Posted on January 24, 2018 in Child Custody

Most families want to do the best they can for their children. A family in which the parents are going through a divorce may struggle to find the right balance for parenting now that the parents live separately. In the past, many child custody agreements tended to be one-sided, with one parent retaining the children most of the time. New evidence about the children of divorced parents is changing custody trends, however. Individuals in Illinois facing divorce may be interested to learn more about the possible benefits of shared custody.

Federal statistics and studies performed across the world all seem to show the potential benefits for shared custody. Children who have a relationship with both parents tend to perform better educationally, and exhibit less juvenile disciplinary problems. One federal statistic reveals that 71 percent of high school dropouts come from single parent homes. Another statistic reveals that children of shared parenting environments, who spend at least 35 percent of the time with each parent, have an overall advantage on at least 12 measures of well-being, compared to single parent children.

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 Posted on January 18, 2018 in Divorce

People expect the emotional sting of a breakup, the heartbreak, the loss of the dream from happily ever after, but what they don't always expect is the financial toll. A divorce can bring fees and unexpected costs as a person moves through it and toward a life on his or her own. People in Illinois may be inspired by reading this list of common recommendations for individuals going through a divorce to help ease the financial cost.

Some experts have estimated the average cost of terminating a marriage to be approximately $15,000. Of course, costs vary widely and will depend on the specific circumstances of each individual. Part of the cost will be court fees and attorney fees, but some of the other costs can include mental health treatment, new housing costs, financial advising and more.

By being informed and prepared, one can limit the amount of time and money one will spend on various divorce helpers. One easy way to prepare, once the breakup is pending, is to have documentation ready for all one's assets, both shared and individual. If one holds joint accounts with a soon-to-be ex-spouse, perhaps it is time to begin individual accounts. Any shared loans or credit cards should be updated with any new information. Letting the lenders know the most recent contact information can also help prevent late payments or other issues.

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 Posted on January 04, 2018 in Property Division

Cryptocurrency is grabbing headlines all across the world as people grapple with trying to understand the new form of currency. Some individuals have pointed out that cryptocurrency is difficult to track and trace, making it a potential stash spot for people trying to hide money from their soon-to-be ex-spouses during the property division portion of a divorce. In Illinois, people who suspect that their ex is trying to hide cash may have to look even more closely to ensure they are getting a fair shake.

The new currency comes with a perceived privacy and anonymity that makes it attractive for any person trying to hide the true value of property. Although the records of cryptocurrency are trickier to find, it is not impossible. Individuals going through a divorce must reveal all financial information, and if they try to hide in digital funds, they may find themselves in hot water.

Individuals have historically used several methods to try and hide funds during the divorce process. These methods can include buying excessive gift cards, overpaying taxes and lawyers or buying items only to return them later. The new trend only builds upon a longstanding history of asset concealment.

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 Posted on January 02, 2018 in Child Custody

When going through the divorce process, you never want to lose sight of the well-being of your child or children.

If you're dealing with a custody dispute and hoping to find a resolution through mediation, it won't be long before you turn your attention to the creation of a parenting agreement.

There is no guarantee that you will be able to work things out with your former spouse, but it's important to realize that the creation of a parenting agreement could go a long way in giving you peace of mind now and in the future.

You'll need to negotiate all the details of a parenting agreement, with these among the most important:

• Which parent will have physical custody (this is where the child or children will live)
• A visitation schedule for the non-custodial parent
• Which parent (or maybe both) will have legal custody of the child or children

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 Posted on December 27, 2017 in Child Custody

Some people dread the thought of the two-house Christmas. Any holiday can give a divorced parent a feeling of apprehension, knowing that they will have to share the day with their co-parent, but sharing child custody actually has its perks. Co-parents in Illinois can open their minds to the unexpected benefits of sharing the kids over the holidays and actually reap the rewards of sharing the workload.

Some families find that shared child custody works best for their situation. Some people choose to live near one another, and send the kids back and forth, with the children spending three days at one house, and then four days at the other. An arrangement like this allows both parents to have time with the child, and it provides a predictable stability for the family. For important holidays and celebrations, a family could choose to alternate where the child wakes up and with whom the time is spent.

Communication will continue to be a valuable tool for families that have made the split. A good communication plan will allow families to stay on the same page with parenting methods, and it will enable flexibility. When it comes to holidays and celebrations, communication also allows the family to prevent things like doubling up and purchasing the same gifts twice.

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 Posted on December 19, 2017 in Family Law

Some individuals who pay alimony may be affected by changes in the new Internal Revenue Code, which appears primed for passage. Originally, the spousal support payments (alimony) were deductible from the payer's income, and the payee was responsible to claim the funds as income. The new legislation changes this, and it could affect family law decisions for divorcing couples in Illinois.

The news of the proposed change first indicated that the new rules would go into affect for any divorce or separation agreement made after Dec. 31, 2017. The new version says that the policy will affect new agreements made after Dec. 31, 2018, giving people one year to adjust and make informed divorce decisions should the legislation be enacted into law. Some experts have interpreted the legislation and have said that it seems to allow renegotiation of settlements after 2018 to include language that would let them opt out of the new tax treatment. As more leaders read and interpret the law, more details will become clear.

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 Posted on December 13, 2017 in Divorce

At the time when one decides to end a marriage, there are practical steps to take along with all the emotional processing. Some individuals have found it helpful to collect a list of divorce tips they have found helpful. Individuals considering divorce in Illinois may wish to apply some of the relevant suggestions as they undergo the process of marital dissolution.

Financial considerations feature heavily in the list of tips. Once one has decided it is time to separate, one will likely need to separate any financial accounts. It can also be helpful to establish an independent credit card as well. Since the transition is also likely to have costs associated with it, a person may wish to start saving a little bit of extra money to cover any expenses that pop up. If one's health insurance depends on the spouse, it is time to research the options for getting independent health insurance.

During the divorce process, a person will likely need to review all important financial documents, deeds and titles. It is recommended to locate and make copies of these papers. One may also wish to update beneficiaries when the time comes. One can end a marriage in a number of ways, some some effort researching the various methods for divorce can be useful, too.

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 Posted on December 07, 2017 in Family Law

A recent article takes a look at the lives of individuals who separated from their partner after the age of 50. Current trends show that divorces in this age group are increasing, which means that more people in this age bracket in Illinois find themselves in need of family law advice. Some individuals, having gone through the process, look back and share their take on what they wish they had known in advance, and what they would tell themselves for encouragement.

Divorce can be a challenge for all - it can be emotionally painful, financially draining and the changes can ripple out to other relationships. All the challenges can lead to growth and a mature perspective. One person shared that she did not anticipate that the divorce would affect the older children as mush as it did. She remarked that the younger child actually had an easier time of adjusting. A common belief is that one should hold on for the sake of children, but this person's experience shows that there can be a benefit to making the break earlier because a resilient child can adjust more easily.

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 Posted on November 30, 2017 in Divorce

Whether an individual sees the end of a marriage as a bitter end or a new chance to start over will depend on the exact circumstances surrounding the situation. Either way, at the end of a marriage, a person will likely come face to face with the current financial reality and questions of how to best move forward. Illinois residents who are considering divorce may find some helpful tips from a recent news article about post-marital finances.

Failing to plan means planning to fail, or so the old saying goes. Many experts agree that continuing to take an active part in financial planning, both before and during the marriage, will ensure greater success overall. By taking responsibility in one's own financial stability, a person can be better prepared for any unexpected changes that come up as part of the life cycle.

Ending a marriage can be thought of as a business transaction. As individuals shift out of the mindset of love and union, they can shift into the practical mindset of asking themselves what is needed to start a new life and what must be in place in order to thrive as a newly single person. By giving consideration to these issues, a person will be more prepared to come to the negotiating table during a breakup.

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 Posted on November 30, 2017 in Divorce

Whether you have been married for thirty years or three years, divorce is hard. You have to make decisions regarding what you want to fight for, what you can let go of and even how best to tell the kids. Unfortunately, it is easy to make some costly mistakes when you make these important decisions. However, there are multiple tools available to help you get through the process while mitigating potential losses.

When looking at the divorce process, it is important to take an organized and almost business-like approach. The following divorce tips can help you stay on track.

Take inventory

If you present an incomplete list of debts and assets to your attorney as a basis for dividing marital assets, you risk two negative outcomes. First, you could be giving up your right to unlisted assets without even knowing it. Second, a judge might decide that you are intentionally hiding assets and rule on the property division in a way that heavily favors your spouse. Be sure you include current bank balances, future income such as retirement accounts and pension funds, bonuses and all other funds.

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