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Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

Oak Park | 708-848-3159

DuPage County | 630-852-9700   Mokena | 815-727-6144

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Cook County divorce attorney for stay-at-home parentsStatistics show that many marriages end in divorce. Once you and your spouse make the decision to part ways, there are several issues you will need to resolve. Some of these include the division of marital assets (and debt), child support, and spousal maintenance. In some cases, one spouse may have stayed home to raise the couple’s children. In other scenarios, both parents might have pursued careers. For stay-at-home moms or dads, it can be difficult to imagine a new life as a single parent, which often means finding a job to make ends meet. However, there are ways to cope with this major life transition, and you will want to make sure you have the financial resources you need after your divorce. 

Consider the Best Housing Situation 

Depending on the allocation of parental responsibilities in a divorce, one parent may be able to stay in the marital home. This can often help ease the transition, allowing the children to remain in the house they lived in during the marriage. However, as a parent who did not work while raising your kids, home ownership can pose a significant financial burden. Making a large mortgage payment every month can seem overwhelming, and you will also be responsible for property taxes, utilities, and upkeep of your home. If you are awarded spousal support, this may allow you to cover your monthly bills, but it may be more financially feasible to sell the house. This will allow both you and your ex-spouse to receive a portion of the profits from the sale. Moving to a new residence may be a first step in beginning a new chapter for everyone.  

Understand Your Finances

It is imperative that you have a firm grasp of your financial situation during and after your divorce. You will want to know what kinds of bank or retirement accounts you and your spouse have and who is listed as the account owner. By obtaining this financial information, you can ensure that you fully understand the extent of your marital assets, allowing you to receive the property and assets you are entitled to.

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Cook County divorce mediation lawyerFiling for divorce or being served with divorce papers can be an overwhelming experience. There are many decisions to make, especially if you and your spouse have children together. However, if you and your spouse are able to cooperate and work together to make these decisions, the process can be completed more quickly and easily. One way of doing so is through mediation.

During divorce mediation, you and your spouse will meet with a neutral third-party mediator to work through the issues you need to resolve so the two of you can end your marriage as peacefully and cost-effectively as possible. During mediation, the two of you will work to reach agreements on issues such as child custody, spousal support/maintenance, property and asset division, and any other matters that will need to be addressed in order to legally end your marriage.

How a Mediator Can Help You

If you and your spouse are willing to communicate and compromise on the issues that will need to be resolved, divorce mediation may be your best option. The benefits of divorce mediation include, but are not limited to:

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Cook County property division lawyer for business interests

A divorce can be an intimidating experience for anyone, considering all the legal, financial, and personal issues that need to be worked out once a couple decides to part ways. Illinois is an “equitable distribution” state, which means marital property will be divided fairly and equitably, but not exactly in half or 50/50. For those people who own their own company, it can be difficult to think about how to split that important asset. Not only is a family-owned business the basis of someone’s livelihood, it can have great sentimental value if it has been in the family for a long time. Therefore, it is important to understand the business valuation process during divorce to ensure your rights are protected.    

What Is the Value of My Company? 

A business owned by either or both spouses is considered marital property if it was bought, acquired, or founded during the marriage. It can be difficult to put a price on a company when thinking about dividing it as an asset. However, this is an important step when determining what each spouse is entitled to when the marriage ends. A forensic accountant can help place a value on a business by using several different methods. Some of these approaches include: 

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Cook County divorce lawyer for online harassment

A divorce can occur for many reasons, and domestic violence is one of the most serious issues that may lead to the end of a marriage. This type of abuse can take many forms, including harassment, stalking, and electronic monitoring. Stalking is often thought of as the act of physically following someone, and it is not uncommon for an abusive spouse to continue to stalk his or her partner even if one party has moved out of the marital home they once shared together. In today’s online world, a person can also stalk or harass someone electronically via computers or phones. Electronic monitoring refers to videotaping or tracking an individual’s movements without consent by placing video cameras or audio recording devices in his or her home. Fortunately, there are actions victims of this kind of harassment can take to protect themselves and punish their stalkers. 

Stalking Defined 

Stalking is often defined as the act or crime of willfully and repeatedly following or harassing another person with the intent of causing anxiety, fear, or harm to that individual. It is important to note that a person can be charged with stalking someone if he or she remains outside of that individual’s home for more than 10 minutes at a time or for more than 30 minutes total in a 24-hour timeframe for a minimum of five times.

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