Posted on February 26, 2021 in Prenuptial and Postnuptial Agreements

When it comes to prenuptial agreements, the general opinion often seems to stem from the negative stigma that anyone who pursues such an agreement must not have much faith or trust in their future spouse. Although this may actually be the case for some individuals, in most cases, this stereotype could not be farther from the truth. In fact, prenuptial agreements can help lay the groundwork for long-lasting and fulfilling marital relationships.

Prenuptial Agreements in Today’s World

Prenuptial agreements are extremely popular nowadays, for multiple reasons. Their popularity is not merely a reflection of the state of marriages in today’s society; they also offer practical advantages that benefit both partners equally. Broaching the topic with your future spouse can feel uncomfortable at first, but if you share a mutual interest in pursuing a prenuptial agreement, it can prove to be a valuable, effective tool as you enter your marriage.

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 Posted on February 23, 2021 in Asset Division

A number of recent studies, including a survey by the National Endowment for Financial Education, found that 40 percent of American adults have been deceptive about money with their spouse, and about 75 percent admit that financial deceit has affected their relationships. Considering these statistics, it is not surprising that one of the most contentious issues in a divorce is the division of assets. It is not uncommon for one spouse to try to hide assets from the other in order to avoid having to share them in the divorce.

Finding Hidden Assets

When couples are dissolving their marriage, they are required to provide financial affidavits to the court which reveal any assets they have. Although providing false information to the court is illegal, many spouses would rather take their chances and lie about their assets so they do not have to share them with their soon-to-be ex-spouse.

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 Posted on February 19, 2021 in Divorce

For many people, their name is a crucial part of their identity. Recently, it has become more common for women to keep their birth name when getting married to maintain this part of their identity. Those who do take their spouse’s name in marriage may wish to change it back if the marriage ends in a divorce.

Legally changing your name after a divorce is a valid option. However, there may also be disadvantages to doing so; for example, if you are professionally known by your spouse’s last name, or if you share the name with your children from the marriage. It may be easier to wait on changing your name legally until after you are retired or your children have started lives of their own. It is important to know that there are no legal requirements to change your name when getting married or divorced; it is a matter of personal preference.

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 Posted on February 16, 2021 in Divorce

From a legal standpoint, a divorce is in some ways similar to a business deal. Marital assets are dissolved and/or equitably split between the invested parties, and even the creation of a parenting plan can start to feel like an exercise in scheduling. Underneath it all, though, there are emotions, including hurt, anger, betrayal, a sense of loss, and grief. At times, this can lead to post-divorce depression. Taking the time to acknowledge the emotional aspects of divorce and address them in healthy ways can help you cope with the stress on your mental health.

Learn to Recognize When You Need Help

Too often, people coming out of a divorce feel ashamed of their perceived "failure." As a result, they may shy away from asking for help. Reframing your divorce as the end of a journey rather than a shortcoming can allow you to move past it, and a strong support system can help you to do so. With this in mind, seek help when and where you need it. You might consider talking to a grief counselor, the pastor at your church, a friend who has gone through divorce, your family, or a divorce support group.

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 Posted on February 15, 2021 in Child Custody

In an Illinois divorce that involves children, parents are expected to reach a resolution on a parenting plan that defines the terms of how they will co-parent after the divorce. In some cases, the court must play a significant role in decisions regarding the parenting plan, including when there are major disagreements between the two parents. However, parents have the option of working together to create a plan that they both agree to, allowing them to retain more control over the resolution. A qualified family law attorney can help you create a parenting plan that protects the interests of you and your children.

What is a Parenting Plan?

Two of the most important components of a parenting plan are the parenting time schedule and the allocation of parental responsibilities.  The parenting time schedule should include the days that the children will spend living with each parent, as well as important details regarding transportation between homes, and in many cases, to and from the children’s appointments and events. The allocation of parental responsibilities outlines how the parents will contribute to decisions regarding the children’s activities, education, health, and other important matters.

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 Posted on February 09, 2021 in Asset Division

Nearly all financial aspects of divorce are complex, but few are quite as complicated and consequential as the 401(k). When a 401(k) is included in the division of assets, you may find yourself facing costly penalties if you do not take the steps to divide it correctly. Those who try to draw from their 401(k) to cover the expenses of divorce also often find themselves in financial trouble. However, with the assistance of an attorney, you can mitigate the risks of dividing your 401(k) and protect your assets for retirement.

Dividing Retirement Assets With a QDRO

Qualified domestic relations orders, or QDROs, are used to divide employer-sponsored retirement and pension plans in divorce. Their purpose is to allow for the transfer of a portion of the assets to an employee’s spouse without incurring income taxes or early withdrawal penalties. As such, they play a crucial role in preserving retirement savings for both parties in the divorce.

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 Posted on February 05, 2021 in Divorce

Although many couples are sure of their decision to end their marriage and go their separate ways, there are others that may not be quite so certain. Alternatively, there may be extenuating circumstances, such as religious beliefs or financial concerns, that can either rule out or complicate the traditional divorce process. If you are wondering whether legal separation may be a viable alternative in your situation, a qualified family lawyer can help you explore this question further and provide you with some details that could assist you with your decision.

Legal Separation vs. Divorce

Some think that separation is like divorce. Others assume that it is the first step to divorce. Both beliefs may have an element of truth to them depending on the situation, but neither tells the whole story. Unlike divorce, legal separation does not break the legal marital bond. The spouses remain married, so neither party can remarry without a full, legal divorce. Separated spouses can pursue maintenance and child support, however, and they can seek a determination on the allocation of parental responsibilities and parenting time for any shared children. Additionally, legal separation is not a required step before divorce, nor does it always lead to divorce.

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 Posted on February 02, 2021 in Divorce

For many people, the decision to end their marriage is not a sudden one, but one that is made after a period during which there has been a gradual erosion of the relationship. If you are considering a divorce, or you have already made the decision, you should take certain steps to gather all the legal and financial information and documentation you will need to help you reach the best possible divorce settlement.

Preparing Yourself Emotionally for Divorce

Even if you are the one who is seeking the divorce, you will most likely find yourself navigating an emotional roller coaster over your decision. As difficult as it may be, try to avoid allowing these emotions to rule your behavior. Seeking out the services of a professional therapist often helps in staying focused, even more so than confiding in family and friends. A therapist is unbiased and can help guide you through working through the feelings you are dealing with about the divorce. What you share with the therapist is also confidential, unlike sharing with a friend, who may repeat what you tell them, possibly allowing the information to get back to your spouse.

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 Posted on January 29, 2021 in Prenuptial and Postnuptial Agreements

Most people have heard of prenuptial agreements, but many consider them something that happens in Hollywood or with other wealthy couples. However, there are quite a few ways in which an “ordinary” couple could benefit from drafting and signing a prenuptial agreement. While you may think that you will never split up, the reality is that a substantial number of all marriages—up to 40 percent or more, according to some estimates—end in divorce.

What is the Purpose of a Prenuptial Agreement?

A prenuptial agreement is primarily a formal way for a couple to decide how their property and assets should be split up in the case of a divorce. As such, it is somewhat like a property settlement that is agreed to before anyone is even thinking about filing for a divorce. It is important to keep in mind that a prenuptial agreement can also address concerns, such as investments and life insurance, that may be applicable during the marriage as well.  

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 Posted on January 25, 2021 in Asset Division

Among the many issues that need to be decided during a divorce is how to divide the couple’s marital assets and debts in an equitable way between the two spouses. This usually involves the division of real estate property, furniture, vehicles, bank accounts, retirement accounts, stocks, and other items of value. However, when one spouse owns a business or the spouses own a business together, that business is also likely to be an asset for which ownership must be determined during a divorce.

Determining the Value of a Business

The first thing to understand is that both the rights to the business and the value of the business must be considered to determine whether it is a marital asset and how it will be handled during the property division process. Under Illinois law, a marital asset is an asset that is acquired by either spouse during the marriage, with limited exceptions. This generally includes a business that was started or acquired during the marriage.

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