Financial Issues Commonly Seen in Divorce

It’s not uncommon for couples to disagree about certain aspects of their divorce. Financial issues commonly create disagreements in court and can require court intervention. Disagreements about a couple’s finances can be a difficult part of the divorce process, but an attorney at Hammer Serna & Quinn, LLC. can help you fight for a positive outcome and help you resolve financial issues during an Illinois divorce. 

What Are Examples of Common Financial Issues?

• Division of Property and Debt

Illinois is considered an equitable distribution state, meaning that property and debt are divided as fairly as possible. This doesn’t necessarily mean that property and debt will be evenly split between spouses, but the court will work to determine what is the most appropriate way to divide these aspects.  The Court has discretion to deviate from an even split in order to divide the assets and debts in the most equitable manner. 

Illinois law separates property, which includes any debt owed by either spouse, into marital and non-marital property. Marital property is anything acquired during the marriage by either spouse excluding property inherited, gifted or received in exchange for pre-marital property. Non-marital property is anything acquired before the marriage and it can include items such as financial gifts and inheritances. In most cases, the non-marital property will remain with the individual who acquired it. However, if both spouses have contributed financially to the property, it can be considered marital property.  It is common for property division to lead to a dispute. An attorney at Hammer Serna & Quinn, LLC. can help represent you in court and address any concerns you may have. 

• Child Support

Couples may also disagree about issues related to child support payments. For example, individuals may disagree with the court’s rulings on how much support is required. In addition, couples may have issues post-divorce if a spouse does not make their required payments. If a spouse stops making child support payments altogether, the person responsible for the child’s care could be financially burdened. Under certain circumstances, the court may allow for modification of child support payments if an individual is unable to afford the set amount. Individuals who can’t afford their child support payments should always alert the court and never immediately stop making payments. 

• Alimony

Alimony refers to required financial payments that a spouse must make to the other spouse following a divorce. These payments are intended to minimize any financial hardship as a result of the divorce and ensure that both spouses are financially supported. For Illinois divorces, alimony is calculated by taking 33% of the payer’s net income and subtracting 25% of the recipient’s net income. This calculation helps ensure that alimony payments are fair for spouses and that each party can afford their required financial obligations. Alimony can be a point of contention for couples, as they often disagree with alimony payments or worry about how supporting their former spouse will affect their own finances. During divorce proceedings, the court will try to act fairly when allocating alimony payments. 

Speak to a Divorce Attorney in Chicago, IL

There are a variety of financial issues that may come along with a divorce, but you don’t have to tackle them alone. Contact our team today if you have questions regarding the way a divorce will affect your financial situation. We look forward to speaking with you soon.