What Are the Top Money Issues in Illinois Divorce?

Описание: 📞 Facing financial issues in your Illinois divorce? Schedule a consultation with Illinois's largest family law firm: Call (312) 778-5711

In this Illinois Family Law Insider video, Sterling Lawyers Managing Partner Katie VanDeusen and Partner Nina Kelly provide a comprehensive overview of the financial aspects of Illinois divorce cases. This expert discussion breaks down the key financial considerations every spouse should understand before proceeding with an Illinois divorce, including common misconceptions that can significantly impact property division outcomes.

This essential Illinois divorce financial guide covers:

1 - Illinois Property Division Approach: Understand that Illinois follows "equitable distribution" rather than a strict 50/50 split of marital assets in divorce proceedings. Nina explains this critical distinction in Illinois divorce law, noting that while many Illinois divorce clients mistakenly assume equal division is guaranteed, Illinois family courts determine what's fair based on the specific circumstances of each marriage. Learn how Illinois divorce judges assess the complete financial picture before determining an equitable distribution that may not necessarily mean dividing each individual account down the middle.

2 - Marital vs. Non-Marital Property in Illinois: Discover the important distinction between marital and non-marital property in Illinois divorce cases that significantly impacts final property awards. Nina provides clarity on common misconceptions in Illinois divorce proceedings, emphasizing that income earned during marriage and assets purchased during marriage are considered marital property in Illinois, regardless of whose name appears on the account or title. Critical Illinois divorce preparation strategies include warning that keeping separate bank accounts during marriage doesn't exempt those funds from Illinois divorce property division.

3 - Illinois Support Calculations: Gain critical insights into how Illinois courts calculate both child support and maintenance (formerly called alimony) in divorce cases based on income from all possible sources. Nina explains that once incomes are established in Illinois divorce proceedings, the Illinois support formulas are typically non-negotiable unless specific circumstances warrant deviation from the statutory guidelines. Illinois divorce attorneys must thoroughly document all income sources during financial discovery, as Illinois judges will examine the complete financial picture before applying the Illinois support calculation formulas.

4 - Illinois Debt Division: Learn how Illinois courts handle the often-contentious issue of marital debts in divorce cases, applying the same equitable distribution principles used for assets. Under Illinois divorce law, debts incurred during marriage are presumed to be marital obligations subject to division regardless of whose name appears on the account or loan documentation. Illinois divorce settlements can structure debt division equitably rather than equally, reflecting the specific financial circumstances of each spouse post-divorce.

5 - Illinois Dissipation Claims: Understand how infidelity can impact financial outcomes in Illinois divorce cases through dissipation claims, despite Illinois being a no-fault divorce state. While Illinois divorce courts don't consider marital misconduct when determining general property division, Nina explains how money spent on affairs or other non-marital purposes can potentially be "clawed back" into the Illinois marital estate before division. Learn how Illinois divorce judges calculate these reimbursements, effectively returning the misspent funds to the marital estate before applying the Illinois equitable distribution principles.

This practical Illinois divorce financial guide provides valuable insights for anyone considering divorce in Illinois, helping them understand how property and debts are characterized, valued, and divided. The importance of proper financial preparation before filing for divorce, particularly when keeping inherited or gifted assets properly segregated from marital funds to preserve their non-marital status.

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❗️DISCLAIMER❗️ Not legal advice. I AM NOT YOUR LAWYER. All content is informational only. Consult your attorney for specific issues. No attorney-client relationship is formed. Non-licensed clips used for fair use commentary, criticism, and education. See Hosseinzadeh v. Klein (S.D.N.Y. 2017); Equals Three v. Jukin Media (C.D. Cal. 2015).