Divorce is one of life’s more difficult transitions, and the outcome of your divorce is likely to have significant financial consequences – in addition to affecting your parental rights. Because the terms of your divorce will directly affect you and your children’s future, working closely with experienced divorce lawyers in St. Charles is in your best interest.
The assets and properties that you acquire while you are married are almost certain to qualify as marital property, which must be divided between you and your spouse equitably – or fairly – upon divorce. It makes no difference who made the purchase or whose name is attached – if you acquired the asset in question while you were married, it’s very likely to be a marital asset. The exceptions include gifts or inheritances that are made in one spouse’s name only. Your separate property (that you brought into the marriage with you and that you were able to keep separate throughout) will remain your own property.
In Illinois, child custody is addressed in terms of parental responsibilities and parenting time, which are both addressed in your parenting plan. Parental responsibilities determine how you and your children’s other parent will handle important decisions related to your children’s upbringing, including those related to the following:
Parenting time, on the other hand, addresses the matter of how you and your ex will divide your time with your shared children. The options include one of you becoming the primary custodial parent (while the other has what amounts to a visitation schedule) or both of you dividing your time with the children more evenly.
Both parents are expected to continue supporting their children financially post-divorce, and child support is the state’s payment mechanism. While a wide range of determinative factors is included in the calculation process, the primary concerns are the number of overnights each parent has with the kids and each parent’s earnings. Typically, the parent who earns more pays child support to the other parent (even when parenting time is divided equally).
Alimony – or spousal maintenance – only comes up in those divorces in which one spouse is left with a financial deficit and the other has the financial ability to help. Alimony is generally set only for an amount of time that allows the recipient to gain the education, job skills, or experience necessary to become more financially independent.
Cameron H. Goodman at Goodman Law Firm in St. Charles, Illinois, is a compassionate divorce lawyer who understands just how difficult the divorce process can be and who is committed to advocating for your rights while helping you resolve your divorce as efficiently as possible. We are on your side and here to help, so please don’t hesitate to contact us for more information today.
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