Posted on February 18, 2019 in Property Division

Although the 2017 American Community Survey estimates the number of divorces is on the decline in Illinois, women still need to be aware of how to protect themselves financially, should divorce become inevitable. There are two common financial mistakes shared by a number of divorcing women - not only in Illinois but throughout the United States. By taking a proactive role and getting ahead of these common financial mistakes, women can save themselves a lot of frustration and be better prepared for their future.

1. Not Knowing Your Marital Assets and Debts

In Illinois, there is a presumption that property acquired during the marriage is marital property, therefore it should be divided equitably. However, many women are unaware of the extent of their marital property, which may cause them to leave money on the table. Consider that marital property can include a variety of assets - from retirement accounts and offshore bank accounts to car collections and earnings on investments. It is important to immediately identify and determine the values of these items since knowing these values will allow for a more equitable share in the assets of the marriage.

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 Posted on February 15, 2019 in Property Division

Divorce can be a painful, heart-wrenching experience - particularly for those that miss the signs and have no prior knowledge of their spouse’s desire to end the marriage. That was what happened to one Iowa woman. Rather than allow herself to fall into self-pity, she threw herself into a creative and healing project that eventually turned into a thriving business.

Woman Bakes Her Way to Happiness and Financial Stability After Divorce

In a feature from the Des Moines Storytellers Project, an Iowan woman revealed how she had turned the devastating news of her divorce into a healing adventure and lucrative business. “Kindred spirits” from the start, the couple had married in a whirlwind, just one year after they met. Over the course of 13 years, they went on many adventures and raised three children together. Then, one day, the husband said he wanted to end the marriage.

At the time, the middle-aged woman had no idea what to do with her life. Then she met another divorcing woman in her neighborhood who had been selling baked goods out of her house to make extra money. The two joined forces, and before they knew it, they were creating delicious pastries for some of the state’s most prestigious customers. Three years after starting their business, they took over a landmark building in Fort Madison and expanded the bake shop. A second location was opened in 2002, and the offers for cookbooks and book deals came pouring in. Eventually, the two women decided to sell off the original location, but they both continue to run the second one together.

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 Posted on February 13, 2019 in Child Custody

The decision to get divorced is one you should take seriously. If children are involved, you should be especially diligent in making the right decision for the family unit. Divorce can hurt kids, even when the parents are agreeable, but the effect may far worse if the interactions between parents become toxic.

In knowing this, most parents put forth the effort to thwart toxicity in their situation. However, that is not always the case. Learn how continued toxicity in your divorce can negatively impact your children, and discover what you can do when faced with a parent who is consistently making poor, selfish, or negative decisions regarding your children and/or matters involving them in your Illinois divorce.

Examining the Potential Effects of a Toxic Divorce

While each case may vary based on a range of factors (i.e. the temperament of the child, level of toxicity, the form of toxicity, or whether additional forms of abuse are present in the marriage or family environment, etc.), children who witness a toxic divorce situation often share similar traits and issues. Some of these include problems with:

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 Posted on February 11, 2019 in Child Custody

If you are unable to raise your child with their other parent due to divorce, breakup, or any other reason, the state of Illinois will want you to have a legal parenting plan in place. This is a complex, and often emotional process that needs to be handled well for the benefit of your child, and yourself. When working on a parenting plan, make sure to consider the following essential concepts.

Put Your Child First

The most important thing to consider when working on a parenting plan is that it is all about your children, not yourself. It is tempting to fight to keep your child with you every day and ensure you are able to make every possible decision throughout their childhood. The fact is, however, that in the vast majority of cases it is better for the child to encourage them to have a close relationship with each parent, and for the parents to work together. Putting your child first may be hard, but it will help them to thrive long into the future.

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 Posted on February 08, 2019 in Child Custody

Thanks to mounds of scientific research, the verdict on how to best help children after a divorce is clear: In most cases, children fare best when they have a healthy and consistent relationship with both of their parents. Ideally, that would include a lot of face-to-face time with the child, but not every divorced couple can stay in the same neighborhood, city, or state.

Just a short few years ago, families who lived far apart had to rely on phone conversations to stay connected. In-person visits, though scheduled as frequently as possible, rarely made up for the lack of face-to-face contact that occurred between the parent and child during their separation. Science says that technology is already starting to fill that gap - and its effect is only expected to improve over time.

Video Chatting, Texting, and Social Media Helps Parents and Kids Stay Connected

Parent-child connections can be difficult to maintain after a divorce - and not just because of time or distance. In high-conflict situations (i.e. differing views on hot topic issues, such as discipline, religion, or values), parents may struggle to maintain civil communications.

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 Posted on February 06, 2019 in Mediation

Healing from the emotional turmoil of a divorce can be a long and grueling process - and not just because you must come to terms with the end of your marriage. Eventually, you must also deal with the person you were during the divorce.

You see, people often become the worst versions of themselves when under high amounts of stress. Few events in life are quite as stressful as a divorce, yet it is important to keep your composure as best as humanly possible. That does not mean you have to be perfect; mistakes are just a part of life. However, you can greatly minimize your chances of unnecessary regret after your divorce by working hard to achieve a peaceful outcome. Learn more in the following sections, including how the assistance of a seasoned divorce attorney can help.

1. Decide if Divorce Truly is Your Best Option

While every divorce situation is different, there is one thing that most couples have in common: they are separating because they cannot resolve their marital issues. In legal terms, this is known as “irreconcilable differences.” Of course, there are couples who maybe could reconcile their issues in therapy but opt not to do so, but these are few and far between. Most couples make every reasonable effort to keep their marriage intact - perhaps even going so far as to attend counseling or therapy (either independently or as a couple) to save their marriage.

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 Posted on February 04, 2019 in Property Division

Recently, the Internal Revenue Service (IRS) announced that they intend to probe the private UBS accounts of 4,000 taxpayers. While one can only speculate how many of them are currently engrossed in a divorce, odds are, a healthy number of them could be trying to hide money from both the government and their spouse.

Those who are discovered stand to lose a lot.

In addition to the possibility of federal tax evasion charges and a loss or depreciation of their assets to cover back taxes, dishonest parties may lose a significant portion of their divorce settlement, as judges often penalize them by giving the disadvantaged party an additional award. Unfortunately, only a small percentage of divorcing parties may be probed by the IRS this year.

Thankfully, parties do not have to rely on the government to uncover hidden assets during their Illinois divorce. Instead, they simply need a seasoned and aggressive divorce team on their side.

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 Posted on February 01, 2019 in Divorce

While few couples blame money for their divorce, studies show money troubles can significantly increase a couple’s risk of divorce. In fact, arguments about money were found to be the top predictor of divorce in one from Utah State University. Researchers also determined that frequent fighting increased a couple’s overall odds of divorce by 30 percent.

Of course, not all debt is acquired during the marriage.

In a Fidelity, Couples & Money study, almost half of all the couples surveyed indicated they had entered into their marriage with debt. Around 40 percent of them said that it had a negative effect on their marriage, and 49 percent said they disagreed about who was responsible for those debts.

The Debt Elimination Theory

With such a strong link between marital troubles and divorce, it makes sense as to why some relationship experts encourage couples to try debt elimination before divorce - and in some cases, it may work! No two situations are exactly alike, however, and it is important to distinguish the difference between a marriage struggling because of money troubles and one that is no longer healthy or functional.

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 Posted on January 30, 2019 in Divorce

Divorce can be a costly endeavor - especially for those in complex situations. There are ways to reduce the costs associated with an Illinois divorce, but be wary of the option you choose. Online divorce services, often used by divorcing parties who wish to cut costs and simplify the process, can actually cause more harm than good. Learn more about the risks of using an online divorce service, and discover how our seasoned divorce lawyers can improve the outcome in your case.

Online Divorce Services - Not So Simple

When performing an internet search for divorce services, parties are likely to come up with a wide array of options. Online services, where legal paperwork is completed and then returned to the paying client to file, are usually toward the top. They claim to offer a “simple” but “affordable” way to complete a divorce. For many, the price seems too good to pass up.

Sadly, there are many who have pursued such options, only to find themselves in the midst of chaos. That “simple” service turns out to be frustrating, confusing, and in some cases, a complete scam. As an example, consider the recent news coverage of an online divorce service that took money from clients, promising to provide completed paperwork. Some never received their completed paperwork at all. Others say the documents were riddled with errors - to the point that they simply could not use them to file for their divorce.

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 Posted on January 28, 2019 in Prenuptial and Postnuptial Agreements

Prenuptial agreements often carry a negative connotation. Yet, when one examines the details of some of the nation’s biggest divorces, the importance of a prenup becomes clear. Millennials are starting to change the way that we see them (they are signing these documents at an unprecedented rate), but maybe more can be done to help people see them for the useful tool that they are. One financial expert recently suggested that couples use it as a financial planning tool.

Step One: Consider Your Current Situation and Future Goals

If you are considering a prenuptial agreement, chances are, you already know you will one day be successful in business or money. Perhaps you have a knack for sales and have just made stockbroker. Maybe you see just how hard your spouse is working in medical school, and you are certain that they will be a successful physician. In either case, you envision a future that involves at least some measure of wealth.

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