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A college degree is almost critical to career success in today’s working world, and as the United States continues to move further away from manufacturing and more into a service-type economy, that need for higher education is expected to grow even further. Unfortunately, a recent study has found that children of divorce may be less likely to obtain this education. Learn more about why this might be, and discover how a seasoned divorce lawyer can help to improve the circumstances for your child during an Illinois divorce.
Study Finds Children of Divorce Are Less Likely to Pursue a College Degree
Most studies regarding divorce and children focus on the tender years - the way that a parental separation impacts the child’s immediate circumstances. Data from these suggest that children of divorce tend to have lower reading and math scores, are less engaged at school, and they tend to participate in fewer after-school activities than children whose parents stay married. Yet, until now, no one really knew how this translated into the lives of adult children of divorce.
Fathers offer something special to their children. They are more likely to engage in physical activity with their kids than moms, and they can help children understand societal roles. Unfortunately, dads continue to receive less parenting time than mothers when the family separates in a divorce. What is more, Illinois is one of the worst states for dads seeking shared or equal parenting time. What might this mean for your Illinois divorce case, and how can you increase the time you might receive with your children? The following information explains.
Illinois Ranks as One of the Worst States for Shared Parenting
Recent data indicates that children do not suffer, but instead typically benefit greatly from equal time with both parents. In light of this information, many states have started to move toward more equal parenting time among divorcing parents, and 25 attempted to implement laws that would either encourage 50/50 shared parenting time or make it the default. Illinois has even attempted to increase the amount of parenting time that dads receive in divorce, but the state continues to lag behind many other states in the country. In fact, one survey found that Illinois children spend an average of only 23.1 percent of their time with their fathers. Thankfully, under new state laws that have been implemented over the last couple of years, fathers can fight for close to equal time with their kids.
The valuation and distribution of assets is one of the leading sources of contention during a divorce - even more so when the assets are unusual or otherwise difficult to value. For example, artists and other creative individuals may be required to value and split the value of their works. Art collectors may be subject to the same valuation and division of their beloved artwork. Other collectibles and family-run businesses can also be difficult to divide. Learn what you need to know about dividing difficult to value assets in your Illinois divorce, and discover how a seasoned divorce lawyer can assist you with the process.
Placing Value on Unusual Items During Divorce
Divorce settlements are reached by first examining the total value of the couple’s marital estate. Some assets are easy to value. For example, a bank account is only worth what is in it. Other assets, such as artwork, jewelry, cryptocurrencies, coin collections, luxury furniture, and businesses are far more difficult to value. For items such as these, an expert appraiser is needed. Most often, they will determine what the item would be worth if it were auctioned off or sold.
Although statistics indicate that the divorce rate is declining across most age groups, couples over the age of 50 are ending their relationships at an unprecedented rate. In fact, rates have more than doubled over the last decade, and it is leaving many soon-to-be retirees at risk for future financial troubles. Learn how you can mitigate against such issues, and discover how assistance from our seasoned divorce lawyers can help.
Understanding the Potential Effects of a Gray Divorce
Divorce can be costly at any age, but those who are nearing the end of their working years have less time to recover from the financial toll that a divorce can have on their savings and retirement accounts. Marital assets must be equitably split between the parties - and that can include everything from jointly acquired inheritances and co-mingled premarital assets to retirement accounts and businesses that were established during the marriage.
Student loan debt is currently at an all-time high in the United States ($1.5 trillion), and it is creating excessive financial stress for married couples all over the country. In fact, a survey of divorced couples revealed that student loans were a factor in one-third of all failed marriages, and a total of 13 percent specifically blamed student loans for the end of their relationship. How are these debts divided when a couple pursues a divorce, and how can a seasoned divorce attorney help protect your financial well-being during the process? The following information explains.
How Student Loan Debt is Divided in an Illinois Divorce
Debts, like assets, are divided equitably in an Illinois divorce. What this essentially means is that the assets, income, and future earning potential of each party is considered when determining how the debt should be split. The one exception that may apply is if the debt was incurred prior to the start of the marriage; in this instance, it is typically considered pre-marital debt, and the owner of the loan is usually responsible for repaying it on their own.
Divorce can significantly impact the mental, emotional, and financial well-being of any child, but those who have special needs’ are at an especially high risk. When one takes into account that an estimated 10 percent of the population has a family member with special needs, and the risk of divorce is significantly higher for them when compared to the general population (an estimated 86 percent compared to 50 percent), the importance of proper divorce planning becomes clear. Learn more about how to approach the process in the following sections, and discover how a seasoned divorce lawyer can help to improve the overall outcome of your case.
Understanding What Could Be At Stake
Minor and adult children with significant disabilities often need a lot of support from their families, health care professionals, community, and government. Unfortunately, if their parents go through a divorce and the process is not approached carefully, it may render the child ineligible for many of these types of assistance. As a result, the physical, mental, or financial well-being of the child may be negatively impacted.
When it comes to divorce, parties often wonder when is the best time to file. Some make their decision based on circumstance (i.e they are fighting more frequently). Others base it on emotion (which some believe to be the driving factor behind the peak divorce times each year). While neither is necessarily “wrong,” they are not the best determining factor for determining when to file. Learn what determining factor may give you the best possible chance at a favorable outcome in your Illinois divorce, and discover how a seasoned attorney can help you prepare for the process.
Basing Your Decision on Financial Standing
The end of a marriage can be emotional and tumultuous, but basing your decision on emotional and circumstantial factors alone can leave you (and your spouse) at risk for financial devastation. Part of this can be attributed to the divorce process itself, which is financial, rather than emotional or fault-based. Having a one-income household or being in the dark about your financial situation can further exacerbate the problem. Thankfully, if you base your decision more on your financial standing and readiness, rather than other factors, you can mitigate many of the money-related risks that are commonly associated with a divorce.
Although a divorce does not have to affect your credit, it can. The possibility of reduced income, moving expenses, and actions or inactions of your spouse are all possible causes, but once the divorce is finalized, there is only one real solution: rebuilding your credit. Learn more about how to do this in the following sections. More importantly, learn how a seasoned divorce lawyer could reduce the chances that you will experience adverse credit issues during your divorce.
Make a Plan - Jointly and Independently
Perhaps one of the best ways to mitigate the risks of credit issues during and after your Illinois divorce is to sit down with your spouse, take an inventory of your finances and debts, and develop a plan. Discuss your options, such as:
Money is often one of the leading sources of contention during a divorce, and it is about to get worse, thanks to the new tax law regarding alimony payments. Set to take effect on January 1, 2019, this new law will eliminate the tax credit that paying parties used to receive at the end of the year. Learn what this could mean for your Illinois divorce, and discover how a seasoned divorce lawyer may be able to help you mitigate the potential risks and issues that could arise.
A Closer Look at the New Alimony Tax Law
In previous divorces, and those completed before January 1, 2019, alimony payers receive a tax credit at the end of each tax year. The receiving party is also required to report their alimony payments as income to the Internal Revenue Service (IRS). Both of these aspects of divorce will be changing at the beginning of next year. That means there will no longer be an incentive for paying alimony, and fewer parties will be willing to pay it. That can hinder the financial well-being of receiving parties, as well as the paying parties, perhaps even more so than many realize. It can also make for more contentious divorces, and that can increase the stress levels of all involved parties - especially any minor children that the couple may share.
Deciding whether to sell the family home is one of the biggest and most difficult decisions that a couple must make during an Illinois divorce. On the one hand, there may be memories attached to the home (which can be both a positive and a negative), and some parties may face challenges when trying to find a place of their own because they have been financially reliant upon their spouse. On the other hand, parties must be practical about their situation, which requires them to examine the pros and cons of either selling their home or keeping it.
Taking the First Steps
Before making any decisions, parties are encouraged to first determine the house’s value through an appraisal. Then determine what the home will cost the party who keeps it (be sure to include HOA fees, insurance, and upkeep in your assessment). Once armed with this information, parties can then decide whether keeping the home is a financially sound decision, or if it may end up being too cost-prohibitive for them. (Note that financial advisors discourage consumers from spending more than 25 percent of their total income on their home.)
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