Posted on October 09, 2018 in Divorce

Even if you have never experienced it, you probably realize that a divorce can take a tremendous emotional toll on a person. You may also be familiar with the basic idea of dividing marital property. What may not be as obvious from the outside, however, is the potentially devastating effects a divorce can have on the personal financial situation of each spouse, which can be long-lasting and can even result in bankruptcy.

If divorce has become a strong possibility for you and your spouse, there are a few areas of concern that you can address along the way to prevent major financial problems down the road.

Consider the Type of Assets

The division of marital assets is an often contentious part of the divorce process. Although Illinois is equitable distribution state, meaning each spouse’s allocation should be fair, not necessarily equal, you and your spouse will probably try to reach a fairly even agreement. You should keep in mind, though, that certain assets are not as easily converted to cash in the event of unforeseen expenses. For example, if you got to keep the family home while your spouse was allocated an investment account with similar value, you may struggle to sell the home if you were to ever need to do so.

Continue Reading ››

 Posted on October 09, 2018 in Divorce

Sometimes, when someone chooses to get a divorce, their spouse refuses to agree to the dissolution of their marriage. This may be due to denial or an attempt to control a spouse in the case of domestic abuse, or, in some cases, the couple may have separated, and a spouse cannot be located. If your spouse is refusing to cooperate in your divorce case, you should be sure to understand your legal options.

Irreconcilable Differences

In Illinois, irreconcilable differences are the only recognized grounds for divorce. This means that the couple is not able to solve the issues in their marriage. It is considered a no-fault ground for divorce, which means that neither spouse is to blame for the deterioration of the marriage. If a couple lives separately for at least six months, this is a presumption of irreconcilable differences.

Some common reasons a spouse may refuse to agree to a divorce include:

• Denial - The divorce process brings up emotions on both sides. Your reasons for wanting a divorce are valid, but they may be hard for your spouse to understand. They may feel rejected, and they may wish to try to work things out before signing divorce papers. It is important to be patient and compassionate about their feelings, but you also have the right to end your marriage for whatever reasons you may choose. In order to make the divorce process proceed more smoothly, you may wish to give your spouse some time to sit with the idea of ending the marriage. They may know about the issues, but the prompt of divorce can still be a shock.

Continue Reading ››

 Posted on October 04, 2018 in Estate Planning

In most cases, the assignment of assets to a single heir is straightforward; you only need to determine a creative way to decrease the tax load. By contrast, assigning assets to multiple heirs is generally more complex. Not only do you have to determine how to increase the overall amount each person receives after their tax liabilities but you must also discern whether to distribute the assets fairly or equally. What is the difference between these two options, and which one is most appropriate for your estate planning needs?

Fair or Equal: What is the Difference?

While some people use the terms fair and equal interchangeably, the two terms are quite different from one another. To split things equally means to give everyone the exact same amount, but fair distribution is not always equal. Sometimes, it may appear that one heir is getting “more,” but the truth is that they are getting more for a very specific reason.

Continue Reading ››

 Posted on October 02, 2018 in Divorce

Imagine a plausible scenario: one day, you are sitting in your office, perhaps taking a break to read the morning newspaper and to refill your coffee cup for the second time. Suddenly, a person you have never seen before asks you to verify your name. When you do, he hands you an envelope and announces that you have been served. Confused, you open the envelope to find that-to your utter shock-your spouse has formally filed for a divorce. In a matter of moments, it may feel like your whole world has been turned upside down, but now you must take action in response. What should you do and where should you even start?

Analyze the Situation

If you have been truly blindsided by your spouse’s divorce filing, there are, to put it bluntly, serious problems in your relationship. Even the healthiest of marriages experience tough times every now and again, but through the difficulties, united couples will continue to talk and communicate their issues and concerns. There is a good possibility that the underlying issues that led your spouse to file for divorce have been going on for a long time, but communication was not a high enough priority. The problems were downplayed or completely ignored until, one day, enough was enough.

Continue Reading ››

 Posted on October 02, 2018 in Divorce

The leaves are starting to change colors, and now that it is October, your child is likely to be gearing up to go trick or treating this year. If you have recently gotten a divorce or are in the midst of the divorce process, holidays will be handled differently than when you were married. However, planning for successful co-parenting will ensure that your child has as good a time as they did in previous years.

Trick or Treat?

While your child may choose to dress as Batman or their favorite Disney princess, you and your ex-partner should be completely transparent about planning family holidays. Communicating details and keeping your child out of any crossfire will allow him or her to focus on getting candy and not on dealing with mom and dad’s separation.

If your parenting plan does not account for Halloween, it is important to communicate with your ex before the big night and make sure your plans are clear. Scrambling to make plans the night before Halloween will put unnecessary stress on everyone.

Continue Reading ››

 Posted on September 27, 2018 in Estate Planning

Thinking about the end of your life is not an easy task, especially if you are still fairly young or currently in the prime of your life. Yet failing to do so can have serious consequences for you and those you love the most. Of course, you are not alone. In fact, statistics suggest that only about 40 percent of American adults have a valid will. Do not continue leaving your family unprotected. Learn how creating an estate plan can improve the future of your family and how you can create one that protects everyone’s best interests.

How Creating a Plan Can Protect You

People do not generally consider how an estate plan can help them, yet there are some clear benefits to having one. If, for example, you become incapacitated, a valid power of attorney can help ensure your wishes are followed. You can name someone you trust to make any medical decisions you have not already considered. It is also possible to assign someone to watch over your financial affairs. In short, an estate plan can protect and preserve your interests in the face of the unthinkable.

Continue Reading ››

 Posted on September 26, 2018 in Divorce

When a married couple decides to get a divorce, their assets will be divided between them. In Illinois, this can be done between the two parties out of court, but if an agreement cannot be reached, then the court steps in with a system called equitable distribution. This system intends to divide properly fairly, but it does not mean that all assets are divided equally. Some of the factors used to determine how to divide marital property include:

• The distribution of wealth
• The length of the marriage
• The couple’s standard of living
• Future parental responsibility
• The health, income, and age of the individuals

With these factors, it is still important to take action before your divorce to protect yourself financially, because the outcomes of these decisions are often uncertain.

Know Your Finances

Before the divorce process begins, it will help to learn as much as you can about your personal finances. Begin tracking how much you earn, how much you spend, and any future expenses. Start creating a budget focused around necessities such as food, shelter, and medical care for yourself and your children. Use previous statements, bank records, and records of expenses to plan for the future. All of this information will not only help you, but it can be used to demonstrate your financial needs to the court when dividing marital property.

Continue Reading ››

 Posted on September 25, 2018 in Divorce

After months or even years of unhappiness, you have finally decided that it is time for your marriage to end. It happens. In fact, it happens to about 800,000 couples every year in the United States, or about 2,200 per day, including weekends. If you are like many individuals, it can be very tempting to take to Facebook or Instagram in celebration of your newfound freedom. Others, sadly, turn to social media as an outlet for disparaging their partners, in hopes of finding support from friends and loved ones, or simply out of anger or spite. Whatever the reason, it is often best to limit your use of social media during your divorce to prevent potential unforeseen consequences.

Social Media Affects Divorce Cases

According to recent study conducted by the American Academy of Matrimonial Lawyers (AAML), as many as 99 percent of family law attorneys have observed an increase in the use of text message and social media evidence in divorce and family proceedings in the last few years. Many divorce attorneys are even incorporating strategies for uncovering such evidence. What was once the territory of private investigators with cameras and notebooks is now often covered by voluntary posts on Facebook.

Continue Reading ››

 Posted on September 19, 2018 in Family Law

Establishing paternity benefits a child by giving him or her the right to receive support from and have a relationship with both parents. However, it is important for parents to understand how Illinois law defines and determines paternity.

What Is Paternity?

Paternity is the identity of a child’s legal father. This is established through the marital status of the parents, a Voluntary Acknowledgement of Paternity, a court-ordered DNA test, or adoption. If a woman is married or in a civil union within 300 days before the birth of the child, then her partner is presumed to be the child’s legal father.

When paternity is established for a child, it gives him or her certain legal benefits based on their legal relationship with both parents, including:

• Inheritance rights
• Social Security benefits
• Health and life insurance benefits

After establishing paternity, a child support case may be opened to ensure that the child receives financial support that will meet their daily needs. Paternity proceedings may also provide a father with the right to visitation, or parenting time, unless the court orders otherwise.

Continue Reading ››

 Posted on September 19, 2018 in Estate Planning

If you have already developed an estate plan, congratulations! You are already a step ahead of more than half of American adults. However, it is also important to understand that estate planning is not a “set it and forget it” undertaking-to borrow a phrase from a well-known infomercial. You need to review your plan on regular basis to make sure that it is still ready to meet your evolving needs. In addition, there are certain situations or life changes that may require you to update or make changes to your estate plan.

Getting Married or Divorced

When you get married, your new spouse does not automatically become a beneficiary in your existing estate plan. He or she will only inherit a portion of your estate if you update your plan. On the other hand, a divorce will nullify any provisions in your will that pertain to your ex-spouse, but only once the divorce is finalized. You will need to choose a new beneficiary to receive the portion of the estate once meant for your spouse.

Continue Reading ››