Libertyville Divorce Blog

Some Illinois residents find that having bank accounts that are separate from their spouses reduces financial conflict. Additionally, some may believe that it can actually make the divorce process easier as finances were never commingled and, thus, are not considered marital property to be divided. This is actually a misconception as any assets gained during the marriage may be designated as marital property, making them subject to division.

Even though funds kept in separate bank accounts may still be considered marital property, there are still many advantages to keeping separate bank accounts. If a couple is going through a divorce, having funds that the other person cannot access can be advantageous if things turn sour. One individual may still have some access to emergency funds even if his or her ex-spouse cuts off access to any joint accounts.

People in Illinois might think that disagreements about money or whether to have children could raise their divorce risk, but some studies show that choosing certain wedding days could be a predictor for divorce. According to a study conducted at the University of Melbourne, choosing certain wedding dates could indicate that the couple is at a higher risk for divorce.

After looking at wedding dates for 1 million couples, researchers concluded that the worst date to choose for a wedding was Feb. 14, Valentine's Day. Among the couples in their study, within five years, 11% married on that day had divorced. More than 20% had split up after nine years.

For most couples in Illinois, the process of ending a marriage is more than enough to have on their plates. Unfortunately, there are times when one of the divorcing spouses also loses his or her job during this time of transition. Several factors come into play when this happens.

Since the details associated with job loss during divorce varies from case to case, the court usually attempts to get all the information before making any decisions. For example, if someone lost his or her job because of circumstances over which he or she had no control, a court is likely to be reasonable with requests to reconsider spousal or child support obligations. However, this may not be true if a person loses his or her job due to circumstances over which he or she had full control, such as personal misconduct.

When people in Illinois get a divorce, they need to be able to protect themselves financially, and this requires a thorough knowledge of their financial situation. They also need to understand what their expenses will be like after the divorce. The first step should be to gather as much documentation as possible.

Tax returns, bank statements and credit card statements from the past three years will all be useful. Pulling credit reports can help people identify joint accounts and jointly held debts they will need to address in the divorce process. Next, they should start putting together a lifestyle analysis. This needs to be a thorough record of all expenses both before and after divorce. In addition to financial statements, online tools can help by pulling information from accounts to identify expenses. People should make certain they are accurate in estimating expenses. For example, while inflation is generally low, this does not apply to college costs and health care. Financial professionals may be helpful in putting together these budgets.