Ekker Law, P.C. / Steven B. Ekker, Esq.

221 S. Main Street, Suite 200
Sugar Grove, IL 60554

Ekker Law, P.C. / Steven B. Ekker, Esq.

Call UsCALL FOR A FREE CONSULTATION

630-234-4682

Kane County IL divorce attorneyGetting a divorce can be a major emotional undertaking. While that does not come as a surprise to most people, many people do not realize that divorce also has a large financial impact. Most married couples have finances that are intertwined to some degree. Even though this makes things easier and usually makes sense during a marriage, it can make things more difficult and stressful during a divorce. The key to success in your finances and your divorce, in general, is thorough preparation. If you are thinking about divorce or you are in the beginning stages of the process, here are a few things you can do to help prepare your finances and set yourself up for success after your divorce is finalized.

Open Up a Bank Account in Your Name Only

One of the first things you should do when you know that the divorce is definitely happening is to begin to separate your finances. The easiest way to start doing this is to open up a new bank account with only your name on it. You can begin to deposit your own income, like your paycheck from work, for example, into your bank account, rather than into a joint account held with your spouse. You will also likely be entitled to a significant portion of the funds in any joint bank accounts, and these can be transferred into your new account once your divorce resolution is finalized.

Pull Your Credit Report

You should also be cognizant of what your current financial situation looks like. You can do this by pulling a copy of your credit report online. By law, you are entitled to one free credit report each year from each of the three major credit bureaus. Your credit report will list any and all debts that you may owe both solely and jointly. These could include auto loans, mortgages, credit cards, and other loan accounts. Your credit report can help you understand what you will owe each month and can help you figure out what you need to separate.

...

Sugar grove divorce lawyerIf you are looking to get a divorce, you have likely encountered a long list of things that must be done before the divorce can be completed. One of the many steps that must be taken during a divorce is dividing marital property. This is one of the areas of divorce that is notorious for producing arguments and disagreements, even if you and your spouse are otherwise on the same page. The decisions made during this process are decisions about nearly every single piece of property that you own. If you make decisions that are not in your best interest, it can affect you for the rest of your life.

Marital Versus Nonmarital Property

The first step in the asset division process is determining what is and is not subject to division. Illinois law states that all marital property is subject to division, except for a few circumstances. Marital property is considered to be any asset or debt that you or your spouse acquired during the marriage. Certain assets that were acquired during the marriage, however, are exempt from division. These items include property acquired from a gift or through inheritance, property acquired in exchange for such property, property excluded from division as per a valid prenuptial agreement, and any property acquired after a judgment of legal separation.

Understanding Equitable Division

Once you have determined the property that is actually subject to division, you will then have to determine who gets which assets and debts. The court encourages couples to come to their own property division agreement, but unfortunately, that is not always feasible. 

...

Sugar Grove divorce attorneyAlmost any issue that is discussed during divorce negotiations has the potential to become a contested issue. Even if you go into your negotiations with the goal of being cooperative, there is still a possibility that you and your spouse will not agree on certain things. When it comes to child-related issues such as parenting time and even child support, emotions and feelings can be at the forefront of these discussions. Both parents have the duty to provide financial support for a child, which is reflected in the child support formula that now takes into account multiple factors to calculate the parent’s payment. Before you discuss child support with your spouse, it can be beneficial to understand how the child support calculations are made. 

Determine Your Basic Support Obligation

Before you can determine who will pay support to who, you must first determine how much the state of Illinois thinks is an appropriate amount that both you and your spouse should spend on your child each month. This is called the basic support obligation. The basic support obligation is determined by adding together both parents’ net monthly incomes and then finding the matching basic support amount as shown in the schedule of basic child support obligations. This amount takes into account both parents’ incomes and the number of children between the parents. Then you will need to determine each parent’s percentage share of the basic support obligation. This is typically done by using the percentage of each parents’ share of the total household income.

For example, if Parent A has a net monthly income of $2,500 and Parent B has a net monthly income of $4,500, the net monthly household income is $7,000. If this couple has three children, this means that the basic support obligation between both parents is $2,035.

...

Kane County divorce attorney QDRO

Nearly all financial aspects of divorce are complex, but few are quite as confusing and consequential as the 401(k) retirement plans. Unlike other assets, these accounts often lead to costly penalties when dividing them, and those who dip into them to fund the actual divorce often find themselves in even more financial trouble. Learn how to effectively divide your retirement plan in divorce, and how the assistance of an attorney can mitigate the risks.

The Complexities of QDROs

Qualified domestic relations orders, or QDROs, are used to divide retirement and pension plans in divorce. They are also exasperating and frustrating for those who do not know how to handle them. This is especially true when the QDRO is handled by a third party. Additional fees can be added when things do not go smoothly (such as failing to follow a third party’s outlined instructions)—sometimes two to three times more than what the divorcing parties might have otherwise paid. 

...

Sugar Grove family law attorney divorce

Approaching divorce with the right perspective is often much easier said than done, but when you are able to look at the end of your marriage through a positive lens, the outcome is always healthier and less stressful for everyone involved. Grief and healing are processes that inevitably take time, but when you channel your energy into staying focused on new beginnings that will result from the separation, the road to peace and acceptance is generally less bumpy.

Here are three ways to help yourself develop a positive perspective on divorce:

...
kcba shugar grove
Back to Top