Illinois Divorce & Finances
UPDATED: February 16, 2020
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Separating out joint finances and debt during a divorce can be especially challenging, depending on your circumstances. How do you divide the property in an equitable way? What are the tax consequences for each party when you are contemplating property and debt division? Will you need to revise your estate plan as a result of the divorce? Will one spouse have to support the other via spousal maintenance payments? Following are laws specific to Illinois Divorce and Finances.
Illinois Property Division/Community Property/Debts:
Illinois is an equitable distribution state. This system of property division is also called common law or marital property. For an explanation of community property rules and the division of property in community property states, see Dividing Up Property in a Divorce: Community Property vs. Equitable Distribution.
Illinois Spousal Support:Spousal support, called maintenance in Illinois, is a regular amount of money that a court of law may order a person to pay to their ex-partner after a divorce. Whenever the court issues a decree for the dissolution of marriage (a divorce), the court may also issue an order at that time that either the husband or wife pay support to the other spouse.
If maintenance is ordered at all, the amount and the length of time it will be paid are determined by the court based upon factors such as the length of the marriage, the financial situation and earning capacities of the spouses, child care responsibilities, and any valid agreement between the parties.
You may need a lawyer to help you deal with the financial aspects of your divorce if you and your ex cannot agree. You can find a lawyer at:
Illinois Divorce/Child Support/Child Custody Lawyers:
Find an experienced Illinois Divorce Attorney at AttorneyPages.com
Find an experienced Illinois Child Support/Custody Lawyer at AttorneyPages.com
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