Divorce is a complicated legal matter, the dissolution of a contract, an immense transition for the family involved, and a significant emotional hurdle. If you are facing a divorce, it’s a lot to take on, but an experienced divorce attorney in Chicago can help ensure that your financial rights – as well as your rights as a parent – are well protected and that you obtain divorce terms that work for you.
In the event of divorce, your marital assets must be distributed between you and your divorcing spouse equitably. Equitably means fairly (once a considerable number of relevant factors have been taken into consideration). The assets that you acquire during your marriage are generally considered marital property, and this is true even if only one of you signed for the purchase. While separate property that you bring into the marriage is your own property, this is only true if you are able to keep it separate throughout your marriage, which can be extremely difficult to accomplish in light of the financial entanglements common to marriage.
The State of Illinois has replaced the term child custody with parental responsibilities, decision-making and parenting time. Parental responsibilities refer to making important decisions on behalf of your children, including those related to:
Parenting time determines how you and your divorcing spouse will split your time with the kids. You have the option of dividing the number of overnights you have with the kids down the middle or of one of you taking on a more parenting time.
Child support is the payment system the state uses to help ensure that both parents continue to support their children financially post-divorce. These payments are based on state calculation guidelines, and the primary decision-making factors include the number of overnights each parent has with the children and each parent’s income. It is called the Income Shares Model. Child support payments are generally the responsibility of the higher earner (even if your parenting time is divided equally).
In Illinois, alimony is called maintenance, which is also known as spousal support, and while it isn’t particularly common, it can play an important role in those divorces in which one spouse has an income financial disparity and the duration of the marriage matches that while the other has the means to help alleviate the problem. Alimony, Maintenance and Spousal Support is generally set for an amount of time that is intended to allow the recipient to gain increased financial independence via further education or job training.
If you and your spouse are able to negotiate your own divorce terms, you can keep the matter between yourselves (with the experienced guidance of your respective divorce attorneys). If not, however, you will need the court to address all remaining unresolved terms.
The trusted divorce attorneys at WARD FAMILY LAW in Chicago have the experience, legal insight, and compassion that you are looking for, so please don’t hesitate to contact us for more information today.
Jennifer is a strategic thinker with a remarkable ability to anticipate and address potential challenges. Her attention to detail and thorough preparation were evident in every aspect of my paternity case. This meticulous approach translated into a successful resolution of establishing the father-child relationship and financial responsibility that comes with that. I felt well-represented both inside and outside the zoom courtroom.
I was referred to the firm for their expertise in handling complex business divisions during divorce proceedings. As someone entangled in a high-stakes divorce involving substantial business assets, I can attest to their unparalleled skill, strategic acumen, and unwavering commitment to securing the best possible outcome for their clients. From the business valuation to the creative distribution, thank you.
If you own a business or an interest in a business or stock options (or anything of real value related to a business) then you need to make sure that your divorce attorney knows what they’re doing. My first attorney had no idea and so I had to start over finding the right team that had extensive family law and divorce experience that I needed in Chicago. Their deep understanding of corporate structures, financial statements, and tax implications showcased a level of competence that instilled confidence throughout the entire process. They collaborated seamlessly with financial experts, forensic accountants, and other…
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