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Credit is often used to obtain the important things in life: homes, vehicles, furniture, and more. Unfortunately, the use of credit also places consumers in debt. Should a life crisis occur – an illness, an auto or work accident, a layoff at their job, or another unexpected event – debt can quickly go from manageable to a full-on crisis. Is it possible to regain control without filing for bankruptcy? Perhaps, but even if bankruptcy is required, some strategies can be used to improve your circumstances.
An Overview of the Bankruptcy Process
Debtors who are unable to make good on their debts may be eligible to file for either Chapter 7 or Chapter 13 bankruptcy. Both offer a way to start with a “clean slate,” but both also have an impact on your credit score and ability to obtain new credit. The effect is temporary, of course, but it is an inconvenience that debtors should consider and discuss with an attorney before moving forward with the bankruptcy process.
When couples adopt a pet, they rarely consider what might happen if they one day divorce. Unfortunately, divorce does happen – and if an animal is involved, someone may end up heartbroken. Learn more about what happens to a pet in divorce, including how the trend may be changing, with help from the following information.
How Pets Are Classified in Divorce
Pets are usually treated as property in legal proceedings – including divorce – but unlike other assets, a pet cannot be sold or divided. You cannot split an animal, and its only real value is to the owners. Treating it like a human child, with custody and visitation rights, has historically been frowned upon. Because of this, pets usually go to one owner in a divorce.
Deciding Who Gets the Family Pet
A family pet cannot speak for itself, nor can anyone truly attest to the relationship that each pet shares with its owner. However, there are a few considerations that the courts will look at when trying to determine who gets the family pet in a divorce. Some of these may include who:
While there are many challenges and obstacles to owning your own business, few come close to the potentially devastating impact of divorce. Sadly, small businesses are at an even higher risk because they are not typically prepared for a massive financial hit. What can you do to protect your business during a divorce, and how can an attorney help? The following explains.
When is a Business a Marital Asset?
Every state has its own divorce laws. Illinois, which is considered an equitable distribution state, considers all assets obtained during the marriage as assets. However, there are instances in which a business may be excluded from the couple’s marital estate, even if the company was established during the marriage. Likewise, there are situations in which a business started before the marriage can become a marital asset.
A major factor that goes into determining if a business is a marital asset or non-marital asset is the contribution that each spouse has made to the business. This can be either financial or non-financial. For example, if one spouse stays home to care for children while the other runs the company, the non-financial contributions of the spouse could be configured into the divorce settlement. Another major factor is the co-mingling of assets; if marital money was used to start, promote, or run the business, it may automatically be considered a marital asset, regardless of when it was established.
Estate planning is not the most glamorous area of law. Many people do not want to think about passing away; it can be a difficult topic to discuss with one’s family. However, estate planning is extremely important and can save you or your loved ones an insurmountable amount of troubles when tragedy strikes.
Estate planning is often regarded as something the “rich” do but is not necessary for common people. This could not be further from the truth. Estate planning can determine who takes possession of your property after you pass, however much or little property you may have. It can also prevent a familial fight should tragedy strike, and the loss of a loved one happens seemingly out of nowhere.
What Makes Estate Planning So Important?
Estate planning gives courts, as well as your family, instructions about what to do with your hard earned assets. Whether it is money, real property, or a family heirloom, estate planning is the method of instructing how your affairs should be handed after you have passed.
If you are in a high-conflict marriage and are seeking a divorce, you may begin to wonder if your spouse has a diagnosable mental issue such as a borderline personality disorder. Often, a skilled family law attorney can help reduce conflict in these tense divorce and custody proceedings.
Definition of Personality Disorders
The two common types of personality disorders are borderline personality disorders, which are more common in women, and narcissistic personality disorders, which are more common in men.
Borderline personality disorders are characterized by intense anger, mood swings, and idealization—and then devaluation—of another.
Narcissistic personality disorders are characterized by a preoccupation with oneself to the exclusion of others. Sometimes, this person has a distorted sense of victimization, which results in intense anger and acting out. Other times, this person is detached from others, believes he is superior, and has a large sense of entitlement.
The debt we are responsible for can pile up on us, seemingly out of nowhere. In an economy that pays lower wages in comparison to a steadily increasing cost of living, more and more people are getting crushed under the weight of their debt. Filing for bankruptcy can be a way out. The two most common types of bankruptcy in Illinois are Chapter 7 and Chapter 13; each has their unique characteristics.
Chapter 7 Bankruptcy
Filing for Chapter 7 Bankruptcy is a way to obliterate your debt—a process where your debt assets are sold, your creditors receive outstanding payment, and you are released from the debt. It is important to understand that while a Chapter 7 Bankruptcy can eliminate your debt, you also lose possession of any of the property you filed inside of the Chapter 7.
In addition, not everyone qualifies for Chapter 7 bankruptcy. To qualify, you must earn less than the state median income on a monthly basis. Depending on your income levels, you may have to take a “means test.” The means test is designed to deduct your monthly expenses from the amount of money you make on a monthly basis. This test is done as a prerequisite to filing a Chapter 7 Bankruptcy.
In Illinois, the law places an obligation on both parents to support their children. After a thorough review of the finances, a court will determine how much one parent must pay the other in monthly child support.
The goal of child support, according to Illinois law, is to provide funds “reasonable and necessary for the support of the child, without regard to marital misconduct.” Under the law, parents have a duty to pay for the educational, physical, mental, and emotional health needs of the child.
There are standard child support guidelines in the law, and a court may deviate from the guidelines based on the child’s needs or the parent’s ability to pay. For example, it is likely that a court will order that the child’s standard of living, had the parents not divorced, be maintained.
Usually, the setting of child support will be based on a simple mathematical calculation. However, once the reality of paying child support hits or unforeseeable events change your circumstances, you may find yourself unable to meet your obligations.
Psychology experts tell us a variety of studies have shown that children of all ages tend to struggle with change, especially where routine is concerned. Divorce is easily one of the biggest threats to a child in terms of disruption of an established routine. This is particularly the case for young adults, due to age-related brain developments. Younger children have been shown to adapt with more ease when they feel safe, and when parents communicate with them about the changes happening in the household. Still, even younger children thrive on routine and rely on it to feel secure.
How Do You Know if Your Child is Struggling to Cope?
As a parent going through divorce, you have a whole range of challenges to deal with on your own. You experience many of the same emotions your child does, with the added pressure to care for him or her as well as yourself. In the midst of such big lifestyle changes, it is easy to miss signs that your child is having trouble adjusting to the divorce.
Although the effects of divorce can be far reaching and mentally draining for the whole family, the end of a marriage can be especially emotionally charged for the children. A number of factors can impact and shape the divorce experience for children, however.
Research shows that a majority of kids from divorced families actually adjust very well, and over a fairly short period of time. In fact, experts from Psychology Today report that studies reveal how 80 percent of children recover so well, most of them experience no lasting negative effects. These findings apply to all areas of life—social adjustments, educational performance, and overall health.
Helping Your Child Thrive
If you, like many parents, wish for your child to be among the 80 percent of kids who successfully bounce back from the divorce experience, there are multiple ways you can help promote the healing process. The following three strategies can arm you with the power you need to provide your children with the support they will require to survive, and also thrive, after your family has split:
As a divorcing parent, the pressures you face are amplified, as your responsibilities are nearly doubled due to the transitional needs of the entire family. Not only do you need to make living and financial arrangements for yourself while also looking after your physical and emotional health, you must make arrangements for any children you share with your spouse, too. A solid parenting agreement is essential when entering post-divorce life, as it will provide the legal blueprint for how you will continue to raise your child once you are separated.
Getting Organized
Although the pressure may be overwhelming as you address the allocation of parental responsibilities (child custody) and parenting time (visitation), there are a few ways to to help streamline the parenting plan process and ensure you start off on the right foot. Here are some key steps to drafting an effective parenting plan:
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