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Alimony is meant to provide a disadvantaged party with the financial resources they need to recover after a divorce but it can be a burden for the paying party. In fact, many rely on the tax break they receive at the end of the year to even out the expense. Sadly, that tax could be eliminated if the GOP bill tax bill is passed by the Senate, as is. Learn more about how its passage could impact you in divorce and what an experienced attorney can do to help.
The GOP Bill and Divorce
As of right now, paying parties can claim their alimony as a tax deduction. This not only reduces the individual’s tax load at the end of the year, but it also helps to keep more money in the family unit. If eliminated, it could increase the risk of divorce-induced poverty among already at-risk families, such as those classified as low to middle income by the government.
Since the paying party’s income would also be reduced by the increased tax burden, passage of the GOP bill could also change how child support is calculated. This, too, could increase a family’s risk of poverty after a divorce. Divvying up assets in a marriage may also be more complex, as there would be less to go around. That can cause more legal fees, which may cut even further into each party’s divorce settlement. Thankfully, it may be possible to mitigate against all these risks, as well as any others that may arise from the passage of the GOP bill.
Divorce can be difficult for all involved parties, but children are often the most susceptible to lifelong complications. For example, studies have shown that children of divorce may be more likely to experience certain health issues, behavioral issues, and mental illness in childhood, adolescence, and adulthood. Children may also experience maladjustment issues during and immediately after the divorce, such as bedwetting and separation anxiety.
Thankfully, other studies have shown that parents can mitigate the risk with 50-50 shared parenting. Now a father’s rights group is pushing for that arrangement to be the presumed arrangement in family courts. Learn what this might mean for your divorce case, should they be successful, and discover how an experienced attorney can help you now, regardless of whether their efforts change the law or not.
Fathers Remain at a Disadvantage in Divorce
Historically, pets have been treated more like furniture in divorce than living, feeling beings – but that is all about to change. A new divorce law, set to take effect on January 1, 2018, changes that. Learn more about this new law and how it may affect your divorce, and discover how an experienced lawyer can assist with the various aspects of your case, such as your right to continued pet ownership after an Illinois divorce.
A Closer Look at the New Law
As the law stands now, pets are treated as an asset in the marital estate but because they cannot be divided like other assets, they typically go to the owner that paid for the animal’s care (or the one that can most feasibly continue to financially care for the animal). Sadly, this has resulted in many pets being separated from the owner that loved them most. There have also been cases in which spouses have fought for a family pet out of anger or retaliation, only to neglect or surrender the beloved companion once everything is over.
Domestic violence in divorce is more common than most people realize, yet there is still little statistical information on the challenges that victims face after leaving their marriage. For example, experts have long known that victims and their children are at risk for heightened violence after leaving the relationship, but they questioned whether the type of abuse may be an influencing factor in the severity or frequency of such issues.
There is also little evidence on how co-parenting with an abuser may affect the victim. Instead, the focus is typically placed on the influence that an abuser may have the child (whether positive or negative). While this is not just expected, but also typically what is best for the child, there are scenarios in which that may not be the case. One prime example might be if the continued contact places the mother in serious physical danger and the anxiety of it is negatively affecting the child. In such situations, an appropriate strategy may be needed.
It can be difficult to focus on the financial aspects of a divorce when your entire life has been turned upside down, but doing so can drastically improve the outcome of your case. In fact, couples who financially plan for their divorce are typically far more prepared for their single life. They also tend to adjust to their new life sooner than those who are ill-prepared. Learn more about planning for the money-related aspects of your divorce, and discover how an experienced attorney can help.
Pull Your Credit Report
Obtaining a copy of your credit report before a divorce can benefit you in two ways First, it can provide you with a clear picture of where you stand, on your own, outside of the marriage. Pulling your credit report can also reduce the chances of your spouse opening credit accounts without your knowledge and, in turn, minimize the chances that they will run up debt under your name. Should you spot anything suspicious after pulling your credit, report it to the credit bureaus and your attorney.
Divorce can negatively impact all involved parties, but children are often the most vulnerable to serious and long-term effects. One of those possible effects is the emergence (or resurgence) of separation anxiety. Learn how to help your child deal with separation anxiety after divorce, and discover what an experienced attorney can do to assist.
Divorce and Separation Anxiety in Children
Although separation anxiety is most commonly associated with the toddler years, children of any age can experience it – especially if they are dealing with a difficult or traumatizing event. Death of a loved one, changes in their environment, and divorce are just a few examples. Most cases are minor and will resolve with time. However, more extreme cases may require the specialized assistance of a therapist, psychologist, or psychiatrist.
Recognizing the Signs of Separation Anxiety
Historically, experts have seen divorce as a negative childhood event. However, families and scientists are starting to find that this may not be entirely true. In fact, science has recently found that contention may be more of a factor in the development of certain childhood issues after a divorce and that contention can have a negative effect, even if a divorce does not occur.
Now science has made a new and equally interesting discovery. In previous studies, children of divorce were found to have a higher risk of divorce themselves. Experts have always considered that to be an environmental issue, but a new study suggests the effect could be genetic.
A Closer Look at the Study
In their study, researchers wanted to answer one simple question: why does divorce run in families? Their conclusion challenges everything we thought we knew about divorce. In examining the DNA of adopted Swedish children, researchers found a strong and consistent genetic link to divorce. Set to be published in an upcoming issue of Psychological Science, the study alter everything from how therapists work with distressed couples to what parents consider when deciding if divorce may be the next best step in their life.
The decision to file for bankruptcy is not one easily made, but those that know how to recognize the signs of serious financial trouble may be more prepared for the process. Those same indicators can help one determine when to proceed with the process. Learn what these signs are, discover what options may be available to you, and gain insight into how an experienced attorney can assist with the process in the following sections.
Combatting Common Bankruptcy Myths
Before one can truly determine if bankruptcy may be the appropriate path, they must first understand what bankruptcy is and what it is not. For example, many people believe that bankruptcy will result in a loss of all assets, including their home and personal vehicles. Thanks to the protection of certain excluded assets, this is not always the case. Yet, even if your home or primary vehicle is in jeopardy, it may be possible to negotiate an option that will work for you and your creditors.
Divorce during any stage of life can be financially devastating, but the effect is often worse as one nears retirement. Several factors play a part, including the lack of time to recover from any losses experienced during the divorce. However, it is possible to mitigate against the potential negative effects of a later-life divorce. Learn how, and discover what an experienced attorney can do for you during the process, with help from the following information.
Understanding the Potential Risks
Most couples plan for just one set of expenses in retirement. Divorce creates two sets of expenses, and it requires that all marital assets be equitably split. While many factors may be used to determine what this “equitable split” might look like, one can be almost certain that their nest egg will no longer cover all their expenses. As such, “gray divorcees” need a strategic plan before moving forward with the process.
Divorce can be a complete upheaval of your life, and it may even cost you some family and friends. Yet, as cruel as it sounds, life does go on. The trick is to know how to take those first steps to a more independent future. Whether you are the one who filed, were caught off-guard, are just starting out on your divorce, or have recently completed it, the following may be able to help you jumpstart your life and move forward after the divorce.
Do Something Nice for Yourself
After months of dealing with your ex, the courts, and possibly even creditors, you deserve to do something positive for yourself. Purchase an item you have been wanting. Schedule yourself for a manicure or a massage. Go out with friends and have a celebration. Do whatever your heart desires because you have just been through the wringer. Now it is time to reboot, recharge, and prepare for the future.
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