Tag Archives: property division

Plan ahead and protect your assets before divorce

On behalf of The Walters Law Group, Ltd. posted in Family Law on Tuesday, January 14, 2014. When divorce is inevitable, it makes sense to consider financial planning for the ease and benefit of everyone affected. In Illinois, there are obvious economic issues to address like child support, spousal support, and property division, but in the event a divorce will not likely be amicable, it is important to take precautions to protect your assets. Before filing for divorce, take a deep breath, create a file from copies of your financial records goingContinue reading

What to know about liens and divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Sunday, January 19, 2014. Sometimes, when someone fails to pay debts, a lien is placed on a home to establish it as collateral as the debt collection is attempted. Chicago divorcees may be interested in the case of a woman who asked a debt advisor about removing a lien on the home she had previously shared with her ex-husband. The lien was placed because the woman’s ex-husband was behind in child support and alimony payments to his previous wife, andContinue reading

Illinois divorce cases may benefit from testimony of experts

On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, October 30, 2013. Divorce proceedings can be complicated and divisive, particularly when it comes to custodial and financial issues. While some separating couples are able to agree on most matters, not every divorce proceeds this smoothly. Experts are therefore often used to help resolve certain conflicts. These professionals can be court-ordered or privately retained, and their opinions are often afforded considerable weight by a judge. Child custody and visitation is often a contentious issue, and a psychological expert can be calledContinue reading

Advance planning can negate some mistakes in divorce proceedings

On behalf of The Walters Law Group, Ltd. posted in Divorce on Tuesday, October 22, 2013. Illinois residents thinking about a divorce should consider asking themselves a few questions ending their marriage. Advance planning can cut down on the mistakes people getting divorced make. For openers, a person should meet with a financial planner to understand their financial picture before property division is started. For example, one spouse may desperately want the house, but if they don’t have the resources to support it following the divorce, there is no reason to fightContinue reading

Marital infidelity and divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, October 9, 2013. Illinois residents going through a divorce know that there is often bitterness between the parties when a marriage is breaking up. This can be especially true if the decision to file for the divorce is the result of the infidelity of one of the spouses. Whether this behavior will be taken into account during divorce proceedings depends upon the laws of the state in which the divorce is filed. States with no-fault divorce laws generally do not considerContinue reading

Reverse mortgages and divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, October 4, 2013. A relatively new financial planning tool known as a reverse mortgage has recently increased in popularity in Illinois and elsewhere. This type of loan may benefit an older homeowner that is going through a divorce. A reverse mortgage allows individuals who are 62 or older to use the equity in a home to get a loan and receive the proceeds in monthly installments, in a lump sum or through an available line of credit. Principal and interestContinue reading

Living together is the new trend

On behalf of The Walters Law Group, Ltd. posted in Unmarried Couples on Wednesday, August 21, 2013. More and more individuals are choosing to live together without the benefit/burden of marriage. They may own a home together, share a bank account and raise children together without being legally married. This lifestyle provides some benefits to individuals in Chicago and other areas. However, making the choice to live together without marriage can pose unique legal problems, such as issues with child custody and property division. The Centers for Disease Control reports that three quarters ofContinue reading

Dividing your assets at divorce with prenuptial agreements

On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, August 12, 2013. Prenuptial agreements are an important part of the proceedings when there is a high asset divorce. Illinois residents who are preparing for marriage or divorce may be interested to know some things to look out for when preparing a prenuptial or postnuptial agreement or attempting to negotiate property division at the dissolution of a marriage. A prenuptial agreement that is very old and without any postnuptial modifications or clarifications is liable to be challenged by theContinue reading

Post-divorce financial planning

On behalf of The Walters Law Group, Ltd. posted in Family Law on Thursday, August 8, 2013. Alimony in Illinois is a legal obligation to support a spouse financially at regular intervals before or after marital separation or divorce. Such support can be important to divorced individuals who were not employed during their marriages and have limited prospects for substantial income, but alimony may not last forever or even for long, so former spouses reliant on alimony payments to pay necessary expenses should plan to adjust their budgets accordingly. Some family lawContinue reading

Fox legal analyst gives advice on prenuptial agreements

On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, July 26, 2013. As of 2011, Chicago’s divorce rate stood at 7.4 percent for men and 10.2 percent for women. As a result, some residents interested in getting married in the near future — or perhaps those who have been married and are now considering divorce — may be interested in learning more about prenuptial agreements and how they influence family law matters in Illinois. A recent segment on “Fox & Friends” may provide them with valuable insight. While discussing theContinue reading