Posted on September 10, 2020 in Child Support

In almost every situation in which a child’s parents are separated, both parents are obligated to contribute financially to the child’s regular needs through child support. This includes expenses related to the child’s K-12 education, but it does not necessarily include expenses related to college or post-secondary education. For this reason, Illinois has special provisions in place that may require both parents to contribute to their children’s higher education even after they have reached the age of 18. As a parent, it is important to be aware of what you might be required to pay.

Calculating College Expenses in Illinois

In most cases, tuition and housing are the largest expenses associated with a college education. According to U.S. News and World Report, the average cost of tuition and fees in the 2019-2020 academic year was $10,116 for in-state students and $22,577 for out-of-state students at public schools, and $36,801 for students at private schools. The cost of room and board varies significantly depending on the college or university, but average costs in recent years come in at around $10,000 annually.

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 Posted on September 04, 2020 in Asset Division

When you decide to get a divorce, you may be surprised to learn that retirement accounts, including IRAs, 401(k)s, and pensions, are usually considered marital property and are therefore subject to division, regardless of whose name the account is under. This can be especially challenging for older couples who have often accumulated significant savings and are planning to retire in the near future. In order to protect your retirement savings, it is important to hire an experienced attorney who can help you minimize losses during the divorce process.

Keeping Retirement Funds Safe During the Divorce Process

With the assistance of an attorney, there are several actions you can take to protect your retirement savings in the event of a divorce, including:

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 Posted on September 01, 2020 in Prenuptial and Postnuptial Agreements

A prenuptial agreement can be a great option for marrying couples who want to ensure that their financial assets are protected. However, some couples are reluctant to pursue a premarital agreement, possibly because of the awkwardness of thinking about divorce before the marriage even begins, or possibly because they feel they do not have sufficient assets for a prenuptial agreement to be necessary. For some of these couples, it may become apparent after the wedding that an agreement would be beneficial. Fortunately, married spouses have the option of establishing a postnuptial agreement.

What Can an Illinois Postnuptial Agreement Address?

A postnuptial agreement is often beneficial when a couple experiences a significant change in their financial situation during their marriage, perhaps due to an inheritance, a career opportunity, or the establishment of a new business. A postnuptial agreement can address many of the same issues as a prenuptial agreement, including:

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 Posted on August 26, 2020 in Divorce

When most people hear the term “restraining order,” they assume that the order prevents physical abuse or stalking. However, this is not the only type of restraining order that may be necessary in an Illinois divorce. A temporary financial restraining order is one that protects a divorcing spouse’s financial assets from being misused, wasted, or hidden by the other spouse. In some states, an automatic financial restraining order is issued when spouses begin the divorce process. However, if you plan to divorce in Illinois, you will need to petition the court in order to gain protection through a financial restraining order.

Prohibiting Spouses From Certain Financial Activity During Divorce

Financial restraining orders are commonly utilized in high asset divorce cases, but spouses of any income level can benefit from this type of protection. A temporary financial restraining order may be used to prevent divorcing spouses from:

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 Posted on August 21, 2020 in Paternity

You might think being able to use science to determine paternity with absolute certainty through DNA testing would make family law cases much easier, especially when it comes to defining child custody, child support, and parenting time. However, the truth is that it can actually complicate things even more than intended. Here is how introducing DNA testing into the legal process has changed paternity, fatherhood, and father's rights:

Why Paternity Is So Complex, Especially Now With DNA Testing

Paternity has always been a complex issue, but before DNA testing, according to the law, it was relatively simple: if you were married, and your wife had a baby, you were considered the father. However, as many people know—and even knew then—it is rarely that simple in actuality. Now that medical technology has caught up with the dilemmas surrounding paternity, DNA testing has provided the courts with an exact, indisputable science to determine the identity of a child’s father.

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 Posted on August 19, 2020 in Asset Division

Over the course of a marriage, couples can accumulate a large amount of marital assets and debts, including homes, cars, savings accounts, businesses, investments, mortgages, and more. If you decide to get a divorce, the prospect of dividing property between you and your spouse may be one of the most daunting parts of the process. However, in many cases, division of property does not have to be an ugly fight. If you and your spouse are willing to communicate and cooperate, you may be able to reach an agreement that works for both of you through divorce mediation.

What Is Divorce Mediation?

Mediation allows divorcing couples to make collaborative decisions about the terms of their divorce agreement, including not only property division, but also child support, spousal support, and parenting time and responsibilities. A neutral, third-party mediator guides the discussion to promote constructive conversations and efficient resolutions, but you and your spouse maintain control over the outcome. Mediation may only be possible if you and your spouse are both interested in cooperative solutions, but when that is the case, mediation can save you the time, money, stress, and lack of privacy that you would face in a trial.

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 Posted on August 12, 2020 in Divorce

In the United States, the average outstanding student loan debt for people who attended college is over $30,000. For many, this makes student loans one of their largest sources of debt, perhaps second only to a home mortgage. In a divorce, if you, your spouse, or both of you have student loan debt, it may factor significantly into the settlement negotiations or litigation, since separating couples in Illinois are required to distribute both marital assets and debts. However, it may not always be obvious which spouse will be responsible for the ongoing repayment of these debts.

When Are Student Loans Considered Marital Property?

You might expect that after a divorce, student loan debt will stay with the person whose education the loan paid for, but this is not necessarily the case. If you or your spouse incurred student debt before your marriage, it will likely be considered non-marital property and thus not subject to division. On the other hand, if one or both of you took out a student loan to pursue education during your marriage, any debt remaining on that loan at the time of divorce will likely be deemed marital property, especially if the reason for pursuing higher education was to increase earning potential in a way that would benefit the marriage.

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 Posted on August 01, 2020 in Finances and Divorce

With many provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed back in March expiring and the economy still suffering, Congress has started negotiations on additional legislation to relieve Americans facing financial burdens. While the Senate Republicans have the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act and the House Democrats have the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act—all differing vastly in how to provide aid—there are two things that almost every politician agrees on:

• The country needs additional emergency assistance from the government to weather this storm and somehow stay afloat.

• Direct payments in the form of stimulus payments, similar to those allocated in the CARES Act, might be the quickest, most efficient way to provide citizens with immediate relief.

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 Posted on July 30, 2020 in Asset Division

The division of property in most divorces is relatively straightforward, but when managing a high-asset divorce or a complex divorce, the task of dividing property and assets can get extremely complicated. The diversity of assets as well as the sheer value of each item can make these cases feel less like ending a marriage and more like settling a business dispute. In some situations, this is exactly the case — if one or both spouses own a business, the law requires it to be included in the division of property process. Whether you are a silent partner, a proactive founder and president, or anything in between, your spouse may be entitled to some of the value derived from your business upon divorce.

How Your Spouse Stakes Claim in Your Business—and How to Avoid It

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 Posted on July 29, 2020 in Child Custody

Many studies suggest that children of all ages are actually quite resilient when it comes to coping with their parents’ divorce, transitioning to a relatively well-adjusted new living situation within a year or two. However, there are some serious causes for concern that might require adult intervention from professionals, such as psychologists, therapists, social workers, and maybe even your child’s teachers. Be sure to look for telltale signs that professional intervention may be necessary for your child to process your divorce in a healthy manner.

3 Behaviors That Suggest Your Child Needs Professional Intervention

As with most psychological issues, the tipping point to determine whether or not your child truly needs professional help coping with the divorce is usually evident when his or her reaction to the divorce is interfering with normal functioning and development as a child. A wide array of emotional responses—from sadness to anger—will be common, but that does not necessarily mean your child needs outside help. Here are common disruptive behaviors in reaction to the divorce that might require professional intervention:

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