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General Financial Considerations When Filing for Divorce

Posted on in Divorce

filing for divorce, Crystal Lake Family Law LawyerIn considering what life could look like after a divorce, it is natural to think of the financial aspects of the split. Questions of how marital property is to be divided among the couple and how children will be provided for can often arise. Some divorcing parents may even wonder how visitation would be affected by child support, and whether they will receive any other kind of financial assistance in raising the children should they be awarded custody.

As an initial matter, divorcing couples should keep in mind that Illinois is not a community property state. This means that when dividing a divorcing couple's assets, courts do not necessarily divide a couple's property in such a way that each person in the marriage gets half the assets.

In Illinois, the court divides marital property in just proportions, after a consideration of certain factors. These factors specifically do not include considerations of who caused the divorce, or marital misconduct.

Alimony is awarded largely depending on how long a marriage lasted, as well as the earning capacity of the spouse who would be ordered to pay alimony. In other words, the court has to consider what the spouse who is to be ordered to pay alimony can afford. There are other factors that a court can consider, and for couples with a combined income of under $250,000 there is a formula that is used to determine the amount of alimony or spousal support that should be awarded once a judge decides to award the support. Once again, marital misconduct is not to be considered when awarding alimony or child support.

Similarly, in deciding how much child support should be awarded in a case, a judge is required to follow guidelines, unless the judge determines that it is better to deviate from the guidelines. Under the guidelines, a parent is ordered to pay child support in amounts that are calculated as a percentage of the parent's income depending on how many children are to be supported. For example, support for one child is calculated at 20 percent of the parent's income.

Parents should note that while child support was historically given to the parent who was awarded what is generally referred to as “physical custody", changes in Illinois law have changed this expectation. Following an Illinois Supreme Court decision, parents who do not have primary physical custody of the children may receive child support from a wealthier former spouse depending on the circumstances and the best interest of the child.

Contact Us for Legal Assistance

If you are going through a divorce and are unsure of what your financial future will look like, please contact our experienced and compassionate Crystal Lake family law attorneys to discuss your options. We are eager to assist you with your case.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt.+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt.+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000

http://www.illinoiscourts.gov/opinions/supremecourt/2014/116730.pdf

Illinois State Bar Association State Bar of Wisconsin Crystal Lake Chamber of Commerce Illinois Trial Lawyers Association McHenry County Bar Association
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