Posted on October 10, 2017 in Divorce

When your marriage is ending, your life will likely be thrown into chaos as you and your spouse work to separate the many aspects of your lives which have become closely linked over the years of your partnership. During divorce, it is important to understand how your finances will be affected and plan for how you will manage your ongoing budget.

Consider the following tips to get on the right financial foot during divorce proceedings and after your divorce has been finalized:

1. Create a budget - You should make sure you have a full understanding of your income and expenses, including any spousal maintenance or child support payments you pay or receive after the divorce. Additionally, be sure you are accounting for rent, utilities, groceries, credit card bills, vehicle maintenance costs, insurance, and child care costs. Setting everything down in a budget and planning month to month management will ensure that unexpected costs do not arise and cause problems in the future.

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 Posted on October 04, 2017 in Divorce

In our modern society, divorce is often unavoidable. But while divorcing couples will need to resolve issues such as the division of assets and debts and the allocation of parental responsibility, reaching a decision on these matters does not have to be contentious.

By using methods of alternative dispute resolution, couples can settle the outstanding issues in their divorce while avoiding costly litigation. 

One of the best ways divorcing couples can work together to reach a settlement is through collaborative divorce (also known as collaborative law). This practice has become more common in recent years, and it has been formally recognized in the state of Illinois through the Illinois Collaborative Process Act, which Governor Bruce Rauner signed into law in August 2017 and which goes into effect on January 1, 2018.

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 Posted on September 28, 2017 in Divorce

Divorce can cause a great deal of financial upheaval in a couple’s lives, and as parents seek to restructure their finances following the end of their marriage, they will need to continue to provide for their children.

One financial aspect of divorce that parents sometimes neglect is how to pay for their children’s college expenses, especially if they divorce when their children are still young and college is several years in the future.

However, as college approaches, and families begin the process of applying for financial aid, they can take certain steps to ensure that children will be able to receive a college education without breaking the bank:

1. Determine the information to use on financial aid forms - When filling out the Free Application for Federal Student Aid (FAFSA) form, students will need to identify their custodial parent. Even if parents share joint custody, only one parent can be identified, and this should be the parent who the student lived with the most during the previous year. If parenting time was equal during that time, the custodial parent is the parent who provided the most financial support to the child. If the custodial parent has remarried, their spouse should also be listed on the FAFSA.

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 Posted on September 27, 2017 in Divorce

When a couple ends their marriage in divorce, each spouse should be able to maintain a standard of living similar to what they experienced during their marriage. When one spouse earns more than the other, the lower earning spouse may be eligible to receive spousal maintenance (also known as spousal support or alimony).

While the formula for determining the amount and duration of maintenance is straightforward, courts have some discretion when determining whether maintenance is appropriate. 

Illinois statutes list 14 factors that a judge should consider when deciding whether to grant maintenance:

1. The income and property of each party - The court will determine both spouses’ net income by calculating gross income from sources including wages or salary, disability benefits, retirement benefits, social security benefits, insurance proceeds, interest earned, and monetary gifts, then deducting expenses including taxes, social security payments, prior support or maintenance obligations, union dues, and medical expenses.

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 Posted on September 14, 2017 in Divorce

Today, many couples choose to live together before getting married or even forego marriage altogether, while still combining their finances, intermingling their property, and raising children together. While this type of living arrangement has become more and more common over the past several decades, unmarried couples should understand their rights and take steps to protect themselves in case their relationship ever ends.

Legal Decisions Regarding Cohabitation in Illinois

Illinois does not recognize common-law marriage, and a 1979 decision by the Illinois Supreme Court found that an unmarried person does not have any rights to his or her domestic partner’s property after the relationship ends. When this decision was made, the court stated that it was intended to discourage cohabitation and avoid weakening the institution of marriage.

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 Posted on May 12, 2017 in Divorce

With all of the do-it-yourself (DIY) divorce guides online, it is no wonder that interest in legal self-representation is increasing. Although a DIY divorce could be effective in some cases, it is often best to retain an attorney who focuses on family law to represent you

Many assume that mediation, one of the alternative ways in which to pursue the divorce process, and other methods for the divorce process do not require an attorney. However, you may wish to hire a lawyer if your divorce case is more complex or requires eventual litigation. In addition, an attorney can help you address your distinct concerns and rights.

Why You Might Want to Appoint a Divorce Attorney

Regardless of whether or not you are going through a divorce process, there are several reasons to seek an attorney for your divorce case:

1. Correct legal advice. With countless resources online, it can be difficult to ascertain which sources are credible and factual. Representing yourself based on incorrect legal information may cost you potential assets in an award. You will not receive any special treatment or consideration in court because of your lack of legal training, so tread carefully.

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 Posted on May 09, 2017 in Child Support

Beginning July 1, 2017, new guidelines will be put in place for the determination of child support in Illinois. Current law bases child support calculations on a set percentage of net income. For example, the child support payment for one child is 20% of the net income of the non-custodial parent. Under the new "income shares" model, the incomes of both parents will be taken into account in the calculation.

What is the "income shares" model, and how does it work?

The goal of the income shares model is to try to allocate support as if the child and parents were living in an intact household. In order to calculate the child support amount owed, the incomes of both parents will be combined to come up with a shared gross income. Based on that amount, a basic support obligation will be imposed. This obligation will be pre-determined by a schedule developed by the Department of Health & Family Services (DHFS). Each parent will then be responsible for a portion of the basic obligation prorated in proportion to each parent’s share of the combined income.

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