Posted on March 27, 2017 in Family Law

Family structures have changed significantly over the last 50 years. In fact, data from the Division of Vital Statistics suggests that more couples are shirking the idea of marriage and, instead, participating in cohabitation. Unfortunately, this can present some unique legal challenges, should the couple ever decide to split up. Learn more about protecting your assets as a cohabitating couple with help from the following information.

Cohabitation is Not Treated the Same as Marriage

Back in 1979, the Illinois Supreme Court determined that common-law marriages would not be treated the same as legal ones. This ruling extended to the division of property and other assets. Last year, the court revisited the issue and ruled in the same manner. Though the premise for doing so was different, the reasoning is nearly the same: all couples have access to legal marriage. As such, those who choose not to engage in the institution do not receive the same legal benefits (i.e. alimony, legal division of property and assets, etc.).

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 Posted on March 22, 2017 in Divorce

Most books and advice columns focus on saving marriages, and for a good reason: divorce is hard, often painful, and expensive. Sometimes, though, it is better to know if you should let go. Marriages that are toxic, abusive, or beyond the point of salvaging are prime examples. No amount of work would likely repair such a marriage, and staying could result in more harm than good. So how do you know if your marriage is on route to divorce? The following information may help.

Time Apart Feels Like Relief

Spending time alone or with your friends can give you the chance to socialize, de-stress, or recharge. Unfortunately, this positive influence can turn into a bad one if you are using time away to avoid time with your spouse. The same goes for spending extra time at work, at the gym, or pursuing personal interests. If these things have become more of an escape and less about the sheer enjoyment, it may be time to consider moving forward with a divorce.

One Party Has Become the Martyr

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 Posted on March 20, 2017 in Family Law

Women tend to be relational in nature, but relationships themselves may place them at financial risk. More specifically, marriage and divorce can be dangerous endeavors for women. This information comes from a new report, which was published by the Chartered Insurance Institute (CII). The following examines this phenomenon more, and explains how women may be able to mitigate their risks.

Understanding Why the Disadvantage Exists

Despite misconceptions, women continue to be at a financial disadvantage in America. They earn less for the same jobs. Older women are less likely to have substantial earnings in social security or retirement savings. Further, men continue to be the primary or sole breadwinners within the family. True, more women are working, but they are far from equal in terms of earnings, pay, and opportunities as a whole.

Preventing Financial Devastation Before Marriage

Ideally, women would take steps to discuss finances prior to marriage. One of the best ways to do this is through a prenuptial agreement. There are a few caveats, however. If women are planning to stay home and care for children or a home, then this should be factored into the agreement. Women should also ensure they have the guidance and experience of an attorney during the process.

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 Posted on March 15, 2017 in Divorce

While nearly every divorce is painful and difficult, it is those with a high net worth that tend to be the most contentious. Sadly, it is often the lower-earning or non-earning spouse who is at a severe disadvantage during the case. What is worse, many do not realize that the asset hiding and deception that sometimes occurs often takes place long before the divorce starts. Learn more about protecting your finances in a high net worth divorce with help from the following information.

Asset Hiding Often Starts During the Marriage

Non-earning and low-earning spouses are often kept in the dark when it comes to their marital finances. Sometimes it is because the disadvantaged spouse was not concerned about their finances or divorce. In other instances, the lack of knowledge is intentional; their spouses may have been hiding money for years - perhaps since the start of the marriage.

Whatever the reason for their lack of knowledge, the end result is typically the same: the disadvantaged spouse typically have no idea what their marriage is worth, or where their money might be. This can present some serious issues in divorce. Thankfully, there are some strategies that can be used to overcome the obstacles.

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 Posted on March 13, 2017 in Divorce

Divorce can be stressful for all parties, but a new study suggests that it may be more so for women. Previous studies have also shown that women are more likely to experience other negative effects from divorce. There could potentially be a direct correlation between those negative effects and stress levels among women. Thankfully, it may be possible to reduce stress levels during the divorce process. The following explains

Women and Stress During Divorce

In the study, researchers asked 2,000 British adults to rate what their stress level would be in a variety of circumstances (death of a loved one, divorce, imprisonment, etc.). On average, women ranked each situation at about 0.56 percentage points higher than men. This included divorce, which ranked as the sixth most stressful life event.

Understanding How the Stress Impacts Health

Stress is a concerning issue among American citizens, and for good reason. Prolonged exposure can increase the risk of heart problems, weight problems, and may even lead into mental health issues.

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 Posted on March 08, 2017 in Child Custody

Divorce can be painful and difficult for everyone involved, but children tend to be the most vulnerable to emotional trauma during the process. Further, children are at a higher risk for long-term negative effects from divorce. A new study indicates that stress may be one of the biggest factors. Learn how to mitigate this issue for your child during your divorce with help from the following information.

Understanding Why Children Experience Stress During Divorce

Although the stress of divorce has been linked to numerous health problems for adults, few studies have examined how stress in divorce impacts children. Yes, there are those that have examined the emotional impact of divorce, both in the short and long term. There have also been others that have examined how contention in divorce can affect children. Yet none have looked specifically at stress.

Stress can exist outside of contention. It can be present, even when parents are working together to ensure the best interests of the child are protected. It can be the result of missing a parent that has moved out. It can be caused by fear that one or both parents may leave and never return. It can even be caused by feeling they are at fault for the split.

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 Posted on March 06, 2017 in Divorce

Family structures have changed significantly over the last couple of decades. It used to be that fathers went out and provided for the family while mothers cared for the children and home. Now there are single parent homes, homes where the father stays home, and still others where both parents work. Of course, no single option is really any "better" than another, but studies suggest that these non-traditional roles may be impacting the risk of divorce. Learn more about this phenomena, and how you can protect your family if you believe that divorce may be on the horizon.

Non-Traditional Roles and Divorce

In the recent study, researchers found that women do most or all of the house work in about 11 percent of all marriages, and somewhat more than men in about 60 percent of relationships. Around 25 percent of the couples stated they divided the work down the middle, and around 4 percent claimed the husbands did the majority of the work.

Overall, it was determined that families with a less "traditional" structure had a higher risk of divorce. Yet this may not be fully accurate. There are some limitations to the study. For example, the sampling of families in which dads did all or most of the work was rather small. Further, the information does not give a comprehensive overview of which families had stay-at-home dads and full-time working moms, and which had two full-time working parents.

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 Posted on February 28, 2017 in Divorce

Over the last couple of decades, divorce rates have declined. Some of this is attributed to the increased rate of cohabitation before (or even in lieu) of marriage. Yet it is also possible that there are other nuclear family changes impacting the rate of divorce. Conscious uncoupling could be just one of those changes. Is it really right for your marriage? The following may be able to help you decide.

What is Conscious Uncoupling?

Divorce is generally considered an emotionally devastating and contentious process. Conscious uncouplers are attempting to redefine that process by making it less combative. Some separate slowly, and may even continue living together for a while after the divorce is complete (also known as bird nesting). Others continue to parent as a family, but live in separate houses. For example, some conscious uncouplers still take family vacations together.

To those that have experienced a violent or turbulent divorce, the concept seems altogether absurd. Yet there are families who are making it work. Most say they are doing it for their children. They want them to feel as though they still have two parents - especially when it comes time to celebrate big and important events. Yet, it is important to note that it takes more than intent to make this type of divorce work.

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 Posted on February 23, 2017 in Hidden Assets

The division of assets in divorce is generally thought of in tangible terms - bank accounts, retirement accounts, and real estate. Yet intellectual property, such as software, copyrights, and trademarks can carry value as well - and they are becoming more and more common in divorces. So how, exactly, do you value these intangible assets? The following explains.

Intellectual Property Often Overlooked in Divorce

Although intellectual property can have significant value, it is often overlooked in the process in divorce. This is due, in part, to its intangibility. However, it is also an issue because the asset is often "hidden" during the divorce proceedings. In some cases, it is out of mere oversight or ignorance. In others, it is an intentional act, used to reduce the payout to a deserving spouse. This can be especially problematic when the disadvantaged spouse is not even aware of what was created by their creative, tech-savvy, or inventive spouse. Reduce the risk by ensuring you have an experienced divorce lawyer on your side.

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 Posted on February 21, 2017 in Divorce

Although some married parents do file their taxes as married but separate, most opt to file their taxes jointly. This is because joint filing tends to offer more tax credits to those with dependents. What happens, though, when a couple divorces? How do they manage tax credits and deductions for dependents? The following explores the answers to these questions. It also offers some divorce strategies that may help to reduce the risk of confusion during tax season.

Benefits of Claiming Dependents on Your Taxes

Being able to claim a dependent on your tax form can offer numerous benefits. This can be especially important when there are medical expenses, child care costs, and other expenses related to rearing your child. Some may also be eligible for Earned Income Credit - a special credit that is offered to parents within a specific tax bracket. Yet, there are still benefits to claiming a dependent, even if you or yours spouse are not eligible for any of the special tax credits. In fact, just having a child as a dependent can change your tax bracket and/or tax responsibility to the Internal Revenue Service (IRS).

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