support to avoid becoming employed and self-sufficient. What many people fail to understand is that alimony is rarely a permanent form of financial assistance, and the vast majority of recipients need that money in the short-term to get their lives in order after a divorce. Recipients count on this money as a major part of meeting financial obligations, and suffer huge detriments when it is not paid.

Payors sometimes feel resentful over this obligation, and some choose to sidestep the responsibility by failing to pay the required amount. Alimony awards are legally enforceable, and the party denied rightful payment has the ability to petition a Court to force compliance. Usually, any penalties associated with violations are limited to additional financial outlay; however, in more extreme cases, criminal charges are possible.

The former head of the Chicago Board of Trade, Patrick Arbor, fled the country five months ago to avoid paying the alimony and property settlement award ordered in a divorce from his wife of 17 years, and was recently arrested by Boston Police when he re-entered the country, though quickly released when Illinois authorities declined to extradite him. While the circumstances of this case are somewhat outside the norm, it does illustrate seriousness of flouting Court-ordered obligations.

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Posted on in Divorce

start of divorce, divorce process, divorce and finances, marital property, children and divorceThe road to divorce is rarely straight and clear and often involves a number of deviations and recalibrations as couples try to work through difficulties. When divorce is imminent, spouses may think that the hard part of the process is over. Yet while ending a marriage is extremely painful and complicated, deciding to move on is the just first step.

A spouse can certainly walk into a divorce attorney’s office without doing anything more than deciding to divorce, even before telling the other spouse. However, entering the divorce process without significant advance planning is likely to set a person up for a much harder transition, as well as a longer period of time to conclude the divorce case.

Taking the time to put key pieces of information together will allow consultations with a divorce attorney to be more productive and will make obtaining the result a person may want much easier. This approach may appear to involve more work than anticipated, but walking into the process without a clear picture of one’s starting position can greatly complicate things.

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Posted on in Divorce

Inverness family law attorney, cost of divorce, divorce and finances, attorney fees, collaborative divorceFinancially, divorce can be expensive. Hence, the cost can deter some spouses from pursuing the dissolution of marriage. Various costs associated with divorce are unavoidable, but generally, choosing a process other than litigation to accomplish the dissolution of the marriage can greatly reduce the overall financial outlay. Such financial considerations may be of high importance if there is significant concern over maintaining financial stability after divorce.

Mediation and collaborative divorce give spouses more control over what expenses are incurred, and more easily allow couples to share costs. These options also give the parties more control over the outcome. Further, if a divorce is uncontested, i.e., all relevant issues are settled, the costs are relatively minimal. However, the more traditional route to divorce through litigation is sometimes necessary if the parties want very different outcomes, or if concerns over misconduct/misrepresentation are present.

Since one spouse is typically at a financial disadvantage, the prospect of litigation can be daunting, and potentially push him or her to agree to a quick settlement to avoid high legal fees and Court costs.

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Posted on in Divorce

divorce process, divorce tips, Inverness divorce attorney, divorce and finances, divorce optionsDivorce reaches every aspect of a person's life, and often requires adjustments in both behavior and outlook to make the transition possible. People tend to focus on the legal procedure, since divorce has such a pivotal role in finalizing the outcome, but this tendency can make addressing the practical issues of divorce more difficult, as well as ways of approaching the divorce process itself.

The purpose of divorce is to legally end a marriage, but the route taken to arrive at that point does not necessarily need to involve a drawn out, highly-litigated case, though litigation is sometimes necessary. Other, less contentious options are available and worth exploring for some couples.

Practical Tips

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Posted on in Divorce

Palatine divorce lawyer, gray divorcesWhile experts and researchers tend to disagree on the exact rate of divorce in the United States today, they are in agreement on one issue: the rate of divorce for couples over the age of 50 is on the rise. According to a recent Forbes article, the rate of “gray divorces” has actually doubled over the 20-year period from 1990 to 2010. These divorces tend to involve couples who have been married for many years, which can create huge financial changes for both parties. However, women, in these divorces, tend to suffer most.

How Your Age Impacts Your Divorce

The reality is that when divorce occurs later in life, the impact on your finances is larger. Once you reach retirement age, you are likely to be living on a fixed income, perhaps from Social Security benefits and pension or other retirement benefits. When you abruptly go from two sources of income to one, your budget and expenses will necessarily change. This is usually not a positive change, especially for the woman, who statistically is likely to have had less income over her lifetime than the man. This can cause the woman’s retirement benefits to be substantially less than her husband’s benefits. Women may be able to draw Social Security benefits from their spouses’ earning records, even following divorce, in some situations. However, that source of income is not a guarantee and is not available to all women at the time that they may need it the most.

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Palatine family law attorney, temporary supportIn some marriages, one spouse is primarily dependent on the other for monetary support. This can lead to troubling consequences in the event that a couple decides to pursue a divorce. However, in such circumstances, dependent spouses can seek temporary support to ensure that they will be able to financially support themselves or their children during the period of time in which divorce proceedings are pending — a process that could take months or even years. Revisions to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), which went into effect January 1, changed some of the procedural requirements for obtaining such temporary support.

Temporary Support

In order to receive an order of temporary support, a party must submit a petition and provide an affidavit containing the factual basis for the relief requested. The financial affidavit must be supported at the time of its submission by documentary evidence including:

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