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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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Subscribe to this list via RSS Blog posts tagged in Illinois divorce

New Lenox divorce attorney for asset and debt divisionOne of the more contentious issues that may arise during your divorce is how you and your spouse will divide your assets. In Illinois, all marital property is divided between divorcing spouses in an equitable manner, which may not always result in an “equal” division. Spouses often go head-to-head to gain ownership over assets such as the marital home, savings accounts, or other valuable belongings.

What you may not realize is that you must also divide your marital debt during the divorce process. Marital debt is any debt that you and your spouse are both legally responsible for. Figuring out what to do with marital debt can be stressful, especially because debt is one of the few things you will not be trying to keep. Here are a few tips on how you can handle debts intelligently during your divorce:

Pay Off Debts Before You File for Divorce

Regardless of what happens during your divorce, you will still be held responsible for any joint debts that were taken out in your name during your marriage -- even if your spouse is ordered to pay off certain debts. Creditors are not required to follow the decisions made in divorce decrees, and they may still hold you liable for any debts in your name. Because of this, it is advised to pay off as much of your debt as possible before you file for divorce. This is the easiest way to protect yourself from being held responsible for debts that your spouse has been ordered to pay.

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Mokena spousal support lawyer FAQ

There are many stressors that come with a divorce. During this time, you are probably feeling a plethora of emotions, ranging from anger to relief to sadness. You may also be feeling worried or anxious about what life after divorce will be like. Will you have enough money? Will you be able to support yourself? Will you still be able to give your children the life they deserve? The emotional and financial stresses of divorce often combine into what feels like a huge avalanche. Some of the concerns you may have about life after your divorce may be able to be addressed with spousal maintenance.

Will I Receive Spousal Maintenance?

If your ex-spouse earns a significantly larger income than you, they may be obligated to pay spousal maintenance (also known as alimony) that will allow you to maintain the standard of living you had during your marriage. Not every divorce case will involve spousal maintenance, and determining whether alimony will be appropriate depends on the circumstances of the individual case. When a judge is determining whether or not to award spousal maintenance, he or she will look at a variety of factors, including but not limited to:

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 Mokena divorce attorney for children’s college expensesEvery parent only wants what is best for their child. For parents, divorce can be incredibly complicated and stressful, since not only do the decisions made affect one’s own future, but they will affect children’s futures too. Divorce does not always come at the best time, and parents with teenage children may worry about the upcoming costs of their child’s higher education. Normally, child support payments only last until the child turns 18 or graduates from high school, whichever comes later. A parent may worry about covering the costs of a child’s college education, and it is important to understand how Illinois law addresses these expenses.

Parental Contributions Toward College Expenses

Illinois courts understand how expensive college can be, and they recognize the importance of a college education for children’s success. Illinois law provides guidelines for how parents may be required to contribute toward children’s college expenses, which expenses are covered, and how they will be paid. Educational expenses must be incurred before the child turns 23, or, if good cause is shown, no later than the child’s 25th birthday. Contributions to educational expenses can be awarded out of the property and income of both parents and can be made payable directly to the student or to the school. Prior to awarding money toward the child’s education, the court may require the family to fill out the Free Application for Federal Student Aid (FAFSA).

What Expenses Are Covered?

If the court decides that the parents are able to provide for some or all of the costs associated with the child’s education, the expenses will be allocated between the parents. Expenses that parents may be responsible for covering include:

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