Pesce Law Group, P.C.

FREE CONSULTATIONS 630-352-2240

Naperville | Oak Brook | Burr Ridge | Lake Forest | St. Charles

Subscribe to this list via RSS Blog posts tagged in DuPage County divorce lawyer

naperville divorce lawyerThere is no denying that divorce will have a financial impact on most couples. Even if the divorce is a “friendly” one without disagreements about how the marital estate should be divided, each spouse will still have to adjust to going from a two-income household to a one-income home. Keeping that in mind, there are certain steps you can take to help alleviate some of that financial pressure and ensure you are prepared once the divorce process is complete.

How Much Money Do You and Your Spouse Have?

While this may seem like an obvious question, many spouses do not know the answer to that question, especially if the other spouse is the one who handled all the family finances. Make sure you know exactly how much you have in checking and saving accounts, retirement accounts, and any other financial accounts you have. It is also important to know how much marital debt you have, so find out the balance for any mortgages and equity loans, vehicle loans, credit card bills, etc.

If you are planning to divorce, this is also a good time to get your own checking and saving accounts and apply for at least one major credit card in your own name to begin building a separate credit history.

...

DuPage County divorce attorney dissipation of assets

Property division is often one of the most consequential aspects of divorce – especially for high-net-worth individuals. Some divorcing spouses reduce the value of the marital estate through excessive or careless spending or even intentionally destroying assets. This is referred to as the “dissipation of assets.” When a spouse spends money or property on a purpose not related to the marriage immediately prior to divorce, the other spouse may be entitled to compensation for the dissipated assets. Through a dissipation claim, you may be able to recover the value of assets your soon-to-be ex-spouse spent on extravagant vacations, gifts, or other unnecessary purchases.

Illinois Law Regarding Dissipation of Assets

The Illinois Marriage and Dissolution of Marriage Act (IMDMA) contains a provision defining dissipation and addressing how wasted or destroyed assets should be handled in a divorce. Dissipative spending is excessive spending that does not benefit the marriage in any way. So, spending money on groceries, home repairs, or other necessary, reasonable expenses would not qualify as dissipation. Examples of dissipation may include:

...

DuPage County divorce attorney spousal maintenance

Although it occurred slightly over one year ago, it is worth understanding the changes that Illinois made to its spousal maintenance law on January 1, 2019. The law controls not just how a court can determine whether or not one spouse is owed maintenance payments from the other, but how to choose the duration and amounts of those payments. Even if you have the help of an experienced divorce attorney to guide you through the divorce process, it could benefit you to understand whether to expect a court to rule in favor of maintenance payments for you or your spouse. 

2019 Illinois Spousal Maintenance Law

Before deciding whether spousal maintenance applies in a divorce, the court must consider many factors, all of which are detailed in the 2019 Illinois spousal maintenance law:

...
Back to Top