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When parents go through a divorce, they must determine how to divide the cost and responsibilities associated with raising their child(ren). Child support is sometimes awarded to the parent with the most time with the child, but even still, there may be added expenses not covered by the supporting parent’s legal child support obligation. Learn how you can determine who should cover child-related expenses after your Illinois divorce, and discover how a seasoned family law attorney can assist you with the entire process.
Under state law, children have the right to receive emotional and financial support from both of their parents. Child support helps to ensure that financial need is met. However, not all parents are obligated to pay. Instead, the state uses the income of both parents, the average cost of raising a child, and the amount of parenting time awarded to each parent in order to determine how much support (if any) is owed.
Divorce can negatively impact almost anyone, but women are more prone to experiencing nasty financial surprises during the dissolution of their marriage. Much of this is because women often abdicate financial responsibilities to their spouses, so they are unaware of what they own and unprepared for the division of assets. Thankfully, there is a way to remedy the situation. Learn more in the following sections, including how a seasoned Illinois divorce lawyer can protect your interests and increase the chances that you will have a healthy financial future.
In a study from Worthy, an online marketplace, nearly half of the 1,785 women surveyed experienced a nasty financial “surprise” during the divorce process. Those surprises varied, depending on how and if they managed their finances during the marriage, but some of the most common, unexpected issues that women experienced included:
Divorce may end a marriage, but it does not end the co-parenting relationship between a couple. In fact, children of divorce tend to fare best when both of their parents work together to protect the child’s best interests - and not just immediately after the divorce, but also as the child grows and their needs change. Back-to-school season is a good time to reexamine a child’s situation and consider if changes to the parenting plan may be in order. Learn more in the following sections, and discover how a seasoned, competent family law attorney can assist you with the process.
It is normal for parents to be protective of their time with a child; they grow up fast. Yet, it is critical that divorced couples consider and attempt to meet their child’s needs in every way possible. Part of this is because studies have shown that divorce does not necessarily create problems for children. Instead, children tend to experience poorer outcomes (i.e. struggling with relationships as an adult, poor academic performance, behavioral issues, etc.) when there is a great deal of contention between the parents. You and your spouse can protect your child from such outcomes by placing the needs of your child over your own wishes and desires.
If you signed a prenuptial agreement before the start of your marriage, you are among the small percentage of couples that decided to “insure” your assets against the devastating effects of a nasty divorce. However, a new tax law may now require you to reexamine (and potentially make changes to) your current agreement. Learn more in the following sections, including how our seasoned divorce lawyers can assist you with the process.
If your prenuptial agreement includes a provision for alimony, you may need to reexamine it, as the new tax law changes how alimony is handled after a divorce. Though alimony was once considered a deduction that payers could claim to lower their tax load at the end of the year, it will become nothing more than an added expense in divorces that occur after December 31, 2018, as the new law eliminates it as a deduction. Since the paying spouse is typically in a higher tax bracket than the receiving spouse, this change may leave less money for the family unit.
Cryptocurrencies were introduced in 2009, which means they are just now starting to show up in divorce courts. Sadly, the law is finding that there are numerous complications when attempting to divide cryptocurrencies in an Illinois divorce. Painstakingly difficult to trace and highly volatile when it comes to value, cryptocurrencies are making for some highly contentious cases. Learn more about them in the following sections, and discover how a seasoned divorce attorney can help improve the overall outcome in your case.
Cryptocurrency as a Hidden Asset in Divorce
A lot of people invest in cryptocurrencies because they enjoy the anonymity that they offer. Unfortunately, the very appeal of cryptocurrencies is what also makes them problematic in divorce. Often associated with money laundering, tax evasion, and other illegal acts, cryptocurrencies can be hidden by spouses who wish to keep more than their fair share in a divorce. It is possible to trace them down, even if they have been pulled offline and put onto a USB, but the process can be lengthy and costly. The time and cost associated with this process can further complicate the divorce process, and it only adds to the other issues associated with dividing cryptocurrencies in an Illinois divorce. However, to ensure one’s financial stability in the future, it is important for spouses to formally and specifically request documentation on cryptocurrencies during the discovery process of their divorce.
If you have a friend going through a divorce, science says you could be next. Why is this, and what do you need to know before moving forward? The following information explains, and it provides you with some important details on how a seasoned divorce lawyer can help improve the overall outcome in your Illinois divorce case.
Although divorce shares very little with the common cold, scientists say it could be just as “contagious.” Researchers from Harvard University, Brown University, and the University of California at San Diego conducted the largest study on the subject to date, and they found that having a divorced friend increases your chances of pursuing a divorce by 75 percent. Your risk also increases if a friend of a friend goes through a divorce - by about 33 percent.
Relationship experts say this phenomenon can be easily explained; misery loves company, so if a friend is complaining about their spouse, you are more likely to chime in and discuss your own issues. Then, if that friend divorces, you may witness them going through temporary relief, and potentially even a little bit of a high when they pursue new relationships. That can look pretty appealing when your own marriage feels stale. Conversely, if your marriage has been rocky for a while, you may envy your friend’s newfound freedom and want to seek it out yourself.
Although divorce can negatively impact all involved parties, children are considered especially vulnerable when a separation occurs. Factors like contention between the parents, parental alienation, or financial losses that may occur during the divorce can further increase the risk of long-term complications for kids. Thankfully, there are things that parents can do to mitigate the issues for their children. Learn more in the following sections, and discover how a seasoned divorce lawyer can assist you in the process.
Understanding the Risks (and Their Causes) for Children of Divorce
Divorce is a process that involves the separating of parents. Children tend to experience a lot of negative emotion because they have little say or control over the process. That can create a whole host of issues, such as anxiety (including separation anxiety), depression, a lack of interest in their social life or extracurricular activities, and trouble concentrating or performing at school. If not addressed, these issues can plague children for the rest of their lives. Moreover, studies have found that children of divorce are more likely to experience trouble with the law, and they may struggle more to maintain long-term intimate relationships as adults.
Children are entitled to emotional and financial support from both parents. When the parents do not live together, financial support typically comes through the payment of child support - but what happens when the paying parent refuses to comply with an order for support? The following information explains how you can enforce delinquent child support payments with the help of a seasoned family law attorney.
Establishing Proof of Unpaid Support
Before a receiving parent can enforce an order for support, they must first provide proof that the support has gone unpaid. If the payments are made through the Illinois State Disbursement Unit (SDU), the receiving parent can ask the SDU for a record of payments that have been made along with the amount that the paying parent still owes. It is important that receiving parents compare their own records to those of the SDU, however, as they are not always accurate. If payments are made through the circuit clerk’s office, the parent can ask the office for this same information. (Again, it is important to compare records.) Parents who receive payments directly may experience more difficulty in obtaining proof of unpaid payments, as they are the only ones who have a record of the payments made. Thankfully, an attorney can help you with the process.
While growing your family through adoption can be a positive and exciting life experience, there are many hurdles and obstacles that prospective parents must overcome. Some are exceedingly difficult to navigate on your own. As such, it is highly recommended that adopting families hire an attorney during the process. Learn more about why in the following sections.
Adoptive and Birth Parents Have More Control Over the Process
Although adoption agencies are a wonderful resource for prospective parents, they tend to pair birth and adoptive parents based on an algorithm, or what they call “the best match.” Sadly, these matches are not always “the best” for the involved parties. There could be issues that you were not made privy to, or you may find that your personalities are incompatible. Unfortunately, you may have little to no other options if you go strictly through the agency. An attorney can serve as a mediator and assist with the decision process, which could allow you to have more control over who the prospective birth parents will be. Your attorney can also help to ensure the birth parents understand the legalities of their choice, which may give them more confidence as they move forward through the process.
Divorce can be financially devastating for women - especially if they are over the age of 50. Some say women can avoid such a catastrophe by fighting for their home during their divorce. Unfortunately, this may not be sound advice for everyone. Learn how you can determine which path might be most appropriate for your case and discover how a seasoned divorce lawyer can help protect your financial future during an Illinois divorce.
Fighting for the Family Home - Understanding the Logic
Women are often attached to the family home, and some say it is the key to protecting their financial future during a divorce. A study from the Center for Retirement Research at Boston College only seems to confirm that this is the best route for women. In its survey of formerly married women, it found that, in terms of assets, those who kept the house were “better off” than single, never-married women. Yet, it is important to note that the study did not examine the overall wealth of these women. Instead, it just looked at the assets they were holding at the time of the survey.
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