Many people may not realize that Illinois no longer has the word “alimony” on its books. Instead, laws refer to it as either spousal support or maintenance. No matter the name, however, it all refers to the same thing: court-ordered payments made by one spouse to another.
When two people have a child together, they commit themselves to care for the young one. It may be the case that one parent will end up taking custody, and the other will have a financial responsibility to support the child. In Illinois, it is common for parents to make or collect child support payments, which can cover the cost of things such as everyday living expenses, education, daycare and food. While the topic usually only makes headlines when someone has been flagrantly delinquent on their payments, the state of Illinois recently had good news to report.
No matter what the circumstances are, going through a divorce can be a lengthy and emotional process. In order to try to simplify the matter, many couples in Illinois choose to enter into a prenuptial agreement, which outlines how marital property should be divided upon ending the marriage. A postnuptial agreement can achieve the same goals, but the agreement is put together after a couple weds. For stay-at-home mothers, such a document can be an asset in the event of divorce.
Accumulating property during marriage typically means that upon divorce, those assets will be divided. For some Illinois couples, that could lead to complex divorce issues. In addition to cash and retirement funds, other property such as business valuations and stock may come into play. As a recent high-profile case demonstrates, it is imperative to uncover all shared assets in order to come up with an equitable plan for division.