Posted on August 28, 2019 in Divorce

When going through a divorce, many people wish it was as simple as dividing everything in half and ending the marriage. However, divorce is often much more complicated, and in addition to settling issues like the division of property, couples must also consider how taxes will affect their case. Here are a few ways that taxes can complicate the decisions made during your divorce:

Taxes on Alimony Payments

Recently, the way spousal maintenance (alimony) is taxed changed significantly, although this change only applies to those who finalized their divorce on or after January 1, 2019. For these couples, the person paying alimony cannot deduct the cost of these payments from their taxable income, while the person receiving alimony will not report it as income. This may have a detrimental effect on the amount of maintenance that a person will pay. In some high net worth divorce cases, the spouse paying maintenance may be able to reduce their tax burden by creating a trust that will be used to make payments to their ex-spouse.

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 Posted on August 26, 2019 in Divorce

There is no right or wrong time to get a divorce. Even if you have been married for a long time, people can change, and circumstances may arise in which “irreconcilable differences” lead to the end of your relationship. There is a growing trend in which people over the age of 50 who have been married a long amount of time are now splitting up. This is called a “grey divorce,” and spouses who choose to end their marriage at a later age are sometimes known as “silver splitters.”

There are many reasons older people choose to divorce. For one, their finances may be in a more secure place, and they may be more likely to afford legal counsel and have a comfortable life post-divorce. In addition, with growing life expectancies, after a significant time together, two people may have simply grown apart. No matter the reason, each divorce brings its own set of challenges. If you are going through a grey divorce, some of the issues you may face include:

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 Posted on August 21, 2019 in Divorce

When a couple chooses to get a divorce, one of the key issues they must resolve is how to split up their property and assets. In an equitable distribution state like Illinois, property is divided in a fair and equitable manner rather than split equally between the spouses. A judge will look at a number of factors to determine how to divide assets fairly. But what if one of the parties did not earn an income because he or she stayed home to raise the children? According to a new study, many people are still conflicted about what homemakers should be entitled to after the divorce.

Who Is More Likely to Be a Homemaker?

According to research, about one in five parents are stay-at-home parents. 27% of all U.S. mothers are stay-at-home parents, while around 7% of fathers stay home to raise the children. While around 10% of mothers who hold a master's degree or higher choose to opt out of the workplace in order to raise their children, these moms make up about 4% of all stay-at-home mothers. Surveys have also found that the majority of Americans believe that mothers do a better job than fathers of caring for children.

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 Posted on August 20, 2019 in Family Law

Deciding to adopt a child can be one of the most rewarding choices of your life. Adoption can change the future of the adopted child as well as yours. According to recent statistics, there are over 100,000 kids waiting to be adopted in the United States, and more than 400,000 children are in foster care. However, it is important to note that adoption requires more than just welcoming a child into your home and lots of paperwork. Below are some practical tips to help you prepare mentally for expanding your family through adoption.

Consider the Responsibility

Make sure you are on the same page as your partner. Adopting a child can be a long and taxing process that will require much work from both of you. If one of you is having doubts, or if your heart is not in the process, then things between the two of you may become difficult and lead to arguments. Make sure adoption is something you both want before taking this monumental step.

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 Posted on August 20, 2019 in Divorce

When you are going through a divorce, you are not only separating from your ex-spouse, but you will also need to split up the assets you own together. Depending on the length of the marriage, it can be difficult to untangle your shared assets and determine who should keep what property. Here are some basic rules for how marital property is divided in Illinois:

Marital Property

During a divorce, Illinois courts only have the authority to divide up marital property. Marital property is defined as property or assets that were obtained during the marriage. Inheritances or gifts that were given only to one spouse and assets obtained before the marriage or after legal separation are considered separate assets that are not eligible for division during the divorce. However, marital and separate property may not always be so easy to define. If an asset that would have been considered separate property was used by both spouses, or if it was “commingled” with marital property, the court may consider it to be a marital asset. For example, if you earned money before your marriage but transferred it into a joint account, then it may be considered marital property.

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 Posted on August 19, 2019 in Divorce

Deciding to get a divorce is a much bigger decision than just choosing to split from your partner. Ending your marriage may potentially mean that you will see your kids less often, and you will need to give up ownership of some of the property you own. Determining how to handle ownership of the family home is often one of the most complex issues to be addressed during divorce. Some divorcing couples choose to sell their house and split the profits, but one person may not want to uproot their life. If both parties wish to continue living in the marital home, then disputes over the division of marital property may be difficult to resolve. If you are looking to retain ownership of your home, you should consider the following:

Determine the Value of the House

If you want to keep your house, you will need to buy out your partner's share of the equity in the home, and the mortgage will need to be refinanced in your name. The equity is the value of the house minus the amount that is owed on the mortgage. It may be necessary to perform an appraisal or consult with a real estate professional to determine the true value of the home.

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 Posted on August 07, 2019 in Divorce

Ending your marriage can not only be a painful process, but without proper planning, divorce can also be expensive. Fortunately, you have options for how you can complete your divorce, and you can take steps to keep the costs down and dissolve your marriage efficiently and cost-effectively. If you want to ensure that your divorce is completed effectively without breaking the bank, consider the tips below:

Avoid a Trial

The costs of divorce litigation can be very high, and when you need to make multiple appearances in court, legal fees and attorney expenses can add up quickly. To avoid this, you can work with your divorce lawyer and your ex-spouse to settle your case outside of court. You and your former partner may also choose to use mediation to settle your outstanding issues. When you participate in this process, you will work with a neutral third-party mediator to reach an agreement.

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 Posted on August 01, 2019 in Divorce

When a couple chooses to get divorced, the best-case scenario involves them parting ways amicably while still maintaining respect for each other. Unfortunately, this is not always the case. Some ex-partners can be dangerous, and it may seem difficult to remove them from one's life even when the divorce is over. An ex-spouse may commit multiple different types of harassment, including electronic stalking. This can be a subtle but invasive method of stalking someone, and many people do not even know their privacy has been compromised until it is too late. If you are concerned that your ex-partner is stalking you, here are some tips to help protect your privacy and your safety.

Change Your Passwords

If you and your ex-partner shared accounts for email, social media, or other apps during your marriage, it is important to change the usernames and passwords of those accounts immediately. You should also take steps to remove your ex from any bank accounts or credit cards the two of you shared. Your ex-partner could still be using online apps or financial records to track your communications, your whereabouts, and your spending habits. Make sure you use a password that is not obvious to your ex-partner. Avoid the use of easy-to-guess references like your first pet or your middle name. Consider a password generator that provides a completely random sequence of unguessable characters.

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 Posted on July 25, 2019 in Divorce

Divorce can be a difficult process, but if you are in an abusive relationship, it may be a necessary one. Unfortunately, abusive relationships often involve manipulation, and sometimes the person who is being abused does not realize they are a victim. Those who are experiencing difficulties in their relationship should be sure to recognize the signs of abuse and learn about their options for escaping an abusive situation.

What Defines an Abusive Relationship?

Not all abusive relationships are physically violent. These relationships typically involve one partner taking control or power over the other. This control can be expressed through physical violence, verbal abuse, and/or manipulative behavior. Mind games, threats, gaslighting, coercion, and intimidation are all common traits of manipulative behavior. Domestic violence can result in physical harm to a spouse or their children, but abuse can cause a great deal of emotional and psychological harm as well.

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 Posted on July 19, 2019 in Divorce

Marriage is like a knot, and that knot can be very tricky to untie if you are getting a divorce. One of the most difficult parts of divorce can be the division of property. Many states use “community property” laws, which say that any assets obtained during a marriage are subject to equal division in the case of a divorce. However, Illinois is not a community property state, and instead, it uses a principle known as “equitable distribution.” This states that assets will be fairly and equitably divided between spouses in just proportions rather than being split 50/50.

Types of Property

There are two types of property that a married couple may own: marital property and separate property. Marital property is defined as all assets and debts obtained by either spouse during a marriage. This includes not just tangible property but also intangible assets. Examples may include vehicles, furniture, clothing, jewelry, bank accounts, trusts, real estate property, and business interests--as long as they were obtained during the marriage. Liabilities such as credit card debts or home and auto loans are also considered marital property.

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