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Kane County divorce attorneyAlthough we often do not consider it as such, a divorce is the end of a financial relationship just as much it is a romantic relationship. When a couple gets married, they combine not only their personal lives but also their finances. When a married couple divorces, courts must decide how to divide the property, assets, and debt which the married couple owns. The courts must also consider whether either spouse should be ordered to pay child support or spousal maintenance (formerly called alimony) to the other. In order to make these decisions, courts rely on both parties’ complete honesty and transparency regarding their financial situations. When one or both spouses are not honest regarding their finances during a divorce, there can be serious consequences which significantly complicate the divorce process.

How Do Spouses Misrepresent Their Financial Status?

A spouse lying about their assets, property, income, or debt is not as easy to spot as you might think. There are many methods unscrupulous spouses use to hide their true financial status from the courts. A spouse being untruthful about his or her finances may:

Posted on in Property Division

Kane County divorce attorneysDivorce among the baby boomer generation is more common now than ever before. According to the National Center for Family and Marriage Research, divorces among married couples 50 and over doubled from 1990 to 2014. Over the same period, divorces among couples 65 and older tripled. Divorce among older couples has unique challenges. One important issue that older divorcees face is divvying up retirement accounts. Older Americans have a smaller window to earn after they divorce, so retirement accounts are a commonly fought over topic.

How Are Retirement Investments Divided?

Regardless of who saved more, retirement accounts are often split evenly, or close to it, when a couple divorces. Attorneys say that in a large majority of divorce cases, retirement accounts are considered marital property, and funds that were saved up to support one household must be divided to support two individuals. “There are a number of people who say ‘I have socked away every month and I do not see why I have to divide it with my spouse,” says Joslin Davis, former president of the American Academy of Matrimonial Lawyers. “The law says ‘too bad.’”

Geneva family law attorneyIf you are divorced and receiving maintenance payments from your ex-spouse, you may have come to rely on that money. Maintenance, also known as alimony or spousal support, is intended to help a financially disadvantaged spouse in the years that follow a divorce, so such reliance is rather understandable. There are, however, a few situations in which your actions could cause maintenance payments to end. It is important to understand the law in Illinois so that you can make the best decisions for your future.

Ending Support Obligations

Permanent maintenance—in other words, support for the rest of a spouse’s life—is generally reserved for divorces between spouses who have been married for 20 years or more. For shorter marriages, the court will usually set a specific amount of time for maintenance payments to last. Both situations presume that the court has identified the need for maintenance. When a support order includes an intended end date, payments must continue until that date unless the recipient remarries or either spouse passes away. (It is possible for a divorce settlement to include security provisions in the event of the paying spouse’s death, but that is a topic for another day.) The third situation that could terminate a spouse’s obligation to pay maintenance is if the recipient spouse moves in with a new romantic partner.  

Geneva family law attorneyDivorce is a different experience for everyone who goes through it. The particulars of how a marriage ends can be based on many factors including the financial situation of each spouse, the length of the marriage, if children are involved, and more. If you are planning to get divorced and you are the primary breadwinner of the couple, there are some special considerations that you should take note of.

Spousal Maintenance

Spousal maintenance, also called spousal support or alimony, refers to the payments that the higher-earning spouse pays to the lower-earning spouse after a divorce. Spousal maintenance in Illinois is determined on a case-by-case scenario for couples who have a large discrepancy in either income or life circumstances. If you make significantly more money than your soon-to-be-ex-spouse or they have been out of the workforce for a while, you might have to pay spousal maintenance. The amount the payments will be determined by the length and standard of living of the marriage, the spouses’ income and property, the present and future earning capacity of each spouse, and more. Maintenance payments can be temporary or permanent, but are not required after the person receiving maintenance remarries. 

Geneva family law attorneyIn today’s world, it is not uncommon for a person to seek a fresh start by moving to a new city—sometimes even across the country. This may be particularly appealing after a divorce, as a new beginning may be cathartic in many ways. While the average American has the freedom to move wherever he or she wants at any time, such is not always the case for a divorced parent who shares parenting time of a child with a former spouse.

Rules for Relocating

The state of Illinois has established laws designed to help keep both parents active in the life of their child, even after a divorce. Regarding moving to a new city or state, Illinois law is clear. A parent with at least half of the parenting time of a child may only move with the child within a certain radius of his or her current home before the move is considered a “relocation.” A relocation requires the consent of the other parent or the approval of the court.

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