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Subscribe to this list via RSS Blog posts tagged in marital assets

Illinois divorce attorneysWhile it is no secret that money problems are a major contributor to the divorce rate, few couples recognize that such issues can also complicate the divorce process. Debt and arguments about debt allocation, which often accompany monetarily complex cases, can also contribute to contention. Learn more about protecting your assets and reducing tension in your divorce with help from the following information.

Understanding the Correlation Between Money and Divorce

Many issues can lead to divorce, but research indicates that early arguments over money are the biggest predictor. Part of this is due to the intensity and duration of the fights that typically occur, but experts believe there are other underlying factors. For example, some relationship experts believe that money issues are an indicator of deeper problems, such as trust issues and power in the relationship.

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DuPage County divorce attorneysWhile some states have couples split their assets evenly, Illinois divides the marital estate “fairly.” Of course, this obscure term can mean a lot of different things to a lot of different people. Indeed, what seems “fair” in the eyes of the court – or in the eyes of your spouse – may not seem very fair to you. How do you put things into perspective, and how can you ensure that you do, in fact, get your fair share in divorce? The following tips can help.

Know What You Own

One of the biggest reasons that couples get shortchanged in divorce is that they walked into the process not knowing what they and their spouse owned. You see, before the marital estate can be divided, it must be valued. This value will not be accurate if there are missing asset. Start by looking for evidence of savings accounts, stocks or bonds, non-monetary assets (collector’s items, expensive jewelry, art, etc.), bank accounts, investment accounts, and retirement accounts that may not have been disclosed to you during the marriage. Then gather documentation and submit it to your attorney.

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Illinois divorce attorney, divorce trends, Illinois family law attorney,The old adage states that money can be a great equalizer. Those who are in the middle of a divorce are definitely able to attest to that claim, especially when it comes to divorce proceedings. In many cases, in divorce proceedings, or in other civil and criminal actions, the amount of available funding for these legal activities can greatly influence one’s case. It could make the difference between more than just winning and losing, but also the extent of property that each party may be able to acquire after equitable distribution.

Financial Issues Resulting from Divorce

Though many married women are currently employed and many are the breadwinners of the family, there are still many instances where women are still at a disadvantage financially because of a disparity in income due to the wage gap seen between the sexes, or a decision to stay at home with the family. These issues are exacerbated by the fact that divorce settlements can drag on for months and even years, especially when the relationship becomes acrimonious as a result of the divorce.

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Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah Law Offices LLC can help. Our trial lawyers have over 35 years of experience helping clients throughout Northern Illinois from five offices in Lombard, Bloomindale, Joliet, St. Charles, and Chicago.

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