Posted on May 11, 2021 in Divorce

Getting a divorce is a stressful process for most people. In many cases, it can be difficult for a person going through a divorce to look toward the future and preemptively plan for something like their finances. However, it is extremely important that you begin looking at your financial situation before or during the divorce process so you do not suffer unnecessarily after everything is said and done. Most people who go through a divorce experience some sort of change in their financial situation, especially when it comes to their income and financial goals. Making a solid financial plan before you are thrust into post-divorce life can be helpful and even crucial for success after divorce.

Assessing Your Financial Situation

In many marriages, only one of the spouses really knows the details of the family’s finances. This person is commonly referred to as the “in spouse” while the other spouse is referred to as the “out spouse.” The “in spouse” is typically the person who pays the bills each month, does the investing, and possibly consults with a financial planner. Because of this, the “in spouse” usually has a leg up in a divorce because they have a better understanding of the household finances. If you are the “out spouse,” the first thing you should do as you prepare for divorce is to assess the situation and attempt to gain an understanding of your finances.

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 Posted on May 04, 2021 in Divorce

Making the decision to divorce your spouse is a huge step. In many cases, making that decision takes months, if not years, to solidify and begin the process. One of the first steps in the process is to find a divorce attorney who can help you accomplish your goals in your divorce. Before you hire just any attorney, however, you would be wise to set up initial consultations with any lawyers you are considering working with. An initial consultation is a way for you to meet the attorney, ask questions, get to know your attorney, and discover how they can help you and what they can provide during your divorce. Many people getting a divorce find the process of hiring an attorney to be intimidating, but as long as you are prepared, your consultation can be a productive one.

Make Sure You Come Prepared

When you go to a divorce consultation, you are in control. You will get the most out of your divorce consultation if you bring information to the meeting. The more information you are able to bring, the more productive your consultation will be. You should try to bring basic information about your financial situation, like recent pay stubs and tax returns. If you and your spouse have a prenuptial or postnuptial agreement, you should bring that. You should also be prepared with basic information about you, your spouse, and your children, along with things like the date you were married and the date you and your spouse began your separation.

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 Posted on April 27, 2021 in Child Custody

One of the biggest concerns that many parents have during the divorce process is the effect it will have on their children. The irony of this is that the parents themselves have significant control over how their children are affected. Many people think the mere fact that parents are splitting up will be enough to permanently harm a child for life, but studies have shown that the level of conflict parents display to their children is a much more important factor when it comes to determining how much of an effect a divorce has on the children. Children whose parents are constantly in conflict suffer from more negative effects than the children of parents who get along.

Co-Parenting For Your Children’s Best Interests

With this in mind, it is important that you and your spouse keep the conflict to a minimum, especially when around the children. Co-parenting after your divorce can be complicated, especially if your divorce was less than amicable. Here are a few things you can do to help keep the conflict at bay during and after your divorce:

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 Posted on April 22, 2021 in Divorce

Being a physician can be an extremely rewarding career, but it can also be very demanding. In some positions, doctors can work long, tireless hours on their feet for days in a row, all for the benefit of their patients. Unfortunately, this can often be at the expense of their families. More hours at work often means less time spent with the family, which in some cases, can end up leading to a divorce. According to a study published in 2015, the divorce rate among physicians was around 24.3 percent, making divorce fairly common among doctors.

Considerations During Divorce

All divorce cases have the potential to be complex, though for physicians, there is a higher chance of certain elements such as owning a private practice that could possibly complicate your divorce. Here are a few things you should keep in mind when divorcing as a physician:

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 Posted on April 15, 2021 in Divorce

It is no secret that divorce can be messy. Emotions and tensions can run high, causing large amounts of stress that not everyone can handle. In some situations, a spouse may end up just fleeing or leaving the state entirely to get away from the situation or in an attempt to avoid getting a divorce. In other situations, a person may end up filing for divorce because their spouse has already disappeared. Whatever the situation, an absent spouse can be frustrating and can add steps to the divorce process, but it is still possible to complete the divorce, even if you are not sure where your spouse is located.

Getting a Divorce by Default

In any divorce case, the process is first started by filing a petition for divorce with the court in the county in which you reside. Typically, your spouse would then have 30 days from the filing of the petition to respond and notify the court of their appearance (or non-appearance) at the initial hearing. If they do not respond to the petition, or you do not know their whereabouts to serve their petition, it is still possible to get a divorce through alternate methods in Illinois.

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 Posted on April 07, 2021 in Divorce

When you get a divorce, there are dozens of things that you will have to do before the dissolution of your marriage is finalized. Many important issues must be settled, such as determining how you will divide your marital property and working out a parenting plan, and it is easy for some details to be forgotten or left on the back burner. Though your tax situation may not be at the forefront of your mind during the divorce, addressing it is important nonetheless. Here are three tax considerations that you should be sure to keep in mind.

Update Your Tax Filing Status

When you file your taxes each year, you will need to note your filing status, which influences the deductions you can claim and the income tax you may owe. Many married couples file their taxes as “married filing jointly,” but once you are divorced, you must revert to filing as “single” or “head of household” depending on your circumstances. However, your filing status will depend on when your divorce is actually finalized. The IRS considers you to be married for the entire year if your divorce was not finalized by December 31 of that tax year. On the other hand, you are considered to be divorced and unmarried for the entire year if your divorce is granted by December 31.

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 Posted on March 25, 2021 in Asset Division

For many Americans, having a vehicle is extremely important and practically necessary to live everyday life. In the suburbs of Chicago and surrounding counties, many people rely on their vehicles to commute to and from work every day, making them a vital asset. However, as a physical and often valuable asset, vehicles can be subject to division during a divorce. This means you and your spouse will be tasked with the job of determining how your vehicles will be handled. Before you start the negotiation process, there are certain considerations you should make pertaining to your vehicles.

Are Your Vehicles Subject to Division?

Before you do anything, you should determine if your vehicles will even be included in your marital estate. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA,) only marital property, meaning that which was acquired during the marriage, is subject to division. If the vehicle was purchased prior to the marriage, it is likely not considered marital property and therefore not subject to division in your divorce.

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 Posted on March 18, 2021 in Family Law

Divorce affects families from all walks of life, but the specific issues that each family deals with are different depending on their circumstances. When it comes to families with high incomes, the division of property and assets can be especially challenging. Child support can also easily become a contentious issue between high-earning parents, especially if the parents’ financial situation is not covered under the Illinois child support guidelines.

Understanding the Income Shares Model

In an effort to maintain as much fairness as possible, the state of Illinois currently uses an income shares model to calculate the amount of child support that should be paid each month. It is not the responsibility of just one parent to financially support a child, and as such, instead of just the paying spouse’s income being considered, both parents’ incomes are taken into consideration when the payment calculation is made. The calculation also takes into consideration the number of children that are being supported and how many overnights the children spend with the non-custodial parent each year.

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 Posted on March 12, 2021 in Divorce

There are not many divorces that are completely amicable, with both spouses on the same page about all of the issues to be resolved. Sometimes, disagreements between spouses can lead to one or both lashing out in the form of destructive, high-conflict behaviors. Not only can this distress everyone around them, but it can also make the divorce much more difficult. Going through a divorce with a high-conflict spouse can be unpredictable, but temporary orders can help take some of the uncertainty away.

What Type of Temporary Orders Can I Petition For?

In almost all divorce situations, the family unit has been disrupted and the household no longer functions as it used to. Both spouses may not even live in the same home anymore. In high-conflict divorces, this marital breakdown can bring much uncertainty, especially when it comes to things such as spending time with the children and paying household bills. Temporary court orders can be requested when there are concerns of a high-conflict spouse.

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 Posted on March 04, 2021 in Divorce

So many uncertainties pop up when you know that divorce is in your future, and one of the biggest questions people have is about the price tag. It is no secret that getting a divorce can be expensive, but many people do not realize just how expensive a divorce can be until they are in the middle of the chaos. Some divorces can be completed for as little as a few thousand dollars, while other divorce price tags can jump into the hundreds of thousands. But why is there such a big price difference from divorce to divorce? For the same reason there are such big differences in the divorce agreements: no two situations are the same.

Factors That Influence the Cost of Divorce

There are various elements that factor into a divorce that can affect the cost of the process. These factors can include:

• Whether your divorce is contested or amicable: One of the biggest factors in determining how expensive your divorce ends up being is the ability for you and your spouse to cooperate. If you and your spouse are on the same page and you do not have any major disagreements, your divorce will likely cost much less than if the same issues were contested.

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