Posted on May 16, 2017 in Divorce

Some divorcing couples experience few obstacles, challenges, and contention and end up completing the process relatively quick. Others struggle tremendously with concerns over how their business, children, or marital estate will be divided. They endure heated arguments, asset hiding, or a depreciation of their marital assets. In these situations, and others like them, slow and steady may be the optimal pace. Learn more about divorce planning, including what it is and what you can expect from the process.

What is Divorce Planning?

Divorce planning is all about hoping for the best but planning for the worst. It helps you prepare to make difficult decisions using logic instead of emotion. You consider the challenges that you might face, and you take steps to mitigate against them before they occur. More importantly, you feel more confident as you move through the divorce process.

Taking the First Steps

Before moving forward, it is important to prepare. You will need a clear understanding of your debts and assets, including those that belong to your spouse. Gather documents related to all bank accounts, loans, credit cards, real estate, paychecks, retirement accounts, insurance policies, titles or mortgages, and income taxes. You should also know what your credit looks like, so you will need a copy of your credit report. All this information should be kept in a safe place so that they do not disappear.

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 Posted on May 11, 2017 in Divorce

When going through a divorce, couples often struggle to see anything past the present situation. Part of this is due to the emotionally stressful and overwhelming nature of divorce itself. However, there are often other factors at play. For example, divorcing parties may not be fully aware of the tax implications of the assets they receive in divorce, or they may not consider what could happen if they eventually sell an asset they receive. Unfortunately, that type of short-sidedness can have grave financial consequences. Learn more with help from the following.

Recurring Taxation After Divorce

Certain assets, like real estate, are taxed on a recurring basis. If you receive a distribution of these assets in the divorce decree, you then become responsible for their recurrent tax. Before you accept a divorce settlement, carefully consider the tax implications of each asset, you are asking for in the divorce. Your divorce attorney and a financial advisor can give you more insight on your specific situation and circumstances.

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 Posted on April 27, 2017 in Divorce

With divorce comes the division of debts and assets. For many couples, this can be a contentious issue. However, it may be made worse if one divorcing party has a spending problem. Assets can be depleted, sometimes significantly, which can result in a decreased settlement. Be it an intentional depletion of assets or a simple issue with knowing how to budget and spend accordingly, the following information can help you deal with a wasteful spouse during a divorce.

Why Continued Sharing of an Account May be Necessary

On the one hand, the solution to asset depletion might seem simple: just stop sharing accounts. Unfortunately, this is not always an option. In some cases, it may be difficult to untangle joint assets. As such, the assets may need to be shared until the divorce is finalized. In other cases, one of the spouses may be caring for the children but not have enough to support them; since the children should not have to suffer, sharing of assets may be required.

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 Posted on April 20, 2017 in Divorce

The decision to divorce is rarely made in a day. In fact, it is not uncommon to spend months or years deliberating and wrestling with the possibility of ending a marriage. Unfortunately, this means that some may become impatient to move forward with their lives. As such, they may move too quickly through the divorce process, upset their spouse, and ultimately create a negative divorce experience. Thankfully, there is a better way.

Remember That You Had a Head Start

One of the most common mistakes that deciding parties make is they forget that they have already had a head start in dealing and coping with the idea of divorce. Your spouse, who may not have even been aware of your unhappiness, has not had this advantage. They may be shocked. They may get upset or angry. At the very least, they may be in an emotionally fragile state. As such, it is recommended that you carefully consider your words, your timing, and your response to the possible reactions of your spouse.

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 Posted on April 18, 2017 in Family Law

Managing summer schedules can be difficult for any parent, but those who have recently separated or divorced can find the summer shuffle especially challenging. Duties, errands, activities, and supervision needs that were once met by two parents in the same household become more complicated because they must now include moving the child from one parent's home to the other. Further, parents may need to work more frequently to accommodate their higher cost of living, and all that can add up to a hectic and stressful summer after divorce or separation. Thankfully, there are ways to mitigate against the issues.

Start Planning Early

Efficient and early planning are crucial to reducing the stress of summer schedules. Not only does this ensure you have thought of common challenges, such as where your child will be on what days, but it also helps you to accommodate special interests and needs, such as summer school, swimming lessons, baseball games, and summer holidays.

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 Posted on April 13, 2017 in Divorce

While every divorce is unique, most can be placed into one of four categories. Each has its own set of potential advantages and disadvantages. Understanding them, and what they might mean for your future, can be crucial to the outcome of your case. Learn more about the four types of divorce, and how you can determine which one may be most appropriate for your situation, with help from the following information.

Litigated Divorce

Litigated divorces, which are otherwise known as "traditional" divorce, is the most common form. Typically, each party works through an attorney to negotiate possible settlements agreements. If they can reach one, it is presented to the judge. If they cannot, then the judge is left to determine the outcome of the case. Various factors are used in his or her decision. For example, cases involving children will consider the best interests of the child. Assets and debts are divided by considering aspects related to income, ability to earn income, age, health, etc.

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 Posted on April 11, 2017 in Divorce

Although divorce is a somewhat common occurrence, there are many misconceptions about how it works. More specifically, divorcing couples are often misinformed or confused about how the division of assets operates in Illinois. The following addresses these common misconceptions, and explains where you can find assistance for your divorce.

Assets Acquired During Marriage Are Not Always Community Property

Often, divorcing couples assume that all assets obtained during marriage are community property. However, this is not always the case. There are many circumstances in which assets may belong only to one party. For example, if a gift is given explicitly to one spouse, the money was never co-mingled, and the spouse can prove that it was a gift solely for them, they may be able to keep the asset as personal property, rather than community property. If you have questions about community property versus personal property in divorce, talk to an experienced lawyer.

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 Posted on April 06, 2017 in Divorce

Overall, Americans are living longer, healthier lives than just a few decades ago. Ultimately, that is a positive thing, but this increased longevity is having a somewhat adverse effect on the older generation. With divorce rates for this population now double what they were just twenty years ago, many people entering retirement have found themselves financially strapped, despite having planned for their golden years. Why is this happening, and what can be done about it? The following explains.

Understanding Why the Financial Risk Exists

Couples usually start planning for retirement while in their 20s or 30s. Most assume they will still be together at that stage in their life, so they plan for a single home, one set of expenses, and one lifestyle. If they then divorce as they near retirement, all they have saved must then be split. Now, most couples only suffer a brief financial struggle after divorce, but they still have time to repair any damage that divorce may have done to their retirement plan. Individuals who are nearing retirement age may not have that same ability. Hence, they may be at a higher risk for long-term financial troubles. In extreme cases, couples may even have to completely revamp their retirement plan to accommodate the depletion of funds.

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 Posted on April 04, 2017 in Divorce

For most couples, divorce does not end upon decree. Instead, there are little details that must be sorted out, issues that must be resolved. Unfortunately, some couples fail to handle these matters and then place themselves at risk for long-term financial consequences. The following information can help you avoid making the same mistake after your divorce.

Dividing Property and Assets After Divorce

Now that you and your spouse know what goes to whom, it is time to start dividing up the assets. To do this, you may need to obtain a certified copy of the divorce decree from the court. Also, as you work through the various assets, pay close attention to details. As an example, rules from one type of retirement account to another can vary. Failure to follow the properly execute the split of a pension plan could end up costing you more than you had planned.

You will also need to contact any creditors that hold accounts that need to have a spouse removed from, or must be split. Typical examples include home mortgage companies, auto finance companies, and credit card companies.

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 Posted on March 29, 2017 in Family Law

Parents who wish to divorce often grapple with the idea of moving forward. This conflict often comes from fears about how their children will fare during and after the emotional process. A new study on the effect that children may experience after divorce may not ease those concerns, but it does offer some advice on how parents can do things differently. Learn more with help from the following information.

Children Often Internalize Divorce

In an analysis of 10,000 surveys from children and parents of divorce, a child psychologist determined that children often internalize divorce. Many see themselves as the cause of the stress that fractured the relationship between their parents and often lie about their feelings, telling their parents what they want to hear, instead of divulging the truth. Even worse is that approximately 70 percent of children who attended therapy during their parent's divorce felt it had not helped. The study author said this lack of benefit may have been due to a lack of connection between the child and therapist, and may also be attributed to the overall awkwardness of disclosing one's deep, personal information to a stranger.

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