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Wakenight & Associates, P.C.

9405 Bormet Drive, Suite 7, Mokena, IL 60448

Mokena | 815-727-6144

DuPage County | 630-852-9700   Oak Park | 708-848-3159

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Recent blog posts

 New Lenox divorce attorney for financial issues

Getting a divorce can be one of the hardest things you will ever do in your entire life. Most people know or can imagine how emotionally stressful a divorce can be, but they may not think about how other areas of their life will be affected. For many people, a divorce can also put a great deal of stress on their financial well-being. Fortunately, there are a few things you can do to prepare your finances so they do not take as big of a hit during your divorce. Here are a few ways you can help keep a sound financial footing as you go about the process of ending your marriage:

2. Gather All of Your Financial Documentation

Before you even begin to do anything, you need to make sure you have documentation for all of your finances. This can be the most important step, because having documentation in one place can help you get a sense of your current financial picture, and it can also help you plan for success once you are divorced. You should make sure you have copies of documents such as:

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 Frankfort divorce lawyer for child issues

Divorce can be a very stressful and emotional time for everyone in the family, but it can be especially difficult for children. There is no way to predict exactly how your child will react to a divorce, but many children experience feelings of sadness, anger, shock, resentment, and even guilt when dealing with their parent’s divorce. Many of these feelings are normal emotions that the child will experience as they go through the grieving process. Though there is no way around these feelings, there are many things you can do to help your child learn how to adapt to their new circumstances. Here are a few ways you can help your child cope with your divorce:

  1. Be Prepared to Answer a Lot of Questions

Children are naturally curious, so it is only normal for them to have a lot of questions once you break the news of the divorce. Your child might ask you where they are going to live, if you or your spouse will be moving out, why you are getting a divorce, and if they will change schools, among other things. You should be prepared to answer these questions, and if you do not currently have an answer for these questions, be honest with your child and tell them you will let them know as soon as you can.

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New Lenox divorce and child custody attorney

If you are getting divorced, and you have children, there are an entire set of issues that must be addressed that will be unique to this type of case. You and your spouse must decide where the children will live, what kind of parenting time arrangements will work for you, and, arguably most importantly, how decisions concerning the children will be made. Illinois courts urge you and your spouse to reach an agreement about these issues on your own, but that is not always possible. If you and your spouse are not able to come to an agreement, the court will step in, and a judge will make these decisions for you.

Types of Significant Decisions

What used to be known as “child custody” is now called “allocation of parental responsibilities” in Illinois. In general, significant decision-making responsibilities include any decisions that must be made about the child’s life. The judge can allocate the right to make each of these decisions to one or both of the parents. Decision-making responsibilities that will be allocated include:

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Mokena divorce QDRO lawyer

Property division can be one of the most contentious portions of your divorce. Even after just a few years of marriage, you and your spouse have probably commingled some of your separate property and acquired quite a bit of marital property. In Illinois, marital property is defined as any assets or debts that you or your spouse acquired during the marriage. All marital property must be divided before you can finalize your divorce -- including your retirement accounts. These can have both marital and non-marital characteristics, which is why they can be so difficult to deal with. Certain types of retirement accounts require certain procedures in order to divide them in accordance with the law. A knowledgeable asset division attorney can help you determine what kind of steps you must take to divide this valuable marital property.

Is Your Retirement Account Marital or Nonmarital Property?

As a general rule of thumb, any retirement accounts that either spouse acquired or participated in during their marriage are presumed to be marital property. These may include pension benefits, defined contribution plans and accounts, individual retirement accounts, and non-qualified plans. If you believe that your retirement account or pension should not be considered marital property, you must prove to the court that your retirement benefits were acquired through a method that would deem them to be nonmarital property, such as through gift or legacy. In addition, your retirement benefits could be specifically excluded from the marital estate through a valid prenuptial or postnuptial agreement.

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Orland Park fathers' rights lawyer

How to Protect Your Business During Your Illinois Divorce

For many people, the American dream is realized through small business ownership. While owning your own business can be a fulfilling career, it can also lead to a difficult situation if you get a divorce. In any divorce, a business is a significant asset, and it will likely be subject to property division during your divorce.

In the state of Illinois, marital property (any property that was acquired during your marriage) is distributed in an equitable manner. This means that property is not necessarily split 50/50 -- it is split in a way that is deemed fair and equitable. Your business is likely one of your most valuable assets, both financially and emotionally, and you will want to understand how you can continue owning and operating it following the equitable division of property. Taking the following steps before you begin dividing your property may help you keep your business or minimize any losses you may incur.

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