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5 Common Questions About Financial Planning Before an Illinois Divorce
The decision to end a marriage can be emotionally, financially, and even physically devastating. A trusted therapist may help ease emotional stress, but what about the worries regarding finances? Regardless of whether your divorce is amicable or tumultuous, you will need to understand how to protect your rights to the marital estate. If you are facing a divorce and are unsure how to protect your financial interests, you should speak with a knowledgeable family law attorney to explore your potential next steps. In the meantime, here are answers to some of the most frequently asked questions about finances during divorce:
How Much Will a Divorce Cost?
There are many expenses associated with the divorce process. You will be required to pay a variety of court costs and filing fees, and the costs of hiring and working with an attorney throughout the divorce process may add up to several thousand dollars or more. In addition, there are a variety of other ways that legally ending your marriage can impact your finances, including:
DIY Estate Planning Can Lead to Major Mistakes
If you have started looking into creating an estate plan, you may have come across advertisements for do-it-yourself estate planning or will creation services. At first glance, these services often look very appealing. The advertisement may claim that creating an estate plan through the DIY program will save you time and money. It may even explicitly state that you do not need a lawyer to create an estate plan. Unfortunately, these advertisements lead many people to make estate planning mistakes that end up costing them (or their surviving loved ones) much more time, money, and frustration than they would have spent through traditional estate planning.
Only a Lawyer Can Offer Personalized Estate Planning Legal Guidance
One of the major limitations to online DIY estate planning is that it is a one-size-fits-all approach to drafting an estate plan. There may be several basic documents available such as a will, healthcare power of attorney, and financial power of attorney available through a DIY site, but not lesser-known estate planning instruments. Unlike a website, an estate planning attorney can help you figure out which documents will best fit your needs and which documents you can do without.
How Can I Collect Past-Due Child Support in Illinois?
Child support payments are typically ordered by the court as part of a divorce decree, but child support payments can also be included in a legal separation agreement. In some cases, both parties may mutually settle upon the payment arrangement. Regardless of the situation (divorce or separation), there are laws in Illinois that ensure that child support orders are enforceable. However, even though child support orders are legally binding, some parents may still struggle to collect payments from a former spouse or partner. Disagreements over late, missing, or inadequate payments can create heated disagreements and high tension in both newly divorced couples and partners who have long been separated. If you are struggling to collect child support payments, a knowledgeable child support attorney can advise you of your legal options.
The Basics of Estate Planning in Illinois
Although it is a subject that many Americans would rather not think about, eventually our individual lives will end and our loved ones will inevitably be left with burdens, be it emotional, financial, or both. Decades ago, when someone passed away, there were no credit cards, families did not travel as much, and divorce was taboo. Everything that was left behind generally either went to the state or the family members left behind. With the growing complexity of family structure in conjunction with our spending habits, the need has arisen to secure a plan for after we die. Legal documents such as wills, trusts, and other estate planning measures can help protect the future of your loved ones after you pass.
Know the Difference
The best and most direct route of starting the process is to know which option is best for your current circumstances. It may be that none of the options are a completely perfect or it may mean that multiple options will help achieve your goals. No matter the case, it is necessary to understand the each option.
Tips for Deciding Between a Legal Separation and a Divorce in Illinois
When a married couple is struggling to live in harmony under the same roof, one person usually moves out of the shared residence. The distance and time apart may allow the couple an opportunity to work through relationship problems and determine their next steps. For a couple who can no longer reside together, there are several options available, including divorce and legal separation. If you are struggling in your marriage and would like to discuss your next steps, a family law attorney can explain your rights and your legal options.
What Are the Differences Between Legal Separation and Divorce?
A divorce legally dissolves the marriage between two individuals, while a legal separation acknowledges that the couple is still married but lives apart from each other. Divorce is a permanent decree, but legal separations may be either temporary or permanent. A couple who is legally separated may eventually decide to file for divorce, but they also have the option to end the separation and reunite. It is important to note that during the legal separation, the spouses may not get married to anyone else.
Providing for a Disabled Child Through a Special Needs Trust
Being the parent of a physically or intellectually disabled child comes with a variety of special challenges. When your child struggles to adequately care for himself or herself due to a disability, you may worry about what will happen when you are not around to help him or her. It can be an uncomfortable reality to consider but making plans for the care of your disabled loved one for after you pass away will give you tremendous peace of mind. One option that many parents of disabled minor or adult children utilize is a special needs trust.
How Does a Special Needs Trust Work?
A trust is a financial instrument often used in estate planning that places assets under the authority of a trustee. In a special needs trust, the trustee is legally obligated to follow the directions contained in the trust and use the funds contained in the trust for the benefit of the disabled individual. The assets held in a special needs trust can be used to pay for your child’s home, living expenses, education, personal care attendant, out-of-pocket medical expenses, recreation, and more. One way to set up a special needs trust is to name yourself as the trustee and name another trusted individual, such as another one of your children, as a successor trustee. When you pass away, the successor trustee becomes responsible for using the assets in the trust for the benefit of your disabled child.
What Restrictions Apply to Parental Relocations in Illinois?
When a couple decides to end their relationship, it is probable that at least one of them will no longer live in the home they once shared. In some cases, both spouses may move out of the marital home following divorce and relocate to smaller dwellings. However, while moving to a new home may be necessary, parents should be aware of the restrictions that may apply when they plan to move with their children. In some cases, parental relocation may require approval from the court. If you are not sure how a potential move may impact your rights as a parent, you should speak with an experienced family law attorney to learn more about the child relocation laws in Illinois.
Why Do Relocation Restrictions Exist?
The parental relocation laws in Illinois have been put in place to protect a child’s bond with both of his or her parents. In cases that meet the criteria for relocation, the relocating parent must give the other parent at least 60 days' notice prior to the move, and they will need to receive approval from the court for any modifications to the parties' parenting plan. These restrictions ensure that all moves are made in good faith and that a proposed relocation will protect the best interests of the child.
How Can A Power of Attorney for Health Care Help Me?
People vary dramatically in their feelings regarding medical treatment. Some people want every possible medical intervention to be taken, even if those medical treatments will only slightly extend the duration of their lives. Other people only want the bare minimum actions taken if they become seriously ill or injured.
Have you ever considered the types of medical treatments you would want to undergo if you became extremely sick? What if you were too sick to express these wishes? A power of attorney for healthcare is a type of estate planning instrument that can allow you to take your future medical care decisions into your own hands.
Health Care Power of Attorney Basics
Through a power of attorney for health care, you can designate someone to make medical decisions on your behalf. The document gives this individual authority to make decisions about your medical treatments if you cannot do so yourself. Instead of a doctor who you may have never met making these decisions—and who might not share your personal values—you can entrust these important decisions to someone you know and trust. The individual you designate to speak on your behalf is called a health care proxy or agent. Your proxy may be a close friend, spouse, family member, or anyone else you choose. Once you have chosen who your proxy will be, you can have a conversation with him or her about the actions you do and do not want taken if you become gravely ill.
How Does a Long-Distance Parenting Plan Work in an Illinois Divorce?
The dissolution of a marriage not only affects the divorcing couple but also any children in the family. Divorce often creates new living situations due to new jobs for the parents, which can result in a different school environment for kids. In some cases, one of the divorcing parents may move out of the family’s town or even out of the state. If you are facing a long-distance relationship with your child, speak with a knowledgeable family law attorney to learn about your rights and options and how a parenting plan can resolve these important issues.
What Is a Long-Distance Parenting Plan?
During a divorce, there are many details to sort out, and a divorce with children in the picture can be even more complex. The important child-related matters that parents will need to address include parenting time (formerly known as visitation) and the allocation of parental responsibilities (formerly known as child custody).
Reasons to Challenge a Loved One’s Will
In the days and weeks after the death of a loved one, you are likely to remain focused on getting back to some semblance of normalcy in your life, especially if you were very close to the decedent. Just as things start to settle back down emotionally, new concerns can arise when your loved one’s will is presented for probate. When the provisions in the will are finally made known, you may be surprised to learn that your loved one has made some unexpected decisions. Such surprises may lead to you to think about filing a will contest, but there are some factors to consider before you do so.
Hurt Feelings Will Not Invalidate a Will
The first thing you need to remember is that, following a person’s death, there will almost always be someone who feels that they got ignored, left out, or the short end of the stick. They may have been led to expect a certain portion of the inheritance or a particular piece of property, only to find out later that such “promises” were never formalized in the will. If you feel slighted by your loved one’s decisions regarding his or her will, that is not sufficient grounds for challenging the document.
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