Not all divorces are amicable. Sometimes, a divorce is very one-sided, meaning one spouse wants to get divorced while the other does not. Other times, both spouses agree that they want to get divorced, but they have ill feelings toward each other. In situations like this, a spouse may try to do whatever they can to hurt their former partner in any way. Sometimes, this manifests as keeping their spouse from receiving a fair share of the marital property. One common way this is done is by wasting marital assets, which is referred to as “dissipation.”

What Is Dissipation?

The Illinois Supreme Court defines dissipation as the “use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time the marriage is undergoing an irretrievable breakdown.” This basically means that a spouse dissipates assets if they intend to deprive the other spouse of certain marital property by spending, destroying, or otherwise wasting marital property during a period in which the marriage was falling apart or during the divorce.

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:

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.

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.

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.