Posted on December 21, 2016 in Divorce

Divorce can be an emotionally difficult process, full of contention, stress, and heartbreak. It is also a process full of financial obstacles that can place your way of life at risk. Thankfully, a little perspective can help reduce this risk. More specifically, viewing your divorce as a business transaction, rather than an emotional situation, can minimize the financial strain that often accompanies divorce. This is not easy, of course, so the following provides some specific information that can help.

Setting Healthy Boundaries with Your Spouse

The first thing you need to do during divorce is develop healthy boundaries with your spouse. Know when and how to separate yourself from situations that are stressful. Discuss matters through your attorney, rather than face-to-face and avoid arguments that are both unproductive and unnecessary. Most of all, remind yourself that this phase in life is only temporary. It shall pass, and the stress you feel now will not always be there. Hold onto this whenever you feel overwhelmed, stressed, or confused.

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 Posted on December 19, 2016 in Family Law

Raising children can be a difficult job, even in the best of situations. When parents live in different homes, have different beliefs or ideals, or disagree on how a child should be raised, parenting can become a contentious situation. To make matters worse, children can feel as though they are caught in the middle. As a result, they may lash out, become withdrawn, or suffer severe emotional trauma. Protect your child, save your sanity, and learn how you can reduce the stress of co-parenting with help from the following information.

Accountability and Boundaries

While most parents do want what is best for their child, there is a small fraction that seem to struggle with the accountability aspect of parenting. They may not understand the pain they cause when they do not show up for a scheduled visit or event. Some fail to recognize how not paying child support impacts their child's overall quality of life. Still others may behave in ways that create a cause for concern.

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 Posted on December 17, 2016 in Divorce

When two people decide to get divorced, often they already live in different places. However, both spouses may still live in the family home after a divorce has been filed. Who has to leave the home once the divorce process is underway?

Issues of Property Ownership

Under the law of Illinois, generally, no one is required to leave the family home while the divorce is still underway. In Illinois, the family home is most likely marital property.

Until the court makes a final decision about the division of the assets, each spouse has an equal right to live in the house.

Petition for Exclusive Possession

One side can ask the court for exclusive possession of the home. This would mean that he or she has the legal right to require that the other spouse leave the house and live somewhere else. However, the petition for exclusive possession requires that the petitioning spouse submit evidence of domestic violence or abuse.

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 Posted on December 16, 2016 in Hidden Assets

When going through divorce, most people would like to believe that their spouse still values their marriage enough to be honest and fair in their disclosure of assets and income. Unfortunately, this is not always the case. No one really knows how often it happens - after all, many do end up getting away with it - but the issue is common and one that you should be aware of. Learn more with help from the following information on financial fraud in divorce.

Types of Financial Fraud in Divorce

While some forms of financial fraud are more common than others, a spouse can become victim to one or numerous types throughout the course of their marriage or divorce. This can include tax fraud, asset dissipation, asset hiding, misappropriation of assets, forgery, loan fraud, insurance fraud, and more. Parties who are especially at risk are those that have not had an active role in the day-to-day financial management of the marriage. Even still, it is possible to spot the signs if you stay aware and know what to look for during your divorce.

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 Posted on December 14, 2016 in Divorce

While divorce can and does happen throughout the year, there is often a spike that occurs right after the holidays. Many reasons may exist for this phenomenon, but the big concern is not when the divorce happens, but rather how. Far too many couples wait until they are ready to file before contacting an attorney. Unfortunately, this may not be in their best interest. If you intend to file for divorce in the New Year, the following information can help you better understand the benefits of planning for divorce now, before the holidays are over.

Understanding the Purpose of Divorce Planning

Divorce planning is essentially what it sounds like - a plan for the months leading up to the actual divorce. This can be especially helpful when there are complex divorce matters, such as a high net worth, contention among the divorcing parties, or complex child-related matters. It keeps everyone focused on the overall goal when emotions start to run high. Divorce planning can also help each party prepare for the future, whether that means ensuring that they have paid off some of the debt to prevent divorce-induced financial troubles, talking to a financial advisor about potential tax consequences, or obtaining suitable housing ahead of time to smooth the transition for children.

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 Posted on December 08, 2016 in Family Law

While every family and situation is different, studies show that children typically cope best with divorce when they have a continued and healthy relationship with each parent. Studies also indicate that it is parental conflict - not the divorce itself - that can have a negative impact on a child's future relationships as an adult. This means that parents must work together, regardless of their issues with one another. Unfortunately, this can be difficult when there are barriers. A recent study examined what these barriers might be, and how families may overcome them.

Current Programs Are Not Addressing Parental Concerns

More than half of all states have programs that help parents with successful co-parenting after divorce. Yet most focus on logistical concerns, such as how to deal with hectic work schedules or long distances and still spend time with a child. Unfortunately, these concerns may not be the creating rifts that many parents experience during and after the divorce process.

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 Posted on December 06, 2016 in Divorce

Divorce is difficult at any time of the year, but it can feel especially overwhelming during the holiday season. You may find yourself feeling lonely, or missing certain traditions, or even yearning for time with your in-laws. Take heart: these painful feelings are completely normal, and they will eventually pass. In the meantime, the following can help you cope with your divorce during this holiday season.

Dealing with Family and Friends

Family and the holidays tend to go hand in hand, but it can be an added stressor when you are going through a divorce. This is especially true when you have family members who give unsolicited advice or do not seem to understand what you are going through. It is important to remember that, though they mean well, you do not have to share every detail about your life, or the divorce. Try letting them know that you would really rather not discuss the divorce during family gatherings, or take a close friend who can act as a buffer if things get too out of hand. If all else fails, consider turning down invites to events that you know might be triggering and spend time at home, taking care of yourself instead.

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 Posted on November 30, 2016 in Family Law

Once the decision to divorce has been made, couples must face the difficult task of telling those that they love. Young children, who are usually directly affected by the divorce, are often the ones that concern parents most. They may struggle with how to broach the subject, and often are afraid of what their child's reaction might be. Thankfully, there are some helpful tips that parents can use to discuss the impending change. The following are just a few.

Take Stock of Your Own Emotional State

Most parents recognize that children are often sensitive to their parent's emotion. For example, those who have children who were fussy as babies might remember that, when their babies would cry and they, as parents became stressed, the baby would seem to cry even more. Even if you have not experienced this as a parent, you may have seen it manifest in other ways.

Remembering this emotional thread between you and your child is critical when dealing with divorce matters. You must stop and consider your own emotional state and carefully take stock of how you are feeling before broaching the subject. If you find yourself extremely stressed or sad, practice some self-care or seek support first. Then, when you are feeling a little less on-edge, sit down and talk to your child. Chances are, you will both handle things much better then.

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 Posted on November 28, 2016 in Divorce

Of all the assets that couples possess, retirement accounts are often one of the largest. They are also one of the most difficult to divide. Do it incorrectly and you and your spouse stand to lose a significant amount of your nest egg - and not just immediately. Improper division of a retirement account can also lead to major tax headaches. The following information can help you understand some of the most common pitfalls of retirement asset division in divorce, and how you may be able to avoid them.

Each Type of Plan Has Its Own Rules

One of the most important things to understand is that each type of plan has its own set of rules. For example, with an IRA, the division should be treated as a transfer "incident to divorce." Failure to label it this way can result in tax penalties for withdrawing early. Some plans need a QDRO to transfer assets from one spouse to the other, and certain qualified plans have limited flexibility when it comes to changing your beneficiaries (which you should always do after a divorce has been finalized). An experienced divorce lawyer can help you understand the particulars of your plan.

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 Posted on November 25, 2016 in Divorce

While divorce is almost never simple, it can be extremely complicated for high net worth individuals, especially if they are also self-employed. The normal process for discovering assets and valuing marital property is often not adequate in these cases.

Verifying Income and Overcoming Suspicion

One of the primary purposes of divorce is to divide the marital property equitably between the two spouses. The first step is to decide what is marital property and what is separate property. When one spouse has a business or is self-employed, there is often a fight about what percentage of the business, if any, is marital property and how much the business is worth.

Even when the accounting has been properly done in a business, there can be difficulty determining the value of the business. The other spouse may be suspicious of the numbers being reported. Often, even a formal business valuation is not enough; a forensic accountant may be needed to help demonstrate the complete financial situation.

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