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August 2014 Archives

Illinois divorcing couples should protect inherited assets

Filing for divorce in Saint Clair means that both parties should be aware of the best ways to divide inherited marital assets. Inheritance is not usually considered part of an equitable division in most situations and may be retained by the party that was heir to the family wealth, but there are exceptions.

Financial matters that spouses cannot ignore during divorce

Separating one household into two when a marriage ends can be tricky for Illinois couples, particularly when one of the spouses was responsible for the couple's finances. Those who prepared and filed their tax returns, paid the bills and managed a financial portfolio have a head start on adjusting to single life. But both partners could make serious mistakes if they ignore some common problems during their divorce negotiations.

The new most expensive divorce in history

Illinois residents might be interested to learn about the divorce proceedings of Texas oil tycoon Harold Hamm and his ex-wife Sue Ann Hamm. Although the judge presiding over the eight-week trial has decided to keep court records private, there is a lot of speculation about how the 68-year-old's $20.2 billion fortune will be divided. Many people are predicting that the former Mrs. Hamm will stand to receive the highest divorce settlement in history.

More grandparents gaining custody of their grandchildren

Illinois residents might be affected by the growing trend of grandparents increasingly stepping in to raise their grandchildren when child custody has been reassigned. Due to an increase in efforts to place children with family members when they are removed from the home of their biological parents, the number of children being raised by their grandparents doubled between 2000 and 2010.

A brief overview of child support in Illinois

During typical divorce proceedings in Illinois, one of the issues that may arise is how both parents can continue supporting their children. Under state law, both parents are expected to contribute toward the well-being of their children until they are 18. In some cases, there may even be a separate agreement between the parents to continue paying for educational or other needs after any children from the marriage turn 18.