In Illinois, a person going through a divorce may have to pay maintenance, or spousal support, to their former spouse. There are several types of maintenance awards issued in the state, including temporary, rehabilitative and reviewable. Numerous factors are taken into account when the courts are determining the amount and duration of payments.
The main purpose of the Illinois Marriage and Dissolution of Marriage Act is to promote the cordial settlement of disputes and minimize the harm that could be done to family members by the legal process of dissolving a marriage. It also seeks to facilitate maximum cooperation and involvement of both parents in regard to the well-being of children throughout the divorce process. According to the Act, divorce proceedings will be conducted in accordance with the provisions of civil practice law.
Illinois courts use an equitable division of property statute when ordering a divorce settlement in cases where couples could not agree. This might be risky because equitable does not mean an even split. It means the courts will attempt to decide what is fair, which could leave one or both spouses without the marital property he or she wanted most. Negotiating out of court seems a more attractive option, but this could also leave room for mistakes that could cost individuals in the long run.
Spouses in Illinois may benefit from learning more about the different types of divorce and how to initiate proceedings. A divorce is either classified as no-fault or fault, although the process to complete each is one in the same. In addition, a divorce will either be contested or uncontested. The quickest, easiest and least expensive divorce to complete is typically an uncontested no-fault divorce. In Illinois, irreconcilable differences is the term used to describe a no-fault divorce.
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.
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.
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.
Illinois Dodgers fans may recall when the previous team owner, Frank McCourt, sold the team in 2012 for more than $2 billion. That same year, McCourt got a divorce from his wife of around thirty years. McCourt's ex accused him of undervaluing the Dodgers and contested their divorce agreement. Due to terms in the agreement, McCourt sought reimbursement of attorney's fees he accumulated battling her attempt to modify their settlement. A judge tentatively ruled on June 24, 2014, in his favor.
The actions of spouses can definitely have a detrimental effect on the finances of an individual. The divorce of former New York governor Eliot Spitzer provides some insight into the ways that a prenuptial agreement can avoid problems later.
Couples in Illinois may be faced with a number of tax considerations when they pursue a divorce. In addition to changes to how a person files his or her tax return, the division of marital property might be influenced by tax exemptions and burdens. A financial advisor discusses a number of these issues in a recent article.