Posts tagged "Divorce"

Important financial considerations during and after divorce

Planning a divorce in Illinois requires an exhaustive analysis of marital assets and future finances. Former spouses must identify all assets and debts and wrangle with calculations for child support and sometimes spousal support. Both parties must figure out what their individual incomes and expenses will look like after the divorce and develop new personal budgets. Certified divorce financial analysts help people sort through these details and make decisions about how to divide their marital estate.

Financial dishonesty during a divorce

When some Illinois couples divorce, their once-loving relationship can quickly turn into one of distrust and competition. This can be particularly true when there is a major financial disparity in the relationship along with a significant amount of anger. When only one spouse is aware of the financial details of the relationship, it can seem far too easy for that person to hide assets in order to prevent them from being divided. Of course, this is unlawful, and family courts frown severely on spouses who conceal assets from the proceedings. Of course, hidden assets must first be noticed and brought to the court's attention.

Dealing with financial challenges in a divorce

For some Illinois couples, a divorce can mean financial problems. However, there may be ways to mitigate some of those issues. Making a budget can help a person understand what short-term expenses may be ahead, including finding housing, getting new insurance and purchasing a new vehicle. People should also estimate what the divorce will cost.

What to do about the family home in a divorce

Some people in Illinois who are going through a divorce might also be getting custody of the children and want to keep the family home to lessen the upheaval they feel. Others may simply want to keep the house because they are attached it. Whatever the reason, the first step in keeping a home is to determine its value and how much of that value is owned by each spouse. Next, one spouse usually has to buy the other out.

Divorcing over 50? What you need to know

As people live longer, healthier lives, retirement has become a whole new adventure for many. For some married couples, retirement is an opportunity to rediscover the relationship. Others realize they do not wish to spend their retirement years with someone they no longer love.

Claiming children as dependents on taxes

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.

How social media and texting can help divorced parents

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.

Illinois has a new pet-friendly law associated with divorce

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?

The value of effective listening skills in divorce

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. 

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