Posted on March 27, 2018 in Property Division

Going through a divorce is hard for anyone. Especially in cases where you and your spouse can't seem to see eye-to-eye, the stress can feel unbearable. This said, even in cases where everything is going amicably, you will no doubt still have questions and concerns about just how assets are going to be divided among two people.

One thing that can help reduce the overall stress - and simply get a handle on what is even out there to divide - is to create a checklist.

Creating a checklist

A property division checklist outlines all of your assets, giving you a clear idea of what is even on the table for possible negotiation. This checklist is typically divided into four distinct categories:

• Real property: Your marital home, along with any vacation properties or vacant land that you own.
• Personal property: These are typically tangible items, including but not limited to, electronics, guns, antiques, collections, artwork and cars.

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 Posted on March 14, 2018 in Property Division

Married couples sometimes build assets together as they attempt to reach a common goal of a comfortable retirement. When these couples divorce, they will face the property division process. This process includes splitting accounts like IRAs and 401(k)s. Illinois residents may not be aware of the correct process for dividing these accounts, but without the proper attention, some individuals could face penalties.

For many couples, retirement funds make up the most significant portion of marital assets. These accounts have various rules and taxes associated with them. During a divorce, if certain procedures are followed, individuals may be able to avoid the tax penalties and fees of early withdrawal.

For example, a workplace retirement plan like a 401(k) should be split using a Qualified Domestic Relations Order, or QRDO. This order is filed in accordance with the specifications of the divorce decree. Individuals should review the document and ensure that it is drafted correctly and the proper steps are followed. Other accounts like IRAs can be split by filing a copy of the divorce decree and other paperwork with the IRA custodian. Utilizing a trustee-to-trustee transfer method can help eliminate taxable events.

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 Posted on March 07, 2018 in Family Law

The only constant in life is change. The recent overhaul of the federal tax guidelines are demonstrating the truth of this aphorism by turning old policies around and changing the way people pay taxes. In the realm of family law, the new tax rules affect how alimony payments are taxed. The new rules will apply to divorces in Illinois and other U.S. states starting in 2019.

Previously, an alimony payment was tax deductible for the person paying it. The person receiving it claimed the income and paid taxes on it. The new policy, applying to divorces finalized in 2019 and beyond, flips this rule on its head and does the opposite. The person paying will now lose the tax break and must include alimony with their taxable income. The person receiving is not obligated to dwindle the allotment further by paying taxes.

The federal government anticipates that the policy change will increase federal revenue by almost $7 billion over the next decade. The IRS has long reported issues with more deductions being reported than income being claimed. The change, it is hoped, will help turn the tables and increase available funding for the government.

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 Posted on March 01, 2018 in Child Custody

A parent, no matter whether a father or a mother, has a great influence on a child's life. Research reveals that strong relationships with both parents matter, and that if a couple with children separates, most often the best solution is shared parenting. In the case where a mother does not have the ability to care for children because of substance issues or criminal convictions, a father may be awarded child custody. In the past, it has been difficult for fathers to get sole custody because of outmoded ideas about rearing children. In Illinois, and across the United States, more fathers are fighting for a fair chance at custody of children.

As a society, Americans used to have the idea that only a mother was suited to nurture and care for young children. These days more fathers are challenging that notion and are requesting time in their children's lives. One recent statistic indicates that 17 percent of single parents with custodial rights are men.

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 Posted on February 27, 2018 in Child Custody

Your parenting plan is a flexible document for you and your child's other parent to put in place agreements for how you'll raise your child - or children - together. Having a solid parenting plan helps to ensure you are both on the same page and will hopefully reduce the chances of having serious disagreements over parenting choices later on down the road.

Aside from the usual things, like how you will organize your child's living arrangements, how to organize pickups and drop-offs and visitation schedules, there are two other topics you will also want to include.

How to discipline your child

Some parents believe in timeouts, while others take away certain privileges. Then - there are discipline measures that are appropriate for a 5-year-old, but ones that look vastly different with a teenager.

You and your child's other parent are also different people who may have different parenting styles and backgrounds. Because of this, you will want to consider including provisions in your parenting plan addressing how you will handle discipline. You may want to include specifics as to what is OK and what is never allowed. For example:

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 Posted on February 22, 2018 in Divorce

Movies and television shows have a tendency to take life's monumental events and resolve them neatly in a few minutes or hours. Because of time constraints, movies are forced to adapt some generalizations about life. Unfortunately, for many people, movies form the way they look at the world. Then when the time comes that they face a divorce, some individuals may already have unrealistic expectations about how, when and how quickly things will happen. For folks in Illinois, it can be helpful to remember that movies don't really say it all when it comes to breaking up.

One pervasive myth is that a person isn't okay after the divorce. Sure, it is likely that there will be a grieving period - a time during which the person must come to terms with the changes he or she now faces, but a person isn't broken simply because he or she must endure a divorce. Some other individuals believe that it is better to stay together for the sake of the children. In most cases, children are resilient and can understand the changes, possibly even better than they can understand why their parents argue constantly or never speak at all.

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 Posted on February 08, 2018 in Property Division

Like it or not, for many individuals, divorce is a fact of life. Attitudes about ending a marriage are also changing, with 73 percent of people reporting no moral objections to divorce in a 2017 Gallup poll. For many people, this life milestone signifies the end of the relationship and confronting the property division process that accompanies it. In Illinois, some couples will also have to separate property that is less often initially thought of during a divorce, like rewards points.

These days, credit card companies woo their customers with promises of rewards points or airline miles. Frequent travelers are also likely to participate in hotel travel programs that accumulate points towards free stays. When a couple lives and travels together, they accumulate these points together. So how can they be fairly divided during a marital breakup?

Depending on the law of the state, the rewards will either be split evenly, or a judge will determine what is fair. After the individual determines the split, then they will decide whether he or she is able to transfer the points to the ex's separate account, or if he or she will buy out the ex's share of the points. Other couples may choose to keep the points in shared account that they will use for certain pre-approved purposes.

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 Posted on February 01, 2018 in Family Law

For many, a marriage does not always go the way one initially expects. Although many start the journey to marriage with the idea of living together happily ever after, the reality is that many marriages end in family law court. Researchers have been looking into the facts surrounding divorce and have come up with the top 25 locations where couples typically end it. While no city in Illinois made the top 25, individuals living in the state are still likely to be affected by marital dissolution at some point in their lives.

The old adage is that half of all marriages end in divorce, but is this actually true? Recent statistics show that this really isn't the case. Since its peak in the 1980s, divorce rates have actually been declining. More people are waiting until they are older to marry, which some experts say can account for the decline in breakups.

Despite the decline, more than 10 percent of the U.S. population can expect to end a marriage at some point. A significant percentage of individuals, more women than men, say they never expect to remarry. Data collected from the U.S. Census Bureau's American Community Survey looked at information about marriage from the 200 most populous cities in the United States. After collecting the data, the group of researchers found the top 25 divorce capitals.

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 Posted on January 27, 2018 in Property Division

For many couples heading into a divorce, there are two major points of contention. The first and often most emotional issue will be custody and support of any minor children from the marriage. The second issue, which can also become quite contentious, is how to fairly divide assets between spouses. In cases with a prenuptial agreement, asset division can prove easier. Barring that or an uncontested agreement about how to divide your assets, the courts will make these decisions on your behalf.

One of the most pressing questions for those seeking an Illinois divorce is often what will happen to their marital home. After all, a house is typically the biggest investment people make in the course of their lives. You may have spent years paying a mortgage, and you also likely have many years of happy memories in your home. It's only natural to want to know your chances of keeping the house.

Homes are typically marital property, but not always

When you get ready for a court-based divorce, you need to provide the courts with an inventory of all your assets. That will include any equity you've built up in your home. Illinois courts work toward a fair and equitable distribution of marital assets. While that doesn't always mean a 50/50 split, it does typically result in dividing up the biggest assets from marriage, including the home.

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 Posted on January 26, 2018 in Child Custody

One of the few constants in life is change. You may have felt like you understood your situation in life and your future trajectory when you went through your divorce. However, now things are different. Perhaps you lost your job and can't seem to find another that pays as well. Or maybe you've just made a change in your career path, deciding to follow your passion over higher pay. Whatever the reason is, there are many circumstances in life that can lead to a change in your earnings.

There are many possible reasons why your current child support or child custody order from your divorce is no longer optimal for your situation. If you've reached a point in your life where the amount of support ordered no longer matches your income or where increased time with your children would be in their best interests, it may be time to seek a modification of the initial order from the courts.

Negotiating with your former spouse

If you had a straightforward and relatively amicable divorce with your ex, he or she may simply agree to adjust the terms of your parenting plan. When it comes to parenting time, if your ex has primary custody or decision-making authority, talking about your changing needs and availability may be enough to have changes made that benefit you and your children.

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