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DuPage County collaborative divorce attorney

If you are planning to divorce, you may have questions about how you can protect your rights and reach a divorce settlement that is reasonable and fair. You may want the legal protection and support that comes with hiring a lawyer but are worried that bringing lawyers into the equation could make your divorce more adversarial. Whether your worries are accurate or not, there is an option in Illinois that allows divorcing couples to work with attorneys under a non-adversarial process. Collaborative divorce, or a divorce resolved by means of collaborative law, is an alternative resolution method that has helped many couples settle divorce issues without resorting to stressful and often antagonistic litigation.

What Happens During a Collaborative Divorce?

During a collaborative divorce, each spouse retains his or her own lawyer who provides legal guidance throughout the collaborative process. The spouses and their respective lawyers will work together to negotiate unresolved divorce issues during a series of informal meetings. The purpose of these meetings is not to “win” or “lose,” but instead to reach mutually agreeable solutions regarding the division of marital property and debt, spousal maintenance, child custody, and other divorce-related disputes. Once an agreement has been reached, the lawyers submit the necessary paperwork to the court and the agreements are written into the final divorce decree.

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DuPage County divorce lawyersDivorce is a mentally, emotionally, and often financially challenging process that can impact almost every aspect of your life. Furthermore, there are several pitfalls and missteps that can have a long-term effect on your life. But can divorce hurt your credit rating? And, if so, how?

Filing for Divorce Does Not Equal Credit Doom

The act of filing for divorce itself does not impact your credit. Instead, it is the actions or inactions following divorce that can negatively affect your credit score. For example, if you are ordered to pay child support during the divorce decree but fail to make your payments, a judgement may be entered against you. Ultimately, this judgement will have a negative impact on your credit rating.

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Wheaton asset division attorneys, QDRO, retirement accountsDuring a divorce, a couple's marital property is divided—property which may include retirement accounts and pensions. In order to allocate retirement accounts and pensions, documents called Qualified Domestic Relations Orders (QDROs) are necessary to divide a couple's retirement assets. However, most people are strangers to these documents until they require one. Therefore, familiarizing yourself with a QDRO, before your divorce proceeding gets off the ground, can be helpful.

What Does a QDRO Do?

A QDRO is a document that helps apportion percentages of any interest you may have in a retirement plan, such as a 401(k) or a pension. If your interest is in a public state entity, such as a Chicago Public Schools pension, you will need a document with specialized language known as a QDILRO, though they are functionally very similar.

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Illinois divorce attorney, antiques and collectiblesAmong the issues to resolve in some divorce cases is the division of antiques, collectibles, or other unique items. Although this type of property is commonly at issue in high net worth divorces, antiques and collectibles may be a part of any divorce. In addition to having significant monetary value, these items often have sentimental value. Because of this, it can make dividing this property very difficult, particularly in contentious divorces.

Dividing Antiques and Collectibles

Antiques, unique items, or collections such as art, coins, or wine, are often not easily dividable. Further, it can be difficult to determine the value of these types of items. Contributing to that difficulty is the fact that antiques and collectibles may have significantly increased in value since they were first purchased or acquired.

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division of property, DuPage County Family Law AttorneysWhen a couple is married, they will likely obtain a great deal of personal and real property during the course of their marriage, particularly when they are married for a significant period of time. Therefore, when a couple decides to divorce, how that property is distributed becomes a critical issue.

Agreement

Under Illinois law, divorcing parties may enter into a written or oral agreement containing provisions for the disposition of property owned by either party. This agreement is binding on the court unless it is found to be unconscionable. In determining whether an agreement is unconscionable, the court will consider the economic circumstances of the parties and any other relevant evidence. If the court finds that the agreement is unconscionable, it may request the parties to submit a revised plan or agreement.

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From our law office in Wheaton, IL the family law and civil litigation law attorneys of Mirabella, Kincaid, Frederick and Mirabella, represent businesses and individual clients throughout the western suburbs of Chicago, Illinois including Wheaton, Naperville, Oak Brook, Glen Ellyn, Carol Stream, Lombard, Downers Grove, Burr Ridge, Lisle, Elmhurst, Oakbrook Terrace, Winfield, Woodridge, Warrenville and throughout DuPage, Kane and Kendall Counties.

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In honor of the passing of our founder, Joseph F. Mirabella, Jr., our offices are closed Friday, January 31, 2020.I Agree