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100 Illinois Street, Suite 200, St. Charles, IL 60174
 | 630-200-4882
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Evening and Weekend Hours by Appointment
West Dundee, IL847-428-7725
St. Charles, IL630-200-4882
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Serving Kane, McHenry, DuPage and Cook Counties

st. charles asset division lawyer

When marriages begin to break down and spouses are in a period of high conflict, some people react by becoming destructive. Sometimes this is done out of frustration and a lack of effective anger management, and sometimes it is done in an effort to control or manipulate the other spouse during the divorce process. Whatever the reason, destruction and damage of marital assets can be frightening and concerning. 

Fortunately, Illinois law provides serious consequences for the destruction of marital assets. Formally known as “dissipation of marital assets,” destroying shared property prior to a divorce is against the law. It is important to understand what counts as dissipation of marital assets, and what remedies you may have if you have been a victim of this behavior. 

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st. charles divorce lawyerAfter months of negotiation and deliberation, the divorce is finally over. You no longer live with your spouse and life begins to feel normal again. If you share children, however, your spouse is still in your life - and is likely to be for many years to come. 

Co-parenting after a divorce can be stressful, but there are strategies parents can use to make the process much easier for everyone. After all, minimizing conflict benefits parents and children and will help parents prioritize the children’s best interests over their personal disagreements. Here are some of the things parents can do to make working together easier following a divorce. 

Keep Past Arguments in the Past

It can be tempting to stray back into old patterns, even after partners are no longer together. However, making accusations that one partner is never on time or fails to appreciate the other partner will not help transition children smoothly from house to house. Stay focused on whatever needs to be done to address the needs of the children, and stay away from personal issues. 

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 geneva tax lawyerEverybody knows that divorce is expensive. Separating a couple’s finances, often after many years together, is a complex endeavor that results in both parties owning less than what they shared together. Many divorcing couples are so focused on the asset division process that they forget to protect themselves in the future and not just in the present. 

The long-term financial consequences can often have a greater impact on a divorced individual than the temporary circumstances they find themselves in immediately after the divorce is over. The potential tax implications of divorce are one of the most important parts of an individual’s finances. Understanding how divorce can affect your taxes is important for future financial success. 

Marital Home Ownership 

The asset division process can significantly impact a person’s taxes in the present and the future, especially if a parent feels strongly about keeping the marital home. They may be willing to give up other assets, including savings and investment accounts, only to discover that the expense of the house is too much for them to bear. Property taxes in Illinois are notoriously high, and this can place an additional expense on a homeowner to the tune of many thousands of dollars. 

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st charles divorce lawyerIn divorces where one or both spouses has a high net worth, the divorce process can become very complicated. Illinois divorce courts conduct the asset division process with the goal of an “equitable distribution” - meaning that the worth of a couple’s assets are divided fairly, but not necessarily equally. Assets that cannot be literally divided present additional complications. Property division may also be resolved through a mutual agreement between the spouses. 

Before an asset can be divided or used in negotiations, the value of the asset must be determined. This can be made even more challenging by disagreement over which assets are considered marital and are therefore subject to division. 

Is an Asset Marital or Nonmarital? 

Courts generally hold that assets acquired during the marriage are marital assets. However, in cases where assets are acquired through inheritance, gift, or legacy, courts usually view these assets as non-marital. But an inherited asset that starts as non-marital property does not always end that way; the way the asset is used can make it potential marital property. 

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St. Charles divorce attorneyCollege is an expensive investment and one that seems likely to only continue getting more expensive. As students around the world say goodbye to summer and get ready to return to their studies, parents in Illinois may be wondering whether their parenting plan has anything to say about college expenses, either now or in the future. 

Couples often create separate savings accounts for their children to be used someday towards college tuition. However, divorce can complicate the ability to effectively plan for the future. If you are a divorced parent with questions about paying for your child’s college, read on. 

Can I Be Required to Pay for My Child’s College? 

All states require parents to financially support children, but Illinois is one of the states that allows for non-minor support orders in which parents may be ordered to pay their child’s college expenses, even after they reach the legal age of adulthood. The educational expenses that divorced parents may be required to help their children with include: 

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