Every year, a number of couples file for divorce in Illinois. Couples with minor children often both want to claim the children as dependents due to the fact that claiming dependents will allow the taxpayer to claim the head of household deduction and tax credits such as the Child Tax Credit, the Child Dependent Care Credit and the Earned Income Tax Credit. The Tax Cuts and Job Act eliminated the personal exemption after 2018 but compensated for that by doubling the Child Tax Credit from $1,000 to $2,000.
Social media has gotten a bad reputation over the years, especially when it comes to the younger generation. This should come as no surprise to Illinois residents who see social media as a fertile ground for cyberbullying and encouraging social isolation. Nevertheless, social media has made it easier for people to connect and stay in touch.
The decision to end a marriage almost always comes after a stressful period of soul-searching, and the thought of going through a difficult and lengthy divorce process may seem overwhelming.
When divorce is in the offing, the family break-up is difficult for everyone, including your pets. Just as divorce upsets a child's normal routine, the same can be true for domestic animals who are largely creatures of habit. So what happens to Fido after the split?
Divorce rates have consistently hovered around the 50 percent mark for some time, and with its increased acceptance has come some insight into behaviors that can effectively minimize the stress. According to The Huffington Post, the most commonly cited reason for a divorce is poor communication. If communication issues have led to your split, you can still navigate divorce more easily by developing and applying active listening skills. Here are a few reasons such skills can benefit you.
The arrangements that follow divorce can be contentious and stressful to negotiate, but it does not have to be that way. If both parents commit to being mature, flexible and compassionate, creating a visitation schedule that works for everybody is entirely possible. According to the Washington Post, children who have parents who share custody fare far better than those who are raised by a single parent. It is worth it to make the arrangements work, and you can get a head start on the goal by taking the following tips into consideration.
When it comes to divorce, one of the most contentious aspects is determining the fair division of assets. If one or both partners has a retirement plan established, it can be tricky to agree on a division for the account. The value of such a plan will vary, but if it has been built on continual savings as experts recommend, it may be substantial. There are a few important principles you should understand if you or your partner will be negotiating how a retirement plan is split.
Many people think that prenups are only for the rich and famous. Though celebrities may have more at stake, a prenuptial agreement is a wise move for any couple preparing to get married. There are several reasons every person should sign an agreement prior to marriage, including protection of separate assets. Here are four other reasons everybody should consider signing a prenuptial agreement.
The tax consequences of divorce are not usually top of mind for individuals as they begin the legal process of ending a marriage. Financial concerns are considered, but more so in terms of the costs of splitting one household into two.
Children are often referred to as innocent victims of divorce. However, because parents today are increasingly sensitive to the psychological trauma that divorce can produce, many are pursuing strategies to minimize the upheaval that divorce creates in their children's lives.