If a divorce is looming in your future or perhaps already even underway, the possibility of you being ordered to pay or to receive spousal support may well come to be. Many Illinois residents who get a divorce find that alimony is part of their final divorce decree. This is a legal obligation just like child support and can be beneficial to a lesser-earning spouse.
When you and your spouse have agreed to get divorced, you know that soon you will face many decisions including those about dividing marital property. Among the assets that you and your spouse may end up sharing are retirement accounts. If these accounts are 401(k)s or other company retirement plans, the use of a Qualified Domestic Relations Order will be important for you.
It has only been a matter of months since the U.S. Supreme Court legalized same-sex marriage nationwide. That means it could be some time before the nation and Illinois see many same-sex divorce cases. However, it is important for anyone in a gay or lesbian marriage to be aware of some of the potential issues that could arise if they ultimately do get divorced.
Couples in Illinois who are interested in setting up prenuptial agreements should be prepared to conduct a thorough review of current and future financial matters. According to the American Bar Association, the process for creating a premarital contract should start with a full review of current assets such as retirement accounts or business assets as well as debts. This gives people a place from which to work.