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Is My Spouse’s Inheritance Marital Property in an Illinois Divorce?
The issue of inheritance is often a cause of great contention in Illinois divorces. For spouses who have been married for decades, money given from a deceased family member to one spouse may feel like something of a betrayal to the other spouse, especially if the spouse who receives the inheritance decides not to spend it in ways that would benefit the marriage or children.
In other situations, couples may be very generous with each other’s inheritance, and even count on it as part of their long-term financial planning. No matter how an inheritance has been handled, the issue can get thorny when a couple starts discussing divorce. Deciding how to handle an inheritance in the asset division process can be challenging, especially when inheritance funds have been mixed with marital funds. If you are considering divorce and anticipate dealing with inheritance, consider getting the help of a DuPage County attorney with experience in both family law and estate planning.
Why Estate Planning is Critical for Unmarried Couples
More and more modern couples are choosing not to marry. Each couple has their own reasons for making this decision. Some feel that they do not need “a piece of paper” to demonstrate their love and commitment. Others simply are not comfortable with the idea of marriage. However, there are certain legal protections that marriage offers in the event that one spouse becomes incapacitated or passes away. Spouses almost automatically inherit from each other in the absence of an estate plan, and will likely be called upon to make medical decisions for each other when necessary. Unmarried couples do not enjoy these protections.
Fortunately, there are ways other than getting married for committed couples to protect each other. Through a little careful estate planning with the help of a qualified attorney, unmarried couples can set in place largely the same safety nets that married couples are granted. It will likely cost much less than a wedding.
The 2 Parts of a Comprehensive Illinois Estate Plan
When you think of estate planning, you probably think of wills and trusts - the ways people decide how their property should be distributed after they pass away. This is known as testamentary planning. It is a very important goal of estate planning. However, there is another side of estate planning that addresses what will happen to both you and your belongings later in life should you one day lose the capacity to make your own decisions. This is known as incapacity planning. A comprehensive estate plan will involve both testamentary planning and incapacity planning.
What is Testamentary Planning?
Testamentary planning is the classic form of estate planning. During this process, you will decide who should receive your property when you are gone. The two most common instruments for testamentary planning are wills and trusts. In modern times, trusts are increasingly becoming the preferred vehicle for transferring assets. They offer a number of advantages, most notably by allowing you to bypass probate.
Three Unique Co-Parenting Methods for Divorced Parents in Illinois
Even after going your separate ways in an Illinois divorce, your ex will still have a significant impact on your life when you share children. For many divorced couples, raising children after a divorce is a very challenging issue, and finding an arrangement that works can be frustrating and time-consuming. When parents struggle to work within traditional parenting agreement constructs, it may be helpful to get creative and turn to alternative methods of co-parenting. Depending on your needs, one of these three unique co-parenting methods may be helpful.
Parallel Parenting
For some couples, every point of contact is a fight waiting to happen. When one or both parents are uncooperative or hostile towards each other, they risk constantly exposing their children to conflict. To protect the children from the psychological damage this can cause, parallel parenting offers co-parents an opportunity to treat parenting as a business enterprise. Couples who use parallel parenting strategies only communicate when absolutely necessary, and will usually do so with designated communication channels like a special email address. If you choose to use parallel parenting, be sure to include as many details as possible in your court-approved parenting plan. That way, when issues arise, you already have solutions and can avoid further conflict.
What Happens to Digital Assets During an Illinois Divorce?
Every day, there seems to be a new kind of digital asset making the news. Cryptocurrencies like Bitcoin and non-fungible tokens are just two examples of digital financial assets that we commonly associate with money. But other digital assets must be divided as well - personal photos and videos that exist on each spouse’s phone, streaming accounts, and even purchased media like downloaded videos all need to be dealt with. During the Illinois divorce process, all marital assets must be divided fairly - even the ones that only exist on the internet. If you are getting divorced and wondering what will happen to your digital assets, read on.
Pictures, Videos, Movies, and Streaming Services
Couples can spend thousands of dollars on downloaded videos, games, and other online entertainment over the course of a marriage. If a couple has amassed a valuable digital library of content, this will need to be divided in the divorce decree. Because online content is usually associated with a specific account and these accounts must only be owned by one partner after the divorce, spouses will need to agree about how to split them.
Top 3 Estate Planning Mistakes People Make in DuPage County
Estate planning should always be done with care. It is important that wills, trusts, and other testamentary instruments are written and executed correctly - when it counts, you will not be there to explain what you meant to do in your estate plan. There are a handful of common mistakes and oversights people sometimes make in the course of building an estate plan. Unfortunately, estate planning errors can sometimes have serious consequences. It is best to consult a skilled lawyer when you are ready to begin the estate planning process. Having an attorney assist you can be an excellent way to avoid what could be a costly mistake.
What Are the Top Mistakes Illinois Residents Make in Estate Planning?
It is important to make sure that you are aware of and understand all the options you have before you start signing off on an estate plan. You should be aware of these common mistakes:
How Do Special Needs Trusts Work in DuPage County?
Special needs trusts are a tool used to provide for disabled adults without defeating their eligibility for Medicare and other government assistance. This type of trust will allow the beneficiary to use these funds for expenses not covered by Medicare, like personal items and recreation. There are two types of special needs trusts most commonly used in Illinois: third-party special needs trusts and self-settled special needs trusts. If you are interested in protecting someone with a special needs trust, consulting a qualified attorney is the first step.
Why Do I Need a Special Needs Trust?
The problem with simply gifting or awarding money to someone with disabilities is that these funds can be counted as income for them, which can disqualify them for the benefits they rely on. Then, they are forced to spend their gift or award on the routine health care and living expenses these government programs would normally pay for. This goes on until the funds are depleted, which may not take long at all. The disabled person then must reapply for assistance programs, and is effectively back at square one without having really benefited in any noticeable way.
Five Tips for Creating an Illinois Parenting Plan When You Cannot Agree
Many divorcing parents feel as though creating a parenting plan is inevitably a win/lose situation. If one parent does not get to spend time with their children, it is because their [insulting adjective] ex is with them instead. Depending on how someone feels about their ex, this can be an inconvenient or irritating fact or a complete disaster.
However, even when divorced parents dislike each other strongly and find it difficult to get along, they still have to deal with each other and their children still have to deal with the consequences of their relationship. Finding an appropriate balance is crucial for creating a parenting plan, yet this can be the hardest thing in the world during a contentious divorce. If you are struggling to cooperate with your spouse about a parenting plan, here are five tips that may be helpful.
Strive to Understand Your Child’s Best Interests
Sometimes warring spouses may find it easier to cooperate when they shift the focus from each other to their child. Ultimately, a child did not choose her parents’ relationship and it is not her fault that she is stuck in the middle of a divorce. It is her needs that should be met first.
Avoid These Three Simple Mistakes in Your Illinois Custody Dispute
Parents frequently disagree about issues related to the allocation of parental responsibilities and parenting time during their divorce. When parents cannot reach an agreement or create a parenting plan, mediators or a collaborative divorce team may be able to help. However, if other methods fail or if a case is extremely contentious, parents may end up litigating their custody dispute in an Illinois family law court. Although there is no failsafe way for a parent to ensure they get what they want in a court hearing, there are certain mistakes that parents should try to avoid.
Sharing Details of the Dispute on Social Media
Nearly everyone uses social media, but during a contentious divorce, putting too many details on social media accounts can have negative consequences. Even with the most private account settings, information can be obtained and used as evidence in court. Trash-talking the other parent, posting pictures of late-night parties, and even photos of fun but risky behaviors with children may be used to try to prove lack of parental fitness in court. When in doubt, less is more when it comes to social media use.
Using a Prenuptial Agreement to Protect Children from a Previous Marriage
Although prenuptial agreements are famously used by people with high-worth assets, the truth is that prenups can protect many different people in many different situations. One of the best uses of a prenuptial agreement is when a parent of children from a previous marriage in Illinois wishes to get married again.
Having a well-written, legally enforceable prenup can save a parent’s children and second spouses from fighting over assets in court if the marriage ends in divorce or if the parent passes away. A great prenuptial agreement can bolster a will and trust, and is an important part of financial planning before getting married again.
Using Prenuptial Agreements for a Second Marriage
When a parent dies, it is always a tragedy - but the sadness can be made much worse when a second spouse is fighting over assets or inheritance with children. A great prenuptial agreement that details exactly how belongings, savings, and other assets will be allocated in the event of a parent’s death can save children and second spouses from the time, expense, and heartache of fighting over assets in court. This is also true if the second marriage fails and a couple disagrees about how their assets should be divided.
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