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Recent Blog Posts
Signs That It May Be Time to File for Bankruptcy
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.
Protecting Your Retirement in a Gray Divorce
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.
Moving Forward with Life After a Divorce
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.
Seek Counseling or Group Support
Three Important Questions to Ask Your Divorce Attorney
When searching for an attorney to represent you in an Illinois divorce, it is crucial that you find one who can fit your needs. For example, an attorney who has limited litigation experience may not be the most suitable choice if you expect your divorce to be contentious. Take the guesswork out of the process. Ask each prospective attorney these three questions to determine if they may be a suitable fit for your case.
How Long Have You Been Practicing Divorce Law?
Although more experienced divorce attorneys will usually cost you more, the knowledge and connections they bring to the table are usually worth it. Of course, if you are trying to keep your divorce costs manageable, you could always turn to someone who has recently graduated law school. Usually zealous in their approach and eager to gain experience, they are often less expensive than more experienced attorneys, but you are taking a risk by hiring them.
How to Prepare for Your Illinois Divorce
Marriages typically start out with careful planning but few end in the same way. Instead, parties often walk into the process either misinformed or unaware of the statutes within their state. They may be confused as to what steps to take next, or when. Some may also fear that it could damage their case or cost them a portion of their settlement if their spouse learns they are researching divorce. Thankfully, there is a way to address many of these issues, as well as several others, by learning how to effectively prepare for an Illinois divorce.
What is Divorce Planning?
Although there are circumstances in which a divorce should be carried out as quickly as possible (i.e. domestic violence), most parties stand to benefit greatly from divorce planning. It is a process in which divorcing parties consult with an attorney and, in many cases, a financial advisor to ensure they have all the information they need to move forward. A plan and course of action are made, goals are set, and strategy is discussed. When ready, the individual can take that next step in divorce with confidence and peace of mind.
Examining the Pros and Cons of Filing for Bankruptcy
The decision to file for bankruptcy is not one easily made. There are many potential downsides, such as the impact to your credit and the potential loss of some assets. Yet, when the calls from creditors have become a source of constant stress, the negative consequences seem worth enduring to receive the debt relief that bankruptcy can provide. So just how do you decide if bankruptcy is the right option for you? Many debtors find that a comparison of the pros and cons can help. Learn more about them, and discover what an experienced attorney can do to help you through the process, with help from the following information.
Potential Bankruptcy Benefits (Pros)
Many of the benefits that can come from filing for bankruptcy, such as the protection from creditor harassment and aggressive collection actions, are well-known. However, there are several other, lesser-known potential benefits as well. Examples include:
Should You Keep Your Home in the Divorce?
Although some couples walk into a divorce knowing exactly what they want to do with the family home, others struggle with the decision for a while. Debt, the inevitable decrease in income that comes with divorce, concerns over maintenance and upkeep, and other important considerations may complicate discussions and negotiations even further. If this sounds like your current situation, the following information may help you with your decision.
Do You Want It, and Why?
Before you make any decisions regarding your home, it is important that you take the time to consider if you want it – and if so, then why? Is it so that your children can stay in the same school district? Are you unable to move to another home because of credit issues or a lack of personal income? Or is it possible that you know it is a poor decision to keep the home but have such a strong sentimental attachment, you cannot figure out how to let it go? The reason can help you decide if selling it or keeping it may be the better option.
Same-Sex Couples Still Experience Troubles in Divorce – How to Mitigate the Risks in Your Case
The 2015 Supreme Court decision in Obergefell v. Hodges required that all 50 states recognize same-sex marriage, but a gap in the family law system remains. Couples, who may have spent years living together before they could legally marry, find that same-sex divorce is not just complex, but potentially unfair – even in a state that strives to provide an equitable distribution to all divorcing parties. Learn how you can protect your rights and best interests, as well as those of any children that may be involved, with help from the following information.
Understanding the Problem
During the division of assets (and possible consideration of alimony), judges consider several factors – one of them is the duration of the marriage. For same-sex couples, the start of the marriage may have occurred long before the state legally recognized or allowed their union. Sadly, this creates quite the problem when trying to determine the duration of the marriage – especially if the parties disagree on the date. Yet, even if both parties agree on the date on which the marriage began, the judge may not acknowledge any of their time together before the legal commencement of their marriage in the settlement.
Understanding the Dangers of a DIY Divorce
In the do-it-yourself culture of today, it comes as no surprise that one can easily research divorce online. If one so desires, they may also fill out and print state-specific forms and file them with the court, pro se (without an attorney). Sadly, many parties who pursue such options end up learning a hard and expensive lesson: divorce should not be a “DIY project.”
The Dangers of a DIY Divorce
DIY divorces come in all shapes and sizes. Some offer to complete the paperwork for you, while others simply offer advice to help you fill out the forms yourself. Either way, you are taking a major risk. Few of these options are state-specific, and that can make a significant difference in the division of your marital estate – especially in Illinois, where assets are distributed equitably, rather than equally. Of special concern are large assets, such as the family home, and retirement accounts, which can be exceptionally difficult to divide without assistance.
Who Keeps the Dog in an Illinois Divorce?
There are many painful facets of the divorce process, from dividing up assets and sentimental possessions to arranging parenting time and other parental responsibilities for those who have children together. Many of these tasks take a heavy emotional toll on each party throughout the divorce, especially when disputes arise. Tension that may have already been brewing between a couple often intensifies the moment one of the parties feels threatened in some way, such as discovering the possibility of losing time with their child or being faced with losing a valuable financial investment. The same applies when family pets are involved: Who gets to keep the dog, and who will have to say goodbye?
When Pets are an Extension of Your Family
Many divorcing couples who must also cope with the task of deciding who gets the dog or other household pets when it is time to move out and move on consider their pets an extension of their family. For a majority of pet owners, this is an extremely difficult decision, regardless of who originally brought the animal into the home. Chances are, both parties have spent a great deal of time with the family pet and have shared a handful of special memories, and they likely never imagined they would have to say goodbye under such circumstances. If you have viewed your pet as an extension of your family and are struggling with the thought of having to give them up due to your divorce, you are not alone.
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