Divorce is sometimes a challenging and emotionally-trying experience. Our attorneys can minimize the stress by helping you get through the process efficiently. Our attorneys can also help you through common issues that arise such as:
- Division of assets and allocation of liabilities
- Negotiating a fair and equitable settlement agreement
- Ability of both spouses to earn income to support themselves and dependents
- Establishing child custody, child support, and spousal support
- Impact of any health issues
- Possession of any pets
Creating a Settlement Agreement
A settlement agreement establishes the rights and obligations of both spouses following the divorce. Should future conflict develop, the parties and court will refer to the settlement agreement for guidance.
Our agreements are specific to your needs, taking into account any potential problems that may arise. The attorneys at the office of Miriam Cooper make certain to do a thorough and comprehensive drafting job to ensure that it will be only negotiated once. We are experienced with dealing with common issues that arise, like the employment status of each party involved, disparities in income, the age and health of both spouses, and where children currently reside.
Settlement Agreement—Tax Effects
Additionally, there are complex tax issues that need to be considered in order to maximize returns on the settlement of property assets. For example, the division of property and the receipt of child support are nontaxable; however,maintenance (also known as alimony) is taxable.
At the Rolling Meadows Law Firm of Miriam Cooper, our lawyers have been representing parties in divorce cases for decades. We have gained a deep understanding of the Illinois Marriage and Dissolution of Marriage Act and the state and federal tax laws that affect how your case will be treated tax-wise.
We strive to protect our clients and minimize acrimony and expense. Our attorneys focus on the facts and negotiate the best possible agreement between the parties, and help alleviate the friction that can cause economic and emotional stress. We will manage your case, lay out all of your options, and explain how a settlement or trial will affect your rights and obligations.
Our attorneys are familiar with the commonly cited reasons for divorce in Illinois including: irreconcilable differences, mental or physical cruelty, alcoholism, impotency, and drug abuse. Spousal misconduct is generally irrelevant when determining division of property or other financial issues.
Illinois is not a community property state, which means that the division of assets, such as 401K’s, pensions, bank accounts, and property is not necessarily equal. Divorced parents are required under Illinois law to provide for their children’s college or vocational school expenses. There is no such obligation for married parents.
Contact an Experienced Divorce Attorney Today
We can be reached online or by phone. Call our office today at 847-744-8303.