The ultimate goal of divorce in Chicago is to end the marriage and wrap up the legal implications of the marital relationship, so you can expect that fiscal issues will be at the forefront of the proceedings.
The Illinois Marriage and Dissolution of Marriage Act includes a section on three key financial considerations: alimony, child support, and property division. You might not have to address all of these matters but, when you do, they could impact your divorce case during the proceedings and after the final decree is entered.
Financial factors are among the most hotly disputed issues in an Illinois divorce, but there are options for resolving disagreements. Most Chicago divorce attorneys would recommend marital settlement agreements whenever possible to avoid an outcome that harms both parties such as depleting finances through protracted litigation. You can see the advantages by taking a closer look at the laws.
Fiscal Considerations for Divorce in Chicago
You might be surprised to learn that certain statutes apply while your case is open, so either party can request alimony. A court will often award spousal support when a lower-earning spouse would suffer serious hardship without funds to pay for life’s necessities.
When there are minor children involved with divorce proceedings, the judge will also address child support. The details vary based upon where the child resides during divorce and the incomes of the parents.
Any temporary orders in these areas will terminate when the final divorce decree is entered, at which point many of the same factors are still important. Financial considerations after divorce include:
- Property division via equitable distribution of marital assets
- Which party, if any, will retain the family home
- The primary residential parent for minor children
- Allocation of parental responsibilities and parenting time, due to the impact on child support
- The ability of a lower-earning spouse to become financially self-supporting
How to Protect Your Financial Interests
As mentioned, a solid strategy for resolving economic issues for divorce in Chicago is to consider an agreement on the relevant topics. The spirit of compromise might mean you give up certain things in exchange for others, but it is possible to work out an agreement that balances the interests of both parties. Plus, even if you cannot agree on every detail, you might benefit from mediation. These options give the parties more control over financial considerations and the power to work out creative solutions.
When you cannot agree, litigation might be necessary. Illinois divorce laws will dictate the judge’s decision on finances, but conducting a hearing may be the best option for protecting your interests.
Our Chicago Divorce Attorneys Can Advise You On Financial Considerations
As you can see, the economic implications of divorce impact your case while it is pending and even after the proceedings conclude. To learn more about resolving financial considerations, please contact Chicago divorce lawyer Michael C. Craven. You can schedule a free initial consultation at our office by calling (312) 621-5234. Once we learn more about your situation, we can explain strategies for minimizing conflict with alimony, child support, and property division.
The post Important Financial Considerations to Think About During and After Your Divorce first appeared on Divorce Attorney in Chicago.