Posted on June 09, 2025 in Asset Division

When high-net-worth couples face both relationship and financial distress, they must make strategic decisions about how and when to file for bankruptcy. As of June 2025, Illinois law allows spouses to file bankruptcy jointly if they are married at the time of filing. But filing together is not always the best path, especially in divorces involving complex asset portfolios, property valuations, and long-term tax considerations.

In Kane County, couples navigating divorce and bankruptcy at the same time should consult with an Illinois divorce attorney who understands how these two legal processes work together and how timing can impact the outcome of both.

Can You File for Bankruptcy Jointly During Divorce?

In Illinois, married couples can file for bankruptcy together under either Chapter 7 or Chapter 13. Once a divorce is final, however, joint filing is no longer an option. This creates a narrow window during which both spouses can use bankruptcy to eliminate unsecured debts and simplify the divorce.

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 Posted on June 05, 2025 in Asset Division

In June 2025, many Illinois homeowners are still facing negative equity due to interest rate spikes and a cooling post-pandemic real estate market. If you and your spouse are trying to divide debts during a divorce and your mortgage is upside down, the process will require careful financial planning and a clear understanding of your options for handling your marital home. For help with this and other complex financial issues in your divorce, call our experienced St. Charles, IL divorce attorneys today. Our lead attorney is a Certified Financial Litigator.

What Does It Mean to Be "Underwater" on a Mortgage?

Being underwater means you owe more on your mortgage than the current market value of your home. For example, if your mortgage balance is $280,000 but your home could only sell for $250,000, you are $30,000 underwater.

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 Posted on May 31, 2025 in Asset Division

Divorcing near retirement raises difficult questions about financial security, housing, and whether years of planning will need to be rethought. In Illinois, many people facing divorce in their late 50s or 60s are trying to balance emotional stress with concerns about pensions, healthcare, and living arrangements. Unlike younger couples, there may be little time to rebuild financially after the split, making every legal and financial decision especially consequential.

As of May 2025, Illinois divorce law continues to treat all divorces the same under the Illinois Marriage and Dissolution of Marriage Act, regardless of the age of the divorcees, but practical outcomes can differ significantly when retirement is near or already underway. Our Kane County, IL divorce attorneys can help you understand how divorcing now may affect your retirement. You can also learn more about how certain retirement accounts may be split up as part of property division in a divorce. 

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 Posted on May 26, 2025 in Asset Division

Getting through the property division component of an Illinois divorce sometimes requires stamina, especially if you are a high-net-worth individual. Non-marital property, often called separate property, that you think belongs solely to you can become marital property without you being aware of it, and you may find yourself dividing assets that you thought you would keep. To ensure you have a fighting chance at negotiating a fair settlement, contact an experienced St. Charles, IL divorce attorney as soon as possible.

What Does It Mean for Separate Property To Become Commingled in Illinois?

Illinois law calls for the equitable distribution of marital property and debts in the event of a divorce. The first step in that process is categorizing all your property as marital or non-marital. Non-marital property is not divided. However, the lines can blur when assets acquired before marriage become commingled, making all or part of them subject to fair division as if they were marital property.

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 Posted on May 14, 2025 in Asset Division

If you are walking into a marriage with a high net worth, a prenuptial agreement, also known as a premarital agreement, is an important tool to ensure your financial wellness. Before speaking with an experienced St. Charles, IL prenuptial agreement attorney, consider some elements of the prenup process that are especially important for people with a high net worth and large asset portfolio.

What Are the Key Components of a Prenup in Illinois?

An essential component of prenuptial agreements is the plan for the division of assets and debts. For a high-net-worth individual, this can include securities, investments, businesses, retirement accounts, and more. A well-written prenup will define the allocation of these assets with clarity and detail to ensure a fair and simple resolution during divorce proceedings. The terms for spousal support are also important for protecting the standard of living for both parties. When crafted properly, the prenup will help mitigate disputes over alimony and financial expectations.

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 Posted on May 06, 2025 in Asset Division

When a couple divorces, the division of assets can become particularly complex when one or both spouses own a business. Whether the company is a family-run operation, a professional practice, or part of a larger enterprise, understanding its value is the first step in ensuring a fair and equitable settlement under Illinois law.

Across Illinois, divorcing spouses with these complex financial considerations need to find representation from a lawyer with strong legal and financial insight. At our firm, our Kane County, IL divorce attorneys offer exactly that — including the perspective of a Certified Financial Litigator who can break down the numbers and help clients make informed decisions about their business interests.

Is My Business Marital Property?

A business is usually considered marital property if it was started during the marriage or if it grew significantly in value during the marriage due to either spouse’s contributions. This means that even if only one spouse ran the company, the other may still have a legal claim to a portion of its value. Determining that value is the first step in negotiating a fair property division.

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 Posted on April 29, 2025 in Illinois Divorce

It can be heartbreaking to learn that your spouse has decided to file for divorce when you do not want the marriage to end. You may feel shocked, confused, or desperate to fix things. While Illinois law does not allow one spouse to legally block a divorce, that does not mean you are powerless.

If you want to save your marriage, there may be steps you can take to encourage your spouse to rethink their decision. Ultimately, however, divorce is a unilateral legal process, meaning one spouse can decide on their own to get a divorce and the court will see the process through. 

It may be tempting to not cooperate at all with a spouse who is filing for divorce if you do not want to get divorced. Unfortunately, not cooperating may end up being the worst thing you can do, especially if your spouse is certain to end the marriage. Whatever your circumstances may be, a Kane County family law attorney can help you understand your rights and prepare for whatever comes next.

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 Posted on April 23, 2025 in Asset Division

When preparing for divorce, many people worry about what will happen to their shared finances, especially if one spouse has taken on significant debt. In Illinois, the question of who pays for what is not always straightforward when it comes to debt. Whether you will be responsible for your spouse’s debt depends on several factors, including when the debt was acquired, what it was used for, and how your overall marital estate is being divided.

Understanding your rights and obligations is essential before agreeing to any settlement. A skilled Illinois divorce attorney can help ensure you are not unfairly burdened with debt that is not legally yours.

How Does Illinois Divide Debt in Divorce?

Illinois follows the principle of equitable distribution, which means debts and assets are divided fairly — not necessarily equally. This includes both assets and liabilities. Generally, if a debt was taken on during the marriage, it is considered marital debt, even if the account is in only one spouse’s name.

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 Posted on April 12, 2025 in Asset Division

Your personal finances can suffer during divorce, and you could have credit problems during this difficult time. Your upset spouse might even deliberately run up debt to damage your credit score. However, by taking several simple steps to safeguard your credit during divorce, you can regain control and work towards a better financial future.

Our skilled Illinois divorce attorneys at Weiler & Associates, Inc. understand the myriad financial challenges people often experience during divorce. They can assist with any concerns you have, including financial questions about protecting your credit, taxes, debt, business division, and property division.

Review Your Credit Report

Retain a free credit report from Experian, Equifax, or TransUnion from AnnualCreditReport.com. By law, you are entitled to a free credit report annually. Review your credit report for joint credit accounts and debts, and check if your spouse has been making recent credit card purchases.

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 Posted on April 04, 2025 in Illinois Divorce

 In Illinois, a contested divorce is when the spouses cannot agree on vital issues, such as child support, child custody, parenting time, and property division. Unlike an uncontested divorce, where the spouses agree on all terms, a contested divorce usually entails a complicated and longer legal process. If you face a contested divorce, hiring a seasoned Illinois divorce attorney is critical for avoiding legal mistakes and obtaining a fair legal outcome.

Misunderstanding Legal Procedures

A substantial risk of not hiring a divorce attorney in a contested divorce is potentially misunderstanding legal procedures. The family court requires detailed paperwork, such as a Petition for Dissolution of Marriage, financial affidavits, and a parenting plan proposal if there are children in the marriage. Filing these legal documents incorrectly or missing deadlines can delay the divorce and sabotage your case. Without an attorney’s guidance, you may also fail to serve the other party with divorce documents or respond correctly to their divorce filings.

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