Recent Blog Posts
Poor Money Management Often Leads to Divorce
There are many reasons why a couple’s marriage may break down. In some cases, the two spouses simply got married before they were ready for the commitment. Other times, one of the spouses is unfaithful and causes hardship in the marriage through his or her infidelity. However, one of the biggest causes of marital stress is money. Couples argue about whether to spend or save money, what to spend it one, or how their money should be managed.
Financial Stress Causes Friction in Relationships
A study conducted by the American Psychological Association found that about 75 percent of Americans are experiencing financial stress at least some of the time. Furthermore, almost a quarter of U.S residents are experiencing extreme financial stress. Couples do not have to be living paycheck to paycheck to experience this stress. Many financially-secure couples also experience the stress of not knowing which money decisions are right for them and their family.
How Younger Parents Can Benefit from Estate Planning
Although it is not necessarily a pleasant thought, even young parents who are in good health should not hesitate to start creating an estate plan. Parents of minor children need to plan for the possibility that they may pass away before their children reach adulthood. Because those under 18 years of age do not have the legal standing or rational thinking ability to make decisions about their care and finances, an adult must act on their behalf.
When parents of minor children create an estate plan, two of the concerns they should address are who will be the guardian of their children should they pass away and who will manage their children’s assets. By planning for the worst, parents can have the peace of mind knowing that if something ever happened to them, their children would be raised and cared for by individuals that the parent’s themselves selected.
Planning for the Future
Understanding Durable Powers of Attorney
Research shows that only about half of Americans have any estate planning documents in place. Those without a last will and testament and other critical estate planning documents risk having their estate decisions made for them if they pass away or become incapacitated. One vital piece of estate planning that is important for anyone to have is a power of attorney. A durable power of attorney is a legal document which gives someone else the authority to act on your behalf if you cannot do your yourself.
Types of Power of Attorney
A general power of attorney assigns an agent which will be responsible for the medical decisions, legal choices, personal banking, investment, insurance and real estate transactions of the person signing the document (the principal) should they become incapacitated. A special power of attorney allows the principal to be more specific. He or she can narrow down the types of choices the agent(s) can make. It is possible to have several different powers of attorney for different purposes. An individual may choose their spouse or family member to make medical decisions on their behalf, but he or she may choose another individual to make financial or business decisions in the event they are incapacitated.
Who Gets the Children If the Worst Happens?
No one wants to think about their own mortality, but it is an issue that must be faced eventually. This is especially true if you have minor children. Provisions must be made for them in case the unthinkable happens. While it may seem alarmist, it is actually quite common to draw up a plan or mechanism to ensure that your children are well cared for if you are suddenly removed from the proverbial picture. The most often used method of guaranteeing that stability is to set up a guardianship, but there are other possible options.
Superior Rights Doctrine
As one might assume, if you are married to your children’s mother or father (or once were), Illinois courts will usually grant custody to him or her under the so-called “superior rights doctrine.” There is a general presumption that a biological parent is the best person to raise children, and this will often be followed as long as the parent has not been found unfit. However, there is one doctrine that carries more weight than the superior rights principle, and that is the best interests of the child. Illinois public policy explicitly states that the best interests of the child are the primary concern when ruling on issues in family law, such as parenting time or allocation of parental responsibilities.
Five Tips to Minimize Inheritance Disputes
Many of us have seen celebrity disputes in the news regarding a deceased person’s estate. For instance, after music legend Michael Jackson died in 2009, his family became embroiled in financial and legal arguments regarding his last will and testament. Jackson’s siblings—who were not named as beneficiaries—claimed that pop icon’s will was fake. Another dispute arose when Anna Nicole Smith’s billionaire husband J. Howard Marshall died. In a series of dramatic court cases, Smith was at first awarded but then denied a share of her late husband’s estate. Smith died just a year after her late husband and the argument was not resolved.
Celebrities are not the only ones to experience the tension of an estate dispute. Every day, families whose names we do not know experience the pain and trauma of arguments over inheritance. There is no way to eliminate the risk that your estate plan will be challenged by a family member, but there are some steps you can take to minimize the risk:
What You Need to Know About Parental Alienation
The term “parental alienation” refers to the process through which a person psychologically manipulates a child into having ill feelings toward their parent. This most often occurs when parents divorce or separate. Parental alienation is a form of psychological abuse and it can be devastating to both the child and his or her parents. There is even evidence to suggest that a child who has been manipulated in this way will have a higher chance of mental and physical illness. Parental alienation is inexcusable.
Why and How Does Parental Alienation Occur?
Parental alienation most often happens to children whose parents are separating or divorcing. Of course, it can also be an issue for children of parents who were never married to one another. When the parents are in conflict, they can start to bring their child or children into the conflict. A parent who is jealous or angry toward the other parent begins to encourage their child to take “their side.”
What Can Make a Will Invalid?
A person’s last will and testament is a vitally important document. In it, an individual can record their wishes regarding guardianship of children and the distribution of assets and property. However, there are instances in which the directives set forth in a will are not carried out. If a judge determines that the person signing the will was not of sound mind or was illegally influenced, the court can disregard the will. In these cases, decisions about property and guardianship can become incredibly complicated.
The Person Signing the Will is Not of Sound Mind
Often, as a person ages, they experience changes in cognitive capacity and memory. A will must be written and signed by a person of “sound mind” in order to be considered valid. A person has “testamentary capacity” if he or she fully understands the instructions set out in the will and agrees to them. It can be extremely difficult to prove that the testator was not mentally capable of understanding the will that they signed. Often the strongest evidence of testamentary capacity comes from the people who witnessed the will maker signing the will.
Are You Are Married to an Addict?
Substance abuse and addiction problems have touched most people’s lives one way or another. According to the National Survey on Drug Use and Health, 21.5 million teens and adults fought a substance use disorder in the United States in 2014. If you have ever been close to someone struggling with an addiction to drugs or alcohol, you know that the addiction can become all-consuming. Addicts can end up losing their jobs, resort to criminal activity, and be estranged from those who love them. Others with addiction issues seek professional help and are able to overcome the dependence. If you are married to someone with substance abuse issues, you know the toll those issues can take on the family.
Sometimes, a person who is addicted to drugs or alcohol becomes a danger to themselves or those in his or her household. How much should a spouse tolerate before they end the marriage? Every relationship is different and only the people in it know what is right for them. However, if you are married to an addict, there are a few things worth keeping in mind.
What Is the Difference Between a Trust and a Will?
Most people are vaguely familiar with the concept of a last will and testament. However, there are actually many different documents that individuals use to distribute their assets and property upon their death. Wills and trusts sometimes get lumped together, but they serve different purposes. You may choose to use one, both, or neither based on your own personal circumstances and wishes.
A will is a document in which a person—the grantor—dictates what they want to happen to their property after they have passed away. He or she designates beneficiaries who then receive the assets and property upon the grantor’s death. A trust, by comparison, is a legal arrangement which allows a third party, called the trustee, to hold assets on behalf of a beneficiary or beneficiaries.
One significant difference between a will and a trust is that a will goes into effect only after the person who authored it, passes away whereas a trust can be effective immediately. Also, a will can only govern the distribution of property owned in the testator's sole name. Assets that pass directly to a beneficiary by contract or law, such as life insurance policies or joint tenancies with rights of survivorship, cannot be addressed by a will. Trusts, on the other hand, can manage and distribute any property the grantor chooses. Trusts can include life insurance policies and tenancy-in-common interests.
New Year’s Resolutions for Separated Couples
January is often a popular time for couples to separate or divorce because many people wait until after the holidays to start the process of splitting up. If you are considering divorcing your spouse, or you have already decided to, you probably know you have a long road ahead of you. There is no perfect way to divorce, but following experts’ advice may help save you and your spouse from unnecessary stress and conflict as you end your marriage. In the spirit of New Year’s resolutions, you may wish to:
Resolve to Communicate Better
Communication is one of the most important aspects to any relationship, and it does not become less important when a couple is no longer romantically involved. In order to undo a marriage, both members of it must be willing to talk to the other about the plans moving forward. Understandably, many individuals who are facing the end of their marriage are emotional. They may feel anger toward their spouse because of the hurtful things that happened during the marriage. Others who get divorced feel so upset that they shut down and stop communicating entirely. While these feelings are natural, refusing to cooperate with your spouse will only prolong the painful divorce process. Be willing to “be the bigger person” and work with your spouse, even if you resent him or her. You will be thankful that you did.
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