Tag Archives: finances

When the wife brings home the bacon in a marriage

On behalf of The Walters Law Group, Ltd. posted in Divorce on Thursday, April 25, 2013. For many of Chicago’s married couples, it is the husband who earns the most income. Accordingly, should a couple split, the husband usually pays alimony in a divorce settlement. However, this is not always the case as research indicates that in a small portion of households, the wife is the top earner. In such scenarios, women may have to make certain considerations. Women should consider having a prenuptial agreement drawn up to protect their assets. The prenuptial agreementContinue reading

Managing your credit rating when getting a divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, April 3, 2013. Simply getting a divorce has no impact on the credit ratings of Illinois residents, but financial changes associated with splitting up a marriage can lead to lowering an individual’s credit score. This is why people who are considering a divorce should be proactive about tracking their credit score and splitting up finances as quickly as possible. The first thing that those considering divorce should do is get a copy of their credit score. This will tell them whatContinue reading

Divorce typically has multiple financial side effects

On behalf of The Walters Law Group, Ltd. posted in Divorce on Thursday, March 28, 2013. According to financial advisors, many individuals who get divorced fail to understand how much of a long-term impact the process can have on their financial status. Divorces may directly change the lives of many Chicago families and their assets, but they also affect their incomes and taxes later on. After people divorce, they return to single tax filing status, which usually represents a higher income tax rate. In modern times, such changes may affect men and womenContinue reading

Remarriage requires important financial decisions

On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, February 1, 2013. One of the hardest things about going through a Chicago divorce is determining how to handle money matters. But it’s not just a divorce that makes finances sticky. Getting remarried also makes money distribution more complex, and in some cases it can cause hardship for those who don’t take the time to do the math. A new spouse can change a lot of things that many may not initially think about. For example, those who were getting alimonyContinue reading