Posted on June 09, 2018 in Child Custody

Most of us are familiar with at least the basic concept of child custody. In most instances, we realize that the phrase refers to making arrangements for raising a child or children following a divorce or breakup between the parents. While it is possible for non-parents to gain custody of a child, the vast majority of child custody disputes are between a child’s biological parents.

In 2016, sweeping reforms to the family law statutes in Illinois eliminated the official use of the phrase “child custody.” The amendments introduced new terminology that was intended to be less divisive and more cooperative. For many years, parents sought to “win” custody of their children, rather than working together to find the best possible parenting arrangement. Today, the legal concept of child custody in Illinois is known as the allocation of parental responsibilities.

Two Primary Components

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 Posted on June 08, 2018 in Estate Planning

The American Stress Institute has named divorce as the second-most stressful event a person can endure. Ending a marriage is considered even more stressful than losing your job or going to jail. Of course, the emotional toll that comes with ending a serious relationship is a big part of this stress, but the logistics and paperwork required to properly divorce can sometimes be even more stressful. This is one reason A. Traub & Associates is dedicated to helping clients adjust their estate plans after a divorce. In this final post of a four-part series about how divorce will affect your estate plan, we will discuss updating beneficiaries after a divorce.

Estate Planning Housekeeping for Those Getting Divorced

In the last few posts, we discussed updating wills, trusts, and powers of attorney after a divorce. In addition to these tasks, divorcing individuals should make sure to update documents that designate beneficiaries for things like insurance policies, pensions, and retirement plans. If you are like most people, you probably named your spouse as the primary beneficiary of many policies and accounts. Some individuals assume that when a person divorces, these beneficiary designations automatically change. However, this is not the case. If you are getting a divorce and do not want your soon-to-be-ex-spouse to be a beneficiary anymore, you are responsible for making these changes.

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 Posted on June 06, 2018 in Divorce

Deciding to get a divorce is a process in itself, but once you have decided to end your marriage, the next step you must take is to determine what kind of divorce you want to get. Couples who are hostile to each other and are not willing to cooperate often must resort to a litigated divorce where arguments are made in court and a judge makes decisions about issues such as how assets are divided and how child custody arrangements are made. However, if you and your spouse are on good terms, or if you are at least willing to work together to reach a mutually agreeable resolution, you may be able to go with an alternative dispute resolution option such as a collaborative divorce or a mediated divorce.

The Collaborative Divorce Process

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 Posted on May 31, 2018 in Divorce

Getting a divorce is a challenging time in many adults’ lives. Not only are there things to settle financially and assets to divide, divorce brings much emotional confusion into the picture. Once you have decided that a divorce is your best option, you should become prepared for the long and winding journey that is the divorce process. These 8 things can help you get a head start on your divorce even before the legal process gets started:

1. Determine the Type of Divorce You Want

Often, people think that a divorce is a divorce. In reality, there are many different types of divorce. In Illinois, the types of divorce recognized are:

• Uncontested divorce;
• Contested divorce;
• Mediated divorce;
• Collaborative divorce; and
• Joint simplified dissolution.

Each type of divorce has its advantages and disadvantages, and some divorces may not be available to you depending on your circumstances, so it is important to do your research before settling on a divorce process.

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 Posted on May 29, 2018 in Powers of Attorney

Over the last couple of weeks, posts on this blog have discussed how your estate plan could be affected by a divorce. The first post covered your will while the second post talked about the impact of a divorce on certain types of trusts. While wills and trusts are two of the most common estate planning tools, there are others that might need to be updated if you decide to get divorced, including powers of attorney for property or health care.

Powers of Attorney

A power of attorney refers to an arrangement in which a person-called the "principal"-gives legal authority to another person-called an "attorney in fact" or an "agent-to make decision on the principal’s behalf. A power of attorney can include a wide range of decision-making responsibilities, but there are two basic types. A power of attorney for property gives the agent the authority to make decisions regarding the principal’s assets, debts, and other property, while a power of attorney for health care allows the agent to act on the principal’s behalf in matters related to health and medical care.

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 Posted on May 25, 2018 in Asset Division

When a couple is getting divorced in Illinois, the law provides that all of the couple’s marital property should be divided in a manner that is fair and just. To determine a “fair and just” allocation of assets, the court will take many factors into account, including each spouse’s age, health, and employability, as well as their contributions to the marital estate. The court must also consider any claims made by either spouse against the other regarding dissipation of marital assets.

What Is Dissipation?

The Illinois Supreme Court established a definition for dissipation as “the use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time that the marriage is undergoing an irretrievable breakdown.” Over the years, the state legislature has alternated between including and excluding non-marital property in its definition of dissipation. The most recent version of the law provides that only marital property can be dissipated.

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 Posted on May 24, 2018 in Wills and Trusts

In Part 1 of this series of posts, we talked at length about how a divorce could impact the provisions and enforceability of a person’s will. A will, in many cases, is just one component of a comprehensive estate plan, which means that there are other estate planning instruments that could be affected by a divorce. For example, you may have established one or more trusts to protect and transfer your property to your chosen beneficiaries. The types of trusts that you have set up will determine how they are affected by your divorce.

Revocable Trusts

Illinois law provides that any provisions, appointments, or nominations made regarding a person’s spouse in the person’s will are automatically revoked when a judgment of divorce is issued. The law is similar in regard to trusts but with some important differences. The differences are caused by the nature of certain kinds of trusts and the rules that apply to them.

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 Posted on May 23, 2018 in Adoption

Additions to your family can come in many forms, and adoption is one method that is beneficial for both parents and children. One great option for many families is adopting a child through the Illinois Department of Children and Family Services (DCFS). However, a DCFS adoption is a bit different than other types of adoption. Before beginning the process, you should determine if a DCFS adoption is right for you and your family.

DCFS Adoptions Are Unique

One of the basic differences between a DCFS adoption and a private agency adoption is that children who are adopted through DCFS are in the foster care system. According to the Adoption and Foster Care Analysis and Reporting System, there were 117,794 children in foster care throughout the United States who were waiting to be adopted in 2016. Children who are placed in a foster home have been removed from their families for a variety of reasons, including abuse or neglect, which may have resulted in trauma. These children also range in age from babies to teenagers, and if they are available for adoption, their birth parents’ rights have already been terminated.

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 Posted on May 18, 2018 in Divorce

Sources report that former NBC news anchor Matt Lauer and wife Annette Roque are likely headed for divorce. The news is not surprising considering the events of last November when Lauer, along with several other high-profile men, were accused of sexual harassment in the workplace. Lauer was fired for the alleged inappropriate behavior. Now, it appears that his marriage may also be ending. In the course of his tenure at NBC, Lauer is estimated to have made upwards of $100 million. If the couple does end up divorcing, their extravagant wealth will undoubtedly complicate the process. When high net worth couples divorce, there is much more room for expensive mistakes to be made. If you are considering divorcing your spouse and have complex assets or high net worth, read on to learn common mistakes you should avoid.

Mistake No. 1: Letting Emotions Guide Your Behavior

Of course, divorce is one of the most emotional things a person can endure. It is completely understandable that spouses feel sadness, regret, anger, resentment, or even vindictiveness. However, when you allow your emotions to be the only basis for your actions during a divorce, the results can be costly. For example, some men and women are so anxious to divorce a spouse they can no longer tolerate that they agree to terms that are not fair to them. It can be tempting to agree to whatever your soon-to-be-ex wants just to hurry along the divorce process, but doing this only increases the chances that you will not receive your fair share of marital property or support. For high net worth couples, this mistake can be extremely expensive.

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 Posted on May 16, 2018 in Wills and Trusts

Most people recognize the importance of having an estate plan in place just in case something unexpected happens. Depending on the size and nature of your estate, a comprehensive estate plan may include a will, various types of trusts, powers of attorney, a living will, and more. Sometimes, however, the unexpected "something" can take the form of a divorce. A divorce can dramatically impact your existing estate plan, so if your marriage will soon be ending, you will need to review and amend nearly every element of your estate plan.

Over the next couple blog posts, we will highlight several types of estate planning tools and how they might be affected by your divorce.

Your Will

A last will and testament is one of the most basic elements of an estate plan. In your will, you are able to record your wishes regarding the distribution of your assets, guardianship of your minor children, and more. You can also name an executor who will be responsible for managing your estate during the probate process.

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