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marital debt, Lombard family law attorneysAdjusting to life after a divorce can be challenging. One of the hardest things can be learning to deal with the new financial picture, especially any new debts you may have acquired as part of the divorce.

Setting a Budget

Family courts not only have the authority to divide the marital assets, but they may also be tasked with dividing the marital debts. This may mean you have less disposable income than you did before the divorce. It is important that you carefully review your finances early on and set up a realistic budget.

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high net-worth, wealthy couple, Arlington Heights family law attorneyDivorce is often a complex mix of anger, resentment, and heartbreak. But, when you also have to deal with complicated financial holdings, business, and asset valuation, it can make the situation even more volatile. High net-worth divorces have issues not found in most other family law cases.

Finding, Valuing, and Understanding the Assets

Most high net-worth individuals hold a variety of different asset classes. Many of the assets are not held personally by the couple, but instead are in different holding companies or tied up in various business and investment structures. One of the challenges in a high net-worth divorce is finding all of the assets. It is not unusual for one spouse to try and hide assets.

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equitable distribution, Illinois law, Lombard property division lawyersThe short answer to that question is no. More accurately, the answer is not necessarily. Dividing property during divorce is a bit more complicated than simply splitting the marital estate in half. In fact, the word "half" does not appear anywhere in the statute governing the allocation of assets in the state. Instead, Illinois law is based on the principles of equitable distribution which look to justly allocate marital property based on the consideration of a number of factors.

Community Property States

The basis for most people’s assumption of splitting property in half is the community property concept currently in place in nine states, including Wisconsin, California, and Texas. These principles maintain that, in marriage, both partners equally own all marital assets and that each is entitled to half upon divorce. This applies regardless of employment considerations, contributions to the marriage or family, or any other seemingly relevant concerns. In many cases, spousal maintenance or alimony awards are used to compensate for such considerations.

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martial assets, division of property, Illinois Divorce AttorneyDivorce can present an entire spectrum of challenges for any couple, as they must contend with a large number of concerns. Depending on their specific circumstances, they may need to negotiate considerations for their children, determine new living arrangements, and establish an agreement regarding spousal support. Despite the difficulties inherent to any those issues, couples frequently have the most trouble in property division negotiations.

Equitable Distribution

Illinois law concerning divorce requires that, in the absence of a reasonable agreement, the property which constitutes the marital estate is to be divided between divorcing spouses. Unlike some states, however, Illinois property division guidelines require the equitable distribution of marital assets and debt as opposed to equal division. While equitable distribution will be addressed in more detail in a separate post, it essentially means that the property should be divided fairly, not necessarily 50/50, based on the consideration of circumstantial factors.

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gray divorceExpect more gray divorces in the coming years.

For one thing, the divorce rate among younger couples has decreased. More people staying married through their 30s and 40s means that there are more couples who could break up in their 50s and 60s. Additionally, people are living longer and enjoying sustained quality of life. To many people, "60 is the new 40" and "80 is the new 60."

Issues in a Late-in-Life Divorce

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