Blog posts tagged in Illinois divorce
You might think that the Illinois divorce process is over when you receive your divorce decree from the court, a document formally known as a Judgment of Dissolution of Marriage. After all, that document includes an itemized list of all your marital debts and assets, with each item either assigned wholly to one spouse or divided between spouses into percentage shares.
However, your work is not yet over. The divorce decree does not legally transfer the title of major assets like cars and real estate from one person to another, nor does it legally relieve a spouse from liability for marital debts. You must take separate legal steps to ensure that your name is added to or removed from each asset title and debt obligation. This is important to protect your credit rating in the event that your ex fails to stay on top of loan or credit card payments.
Deadlines for Asset Transfers Incident to Divorce
Gifts and asset transfers between married spouses are generally not taxable transactions, even if the asset has risen in value since the time of purchase. However, the same transaction between divorced spouses could be treated as a sale and subject to income tax if there is a gain on the sale.
Although there is little information on the rate of domestic violence in divorce, the overall statistics are both well-known and shocking. However, it is not just the intimate relationship that is dangerous to victims. Leaving can also place them in harm's way. As such, victims of violence need to know they have tools they can use to protect themselves and advocates who are willing to walk them through each step.
One prime example is the way that family law attorneys help domestic violence victims through the divorce. Able to provide you with resources and legal advice, they can help victims obtain orders of protection while they assist with the divorce process. The following information explains why you may want to obtain one in your divorce, and it explains how our attorneys may be able to further assist in your divorce case.
Why Obtain an Order of Protection?
Divorce can be a stressful and contentious matter – and not just because of the impending split. Financial matters are also particularly important in divorce, and they can have a lasting impact on each party’s quality life. If you are planning on filing for divorce or have recently been served, beware of these money issues in your case and learn how an experienced divorce lawyer may be able to help protect your interests and financial future.
Housing and Living Expenses
When couples split, one typically leaves the family home. The other may stay, or the couple may agree to sell the home and both may vacate the premises. Regardless of the living arrangements that they agree to, parties are encouraged to prepare for an increase in living expenses. Couples should also consider how a decrease in income – an inevitable side effect of divorce – may impact their financial situation. As an example, consider downsizing early, before the proceedings begin, when maintaining the family home is not an option.