Blog

Tag Archives: Kane County divorce attorneys

Kane County divorce lawyersIllinois is a state that utilizes the equitable distribution theory of asset division when a couple is divorcing. This means that any assets acquired during the marriage will be divided fairly between the parties, based on a number of factors like future earning potential. However, what many forget is that this is true for marital debts as well. If a debt is incurred during the marriage and classified as marital, the responsibility to repay it may be divided between the parties.

Defining Marital Debts

Not every debt incurred during your marriage will automatically be classified as marital. If you incur a debt related to a non-marital asset, such as a loan related to a non-marital business, it could be held to be a non-marital debt. So, for example, if you purchase a second automobile with income generated from a non-marital business, sign a loan as an individual, and do not list your spouse on the title or the insurance, it is, in theory, a non-marital asset and the loan used to finance it is a non-marital debt.

...
Continue reading

Kane County divorce attorneysIf you and your spouse are getting divorced, it may seem reasonable to assume that you would get to keep the assets and debts that are in your name while your spouse keeps those that in are in or hers. While such an assumption may be fairly logical, the reality of divorce is often much different, as the laws that govern divorce in Illinois are intended to ensure an equitable distribution of marital property.

Understanding Equitable Distribution

A few states require marital property to be evenly divided during a divorce. These states use what is called a “community property” system, meaning that any assets and debts acquired during the marriage—except for a few limited exceptions—belong equally to both spouses. In a divorce in community property states, the property must be divided equally.

...
Continue reading

Kane County divorce attorneyIf you are considering a divorce, you probably realize that the process is likely to include a number of necessary expenses. You may be required to pay for filing fees and court costs, not to mention the cost of financial experts, a guardian ad litem, or other professionals who may contribute to your case. Of course, hiring an attorney will also incur costs and, if you are not careful, the expenses related to your divorce can quickly add up leaving you to pay much more than you ever expected.

Setting Realistic Expectations

There are many ways to reduce the costs associated with divorce, and you can take proactive steps before the process even begins. The most important thing you can do to limit how much you will spend on your divorce is to develop goals and objectives that are reasonable and attainable. This means determining the portion of the marital estate you would like to receive and the level of parental responsibilities you would like to have allocated while keeping your expectations realistic. For example, if your spouse is a good parent to your children and responsible role model for them, refusing to settle for anything less than sole decision-making authority over your children and a large majority of the parenting time is not exactly a realistic goal. If not agreed upon, such a position is likely to result in a long, drawn-out battle costing you a great deal more money.

...
Continue reading

Kane County divorce attorney

While every divorcee's journey is unique, most find themselves operating in crisis mode. This is generally because divorce does more than just end a marriage. It also changes friendships, can damage relationships with an extended family that they have grown to love, and requires them to divide time with any children they may share. In short, divorce impacts almost every aspect of a person's life, so to find yourself in emotional turmoil is normal. It does not have to last forever, though. In fact, you can do more than just survive divorce – you can thrive and find the best version of yourself.

Let the People You Love Support You

...
Continue reading

Contact Us

NOTE: Fields with a * indicate a required field.
*
*
*

Recent Blog Posts

Archives

1737 South Naperville Road, Suite 100
Wheaton, IL 60189
630-549-0960
Evening and weekend hours by appointment.

We serve clients throughout Kane County, Illinois including St. Charles, Geneva, Batavia, North Aurora, Elgin, Algonquin, Aurora, Barrington Hills, Bartlett, Big Rock, Burlington, Campton Hills, Carpentersville, East Dundee, Elburn, Hampshire, Huntley, Kaneville, Maple Park, Sleepy Hollow, Wayne, West Dundee as well as throughout DuPage County.

Facebook Google+ Linked In Twitter Youtube
© 2017 Mirabella, Kincaid, Frederick & Mirabella, LLC | 309 Walnut Street, Unit B, St. Charles, IL 60174 | 630-549-0960
Take me to top
OVC, INC