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Archive, July 2014.

A discussion with your fiancé about the settlement of financial matters in the event of a divorce or death, through a premarital agreement, may not be romantic, but it can be a great idea. Some people choose to enter into premarital agreements in order to protect a wide range of property and assets. In other cases, if there are children from a previous relationship involved, the natural parent can request a premarital agreement to protect these children in case of the parent's death.
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Securing your financial future by helping you save for retirement is something your employer may offer you as an employee. In addition, you may have saved on your own to build a healthy nest egg for your golden years. While money deposited in retirement accounts generally belongs to the person whose name is on the account, when that person marries, if there are no agreements to the contrary, his or her spouse is entitled to an equitable portion of the money contributed into the retirement accounts during the marriage.
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It is generally expected that the parent who has residential, primary or sole custody of the children in a divorce will receive child support from the other parent. However, what is not often realized or applied is that the parent who has custody of the children may have to pay the other parent child support. Recently, the Illinois Supreme Court decided a case in which the Court held that nothing in Illinois' law on child support restricts a court from ordering a custodial parent to pay child support to a non-custodial parent.
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NOTE: A new Illinois law governing how child support is calculated went into effect in July 2017. Please visit our child support page for details
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Going through a divorce is one of life's most difficult challenges. In addition to the emotional pain and anxiety divorcing spouses' experience, they must also confront the challenges associated with dividing marital assets(property acquired during the marriage). Often the biggest piece of marital property is the family home, which could have been purchased after the marriage or right beforehand, in “contemplation” of the marriage. Not only does the family home often represent the largest single asset, but divorcing spouses often also have an emotional connection to the property…
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