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April 2017 Archives

What is the role of the “standard of living” in a divorce?

When you are going through a divorce in Illinois, you will likely hear the term “standard of living.” It is important to understand what this means and how it relates to the different areas of your divorce agreement, especially alimony. This standard is used to help make many decisions, and the court relies on it to be fair and just in how it allocates your assets and assigns spousal support.

Is a prenuptial agreement really all that necessary?

Before two people walk down the aisle, they naturally expect their future marriage to work out. A prenup sounds, to many people, like an expectation of divorce. However, it opens up discussion about important financial matters and values. Even the best-laid plans for marriage can go awry unpredictably, so a prenup can actually strengthen a marriage before it begins by getting you on the same page, as well as make things smoother if the marriage began to suffer.

Who gets the pets in a divorce?

If you are getting a divorce in Illinois and you own pets, you may be wondering what will happen to them. According to Forbes, the bottom line when it comes to the law is that pets are considered property. As property, they are distributed the same as any other asset you and your spouse own. Obviously, though, there are additional considerations because dogs and cats are living beings that require care and cannot usually be sold to split the money.

Property division and taxes

As with any other situation involving money or assets, there are tax implications when property is divided during a divorce in Illinois. As property changes hands or income is increased or decreased, each spouse may have to adjust his and her tax obligations.

What are some important things to know about alimony in Illinois?

The alimony laws in Illinois underwent some changes in 2015 and 2016. It is important that you understand the laws if you are trying to get alimony in your divorce case. According to the Illinois State Bar Association, the spousal maintenance laws are rooted in ensuring affordability for the paying party.