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Filing for Divorce in Illinois
Regardless of whether you are contemplating or facing divorce, understanding the legal and financial consequences involved is essential in protecting you and your children’s rights and interests. The divorce attorneys of Strauss & Hoyt, LLC work closely with every client, explaining how the court determines the division of marital property, child custody, visitation, and child and spousal support. Our Lake County divorce lawyers discuss the tax ramifications of an Illinois divorce, as well as how your credit score could be affected and help you prepare for life after divorce. If you or your spouse owns a business, we work with business valuation experts to determine its worth for the purposes of dividing marital property. If you and your spouse owe money on credit cards or have other outstanding unsecured debt, we negotiate terms that protect you from being saddled with most or all of it, specifying its apportionment between the parties involved.
In divorce and family law matters it is important to be prepared. Do not wait until you’re placed on the defensive. Contact Libertyville divorce lawyers at Strauss & Hoyt, LLC today to schedule a free, confidential consultation to discuss your case.
Illinois Divorce Issues – Protecting Your Interests and Rights
Strauss & Hoyt, LLC, represents clients in regard to the following family law and divorce issues:
- Separation Agreements
- Child custody
- Parenting time / visitation
- Child and spousal support
- Division of marital property
- Qualified domestic relation orders
- Closely held businesses
- Post-divorce modifications
- Paternity issues
Understanding the Financial Consequences of Divorce
Illinois is an “equitable division” state when it comes to the division of marital property. This doesn’t mean that marital property and assets will be divided 50-50; rather, “equitable division” means the court will take into consideration a number of factors when determining how marital assets should be divided. Typically, the court considers the work experience of both spouses, their educational background, contributions to the marriage, health, and other factors.
Of equal importance is marital debt. Any debt owed on a joint line of credit or co-signed loan is the responsibility of both spouses – even if the debt is on credit cards you seldom, if ever, used. And, even if your ex agrees to pay off a credit card, you can still be held accountable if he or she fails to do so. Your contractual obligations to a creditor are unaffected by any agreement contained in your divorce settlement. As such, even if your ex agrees to pay off a jointly obtained credit card, if he or she defaults, the creditor can lawfully come after you. As a result, it’s essential that certain protections be built into your divorce settlement when it comes to debt settlement.
Contact a Waukegan Divorce Attorney at Strauss & Hoyt, LLC
When you have questions about filing for divorce or another family law issues in Lake County, contact divorce attorneys at Strauss & Hoyt, LLC, today to schedule a free consultation to discuss your case.