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Wakenight & Associates, P.C.

707 N. York Street, Suite 201, Elmhurst, IL 60126

Elmhurst | 630-528-0734

Mokena | 815-458-5660   Oak Park | 708-480-9651

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What Are Some Common Financial Issues in Divorce Cases?

Posted on in Divorce

Elmhurst divorce lawyer finances assets debtsThere are many important elements during the divorce process that require careful attention and deliberation. High among these are the multitude of financial concerns that typically arise. When a couple splits, it can lead to significant monetary strain. That is why you need a skilled divorce attorney who will fight for you as divorce agreement negotiations commence, or if you require courtroom litigation to settle relevant issues.

Here are some of the primary financial concerns that come up in divorce cases: 

Division of Marital Property

Spouses usually keep anything they brought into the marriage. Any possessions or financial accounts accumulated during the marriage are considered marital property, which in Illinois is divided on an equitable basis, but not necessarily an even split. The division may be substantially uneven if one spouse has a significantly higher earning capacity and the other’s quality of life is best preserved by receiving more of the couple’s property.

Debt and Divorce

Marital property does not only include assets. It also includes debts, which, again, are divided according to what the court deems equitable. This requires a full financial and credit report analysis to determine how much is owed and to whom. To ensure no further debt is accrued, it is best to cancel any joint credit cards. When possible, it can be helpful for a couple to settle as many debts as possible prior to divorce to avoid complications.

Divorce and Taxes

There are numerous tax-related issues to answer as you begin the divorce process. Who will claim the children on their taxes? What impact does child support or alimony have on your taxes? Are some attorney fees tax-deductible? Along with your divorce lawyer, it is best to discuss these and any other tax concerns with a certified public accountant. 

Retirement Plans in Divorce

Retirement savings accumulated during a marriage are also considered marital property and are therefore subject to division. These funds, including 401(k) accounts, are usually divided through a qualified domestic relations order (QDRO). Sometimes, these assets are traded for others during divorce agreement negotiations, which negates the need for a QDRO. 

Contact an Oak Brook Divorce Attorney

While child issues in divorce may be of paramount importance, it is critical you have experienced legal representation that can ensure your financial future is protected. At Wakenight and Associates, P.C., we fight for every cent our clients deserve, so they will be secure in their post-divorce life. For a free consultation with an Elmhurst family law attorney, call us today at 630-528-0734.

Sources:

https://www.thebalance.com/a-guide-to-the-most-common-financial-issues-of-divorce-1289262

https://www.thebalance.com/do-you-need-a-qdro-after-divorce-4047149

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