Divorce is often one of the most traumatic and uncertain events in an individual’s life. As if the emotions of a relationship changing or ending aren’t enough, couples often find their stress compounded by all the potential financial implications of a divorce. It’s imperative that divorcing couples consider several significant financial issues when determining what their divorce will look like when it’s over. Having experienced divorce lawyers in Tinley Park on your side to help with these considerations will typically put you in a much better financial situation when you start your new life.
In a divorce situation, you are generally responsible for your debts, and your spouse is responsible for theirs. However, most states, including Illinois, equally divide debt incurred jointly during the duration of your marriage. Your divorce decree will show the actual division of those debts. Before your divorce, it’s helpful to:
Your income tax filing status will change since you can’t file a return using the “married, filing jointly” rates. If you have kids, your divorce decree should establish who will be allowed to claim your children as dependents. Additionally, if you’ve been filing jointly, any IRS claims are likely to be against both of you. Suppose you have problems with past or future tax returns in light of your divorce. In that case, it’s best to talk to a financial advisor or experienced divorce attorneys in Tinley Park.
If both spouses are covered under one spouse’s health insurance plan provided through an employer, ensure that the final agreement details how continuation will be provided, if it is to be continued at all. The costs of healthcare are much too high not to consider this issue. Suppose one spouse will be left without health insurance coverage. In that case, this leaves them with an additional and possibly steep financial burden.
If you have retirement plans or savings, be sure to consult with seasoned divorce lawyers in Tinley Park. Many different financial considerations need to be made, some of which you may not even be aware of on your own. For example—if an IRA or one spouse’s retirement plan assets are transferred to the other spouse as part of the property division in a divorce, you should consult with a tax professional to make sure the tax deferral stays in effect.
Whether you knew your divorce was coming and had it planned, or it was thrust upon you with little or no time to determine what you should do next, our knowledgeable divorce lawyers in Tinley Park are here for you. We can help you understand the financial issues you will face during and after your divorce and prepare the way for a bright financial future, no matter how bleak your divorce might seem. Contact Demetrios N. Dalmares & Associates today for a free divorce consultation.
Demetrios, I cannot thank you enough for you diligence, patience, knowledge, concern and determination to represent my best interest. From the bottom of my heart, you are amazing and thank you for all you have done for me. Robin
With Demetrios, you don't have to worry about anything. He knows what he's doing. I have two lawyers before him. It was a long case and messed up for 2 years. Since Demetrios took my case, he finished it in a couple of months. He is very organized and smart, and he will take you through that very smooth process. Thank you so much Demetrios, I owe you a lot.
Demetrios Dalmares is a very good attorney. He did a great job in assisting me through my divorce. This is the attorney who will get the job done!
Demetrios has helped me through a very difficult time in my life. He is not intimidated by increased levels of challenges. He has been able to adapt to my unique circumstances and get over every hurdle with confidence. He's intelligent, kind and a good listener. I wholeheartedly recommend Demetrios and his excellent staff to all my family and friends. I assure you that his commitment to helping others is reassuring, and I hope it sets your mind at ease.
Mr. Dalmares was great to work with. He walked me through the process and kept me updated on any updates that had occurred. Highly recommended!
Thank you, Demetrios, for your tenacity, attentiveness and patience in working with me in finalizing my divorce. God Bless
5-star team, very helpful, very friendly, punctual. Hired for a paternity case and was very pleased with the outcome. Demetrios is great; I highly recommend!
I recommend Demetrios Dalmares with the highest praise as a divorce attorney. My divorce was settled quickly and without any unnecessary drama. I was updated regularly regarding the progress of my case. He was extremely knowledgeable, diligent and persistent. Demetrios Dalmares was clearly working in my best interest and the best interest of my three children. He is definitely the attorney you want on your side when going through a divorce. I cannot thank or recommend him enough!
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple shared ownership in a business, resulting in complex property division issues. After investigation of the couple’s financial history, our client received a much more equitable divorce agreement than what was originally offered.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Mother: Father became aggressive and violent toward Mother during their separation, prompting her to seek full custody of their children. At trial, the court granted Father supervised parenting time only and Mother was awarded child support.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple had been locked in a contentious divorce for nearly three years and changed lawyers several times. Law Office of Demetrios N Dalmares and Associates Ltd. provided the experience and organization needed to resolve the case within months, avoiding a trial for our client.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Wife left a successful career to raise children. When Husband denied spousal support based on Wife’s previous earnings, Law Office of Demetrios N Dalmares and Associates Ltd. countered with evidence that retraining was needed, and our client was awarded spousal support.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Husband tried to intimidate Wife into a divorce settlement that heavily favored his interests by drawing out the case. Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife through trial, where she received an equitable share of marital assets.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Father: Mother began cohabitating with a new partner who made significantly more than our client. Law Office of Demetrios N Dalmares and Associates Ltd. successfully demonstrated that the new relationship justified a modification and obtained a favorable outcome through negotiation.