Posted on September 07, 2016 in Divorce

Divorce is a complex, painful, and emotionally exhausting process. In fact, many couples who go through a divorce may never marry again, simply because the idea of going through the process again is just too overwhelming. At the very least, those who divorce are more cautious about tying the knot in the future. What happens, though, when you divorce and immediately regret ever doing it in the first place? According to a UK study, this happens to about half of all divorcees. While some may have truly made the wrong decision - maybe out of anger or frustration - most probably only need a bit of perspective.

Understanding Divorce and Regret

According the study, around half of all divorcees experienced some sort of regret after their divorce. More specifically, 54 percent had second thoughts over whether or not they had made the right decision, and 42 percent considered giving their relationship another try. A large percentage of those that wanted to try again did so, but only about 21 percent of those that attempted reconciliation actually ended up staying together for the long haul. So, while there may have been regrets, the majority of couples who did successfully complete a divorce had, in fact, made the right decision.

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 Posted on September 05, 2016 in Divorce

With the rising rate of divorce among the baby boomer generation, discussions about retirement accounts have taken center stage. It makes sense, especially when you consider the impact that a divorce can have for those in the later stages of life. If you are planning on filing for divorce and are reaching retirement age, be prepared, know how retirement assets will be divided, and learn how you to effectively manage your risks.

How Retirement Assets Are Divided in Illinois

Illinois is an equitable distribution state. Essentially this means that, unlike equal distribution states, where everything is split down the middle, divorcing couples in Illinois everything "fairly." Sadly, the obscurity of this concept of fair can create a lot of contention in divorce. This is especially true when the stakes are high - like when your financial stability during retirement is on the line.

Potential Problems in a Later Life Divorce

Years of saving for retirement, a nest egg that is ample enough to cover one household, must now be split in two. With little to no working time left, there is no time to really recover. That can lead to all sorts of problems, from divorce-induced poverty to an increased risk of asset hiding during the divorce process. It can also lead to bitter feuds between couples who might have thought they would have a fairly amicable divorce. For these reasons, and many others, all later-life divorcees should seek skilled legal assistance with their divorce.

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 Posted on August 26, 2016 in Divorce

There used to be only two ways to have a child: conceive one naturally or adopt. Modern medicine has changed all of that with the development of in vitro fertilization (IVF). An assisted reproductive technology in which couples cryogenically preserve unfertilized eggs and/or fertilized embryos, this gives them a way to start their family when they are ready or able to do so. Unfortunately, if a couple fertilizes the eggs and then later file for divorce, the fate of their embryos (and possibly even their chance to have a family) may rest with the court.

When Embryos Become an Issue in Divorce

For some couples, the choice to freeze embryos may have been a preemptive measure. Maybe they did not plan on having children for quite some time and simply wanted to ensure they could when they were ready. There are others, however, that may have pinned all their hopes of having a child on those embryos. If, for example, either party was rendered sterile after receiving radiation or chemotherapy to treat cancer, those embryos may contain the only reproductive DNA they have left. So, without those embryos, they are unable to parent a child that is biologically theirs.

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 Posted on August 24, 2016 in Divorce

Divorce rates have been known to rise and fall throughout the year. However, a new study suggests that these occasional increases and decreases may be more than simple coincidence. In fact, a recent study suggests that they may even be seasonal, occurring most often after a holiday period, including summer break and winter holidays. Researchers weighed in on why they think these seasonal divorce trends exist.

Expectations and Hope for a Better Marriage May Play a Role

Over the course of a 14-year study, researchers found that divorce rates generally increased during the months following major holiday periods (early spring after the winter holidays and early fall after the summer break) - sometimes by as much as 30 percent. They suggested a number of possible factors that could contribute to these "seasonal" divorce rates, including the possibility that couples may become hopeful that things will improve during the holidays. When the holiday fails to live up to their expectations, they may become disappointed and decide to move forward with the process of divorce.

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 Posted on August 19, 2016 in Divorce

Whereas most divorcing couples are able to make a clean break, parents who divorce have a child that connects them, even after the papers are finalized. In the child-rearing years, this means a making switches for parenting time, paying or receiving child support, and possibly even bumping into one another during dance recitals or soccer games. When the child becomes an adult, parents must determine how to fund college tuition. Regardless of whether you are currently at this stage in your life, or simply want to plan for the future during your divorce, the following information can help in you deciding how to fund your child's college tuition after divorce.

Tax-Advantaged College Savings Plans

With the rising cost of tuition, more and more parents are planning and saving early. Many use a 529 savings plan because of its tax advantages, which works out fairly well while they are still married. Unfortunately, if they ever divorce, this savings plan is no longer just a nest egg for their child. It is now a marital asset, which makes it a consideration in their divorce settlement. This can lead to all sorts of complications that may range anywhere from a Free Application for Federal Student Aid (FASFA) when applying for tuition assistance to a complete loss of the funds. For this reason, parents need to candidly discuss how they will manage the 529 during the divorce.

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 Posted on August 17, 2016 in Family Law

When parents file for divorce, they are more than just a case file. They are a family, about to split apart. Suddenly, a child will have two homes instead of one. Yet they still have just one childhood, one chance to grow up and know that they are loved by both of their parents. Little league games, dance recitals, first words, and first steps only happen once. Each birthday and Christmas signifies your child getting a year older. So how do you decide who spends what moments with a child that you share?

Experts Disagree on Best Parenting Time Arrangement for Infants

Sadly, there is no real evidence that points parents or family court judges in one direction when it comes to the determination of parenting time for an infant. Even the child experts disagree. Some say it is best if parents switch off every couple of days. Others say that parents should switch every week or every other week so each had adequate bonding time. Still others say that one parent should be the primary caregiver, and that the child should have as little disruption as possible when it comes to their days and schedules with that parent; the "other" parent may be lucky to have just a few hours a week.

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 Posted on August 12, 2016 in Family Law

Wedding season is officially upon us, and couples are in the final stages of planning. They are getting that last fitting done, perfecting the guest list, double-checking with the caterer - but how many are working on a prenuptial agreement? More importantly, should they? After all, prenuptials are just for couples with millions of dollars . . . right?

Prenuptial Agreements Are Not Just for "Rich" People

Despite the stigma surrounding prenuptial agreements, they are not solely for the excessively wealthy. In fact, any couple can craft and execute a prenuptial agreement, and there are many reasons they might want to. If, for example, they have children from a previous marriage, they may want to ensure that their divorce settlement is set aside for them, should their current marriage end in divorce. Alternatively, if one spouse has a high earning potential - say a promising business or career path - but not a lot of money at the start of their marriage, a prenuptial agreement might be appropriate. Then there are those that simply want to define how money will be spent in their marriage, and how assets will be treated, should they ever divorce.

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 Posted on August 11, 2016 in Divorce

Divorce is one of the most contentious, emotionally difficult, and legally complex matters of the law. This is due, in part, to the process known as asset division. These things, being divvied up between you, are not just material possessions. Many have memories attached - a family home where children were raised, summers spent at a vacation cottage, the pearls given as a Christmas gift. How do you decide what to split, what is worth arguing over, and what should simply be sold? The following information, and guidance from our skilled divorce attorneys, can help you forge forward.

When "Winning" Becomes More Important Than the Asset

Before they actually embark on their journey through divorce, many couples think about how the process will play out. They want to believe that, when push comes to shove, they will avoid fighting and, instead, focus on moving forward. Unfortunately, this is rarely the reality. Guilt, anger, rejection, despair, and other negative emotions begin to take over, often causing even the most level-headed people to snap, yell, and argue. Before you know it, you have become more focused on "winning" the divorce than anything else.

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 Posted on August 05, 2016 in Family Law

When the laws regarding divorce changed, the way that parents determined when and how they would spend time with and make decisions about their child's life changed as well. These aspects of divorce, which are now known as allocation of parental responsibilities and parenting time, require that parents craft and submit a legal document that outlines the details of these matters in their divorce. Known as a parenting plan, it covers everything from where a child will go to school to what their religious upbringing will be. Know how this plan is used and how you can effectively craft one during your divorce.

What is Included in a Parenting Plan

Since each family is unique, parenting plans should be crafted to reflect their specific needs, beliefs, values, and circumstances. The details will also likely vary, from one family to the next. However, most will include how important decisions about their child's life will be made, a schedule for parenting time, pick-up or driving responsibilities of each parent, and information on which extracurricular activities the child will participate in (if any).

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 Posted on August 03, 2016 in Divorce

Whether you are nearing retirement age, or still have years or decades to wait, it is never too early to think about retirement. This is especially true for those who are planning on filing for divorce. Assets, including retirement accounts, are subject to equitable distribution during the process. Failure to consider how this will impact your retirement could have negative consequences, long into the future. In contrast, those that plan effectively and consult an attorney during their divorce are more likely to be prepared for retirement. Learn what you need to know to achieve the latter.

Distribution of IRAs During Divorce

Individual retirement accounts, typically purchased by an individual, are generally considered marital property. In this instance, the non-owning spouse's portion is usually rolled over into a new IRA account under their name. However, those that were initiated prior to the marriage may be considered exempt, as long as marital funds were not contributed to the IRA account. Keep in mind that here may be other limitations, exclusions, or variances as well. An attorney can help you understand how your divorce may affect an IRA that belongs to you or your spouse.

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