Posted on May 29, 2017 in Divorce

Divorce is more than just severing marital ties; it is also a new start. For some, that new start could be exactly what is needed to advance a career or grow a business. However, one should be aware that there are many financial risks tied to divorce. As such, it is crucial to start building a post-divorce financial plan as soon as reasonably possible. The following information can help you get started. It also provides you with insight into the divorce process and its potential pitfalls.

Examine Your Finances and Expenses

In marriage, you and your spouse likely shared income and expenses. Post-divorce, the income you earn will be yours, but so will your expenses. As such, it is crucial that you know what money you have coming in and what you are paying out. Perhaps even more important is knowing where that money is going; knowing this can help you shave off the excess. For example, if you are the one that pays the cable bill, but you rarely watch television, you can remove it from your planned monthly expenditures.

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 Posted on May 25, 2017 in Child Custody

Although the divorce rate has fallen over the last several years, there are still many families that separate each year. When a child is at the center of that family, parents often worry if the divorce will negatively impact the mental and emotional health of their child. Countless studies suggest this could be the case, including a recent one that was supported by the National Institute for Mental Health, but there may be less to worry about than the experts let on - especially if parents know how to mitigate against the possible risks.

Examining the Possible Impact of Divorce

Society often thinks of children as "resilient" and capable of overcoming the obstacles they face early in life. On one hand, there is some truth to that. On the other hand, there is a real risk of emotional trauma. For example, children who experience parental alienation may experience long-term complications, such as disdain for the alienated parent. Alternatively, the child may have a sense that there is something wrong with them because they still love the alienated parent, despite all the "horrible" things they have allegedly done. As a result, the child may be prone to depression, anxiety, or low self-esteem.

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 Posted on May 23, 2017 in Family Law

Family violence and abuse are not a new issue in divorce cases. Many parents have had to fight to protect their children from a violent spouse. In contrast, parental alienation is a new concept in family court. However, some experts say the issue has been around as long as divorce (if not longer). Still, other psychologists believe parental alienation is nothing more than a clever defense for abusive parents - a way for them to control and punish an already beaten-down spouse. Sometimes, the latter is correct, but determining whether a case is a matter of family violence or parental alienation is rarely easy.

Parental Alienation as a Defense for Abuse

It is true that there are documented cases in which parental alienation was used as a defense strategy for an abusive parent. Retaliation and control are often the game, and the individuals who play it know how to win. They use every strategy possible. They hire bulldog attorneys that demonize an abuse victim. They propose family reunification camps that, to date, lack any evidence of efficacy. Some even issue threats to the child to encourage them to play along.

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 Posted on May 16, 2017 in Divorce

Some divorcing couples experience few obstacles, challenges, and contention and end up completing the process relatively quick. Others struggle tremendously with concerns over how their business, children, or marital estate will be divided. They endure heated arguments, asset hiding, or a depreciation of their marital assets. In these situations, and others like them, slow and steady may be the optimal pace. Learn more about divorce planning, including what it is and what you can expect from the process.

What is Divorce Planning?

Divorce planning is all about hoping for the best but planning for the worst. It helps you prepare to make difficult decisions using logic instead of emotion. You consider the challenges that you might face, and you take steps to mitigate against them before they occur. More importantly, you feel more confident as you move through the divorce process.

Taking the First Steps

Before moving forward, it is important to prepare. You will need a clear understanding of your debts and assets, including those that belong to your spouse. Gather documents related to all bank accounts, loans, credit cards, real estate, paychecks, retirement accounts, insurance policies, titles or mortgages, and income taxes. You should also know what your credit looks like, so you will need a copy of your credit report. All this information should be kept in a safe place so that they do not disappear.

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 Posted on May 11, 2017 in Divorce

When going through a divorce, couples often struggle to see anything past the present situation. Part of this is due to the emotionally stressful and overwhelming nature of divorce itself. However, there are often other factors at play. For example, divorcing parties may not be fully aware of the tax implications of the assets they receive in divorce, or they may not consider what could happen if they eventually sell an asset they receive. Unfortunately, that type of short-sidedness can have grave financial consequences. Learn more with help from the following.

Recurring Taxation After Divorce

Certain assets, like real estate, are taxed on a recurring basis. If you receive a distribution of these assets in the divorce decree, you then become responsible for their recurrent tax. Before you accept a divorce settlement, carefully consider the tax implications of each asset, you are asking for in the divorce. Your divorce attorney and a financial advisor can give you more insight on your specific situation and circumstances.

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 Posted on April 27, 2017 in Divorce

With divorce comes the division of debts and assets. For many couples, this can be a contentious issue. However, it may be made worse if one divorcing party has a spending problem. Assets can be depleted, sometimes significantly, which can result in a decreased settlement. Be it an intentional depletion of assets or a simple issue with knowing how to budget and spend accordingly, the following information can help you deal with a wasteful spouse during a divorce.

Why Continued Sharing of an Account May be Necessary

On the one hand, the solution to asset depletion might seem simple: just stop sharing accounts. Unfortunately, this is not always an option. In some cases, it may be difficult to untangle joint assets. As such, the assets may need to be shared until the divorce is finalized. In other cases, one of the spouses may be caring for the children but not have enough to support them; since the children should not have to suffer, sharing of assets may be required.

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 Posted on April 20, 2017 in Divorce

The decision to divorce is rarely made in a day. In fact, it is not uncommon to spend months or years deliberating and wrestling with the possibility of ending a marriage. Unfortunately, this means that some may become impatient to move forward with their lives. As such, they may move too quickly through the divorce process, upset their spouse, and ultimately create a negative divorce experience. Thankfully, there is a better way.

Remember That You Had a Head Start

One of the most common mistakes that deciding parties make is they forget that they have already had a head start in dealing and coping with the idea of divorce. Your spouse, who may not have even been aware of your unhappiness, has not had this advantage. They may be shocked. They may get upset or angry. At the very least, they may be in an emotionally fragile state. As such, it is recommended that you carefully consider your words, your timing, and your response to the possible reactions of your spouse.

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 Posted on April 18, 2017 in Family Law

Managing summer schedules can be difficult for any parent, but those who have recently separated or divorced can find the summer shuffle especially challenging. Duties, errands, activities, and supervision needs that were once met by two parents in the same household become more complicated because they must now include moving the child from one parent's home to the other. Further, parents may need to work more frequently to accommodate their higher cost of living, and all that can add up to a hectic and stressful summer after divorce or separation. Thankfully, there are ways to mitigate against the issues.

Start Planning Early

Efficient and early planning are crucial to reducing the stress of summer schedules. Not only does this ensure you have thought of common challenges, such as where your child will be on what days, but it also helps you to accommodate special interests and needs, such as summer school, swimming lessons, baseball games, and summer holidays.

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 Posted on April 13, 2017 in Divorce

While every divorce is unique, most can be placed into one of four categories. Each has its own set of potential advantages and disadvantages. Understanding them, and what they might mean for your future, can be crucial to the outcome of your case. Learn more about the four types of divorce, and how you can determine which one may be most appropriate for your situation, with help from the following information.

Litigated Divorce

Litigated divorces, which are otherwise known as "traditional" divorce, is the most common form. Typically, each party works through an attorney to negotiate possible settlements agreements. If they can reach one, it is presented to the judge. If they cannot, then the judge is left to determine the outcome of the case. Various factors are used in his or her decision. For example, cases involving children will consider the best interests of the child. Assets and debts are divided by considering aspects related to income, ability to earn income, age, health, etc.

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 Posted on April 11, 2017 in Divorce

Although divorce is a somewhat common occurrence, there are many misconceptions about how it works. More specifically, divorcing couples are often misinformed or confused about how the division of assets operates in Illinois. The following addresses these common misconceptions, and explains where you can find assistance for your divorce.

Assets Acquired During Marriage Are Not Always Community Property

Often, divorcing couples assume that all assets obtained during marriage are community property. However, this is not always the case. There are many circumstances in which assets may belong only to one party. For example, if a gift is given explicitly to one spouse, the money was never co-mingled, and the spouse can prove that it was a gift solely for them, they may be able to keep the asset as personal property, rather than community property. If you have questions about community property versus personal property in divorce, talk to an experienced lawyer.

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