Posted on October 18, 2019 in Estate Planning

It is not easy to think about what will happen to your personal belonging and financial assets after your death. However, the process of estate planning can be an important part of providing your surviving family members with the security and peace of mind that they deserve.

Unfortunately, it is not uncommon for families to become fractured and split by disagreements over the estate of a deceased loved one. Such disputes can lead to many years of bitterness between family members who were once close. In some cases, a family member might feel so left out that he or she files a challenge to the decedent’s will. While there is no way to fully guarantee that one of your family members will not contest your will, there are few things you can do to reduce the possibility of such action.

1. Make Your Plan Early

Many will contests are filed on the basis that the testator-the person who wrote the will-did not have the mental clarity needed to execute a will. The longer you wait to write a will, the more likely it is that your advancing age, decreasing health, and other considerations might be used as “reasons” for contesting your will. Draft and execute your will long before your mental state could reasonably be questioned, and work closely with a qualified estate planning lawyer.

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 Posted on October 16, 2019 in Divorce

When celebrities go through a divorce, everyone talks about the settlements. These high asset divorces are interesting because of the extraordinary dollar amounts in the millions and billions. For example, Jeff Bezos, the CEO of Amazon, gave up a quarter of his shares in the company to his ex-wife, and he is still the most wealthy man in America. Celebrity divorces are in the news a lot, but it does not take a famous person to have a high asset divorce.

Division of Marital Assets

In traditional gender roles, a man may have taken control of the finances. However, in modern times, there are more households with dual incomes where spouses share equal financial responsibility. Financial matters between a couple can be a breaking point in a marriage. Money is a major stressor in a relationship and is one of the leading reasons people choose to get a divorce. Studies show that the larger the difference between a couple’s credit scores, the more likely their marriage will end in divorce within five years.

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 Posted on October 15, 2019 in Divorce

The difficulties that accompany divorce can be vast, leaving you to face a major learning curve as you navigate your life without your ex-spouse. From new living arrangements and daily routines to possible career changes and less quality time with your children, divorce in the family unleashes a whole range of uncomfortable emotions for everyone involved. Eventually, though, the healing process begins, and with time and experience comes the ability to adapt to post-divorce life.

Paving the Way for Recovery

Psychologists remind those grieving from a divorce that human beings are incredibly resilient, but research also shows just how hard the recovery stages of the loss can be. The divorce process looks different from person to person, and each separation has its own set of challenges and heartaches. If you feel you are having an exceptionally hard time kick-starting the healing process, or if you feel stuck in the attempt to move on with your life, experts recommend the following:

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 Posted on October 11, 2019 in Estate Planning

There are many reasons and situations that require an update to your estate plan. Divorce is one of the most common and potentially catastrophic situations. Unfortunately, it is also easy to overlook or forget. There are many loose ends to tie up once the divorce process is complete, and with more to manage, estate planning can easily slip through the cracks. Unfortunately, if something does happen to you before you have made changes to your estate plan, assets may not go to the people and places you had hoped. Do not let this happen to you. Learn what and when you should update in an estate plan after divorce.

Changing Your Beneficiaries

If you have a 401K, IRA, or other retirement plan, the beneficiary listed on your policy should be checked upon completion of the divorce. Of course, you may have to split some of your savings with your former spouse, but the remaining amount should go to you. If you do not want the remainder to go to your ex upon your passing, and he or she is listed as the current beneficiary, it is important that you change this in your policy. Alternatively, if you wish your spouse to be listed as a trustee for your children, ensure the policy and your other estate planning documents reflect this wish.

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 Posted on October 09, 2019 in Child Custody

If you are a parent who is thinking about getting a divorce, you likely have many concerns regarding your children. You may worry about how the children will adjust to a two-home arrangement or how they will take the news of the divorce. You may also worry about how much time you will get to spend with your kids now that you must share parenting time with your children’s other parent.

It can be incredibly difficult for parents to transition to a more limited parenting arrangement after they have been highly involved in their children’s lives on a daily basis. Fortunately, there is a way to make sure parents have the maximum amount of parenting time possible through the “right of first refusal” provision.

Illinois Parenting Agreements

Parents who plan to share custody of their children in Illinois must complete a parenting agreement or parenting plan. In this agreement, you and your child’s other parent will write down your plans for how you will share parental responsibilities (formerly called custody) and parenting time (formerly called visitation.) You must also make note of how major decisions about the children’s lives will be made and how parents will communicate with the children during the other parent’s allotted parenting time. There are also several “rights” which parents must agree upon, including the other parent’s right to be informed about travel plans, healthcare issues, emergencies, and other important concerns in the children’s lives. Lastly, parents must address the right of first refusal.

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 Posted on October 09, 2019 in Divorce

It is no secret that divorce is tough on a family. Although a husband and wife no longer want to be married, they both will continue to share a relationship with their children. After a divorce, one parent often moves from the family home, which can be difficult for children to begin with, but it can also change their daily routines or schedules. When addressing issues such as when children will have quality time with either parent, Illinois law allows families to complete a parenting plan, which must be in writing and signed by both parents to be considered legally binding.

What Is a Parenting Plan?

Since 2016, Illinois has removed terms such as “custody” and “visitation” from state family laws in an attempt to better address the roles that parents play following divorce. Now, such matters are referred to as “parental responsibility” and “parenting time,” respectively. A parenting plan is what puts decisions about these issues into action after a divorce by dictating how parental responsibilities will be allocated or shared between parents and when each parent will spend time with the child.

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 Posted on October 08, 2019 in Divorce

When it comes to the end of a marriage, there may be no such thing as an easy divorce. Even couples who remain civil and separate amicably do not escape the end of the relationship without experiencing hurt and pain. Having to let go of someone you loved, possibly still love, and shared a home and a life with can be irrevocably damaging, regardless of the circumstances. Still, some divorces are flat-out toxic from start to finish and result in ongoing conflict and heated legal battles. A contentious divorce is undeniably the most taxing kind, as it takes a toll on the whole family mentally, emotionally, and spiritually.

Minimizing Divorce Stress

Spouses can disagree about nearly everything in a contested divorce case, from the division of assets and debts, to spousal maintenance (alimony), to child support and parenting time. If you find yourself in high-conflict divorce and cannot manage to find middle ground on any topic, you may not be able to change the relationship dynamic, but you do have some power over how you handle the inevitable stresses of the divorce process. Psychology experts recommend the following activities to lighten your burden during this difficult transition:

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 Posted on October 05, 2019 in Estate Planning

When most people think about the concept of estate planning, they tend to think about money and “things.” Of course, there is nothing wrong with this thought, as estate planning does require a person to decide which beneficiaries will receive what property when the person dies. Property and debt considerations, however, are only part of the estate planning equation, especially if you have children who are under the age of 18. With the help of a qualified attorney, your estate plan can include your wishes regarding how your children will be cared for if something happens to you.

Guardianship Considerations

It is not easy to even ask the question, but what would happen to your children if you were, all of a sudden, out of the picture? Your spouse would most likely take on additional responsibilities for your children if you are married, but what if you are single or divorced? Or worse, what if you and your spouse were to die in the same tragic accident? Unfortunately, the realities of life are often extremely cruel.

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 Posted on October 02, 2019 in Divorce

A divorce is a difficult time for many couples. Whether you have been married for one year or 20 years, the divorce process can be long and stressful. Once the complicated steps such as property division and creating a parenting plan are over, it is time to begin moving on with your life. Although a divorce may be finalized, you may still have lingering feelings about the marriage or your ex-partner. Divorce can be a big lifestyle change, and this transition can prove challenging.

Grieving the Loss of Your Marriage

Getting a divorce means losing an important person in your life. It is normal to grieve this loss. Mourning the relationship with your ex-spouse can be cathartic. However, while contemplation is good, dwelling on the past can hinder you from moving on. A person getting a divorce may go through the stages of grief: denial, anger, bargaining, depression, and acceptance.

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 Posted on September 30, 2019 in Child Support

As a parent pursuing child support following a separation or divorce, it is not uncommon to encounter various roadblocks. The process can bring all kinds of questions and concerns to the surface, and parents will need answers to these questions sooner rather than later. They need to know how much support they qualify for, how that support will be provided, and the certainty that funds are not only available but reliable on an ongoing basis. Additionally, those paying support are entitled to know how their obligations are calculated and what is expected of them by law.

Income Shares Approach

Whether discussions about support arrangements have turned tense between you and the other parent, or you simply feel overwhelmed as you begin your attempt to secure the means needed to care for your child, consider the following tips to better understand the “Income Shares” method in the state of Illinois:

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