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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

Top Chicago Area Divorce Lawyers

shutterstock_132478784.jpgThe process of untangling marital finances is complicated and often very messy. Divorce is already a tough process in many ways, but when significant financial issues are at stake, an already degrading relationship between spouses can quickly become hostile. Every divorce is different, with its own unique challenges and complexities, but there are certain steps divorcing spouses can take to prepare themselves financially for a high-asset divorce. 

Be Cautious When Acting on Advice

Everybody has an opinion when you get divorced. You may have a friend whose attorney recommended they take a specific action that yielded positive results; your mother may be certain that you need to do the exact opposite. Before you make any major financial decisions that could have long-term consequences, get help from financial experts and divorce attorneys who are familiar with the details of your case and can explain your options to you. Once you know the options, you can make an informed decision. 

Spend and Save Prudently

Although individuals in high-asset divorce cases may be accustomed to living a comfortable lifestyle, refrain from taking on any major financial expenditures before filing for divorce or while your divorce is ongoing. While you may be able to afford it, the appearance of conspicuous wealth can affect the negotiation process over child support and spousal support. Whether you anticipate giving or receiving support payments, be fiscally conservative and avoid flashy or showy purchases. Illinois courts have wide discretion when making decisions about support payments in high-net-worth cases that may deviate from standard formulas. 

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oak brook divorce lawyerFinancial differences and disagreements are among the most common reasons couples cite for relationship breakdown. The inability to manage financial resources can lead to difficult and complex issues, such as debt or burdensome shopping habits, that can ultimately make a divorce inevitable. Perhaps surprisingly, higher-income couples with significant net worth are actually more likely to disagree about finances in ways that lead to divorce. If you are considering a divorce in Illinois and are worried that your spouse may take irresponsible financial actions, a financial restraining order may benefit you. 

What is a Financial Restraining Order? 

A financial restraining order is a temporary court order that freezes a couple’s marital assets until they can be divided equitably as part of the divorce process. A financial restraining order can keep a spouse from hiding, spending, transferring, or otherwise disposing of any money, assets, or property they do not need for daily necessities. Spouses who seek a restraining order must prove the following in court: 

  • There is a clear need for a financial restraining order (such as evidence of behaviors of concern)

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Burr Ridge Family Law AttorneyOften, the only things we hear about divorce are the worst parts. It can be expensive, stressful, and last far longer than one might hope. But there are also major benefits to getting divorced–especially if you are trapped in an unhappy marriage or find that you and your spouse no longer share common goals. If you are considering divorce, here are five ways that doing so could make your life better. 

Your Finances Could Improve

Although divorce is notoriously expensive, for many people the money they save from divorcing a spouse sooner rather than later can pay off in the long run. For example, although a divorce settlement with your spouse might involve spousal maintenance for a fixed period, if your spouse is a serious spendthrift then you may actually save money compared to staying married to them forever. 

Your Relationships Could Get Better

Many toxic relationships leave spouses alienated from family and friends. Ending such a marriage could have a positive impact on your relationships with everyone else in your life. Rediscovering old friendships, nurturing relationships with family members, and committing yourself to better romances in the future are all positive relational outcomes of divorce. 

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oak brook divorce lawyerOf the many parts of your financial picture that will likely change after divorce, health insurance is one of the most important. This is especially true for spouses who have been homemakers or out of the workforce for any other reason. Becoming financially self-sufficient can take some time and knowing whether you can remain on your former spouse’s insurance is an important part of preparing financially for your divorce. Fortunately, Illinois’ Spousal Continuation Law allows former spouses to continue coverage after the divorce is finalized. 

Getting Continued Insurance Coverage After Divorce 

If you want to remain on your spouse’s insurance, your spouse must notify their employer that you want spousal continuation coverage within 30 days of receiving your final divorce decree. In turn, your spouse’s insurance company will give you notice, letting you know the details of the continued coverage. You have 30 days to respond to this notice and confirm your request. 

Keep in mind that once the divorce is final, your spouse’s company will no longer pay their portion of the insurance premium - covering the entire cost is up to you. While this means you will likely pay 70 to 80 percent more for insurance than you did previously, the cost of insurance premiums is so high that many former spouses still save money and have a better plan than they could get on the exchange. 

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dupage county alimony lawyerDivorce is a very complex matter. It signifies the finality of a marriage, but divorce proceedings do not end there. They also entail a lot of technicalities, such as child custody, the separation of assets, and alimony. 

Otherwise known as spousal maintenance or spousal support, alimony is a main player in many divorce cases. Alimony is financial support paid by one former spouse to the other.

Who Determines the Value and Dispersal of Alimony? 

During divorce proceedings, whether or not alimony will be paid by one former spouse to the other party will depend on the specific details pertaining to the divorce at hand. Some of the many factors that play a role in the presence or absence of alimony are as follows: 

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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