McHenry Family Lawyers Manage Financial Considerations in Divorce Cases

by | Aug 25, 2022 | Lawyers & Law Firms

Financial struggles can cause a serious strain on a marriage. Spouses who cannot agree on how to manage money may decide to divorce. Professional legal representation by a divorce attorney is important in this situation. McHenry family lawyers are ready to assist.

Debt and Asset Division

The spouses need to divide their combined debt as well as any assets they have. They must determine whether any obligations belong only to one spouse and should not be divided. Even when a divorce is amicable, a judge must approve the final agreement after verifying it is fair.

Closing and Freezing Accounts

Couples with numerous credit accounts might not use some of them anymore, but those accounts may still be open. McHenry family lawyers can help clients track all their shared credit accounts and close or freeze them. This should be done as soon as divorce proceedings begin. Otherwise, one spouse could run up more debt before the divorce is final.

Child Support

If the two are parents, they also must figure out how to handle child custody and support. Parents who share physical custody relatively equally may be able to avoid the support issue. When one person has primary physical custody, the other typically is required by law to pay child support.

Family court judges allow almost nothing to interfere with this requirement. If the parent is out of work, the court expects this person to obtain a job promptly or make payments from savings. Support payments can be automatically withdrawn from unemployment compensation.

Contact Bruning & Associates for more details.

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