Because divorces often occur later in a couple’s marriage, many have questions regarding what, if any social security benefits they are entitled to under the name of an ex-spouse. This is especially true when a spouse has little work history of their own, perhaps even making them ineligible for social security under their own record….Read More
Dividing Employee Compensation Plans in a Divorce
Today many companies short on cash offer employees “incentive compensation plans” including stock options and restricted stock. In a divorce, these types of compensation can be overlooked – perhaps intentionally on the part of the employee spouse – when negotiating a divorce settlement. After all, stock options and restricted stock do not show up on…Read More
Financial Infidelity and Divorce
Marriage is not only an emotional pact you make with a significant other, it is a legal and financial commitment that requires trust in order to last. Among the reasons someone might file for divorce is financial infidelity, spending money without a spouse’s knowledge that can quickly lead to divorce. Financial infidelity is an outright…Read More
Antidote to a Spouse Hiding Income and Assets in Divorce
Research reveals that the spouse who ends up handling the purse strings in a marriage often boils down to ‘who hates it less’ or ‘who has more time’ to deal with the finances. This results in one spouse developing significant financial literacy when compared to their spouse. The longer the marriage, the more lopsided household…Read More
Splitting Retirement Accounts in a Divorce
Dividing workplace retirement plans such as 401ks and pensions require a court order that is separate from the divorce settlement agreement. It is important to work with an attorney who has experience drafting the necessary documents so that retirement assets are divided properly. Retirement savings are some of the most valuable assets a married couple…Read More
Possession of Marital Home During Divorce
When marriages break down spouses might find themselves in a standoff over who will remain in the home, which can be especially difficult if there are children involved. In cases where spouses cannot agree on how property will be divided during the divorce process, one spouse can ask the court for temporary orders to obtain…Read More
Filing for Divorce First
When marriages start to unravel, one or both spouses may begin to contemplate divorce but are hesitant to act because they fear they are being too hasty or perhaps neither one knows how to proceed. One question that pops up regularly among those seriously considering divorce is whether or not it is advantageous to be the first spouse to file for divorce. The answer is often yes, there can be potential advantages of filing first in a divorce.
Taxes and Marital Property Division
It is important to consider the tax treatment of various assets when dividing marital property to ensure a fair division. Say, for example, you and your spouse have a 401k as well as a Roth IRA, both with roughly equal dollar amounts. On the surface it may seem that awarding one to each spouse makes…Read More
Protecting Marital Assets in a Divorce
Marriages end for various reasons. Sometimes there may be domestic violence, abuse or infidelity involved while other times, one spouse may simply be ready to move on. When a spouse seeks a divorce under any of these circumstances, the other spouse may feel resentful and angry, perhaps even wanting to exact a measure payback by…Read More
Factors Considered in the Equitable Division of Marital Property
If you are divorcing in Illinois, you may be expecting that the equitable division of marital property will be split 50/50, fair and square. However, Illinois is an equitable division state and therefore property is divided in a way that is proportionate to what is fair, not necessarily to what is equal. A fair division…Read More
