Vernon Hills Illinois Family Law Blog

Divorcing couples in Illinois might want to consider taking a collaborative approach to the process that focuses on leaving them both financially stable after the divorce is final. This is a growing trend among couples, and it often starts with hiring a financial planner.

The financial planner may be one part of a person's divorce team that also includes an attorney and family for emotional support. With this team, the person may feel more prepared to move into negotiations. It is important to remember that this stage is not just about dealing with assets such as a home and vehicles. A number of other matters will need to be addressed such as what to do about the car insurance and which parent will pay for a child's medical insurance. Rushing into a settlement may not be good for a person both emotionally and financially, so it is best to take adequate time to explore options.

A married Illinois couple who shares household duties and income earning from the beginning may be less likely to get divorced. On the other hand, a couple that begins with more "traditional" roles before transitioning toward the woman being the main breadwinner is more likely to experience marital problems. This is all according to a recent study by Swedish researchers.

Often, women delay their careers so that they can raise children and support their husbands in their careers. When wives reach a point when they are able to focus on their own careers, husbands often do not step in to make up the difference.

Spouses in Illinois who are considering separation might want to get their finances in order before signing any divorce papers. The first step is getting copies of important documents together and putting them somewhere safe.

A soon-to-be ex should also get a copy of their credit report. They can begin correcting any errors before the divorce is underway, and they may also be able to see if there are joint accounts that are being abused. A spouse should set up their own individual account and, if possible, create a line of credit in their own name. This might be more difficult for a person who has not worked outside the home. However, the Credit Card Accountability Responsibility and Disclosure Act of 2009 does allow one to apply for credit based on household income.

There are many reasons why marriages struggle – and most of those aren’t the dramatic plot twists of soap operas. Marital infidelity is a real and serious problem, but another often-overlooked concern is when couples hide money from one another.

Known as financial infidelity, partners may hold secret bank accounts, hide assets or purchases, or don’t adequately discuss investments, spending or other financial matters with each. By law, marital property belongs to both partners. Financial infidelity like accumulating debt or irresponsible spending will hurt the other partner regardless of whose name is on the receipt. Similarly, hidden assets with value belong to both partners, regardless of which partner signed the check.