Financial Support You May be Entitled to After Divorce

Financial Support You May be Entitled to After Divorce

Almost everyone’s finances take a hit during a divorce, and getting back to the standard of living you enjoyed before your divorce can take a while, even if you have a steady income. If you depended on your spouse financially, and your spouse suddenly told you that your marriage is over, it is understandable to be worried about your financial future.  If you are young enough and healthy enough to work, you will probably need to return to the workforce, but this does not absolve your ex-spouse of all financial responsibilities toward you after your divorce. If your spouse is threatening to leave you penniless if you get a divorce, do not fall for the intimidation.  To find out more, contact a Rolling Meadows maintenance and alimony lawyer.

Your Spouse is Obligated to Support You Until the Divorce is Final

To whatever extent possible, Illinois family law courts divide a couple’s marital assets in a way that enables them to make a clean break from each other. Despite this, your spouse’s financial obligations to you do not end until the divorce becomes final. Therefore, the court might order your spouse to continue depositing enough money in your joint bank account each month to pay for the mortgage and utility bills. This is known as temporary maintenance.

Limited Duration or Permanent Maintenance

The court might order your spouse to pay maintenance, also known as spousal support, after the divorce becomes final, if you need it. Most recipients of post-divorce maintenance fall into one of several categories:

• They have only recently returned to the workforce after a long absence, or they are in the process of returning.
• They are unable to work because of a disability, or because they have already reached retirement age.
• Both spouses worked throughout the marriage, but the recipient spouse has a much lower income and will need some money to help them transition to a more modest lifestyle.

The courts only order permanent maintenance for former couples who were married for 17 years or more and when one spouse depended on the other financially.

Possession of the Marital Home or Other Valuable Assets

Paying maintenance is not the only way that the courts order divorced couples to separate their finances.  Instead of monthly checks, the court might award you possession of the marital home and order you to refinance your mortgage so that the remaining balance is in the form of a loan in your name only. If your spouse keeps the house, they might have to pay you a lump sum to buy out your share. Likewise, the court might award you possession of other valuable marital assets, such as expensive furniture, jewelry, or artwork.

Contact the Rolling Meadows Maintenance and Alimony Lawyers at Andrea Heckman Law

A Rolling Meadows maintenance and alimony lawyer can help you get the financial support you need in the wake of your divorce. Contact Andrea Heckman Law in Rolling Meadows, Illinois to discuss your questions about divorce and maintenance.