One question that frequently arises during a divorce is ‘what rights does a spouse have to a house owned by the husband or wife prior to marriage if they divorce?” When couples marry, many cannot fathom their marriage might end in divorce, and as a result few consider what the financial consequences will be if…Read More
Shared Custody of Pets in an Illinois Divorce
Pet ownership is at an all-time high, with upwards of 65% percent of U.S. households counting a dog or cat as a family member. When couples divorce, they are often faced with the heart wrenching decision of who will get the family pet, dogs and cats long-viewed as property to be divided in a divorce….Read More
Dividing 401k, IRAs, and Pensions in a Divorce
When only one spouse contributes to a retirement account through their employer, they are often surprised that their retirement nest egg is subject to property division in a divorce. Any portion of a pension earned during the marriage is marital property subject to equitable division. Tax Consequences When Dividing Retirement Accounts in a Divorce Whatever…Read More
Protect Yourself Financially During Spousal Separation
It is not uncommon for couples to separate before they divorce, which often means living under separate roofs and leading separate lives until they start the divorce process. A question that comes up frequently from separated couples is whether their financial activities during the separation period will affect property division in a divorce. For example,…Read More
Stuck With Spouse’s Credit Card Debt After Divorce
Debt accrued during the marriage will be divided in a divorce. As part of the division of property, even balances on credit cards in only one spouse’s name will figure into the division of marital debt if purchases were made during the marriage. If you are considering divorce and are worried about continued spending on…Read More
Tracking Down Cryptocurrencies and Hidden Assets
As part of a divorce, both spouses are expected to provide full financial disclosure in order to equitably divide marital property. However, it is not that uncommon for one spouse to conceal certain assets in an effort to keep more of the marital bounty. Hidden assets might include money temporarily transferred to a family member…Read More
Uncovering Hidden Assets in a Divorce
When couples divorce, one spouse may worry that the other will lie about their financial situation or hide assets making it impossible to get a fair shake when it comes to child or spousal support or the division of marital assets. This fear is not unfounded as some spouses will go to great lengths to…Read More
Social Security Benefits When Divorcing After 50
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
