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DuPage County Attorneys

LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

CHICAGO

105 W. Madison Street, Suite 2200, Chicago, IL 60602

Phone: 630-932-9100

NAPERVILLE

1730 Park Street, Suite 202, Naperville, IL 60563

Phone: 630-420-1000
Subscribe to this list via RSS Blog posts tagged in divorce finances

DuPage County elder divorce attorneysMore and more couples are getting divorced later in life. Some attribute this shift to an increase in female independence in modern relationships. Since women are no longer solely dependent on their husbands, they often feel more free to divorce their spouse if they are unhappy in their marriage. Others believe that our longer lifespans are contributing to these late-life decisions. With people living 90+ years, being married to the same person for that amount of time may not be in the cards for every couple. Known as gray divorce, getting divorced after the age of 50 brings on its own unique challenges, making it critical to hire a divorce attorney who can help you avoid making the following mistakes.

Mistake #1: Not Taking Note of Your Assets

Rarely do both spouses have an equal hand in managing the household finances. Over time, particular chores get assigned to each spouse and paying bills or managing accounts is often one of these. If you are the spouse who took on other responsibilities throughout your marriage, it is important to do your own inventory of your assets and debts. In some cases, divorcing spouses may attempt to conceal assets during the divorce to keep them for themselves. This is especially true for couples who have been married longer and have more savings and debts collected. 

Mistake #2: Forgetting the Taxes

Almost every decision that you make in your divorce will entail a transfer of assets or finances from one spouse to the other. Maybe you decided to keep the family home or are receiving child support or alimony. Whatever decisions you make in the process will come with their own taxes. You should look into the tax implications of each decision and select the one that makes the most sense. Should you pay your alimony in a lump sum or make monthly payments? Is keeping or selling your house the best idea? Your attorney will be able to guide you through these determinations and lead you to a reputable tax advisor when necessary.

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Naperville Contested and Uncontested Divorce LawyerWhen considering divorce, people are often concerned about two main points: the disruption that they and their children will experience in their lives and how much the divorce will cost. While one cannot overlook or discount the emotional pain that comes with the end of a marriage, financial issues can also be an important components of a divorce case. The costs involved in a divorce can vary significantly depending on the situation and the couple involved. Many circumstances, such as difficulties with the division of assets, can increase the overall cost of a divorce. Contentious divorces typically cost more than amicable ones. In short, couples who are concerned about the cost of divorce are encouraged to look for ways and opportunities to minimize their expenses.

Litigation Versus Negotiation

One of the biggest factors that can be controlled in a divorce is the choice to resolve issues as amicably as possible. Divorces that are litigated in the courtroom tend to be more costly than those that are negotiated, but even a mediated divorce can become quite pricey - especially if the negotiation process does not work out. However, in most cases, couples can reduce the costs of divorce by negotiating a settlement outside of the courtroom.

Dividing Marital Assets

During divorce, spouses must divide their assets and belongings according to what is considered “fair and equitable.” Of course, the idea of what is fair can be subjective. What one spouse might consider equitable may seem disproportionate to another - particularly if one spouse chose to stay home to care for the couple's children or suffered from health-related issues that kept them out of the workplace. This is just one example of why it is important to have an attorney who can protect your interests in the division of marital assets.

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DuPage County divorce attorneys

A divorce settlement may require a higher-earning spouse to pay monthly spousal maintenance, also known as alimony or spousal support, to a lower-earning or stay-at-home spouse. The divorce decree will specify the amount of the monthly payment and the duration of payments. If the decree specifies “indefinite” payments, you might assume the payments are guaranteed to continue until the recipient dies or remarries. 

However, the use of the term “indefinite” does not guarantee the recipient payment of maintenance for life. It is important for both spouses to understand when and how an award of maintenance could be modified in the future. If a spouse expects to depend on a fixed amount of income for the rest of their life, extra care must be taken in drafting the marital settlement agreement. 

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IL divorce lawyerIf you and your significant other are entering into the divorce process, it can put a strain on your finances. Divorces can sometimes be a costly process, especially if it is a contested divorce and you and your spouse cannot agree over anything. The court process often leads to people having to take a hard look at their finances to determine how they can pay for everything now that they are alone. The divorce process is difficult on your finances, but it can be less difficult if you follow the tips listed below.

No Impulsive Decisions

Divorce changes people. It can be for the worse, or for the better. For a period of time, many people will feel distraught about their relationship ending and might make impulsive decisions such as buying a boat or motorcycle or moving to a new city without any planning. It is important to wait until you are sure you have processed the divorce before making those types of financial decisions.

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Posted on in Family Law

IL divorce lawyerIf you are considering divorce or in the process of filing for it, you likely have many questions and concerns. Since divorce can be complicated and the decisions you make during it can affect your family life and future for years to come, it is important to avoid some of the most common divorce mistakes. These mistakes include:

1. Being Untruthful About Your Financial Status

In addition to separating from your spouse, a divorce will separate your finances. Therefore, it is essential for courts to have accurate financial information from both you and your spouse. This way, appropriate decisions regarding property division, spousal maintenance, and child support can be made.

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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 40 years of experience helping clients throughout Northern Illinois from four offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah Law Offices LLC to find the attorney they need.

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