Are you getting divorced in Illinois and have questions about completing a financial affidavit? If so, you’re not alone. As a divorce lawyer in Chicago and surrounding suburbs, I know questions about financial affidavits are common. That’s why you should read this FAQ about financial affidavits in Illinois divorce.
(more…)Category: Division of Assets & Finances
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To deal with a house in divorce . . .
If you have a house and want to get divorce in Illinois, then you might have questions about what will happen with the house. Check out this FAQ about dealing with a house in a divorce.
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A QDRO lawyer for post-divorce problems?
Are you divorced and have a problem with your QDRO or other retirement division issue? If so, read this article about problems that can happen after a divorce is finalized – the so called “post decree” time period.
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FAQ: Financial Disclosure, Interrogatories and Requests to Produce
When a divorce in Illinois is litigated, each side has the right to certain information. The process of acquiring that information is called “discovery.” Another way to put it is that discovery is the evidence-gathering process. In a litigated divorce in Illinois, each party has the right to engage in discovery. However, the process can be time consuming, and frustrating. I wrote the FAQ on divorce discovery to help people understand the process.
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Who is the best QDRO lawyer in Illinois?
As a divorce lawyer in Illinois, I often have to deal with dividing retirement accounts as part of a divorce. Here’s the deal with dividing 401ks, pensions, and the like – it’s complicated. Splitting 401ks and pension plans requires a special court order, called a “qualified domestic relations order.” or QDRO. Most QDROS are prepared by specialists because of the technical knowledge required. If you need a QDRO, then you might want to hire the best QDRO lawyer in Illinois. If so, read on. (more…)
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Can I keep my home after divorce in Illinois?
As a divorce lawyer in Chicago Skokie and Evanston, people often ask me if they can keep their house after a divorce. The answer? It depends. If you want an answer to the question what happens to the house after divorce, read this article about dividing this important piece of property. It is often one of the most critical areas of a settlement or trial of a divorce in Illinois. (more…)
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Is property split 50-50 in Illinois Divorce?
“Is property divided 50-50 in an Illinois divorce?”
As an Illinois divorce, I get that question a lot. The answer? Yes. And no
I wrote this short FAQ on division of property in an Illinois divorce.
How is property divided in an Illinois divorce?
Property is decided “equitably” in an Illinois divorce. Equitably is a fancy word for fair – it’s probably used just to make things seem more sophisticated. Lawyers like that. I’m just going to use the word “fair.”
A fair division of property might mean that you get 60 percent of the property, and your spouse gets 40 percent, or vice versa. Or perhaps the property will be split equally(50-50).
Who decides what is fair?
Judges decide what a fair division of property is, unless the parties can agree. If spouses can settle a divorce without a trial, or get an uncontested divorce, then the sp0uses choose for themselves what they think is fair.
But what if spouses don’t agree?
Then the judge decides what is fair. If you go to trial, you may very well find out that your version of fair does not comport with the judge’s version. Who do you think will win?
What property is divided in a divorce?
Not all property the spouses own is subject to division upon divorce. Only marital property is divided. Marital property is property that is acquired during the marriage – with a few exceptions that are beyond the scope of this article.
By the way, it doesn’t usually matter much whose name is on the property, or who purchased it. For example, if both spouses have separately-titled bank accounts that were opened and funded during the marriage, they might be under the impression that they get to keep an account simply because only his or her name is on it. That would be wrong. The accounts would be marital property and could be divided upon divorce.
Property division misconceptions are one reason I answer “yes” when someone asked me “Do I need a lawyer for a divorce in Illinois?”
For a bit more about dividing property, you might want to checkout my articles “Dividing property in divorce: Overview,” and “Uncontested Divorce & Marital Settlement Agreements: The Home.”
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Short sale in a divorce: overview
As a Chicago divorce lawyer, I can tell you that even for those in an uncontested divorce in Illinois, what to do about the house is often a problem. One possibility may be a short-sale. (more…)
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High-net worth divorce: overview
A high-net worth divorce in Illinois may involve many of the same issues as other divorces, with a bit more complication. When the case calls for it, I can work with a network of professionals to provide high-net worth individuals with the expertise needed in preparing for divorce. (more…)
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High Net Worth Divorce: FAQ
As a Chicago and Lake County divorce lawyer, I understand that high-net worth people have concerns particular to their wealth. You may read the following FAQ or contact me to discuss your situation.
- Are assets split 50/50 in an Illinois divorce? The judge might divide assets right down the middle, but is not required to. That’s because in an Illinois dissolution of marriage (divorce), judges divide assets “equitably.” What does that mean? Essentially, a judge will divide assets according to what he or she thinks is fair, based on a variety of factors. That could mean a 50/50 split, a 60/40 split, and so forth.
- Will I have to pay alimony? Alimony is now referred to as “spousal support.” Spousal support is supposed to be rehabilitative; in other words, it is not supposed to last forever. Judges may use discretion when awarding spousal support, and they are supposed to award support such that the person receiving the support can maintain the standard of living enjoyed during the marriage.
- How much child support will I have to pay? Child support is set by statute, but deviations are possible. One of the deviations that high-net worth individuals are often concerned with are deviations for high-earners. For example, as outlined in my article “Illinois child support: the basics,” without any deviation a payor of child support would pay 20 percent of his or her net income pursuant to statute. However, a child support payor may receive a downward deviation if the net income is more than a certain amount; Cook County judges generally allow a downward deviation when the payor’s net income is at least $200,000, and DuPage County judges generally use the $300,000 as the point at which they deviate downward for high earners. You can see my article titled “Child support in Illinois: reduced below guidelines” for an example of a case where I won a deviation for my client.
- What about my business in a divorce: Business can be marital property if they were started or acquired during the marriage. You may want to view my article titled, “Dividing property in divorce: Overview.”
- How long will my divorce take? High-net worth divorce can take longer because there are more issues to consider, and because the parties can afford to litigate those issues. The best thing to do is to consult an Illinois family law attorney to get a better idea of the issues involved in your case.
- How much will my divorce cost? It is impossible to say how much a divorce will cost. Consider that you will simply have to determine if spending money on legal fees is worth it, considering the potential (but uncertain) payoff.
Getting a lawyer for a high-net worth divorce
If you are concerned about your property, that’s understandable. And whether or not you support vice-presidential candidate Paul Ryan, I might be able to help. You might be interested in a consultation with me, Chicago divorce lawyer David Wolkowitz. You may contact me online or at Three-One-Two-554-5433 .
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Dividing property in divorce: Overview
As a Chicago divorce lawyer who deals with division of property and high net worth divorces, I know that people have many questions about – to put it bluntly – keeping their stuff. You don’t have to be in a high-net worth divorce in Illinois to be concerned that you keep as much of your property as possible. (more…)
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Divorce in Chicago: Financial disclosure basics
As a Chicago divorce lawyer, I find many people who want to get a divorce in Illinois are confused about handling financial matters. While people generally think they will split some property when they get divorce, financial discovery in divorce is more often a foreign concept. It can lead to some confusion.
Put simply, financial discovery is the process by which each spouse ascertains the financial assets of the other spouse, and the marriage as a whole. Basically, it’s gathering financial evidence. I wrote this FAQ on financial discovery in Illinois divorce to help people understand what will be necessary during a divorce.