Bolingbrook Divorce Lawyers
Understanding the Divorce Process in Illinois
Facing a divorce is an overwhelming process. Whether you've reached a point where you know your marriage is irreconcilable, or have been unexpectedly served divorce papers from your spouse, we can help you understand the process, and skillfully work with you towards the best available outcome for you and your family. While a divorce can feel like the end of your entire life as you know it, the experienced divorce lawyers at Giamanco & Ooink in Bolingbrook, IL will help you focus on working through the key issues and building your new life.
The Key issues in a Divorce
Almost every difference between divorcing spouses involve either time or money. Time meaning the time each spouse will spend with the children and how physical and legal custody will be handled. Financial issues are one of the most commonly cited contributing factors to couples getting divorced, so it's no surprise that it's also one of the most contested issues in settling a divorce. Some of the financial issues that need to be settled during a divorce include:
- Who will keep the house and cars
- Who will be responsible for any outstanding mortgages / loans related to the house and cars
- Division of liquid assets such as checking and saving accounts
- Division of retirement assets like IRA and 401k accounts
- On-going spousal maintenance (formerly called "alimony")
- Child support
Division of Assets
Under Illinois family law, marital property and debt is to be divided equitably, but not necessarily equally between the divorcing parties. Before a determination is made about HOW the assets will be split, first assets that are considered "non-marital" property need to be removed from the equation. Assets that could be considered non-marital property would include any property obtained individually by one spouse (such as a gift or inheritance) as well as assets that either were acquired prior to marriage, or have effective been excluded by a prenuptial or postnuptial agreement. The remaining assets, considered to be marital property, will be divided based on a variety of factors, including:
- Each spouse's earning and spending patterns during the marriage
- The amount of time the spouses were married
- Child custody arrangements
- Spousal maintenance or other financial obligations from prior marriage(s)
- The earning capacity of spouses going forward
The financial aspects of divorce are complex and open to a fair amount of interpretation under Illinois law. The divorce lawyer you choose can end up having a dramatic impact on your financial situation and overall quality of life for years to come. At Giamanco & Ooink, we understand that settling the financial aspects of your divorce is likely one of the largest single financial decisions you will make in your life. We give you the tools and guidance to make the best possible decision for you and your family.
If you have questions about divorce, or were recently served with divorce papers and do not know how to take the first step, we can help. Call 630.679.0930 today to learn how we can help you through this difficult time and ensure a good outcome and a brighter future.