Posted on December 29, 2018 in Business and Divorce

Going through a divorce can be perilous for your business, particularly if it is a smaller, family-run business. Some owners have seen the value of their business drop or lost control of it because of the consequences of the divorce process. It is important to work with your divorce attorney on protecting your business during the divorce and allowing it to thrive afterward.

Marital Property

You may need to fight for ownership of your business during your divorce negotiations. Your business is marital property if you created it during your marriage or used marital assets to invest in it. A business that predates your marriage can be nonmarital property, though the amount that the business increased in value during your marriage can be a marital asset. You have several options when your business is part of the equitable division of property. You can:

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 Posted on December 21, 2018 in Parenting Time (Visitation)

Your children will have many questions about your divorce, some of which may be difficult for you to answer. Some questions have obvious answers, such as “Do you still love me?” and “Is the divorce my fault?” There are other questions that you may not have immediate answers to, such as “Who will I be living with?” You can assure your children whatever parenting time decision you make will be in their best interest. The trickiest question is the big one: “Why did you get divorced?”

Preparing for the Question

You know that your children will ask about the reason you got divorced. Unfortunately, you do not know when or where they will ask the question. Your initial reaction could have a major effect on how future conversations on the subject will go. You should decide how honest you want to be with each child. No child wants to hear salacious details about your marriage, but children who are at or near adulthood may be able to handle more of the truth. The main points of your answer should be that:

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 Posted on December 15, 2018 in Child Support

Getting divorced can disrupt years of careful planning to pay for your children’s college educations. Both you and your co-parent may not have the financial resources to continue regular payments into a college fund. You may need to adjust your plan, which you can establish in your divorce agreement. Financial aid will also become more important, and your divorced status may increase the amount of aid that your child will be eligible to receive.

College Payment Plan

Illinois law allows you to petition to continue child support payments in order to pay for college after your child has turned 18. However, it may be more efficient to include a college financing plan as part of your divorce agreement than to try to extend your child support payments in the future. You can specify how you will divide the college expenses and other details, such as:

• Limits on annual payments;

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 Posted on December 05, 2018 in Division of Assets

Many people who were surprised by their spouse’s divorce request will say that their spouse’s financial behavior should have warned them of the divorce. A spouse will start preparing once he or she has made an independent decision to divorce in order to gain an advantage in the division of property. Some behavior is an unintentional reaction when your spouse is considering divorce. Though not guaranteed signs of divorce, these changes in financial behavior often accompany a divorce:

1. Your Spouse Is Not Depositing into Your Marital Account: Most spouses have a joint bank account that they use to pay for marital expenses. A spouse who is preparing for divorce may secretly open an individual account for use during and after the divorce. If your spouse suddenly stops depositing his or her income into your joint account, the money may be going to the individual account.

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 Posted on November 28, 2018 in Division of Assets

Winning the lottery is not something that you can plan for, but how you respond to winning is important if you are going through a divorce. You must first determine whether your spouse is entitled to a share of the winnings as part of the division of property in Illinois’ divorce laws. If your winnings are completely your property, your sudden influx of money will still affect how you settle your divorce. What you cannot do is hide the fact that you have won.

Property Status

Whether your lottery winnings are marital property in a divorce depends on when and how you purchased the ticket:

• Your lottery winnings would most likely be marital property if you purchased the winning ticket before you started the divorce process. Your individual income is marital income during your marriage, and purchases made with marital income are marital property; and

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 Posted on November 19, 2018 in Parenting Time (Visitation)

Your first holiday season after your divorce can be stressful for you and your children because it is the first time you are not celebrating the holidays together as a family. Your parenting schedule should not add more stress to the season. Divorced parents often have unique schedules for holidays such as Thanksgiving and Christmas. You may have already included one in your divorce parenting agreement. However, you will not know how well the schedule works until you put it into action. You may need to adjust your holiday parenting schedule to something that works better for your children.

Qualities of a Good Schedule

You should build your holiday parenting schedule around what will create the most enjoyable experience for your children. This requires sacrificing some of your own time with the children so that both you and your co-parent can celebrate with them. How you divide your time depends on your individual circumstances. You should ask yourselves:

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 Posted on November 09, 2018 in Parenting Time (Visitation)

Having two homes is one of the most difficult changes that children experience after a divorce. It will take time for them to adjust to their new living environment and the parenting time schedule that has them switching between homes. Your job as a parent is to make the transition as comfortable as you can while understanding that your children may be initially anxious and upset. Here are five keys to helping your children through the adjustment period:

1. Familiar Space: At least one of your children’s homes will be new to them. Encourage your children to decorate their rooms so that they feel comfortable and more at home there. Allow them to bring some familiar items from their other home. Have duplicates of items that would be impractical for them to take back and forth for each visit.
2. Shared Schedule: You have already created a parenting time schedule as part of your divorce. Have a calendar with your parenting schedule prominently displayed in your home. Your children can see when they are visiting each parent and become familiar with the schedule.

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 Posted on November 01, 2018 in Divorce

A 2017 study attempted to connect a person's job with his or her likelihood of divorce by looking at which careers have the highest and lowest divorce rates in the U.S. The top 10 jobs in which employees most often divorced were:

1. Gaming managers;
2. Bartenders;
3. Flight attendants;
4. Gaming service workers;
5. Rolling machine workers;
6. Switchboard operators;
7. Extruding and drawing machine workers;
8. Telemarketers;
9. Textile knitting and weaving machine workers; and
10. Extruding, forming, pressing, and compacting machine workers.

While a list is fun to look at, it is more useful to understand the shared traits of these careers that may increase the risk of divorce.

Long or Odd Hours

Many of the careers with the highest divorce rates can require working nights and weekends. This schedule may limit how often spouses see and interact with each other if they do not work the same hours. People who work odd hours may also be more tempted to have an affair with a co-worker. They are around their co-workers more often than their spouses and find it easier to spend time outside of work with someone who has the same schedule.

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 Posted on October 26, 2018 in Spousal Maintenance

Illinois recently passed a law that changes the formula and court instructions for calculating spousal maintenance as part of a divorce. The law goes into effect at the start of 2019, which is the same time that a federal tax law eliminating the alimony deduction goes into effect. Illinois is adjusting its spousal maintenance law because the tax law will put a greater burden on people paying maintenance. Since the new tax law was announced, lawyers have warned divorcees that it may become more difficult to reach a spousal maintenance agreement if the payor cannot use the alimony deduction. Illinois’ new law will try to make court decisions on spousal maintenance more equitable for both spouses.

Alimony Deduction

Any spousal maintenance agreements approved before the end of 2018 are still eligible for the alimony tax deduction, and payors under existing maintenance agreements can continue claiming the deduction until a change of circumstances requires them to modify the agreement. With the alimony deduction, payors can deduct the full value of their annual maintenance payments from their federal income taxes. Payees must report the maintenance that they receive as taxable income. When the deduction is eliminated, the payor will save less on his or her taxes, and the payee will not pay taxes on his or her maintenance.

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 Posted on October 20, 2018 in Relocation

A divorced parent living in the Chicago area may not relocate with his or her children more than 25 miles from their current home unless:

• The other parent agrees to the move; or
• A court approves the move.

The relocating parent must file a petition to relocate and prove to the court that it is in the children’s best interest to move with him or her. The court can block the children’s move and modify the division of parenting time if the parent decides to relocate anyways. Fearing that a court will reject their relocation requests, some parents flee with their children to another state or country. State, federal, and international laws can help you rescue your children if your co-parent has abducted them.

Parental Kidnapping

Illinois defines parental kidnapping as when one parent defies a court-approved parenting order by hiding or removing the children from the other parent. You can request an emergency custody order for your children if you believe your co-parent has fled with them or is a risk to do so. Federal law allows your state’s courts to maintain jurisdiction over your parenting case, even when your co-parent flees to another state.

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