On behalf of The Walters Law Group, Ltd. posted in Family Law on Tuesday, January 14, 2014. When divorce is inevitable, it makes sense to consider financial planning for the ease and benefit of everyone affected. In Illinois, there are obvious economic issues to address like child support, spousal support, and property division, but in the event a divorce will not likely be amicable, it is important to take precautions to protect your assets. Before filing for divorce, take a deep breath, create a file from copies of your financial records goingContinue reading
Category Archives: Divorce
Various real estate options exist for divorcing homeowners
On behalf of The Walters Law Group, Ltd. posted in Divorce on Sunday, January 12, 2014. When a Chicago-area couple undergoing divorce owns a home and struggles to divide assets, there are various ways to address this looming challenge. In many cases, it can make sense for one spouse to remain in the home while the other continues to pay his or her share of the mortgage. This may be a recommended scenario as a short or mid-term solution if a fixed mortgage is involved and moving elsewhere would be expensive. For thisContinue reading
What to know about liens and divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Sunday, January 19, 2014. Sometimes, when someone fails to pay debts, a lien is placed on a home to establish it as collateral as the debt collection is attempted. Chicago divorcees may be interested in the case of a woman who asked a debt advisor about removing a lien on the home she had previously shared with her ex-husband. The lien was placed because the woman’s ex-husband was behind in child support and alimony payments to his previous wife, andContinue reading
Divorce battle continues with missing spouse
On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, December 13, 2013. As one Illinois couple is finding out, when a marriage ends, sorting out the details can sometimes be a complicated process. When one of the parties is unable to be located, it makes a potentially unpleasant event that much more difficult. In this case, the ex-husband’s lawyers are trying to challenge trial court orders issued during his divorce, but they may have some trouble due to the man’s absence from the jurisdiction. There are at least threeContinue reading
What Illinois residents need to know about divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, December 11, 2013. Regardless of the particular circumstances, according to a divorce columnist on Huffington Post, going through a divorce can be an emotional process. To successfully navigate the divorce maze, a person should educating themself in order to know what to expect. If the services of an attorney are being obtained, it is important at the initial meeting to ask the right questions. For example, if children are involved, how will the issue of child custody be handled along withContinue reading
Divorcees may face unexpected tax burdens
On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, December 9, 2013. Financial columnists responding to divorced individuals noted that people may be confronted with unexpected taxes following their separations. In one instance, Illinois residents may have heard of a husband who failed to claim all of his income during his marriage, and his wife was told that she was equally responsible for the outstanding amount after they obtained a divorce. Following her payment of a portion of the money, the woman filed her taxes first and ended upContinue reading
Social Security benefits and divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, November 18, 2013. Residents of Illinois who are divorced often have questions as to the effect that the dissolution of their marriage will have on their right to receive Social Security benefits. In actuality, a person who has gone through a divorce may be able to collect retirement benefits based upon the work record of his or her ex-spouse, assuming certain conditions are satisfied. At the outset, divorced spouses must be unmarried and at least 62 years old, must haveContinue reading
Illinois divorce cases may benefit from testimony of experts
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, October 30, 2013. Divorce proceedings can be complicated and divisive, particularly when it comes to custodial and financial issues. While some separating couples are able to agree on most matters, not every divorce proceeds this smoothly. Experts are therefore often used to help resolve certain conflicts. These professionals can be court-ordered or privately retained, and their opinions are often afforded considerable weight by a judge. Child custody and visitation is often a contentious issue, and a psychological expert can be calledContinue reading
Advance planning can negate some mistakes in divorce proceedings
On behalf of The Walters Law Group, Ltd. posted in Divorce on Tuesday, October 22, 2013. Illinois residents thinking about a divorce should consider asking themselves a few questions ending their marriage. Advance planning can cut down on the mistakes people getting divorced make. For openers, a person should meet with a financial planner to understand their financial picture before property division is started. For example, one spouse may desperately want the house, but if they don’t have the resources to support it following the divorce, there is no reason to fightContinue reading
To do list for an Illinois divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, October 14, 2013. Divorce can take huge emotional toll on an individual, but it does not have to be a financial burden. Individuals who are in a marriage that isn’t working out might want to take a few simple steps to protect themselves financially. First, individuals going through a divorce need to educate themselves on family finances. If the one spouse has taken the lead on the household finances, it’s important for the other spouse to understand the breakdownContinue reading