Many divorces in Illinois are caused by financial issues. However, there can be additional money matters to consider after moving to end a marriage. For instance, a couple might need to determine how they will split their joint assets. From the marital house all the way to a stamp collection, all marital assets may be up for division.
Conversely, joint debts will not go away simply because a marriage has ended. Therefore, it might be necessary to create a plan regarding how to deal with debts and which party will be responsible for paying them off. It should be noted that both parties to a shared debt may each experience negative consequences if that debt is not repaid. In some cases, it might be best to sell a home or other joint assets to pay joint debts right away.
Finally, it is important to consider the tax ramifications of filing for divorce. Capital gains taxes may apply after receiving assets in a divorce settlement while legal fees could be tax deductible. Alimony is income to the receiver and a write-off for the person who pays it. Those who have kids will also have to decide who gets to claim a dependency exemption for the children.
There are several divorce legal issues that may be best handled with the help of an attorney. For instance, legal counsel might be able to help inventory assets or find outside experts to help find any assets that an individual suspects could be hidden away. It may also be possible to settle spousal support or child support issues with the help of a family law attorney either in court or through mediation.