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Posted on in Divorce

Wheaton IL divorce attorneyDivorce is always an incredibly emotional process, but many people do not understand the legalities that go along with it. With so many important details to attend to, it is easy to make mistakes that can result in forfeiting your rights or making the divorce more expensive than it needs to be. If you are about to go through a divorce, it is important to avoid these common mistakes so you can protect your best interests while completing the process as quickly as possible.

Arguing Unnecessarily

It is not uncommon for couples to argue when they are going through a divorce. While an argument may arise between you and your spouse during the process, it is important to remember you should only engage in these disputes when necessary. Even then, you should only do so through your divorce attorney and not directly with your spouse.

For example, you may want to keep certain property in the divorce not because it is important to you, but because you want to spite your spouse. An attorney will advise against this, as it will only lengthen the process and cost you more in the end. Still, there are times when you may have to become more assertive and fight for what is rightfully yours, which a lawyer can also advise on.

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Posted on in Divorce

DuPage County divorce lawyer credit scoreDivorce can cause a great deal of financial upheaval for a family. However, the divorce itself does not have a direct impact on your credit score. The divorce decree does not add or remove points from your existing number, but the financial outcome after the divorce can still play a significant role in what happens to your score. Here is what can go wrong and how to prevent damage to your score:

Responsibility for Joint Debts

Creditors want their money. They do not care if you got a divorce, nor do they care whether a judge proclaimed that one spouse is responsible for the balance on the joint credit card. If your name is on the account as a co-signer, an authorized user, or a joint account holder, you are also financially liable for these debts. The divorce decision does not negate the existing agreement you have with the lender.

Your Credit Score Is on the Line

If you share an account in any way with your ex, old or new, you are also legally responsible for the balance on that account. If the judge gives the responsibility to your ex, and he or she fails to make a payment, the negative marker will end up on your credit score, no matter how far in the past your divorce occurred. Your credit score may also be affected if your ex or someone else with access to a credit card runs up the balance on the account. Negative consequences affect all credit scores associated with an account, yours included.

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Posted on in Divorce

costs, DuPage County family law attorneyA divorce can be an extremely expensive undertaking in terms of both money and time invested. As a matter of fact, most individuals who are thinking about a divorce tend to ask about the associated costs as one of their first questions. It is impossible to predict exactly how much your divorce will cost you, as the related expenses can vary dramatically from case to case. Your costs will largely depend on the circumstances of your situation, the level of cooperation between you and your spouse, and your expectations regarding the outcome.

Planning Ahead

Preparation is among the most important ways that you can facilitate a cost-effective divorce. Your planning should begin several months before you file your divorce petition. To begin, make a comprehensive list of what you own, including both marital and non-marital property, and think about what your priorities are. Decide which things you want to keep, which things your spouse can have, and which things could go either way. If both of you agree that a divorce is your best course of action, you may be surprised at how well can cooperate at this point.

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financial, DuPage County divorce attorneysWhen we think of divorce, many of us initially only consider the personal and romantic relationship which is coming to an end. However, divorce is not only the end of a romantic partnership, but also a financial relationship. Finances are usually merged when two people get married and move in together. Divorcing couples who cannot agree on how to split their accumulated assets will have that decision made for them by the court system.

Hiding Assets or Lying About Finances Will Only Drag Out Your Divorce

In order to make decisions about things like child support, spousal maintenance and property division, courts use each divorcing party’s self-reported financial information. For example, when a judge needs to decide how much spousal maintenance a person must pay to their ex, he or she will consider things such as each person’s income and future employability. Sometimes, in order to game the system, a spouse will lie about how much money they make or what their debts are. Doing this can significantly delay and complicate the divorce process. In order for a divorce to go smoothly, both spouses must be willing to be honest regarding their finances.

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Posted on in Divorce

bankruptcy, Wheaton divorce lawyersSometimes, things simply go bad. It is thankfully rare, but it is not unheard of that someone would have to file for bankruptcy and divorce at the same time. If this happens to you, you may question whether or not to file for both at the same time, or if not, which matter to pursue first. Illinois divorce laws and bankruptcy laws make the answer to that question fairly clear.

Which to File First?

Illinois divorce law and bankruptcy law essentially make filing both petitions at the same time impossible. When you file for bankruptcy, you generally hand over your assets to the care of a bankruptcy trustee for sale or disposition as necessary to pay off your creditors. Once you have commenced a bankruptcy filing, you may not make unilateral decisions about your property. Technically it is no longer yours. Thus, there is nothing for a family court judge to divide.

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