Money issues are common in divorce matters. In many cases, the parties did not see eye-to-eye on finances during the marriage or one spouse controlled the family’s accounts and spending, and the other spouse did not have access to this information. Financial issues...
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Property Division
How do Illinois courts decide who gets the family pet during a divorce?
For many people, a dog, cat, or other pet is an important family member. In the past, the law did not include family pets as important matters to be addressed in the divorce process. Illinois law now considers family pets to be "companion animals’" and ownership and...
Will you keep your house after divorce?
A home can mean many things for a family: shelter, an investment, a place to raise children, and even a workplace. If you and your spouse decide to separate, it can also be a source of conflict if you cannot agree on what to do with your home. Is it possible to...
What happens to stocks in divorce?
Many people spend significant time, money, and effort building a solid stock portfolio. Divorce can significantly impact such investments. It is important to know how the court may handle your investment portfolio, stock options and restricted stock. Timing is...
Division of retirement plans in a divorce
A few months ago, we wrote about some of the issues older couples face when divorcing. One of the items addressed was the division of retirement accounts. Today, we’re back with specifics about how you can determine the value of different retirement plans that are...
How common is it for spouses to have separate bank accounts?
In 2018, Bank of America conducted a survey and found that an increasing number of spouses were keeping separate bank accounts after marriage instead of pooling funds into joint accounts. The research showed that maintaining separate bank accounts was most common...
Is my spouse hiding assets during our divorce?
You cannot get a fair share of the assets in your divorce if you are not aware of everything you and your spouse own. Although you are required to disclose all of your income and assets during divorce proceedings, some people still try to conceal them. If your spouse...