Illinois Family Law Insider

What Are the Top Money Issues in Illinois Divorce? - #7

Sterling Lawyers

Confused about how finances work in an Illinois divorce? In this Illinois Family Law Insider episode, Sterling Hughes Managing Partner Katie VanDeusen sits down with Partner Nina Kelley to break down the key financial issues you'll face. They dispel common misconceptions about this critical aspect of divorce. Unlike some states with automatic 50/50 divisions, Illinois takes an "equitable" approach that's more nuanced. 

We explore:

  • How all assets and debts acquired during marriage are typically considered "marital property" - even when kept in separate accounts
  • The real impact of infidelity on financial settlements
  • Why inheritance and gifts need special handling to remain protected as non-marital property
  • How judges calculate support using formulas based on income from ALL sources

Listen in for practical insights on financial misconceptions that could cost you thousands, including the crucial difference between separate accounts and truly separate property - a distinction that surprises many divorce clients.