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Of all the issues that one may deal with during the divorce, those related to money tend to be the most sensitive and volatile. That is because, in this arena, mistakes can be costly, and they often have a lasting, negative impact. Thankfully, by avoiding these four commonly made money mistakes, parties can decrease their risk of experiencing significant financial loss in a divorce while also increasing their chances of receiving the divorce settlement to which they are entitled.
While the law does require you to provide financial disclosure to your spouse during the discovery process of your divorce, there is such a thing as oversharing. Examples of information that you may want to keep private include:
New tax laws that went into effect for this year have brought about quite a few changes. One major change, which could be bad news for those who are currently in the process of divorce, is that alimony (known as spousal maintenance under Illinois law) is no longer tax-deductible for those who pay it, and it will not be considered taxable income for those who receive it. This may be a major loss for people who are required to pay a large amount of alimony.
The 2018 Tax Cuts and Jobs Act (TCJA) is in effect now, and it applies to any divorce cases finalized after December 31, 2018. Therefore, going forward, any divorce that includes spousal maintenance will follow the new rules. Pre-2019 divorcees, however, may still qualify for the old rules.
Most experts agree that children thrive when they have positive relationships with both parents, along with extended family on both sides. Unfortunately, life does not always work out that way. In some cases, parents do not agree on which family members should and should not be part of a child’s life. Sometimes, a parent may even have good reason to feel that the other parent is unfit to be around their child. Typically, Illinois law allows for children of divorced parents to continue having parenting time with both parents and meaningful relationships with all of their extended family. However, there are, of course, necessary exceptions.
Custody laws in Illinois state that unless a child’s physical, emotional, mental, and/or moral health is at stake, modifications to a child custody agreement will not be made. Of course, this can be a tough call to make, so when there is a question about the matter of a child’s safety, it will probably require an investigation and a hearing. Significant evidence that the accused party is indeed a danger to the child will have to be produced in order for the court to consider changes.
Although spousal abuse and child abuse are unfortunately all too common, there are some situations in which false allegations are made. If you have found yourself facing a legal custody battle based on made-up accusations, you will definitely want to seek the advice of a knowledgeable family law attorney.
A disgruntled spouse or ex-spouse may think that accusing the other party of abuse will help win a custody case, even if nothing of the sort ever actually happened. They may involve DCFS, or they may go straight to the court. In these cases, it is of utmost importance that you remain calm and cooperate with any investigations that may take place. A judge will most likely try to err on the side of caution where a child is involved, but at the same time, courts are not willing to take away parenting time without clear, just cause. The worst thing you could do during this time is lose your cool. That is why it will help to have legal counsel for advice and to give you confidence in your case.
While many families cherish the relationship between grandparents and their grandchildren, there are exceptions. Whether a parent has personal issues with the grandparents or truly has reason to believe that the grandparents are a danger to their children, there are certain conditions in which contact between children and their grandparents may have been terminated. There are also situations in which grandparents may feel that children are better off with them than with the actual parents. However, there are specific necessities laid out by Illinois law that dictate whether grandparents can legally pursue visitation or custody rights.
According to the American Academy of Matrimonial Lawyers, Illinois Chapter, the state of Illinois is very “pro-parent” and “anti-grandparent.” The rules for grandparents seeking visitation rights are fairly strict. The first prerequisite is that the parent or parents’ refusal of grandparent visits must be without good reason.
The divorce process can have a negative impact on all involved parties, but child experts say that it is children who are at the greatest risk for long-term, negative effects. Part of this can be attributed to their lack of control in the situation, but there are other aspects of a divorce that can increase a child’s risk of developing mental, emotional, or behavioral issues during the process. For example, studies suggest children are more likely to suffer from maladjustment if interactions between their parents are contentious or tumultuous during the proceedings.
Childhood development is a complex process. Its course is determined by both nature and nurture - or what some would call a child’s environment and genetic makeup. Major events that change the dynamics of a family, whether positive or negative, can also have an impact on a child’s development. The birth of a sibling is usually seen as a positive influence, as they must learn to share their time, toys, and attention, which can ultimately make them more compassionate and empathetic people.
Data suggests that more couples are signing prenuptial agreements before getting married, which could be a good thing, as data suggests that couples are less likely to divorce when they have one in place. However, those that have one already may need to review their documents, come 2019.
The new tax law, set to go into effect on January 1, 2019, is expected to impact both married and divorcing couples in a significant way. For those going through a divorce, it may affect alimony payments—both in amount and how willing a party is to make them. It is this aspect of the new law that also affects prenuptial agreements.
For the past 70 years, alimony payments have been tax-deductible for the payor and taxed as income for receivers. The new tax law eliminates this element of divorce law. Sadly, this change is expected to leave less money for the family, as a whole. Without the tax benefit, payers may have less discretionary spending money than their spouses. The courts have to balance this out by reducing the alimony payment amount, so even though the receiving party may not have to report the payments as taxable income, they may ultimately receive less money. Neither party benefits from this, unfortunately, but the change is inevitable.
Divorce can be a costly endeavor - especially when you are not prepared for the process. Thankfully, it is possible to place yourself ahead of the proceedings. Learn how with the following pre-divorce money management tips, and discover how our seasoned Wheaton divorce lawyers can help you with the process, long before you ever even file.
Before filing for divorce, it is crucial that you have a clear understanding of your financial situation. All debts, income, real estate, retirement accounts, pension plans, and other assets (i.e. jewelry, collections, etc.) that were acquired during the marriage should be considered. Once you have all the information you need, such as account statements and appraisals, make copies and store them in a safe place where your spouse cannot find them, such as in a safety deposit box or at a relative’s house. Also, be sure to regularly update documentation on any assets that may fluctuate in value, such as your bank account or retirement account.
While many marriages end amicably, there are some that end with bitter words and violence. In an alarming number of these cases, the abuse dates back to before the marriage's dissolution. Thankfully, victims of abuse can find at least some solace in the law; they are afforded many protections in the workplace, and they have the right to seek an order of protection to keep their abuser at bay. However, if there are children involved, their divorce case usually becomes far more complicated.
Parental rights are not intended for the parent; the courts afford them to parents to protect a child’s right to receive financial and emotional support from both of its biological parents. Because of this, victims of abuse may need to face some scary possibilities during their divorce:
Divorce mediation has quickly become a popular way for parties to divorce - and not just because it offers a more cost-effective way to dissolve a marriage. Mediation also encourages cooperation and compromise between the divorcing parties, which can help to improve the overall outcome for divorcing parents, older divorcing couples splitting a retirement, and couples with a high net worth marriage. Still, divorcing parties often feel more at ease when they know what to expect from the divorce mediation process. Learn more in the following sections, which address some of the most frequently asked questions about divorce mediation in Illinois.
Before mediation, divorcing parties were pitted against one another and placed on opposite sides in court litigation. Sadly, this led to many poor outcomes, especially for children. Mediation works differently. It encourages the parties to compromise and come to an agreement that works for all involved parties (parents, children, and even pets). Parties who successfully reach an agreement can avoid court proceedings altogether, but if an agreement cannot be made, the parties may still address their issues in court and allow a judge to decide on the matters that are pertinent or problematic in their divorce.
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