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Recent Blog Posts
Who is Responsible for Marital Debt After an Illinois Divorce?
Debt is a serious issue for most Americans. According to a recent study from Northwestern Mutual, the average U.S. citizen has about $38,000 in personal debt - and that excludes their mortgage. If one were to double that for a married couple (almost $80,000 in debt), the importance of understanding how debt is divided in a divorce becomes clear.
Equitable Distribution of Debt in Divorce
In most cases, marital debt is divided in a divorce in the same way as assets: equitably. Essentially, this means debts are allocated according to the income and expense of each party. Keep in mind that this rule usually only applies to joint, marital debts that were acquired during the union. Separate debts that parties acquired prior to the marriage, as well as sole-owned debts, may not be divided in the same manner.
Legal Liability for Debt in Divorce
Regardless of who the debt is assigned to in the divorce, parties can still be held legally responsible for a debt if their name is on the account. Keep this in mind when a portion of marital debt is assigned to your spouse, and have a plan in place for handling a default on the account, should your spouse forget or fail to pay. Otherwise, you may rack up late fees or interest on your account, leaving you with unnecessary added expenses.
Quarantine Recommendations Raise Concerns for Parents Sharing Children
The entire country is being advised to practice social distancing and quarantine procedures to prevent the spread of COVID-19. Parents who share children but live in separate households are both concerned and unnerved about what this could mean for their families. Check out these options for divorced, legally separated, and non-wed families parenting in separate households.
Keeping Visitation Schedules the Same
Many of the families that have not been affected by the virus are opting to keep their visitation schedule the same for now. Their children continue to transition between homes. As long as nothing changes, and each household practices social distancing or in-home quarantine, this should not be an issue, so long as no one becomes infected. Parents who continue visitation their schedules as they are may want to also develop a plan for handling a positive COVID-19 case within the family. Some things to consider include:
New Study Says Divorce Could Have a Negative Impact Your Teen’s Academic Performance - Here is How to Mitigate the Risks
Most parents are aware that divorce could negatively impact their child; it is why so many are hesitant to call it quits on their marriage. Still, studies show that a tumultuous home environment is more damaging to a child. As such, parents are encouraged to understand how and why a divorce might cause issues for their child. It also helps to have a plan in place.
Understanding the How and Why
Although divorce can negatively affect all children, the biggest risk seems to apply to those who are “well off” prior to the split. More specifically, adolescents whose mothers have a college education were found to be most impacted by parental divorce in a recent study conducted by Sondre Aasan Nilsen of the Norwegian Research Centre (NORCE) and the University of Bergen, Norway, and colleagues. On average, their GPAs were 0.3 points lower than peers with intact families from the same socioeconomic class. Previous research has also indicated that well-off children are less likely to attend college after a parental divorce.
The Three Most Important Considerations When Dividing Property in Divorce - How, What, and Where
Divorce is a complex, all-encompassing process that can impact your mental, emotional, and financial well-being. Thankfully, the effects and potential consequences can be mitigated. For example, parties can seek therapy to deal with the feelings of grief and loss that often accompany divorce. When attempting to diminish the potential financial consequences of divorce, there are three major considerations that one should use in their case.
The How: Litigated or Mediated Divorce
While money should not be the driving factor in the divorce path that you choose, a mediated divorce is likely to cost less than a litigated one. Part of this can be attributed to court costs, but attorney’s fees may be higher in a contentious divorce, as the lawyer must often spend more time working the case. So, if the cost of your divorce is a concern, it may be beneficial to at least consider whether a mediated divorce may be in your best interest. Talk to your lawyer for help.
4 Strategies to Keep Divorce from Derailing Your Retirement
The divorce rate for long-term marriages among senior citizens has nearly doubled over the last 20 years. The phenomenon has become so prevalent, in fact, that there are now societal terms for them, including “grey divorce” and “silver splitters.”
Unfortunately, divorcing as you near retirement can have serious financial consequences - and for some, the result could be devastating. Thankfully, there are some strategies that can be used to offset at least some of the risk.
1. Postpone Retirement or Re-Enter the Workforce
If you were planning on retiring - or have already entered into your retirement - and are planning to divorce, you may want to postpone or re-enter the workforce. One of the biggest reasons that later-life divorcees are at such great risk for loss is that they do not have as much time to recoup from the financial implications of divorce. Give yourself even just a few extra years and you reduce the amount of damage that a divorce could do to your financial standing over the next few years.
Five Signs Your Marriage is Already on the Path to Divorce
It can be difficult to know when to call it quits on your marriage, especially when you have put a great deal of time and energy into saving it. Shared children can further complicate matters. Often, parties look for a tell-tale sign, an unmistakable moment that forces them to accept the truth that divorce is inevitable. Unfortunately, such scenarios are rare.
Instead, parties may spend weeks, months, and even years pondering their next steps - often denying themselves happiness during this confusing phase of their lives. Thankfully, you do not have to walk this path. Look at your current situation and discern whether these seven signs are present to determine if your marriage may already be on the path to divorce.
You No Longer Argue
While not all arguments are productive, couples need to resolve their disagreements and find common ground. Unfortunately, when parties cannot work things out, they may stop caring about the outcome. Arguments and disagreements may no longer be an issue, but there is distance and detachment. If your marriage has reached this point and you feel like you are all out of fight, you may only have two choices left: stay in a loveless marriage or call it quits.
6 Tips to Thrive (Not Just Survive) in Divorce
Divorce can feel like the end, but in truth, it can be a new beginning. Maintain an optimistic outlook, focus on yourself, and you can thrive (not just survive) the grueling process. The following six tips, and the help of a competent divorce lawyer, can give you a running start.
Let Go of the Guilt, Anger, and What-Ifs
Guilt, regret, anger, and doubt can creep in shortly after you start the divorce process. You might wonder if things could have gone differently if only you or your spouse had made different choices. Unfortunately, actions cannot be undone and words cannot be unsaid. No one can go back, so rather than torment yourself over the past, work to let it all go and focus on your future.
Focus on Your Strength and Magnificence
In a relationship, people often tie their identity up in the other person. When the marriage fails, they may struggle to find their own selves again. Now is the time to focus on yourself. Find your strengths and marvel in them. See and celebrate your own magnificence - the things that make you unique. Learn to love who you are as an individual.
Divorce Solutions - Making an In-House Separation Work for Your Family
For some divorcing couples, the process is swift. Each moves into their own place and on with their own lives. For others, it is a slow, almost imperceptible change that gradually leads to a new and single life for each party. Such is the case with in-house separation. If this is the solution you are considering for your marriage, these tips can help you make it work.
Step One: Announce Your Grievances and Establish a Truce
Whereas other separating parties may be able to work out their grievances over time, in separate houses, those who choose to have an in-house separation need to lay their issues out on the table so they can start to move forward. Otherwise, you and your spouse will simply continue to argue and repeat the same cycles.
Once you have announced your grievances, it is time to establish a truce. Commit to not working on your marital issues and finding a new path forward for your own life instead. Approaching matters in this way can also work for those who hope to repair their marriage since most issues that lead to separation require you to find new and stable ground.
3 Financial Pitfalls to Avoid During Your Divorce
Divorce can financially wipe you out if you are not careful. Worse yet, the effect can be long-lasting. Thankfully, by knowing the most common pitfalls (and having a plan for avoiding them), you can reduce your risk of financial devastation. Learn more in the following sections, including how an attorney can assist you with the process.
Not Adequately Preparing for the Divorce Process
From saving money prior to the divorce to ensuring you have all the documentation you need for the process, divorce requires you to go through a great deal of preparation. Failure to follow through on any one aspect of your case can have dire consequences. Start smart by hiring a lawyer before you actually file. They can help you adequately plan for the future and prepare for every aspect of your case, increasing your chance of a favorable outcome.
Letting Your Emotions Run the Show
Divorce can unearth a lot of feelings - anger, guilt, resentment, sadness, and feelings of failure. While all of these emotions are completely normal, allowing them to run the show will only make things more difficult - for you and your spouse.
3 Tips for Communicating with Your Spouse During the Divorce Process
Despite common misconceptions, divorce does not have to be a contentious matter. In fact, it is entirely possible to effectively and amicably communicate with your spouse during your separation. Check out these tips, and discover how our seasoned divorce lawyers can assist you with the process, regardless of which divorce path you choose.
1. Establish Boundaries and a Preferred Method of Communication
When it comes to communicating with your ex, you need boundaries and a plan. Set limits on topics (i.e. do not discuss why your marriage ended or your personal lives; focus instead on discussing the legal details of your separation and any child-related matters). Also, choose a method of communication that will allow you disengage, if necessary. Text, email, and phone calls are some of the most commonly used (and potentially the most effective). Avoid in-person conversations, if necessary.
2. Focus on the Issues at Hand
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