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Protecting Yourself Financially Before Filing for Divorce
When a married couple decides to get a divorce, their assets will be divided between them. In Illinois, this can be done between the two parties out of court, but if an agreement cannot be reached, then the court steps in with a system called equitable distribution. This system intends to divide properly fairly, but it does not mean that all assets are divided equally. Some of the factors used to determine how to divide marital property include:
- The distribution of wealth
- The length of the marriage
- The couple’s standard of living
- Future parental responsibility
- The health, income, and age of the individuals
With these factors, it is still important to take action before your divorce to protect yourself financially, because the outcomes of these decisions are often uncertain.
Know Your Finances
Before the divorce process begins, it will help to learn as much as you can about your personal finances. Begin tracking how much you earn, how much you spend, and any future expenses. Start creating a budget focused around necessities such as food, shelter, and medical care for yourself and your children. Use previous statements, bank records, and records of expenses to plan for the future. All of this information will not only help you, but it can be used to demonstrate your financial needs to the court when dividing marital property.
The Potential Impact of Social Media on Your Divorce
After months or even years of unhappiness, you have finally decided that it is time for your marriage to end. It happens. In fact, it happens to about 800,000 couples every year in the United States, or about 2,200 per day, including weekends. If you are like many individuals, it can be very tempting to take to Facebook or Instagram in celebration of your newfound freedom. Others, sadly, turn to social media as an outlet for disparaging their partners, in hopes of finding support from friends and loved ones, or simply out of anger or spite. Whatever the reason, it is often best to limit your use of social media during your divorce to prevent potential unforeseen consequences.
Social Media Affects Divorce Cases
According to recent study conducted by the American Academy of Matrimonial Lawyers (AAML), as many as 99 percent of family law attorneys have observed an increase in the use of text message and social media evidence in divorce and family proceedings in the last few years. Many divorce attorneys are even incorporating strategies for uncovering such evidence. What was once the territory of private investigators with cameras and notebooks is now often covered by voluntary posts on Facebook.
Understanding Paternity in Illinois
Establishing paternity benefits a child by giving him or her the right to receive support from and have a relationship with both parents. However, it is important for parents to understand how Illinois law defines and determines paternity.
What Is Paternity?
Paternity is the identity of a child’s legal father. This is established through the marital status of the parents, a Voluntary Acknowledgement of Paternity, a court-ordered DNA test, or adoption. If a woman is married or in a civil union within 300 days before the birth of the child, then her partner is presumed to be the child’s legal father.
When paternity is established for a child, it gives him or her certain legal benefits based on their legal relationship with both parents, including:
- Inheritance rights
- Social Security benefits
- Health and life insurance benefits
After establishing paternity, a child support case may be opened to ensure that the child receives financial support that will meet their daily needs. Paternity proceedings may also provide a father with the right to visitation, or parenting time, unless the court orders otherwise.
Life Changes That Should Make You Review Your Estate Plan
If you have already developed an estate plan, congratulations! You are already a step ahead of more than half of American adults. However, it is also important to understand that estate planning is not a “set it and forget it” undertaking-to borrow a phrase from a well-known infomercial. You need to review your plan on regular basis to make sure that it is still ready to meet your evolving needs. In addition, there are certain situations or life changes that may require you to update or make changes to your estate plan.
Getting Married or Divorced
When you get married, your new spouse does not automatically become a beneficiary in your existing estate plan. He or she will only inherit a portion of your estate if you update your plan. On the other hand, a divorce will nullify any provisions in your will that pertain to your ex-spouse, but only once the divorce is finalized. You will need to choose a new beneficiary to receive the portion of the estate once meant for your spouse.
What You Should Know About Equitable Distribution
Everyone knows that when you get divorced, your ex-spouse gets half of everything-unless you have a prenuptial agreement. That is just the way it works, right? Well, not exactly. Not in Illinois anyway, along with about 40 other states. The idea of an equal 50-50 split applies only to the nine states that maintain a standard known as community property in divorce. The remaining states, including Illinois, use what is called an equitable distribution standard, which may vary slightly from state to state, but generally requires a more in-depth consideration of a divorcing couple’s property and circumstances.
Determining and Valuing the Marital Estate
The equitable distribution guidelines in Illinois are contained in the Illinois Marriage and Dissolution of Marriage Act. The process begins with establishing which assets belong to the couple and which belong to each individual spouse. Those that belong to the couple include all property acquired by either spouse during the marriage with limited exceptions for gifts, inheritances, and judgments. Assets owned by either spouse prior to the marriage, along with the exceptions to marital property, are non-marital property and not subject to division. The value of the marital estate must also be determined, which may require the assistance of various experts, including real estate appraisers, financial advisors, and other professionals.
A Will or a Living Trust: Which Is Right For You?
Your family should not need to worry about your finances and assets after you die. That is why it is so important for you to create an estate plan. Even people of modest means have an estate and multiple options to choose from to ensure that their affairs are in order when the time comes. Two popular options are wills and living trusts. Understanding the difference between the two can help you decide which one is your best option.
A Last Will and Testament
A will is a legally binding written document that dictates how your property and assets will be distributed when you die. You can modify your will at any point during your lifetime, which means that the terms are not set in stone at the time of writing them. You can use a will to name a guardian of minor children in the event of your death, decide how debts and taxes will be paid, and name an executor of your estate.
Living Trusts
Working With Your Ex-Spouse to Parent Your Children After Divorce
It is normal for relationships to change, but it is when they change too much that couples may consider getting a divorce. Not all married couples decide to have children, but if they do, a divorce can become much more complicated. You may be able to resolve the various legal issues that must be addressed during divorce, but when it comes to the relationship with your ex, that is up to you. It is, however, in the best interests of your children to remain civil with each other while raising them together.
Positive Relationships in Sole or Joint Custody Situations
Following divorce, parents may have joint custody of their children, or one parent may have sole custody. With sole custody, one parent is granted primary responsibility of the child, and the other has visitation rights (known as parenting time in Illinois). With joint custody, both parents share decision-making responsibility when raising their children.
Spousal Maintenance and the Division of Marital Property
Financial and property considerations can be a very complicated part of the divorce process. It is often difficult to determine who should get what and how much is fair based on the specific circumstances of the case. For many couples, the concepts of dividing marital assets and spousal maintenance might seem like two, very separate ideas. In reality, they are often very closely related, and in many cases, decisions regarding one directly affects the other.
Spousal Maintenance
Spousal maintenance, or alimony as it is sometimes called, is intended to help a financially-disadvantaged spouse ease some of the economic impact of a divorce and a post-divorce life. To determine if maintenance is needed, in the absence of an agreement between the spouses, the court must take into account a number of factors regarding the marriage and divorce. These include each spouse’s income and needs, as well as their contributions to the marriage and toward the earning capacity of the other. The court will also consider the length of the marriage and the standard of living that was established.
Estate Planning When Your Spouse Is Hesitant to Participate
When married people create an estate plan, both parties are generally involved. What can you do, though, if you want to get serious about planning your estate and your spouse is still reluctant to get on board? Nagging certainly will not do the trick, nor will threatening or begging. Still, there are some ways that you may be able to ensure your heirs do not get shortchanged. It may be helpful to learn a few strategies for dealing with a spouse who seems hesitant to get on board.
Do What You Can On Your Own
While it is best to have your spouse on your side before you create an estate plan, you may not ever be able to persuade them. This does not mean you cannot create an estate plan. In fact, there are strategies that you can use on your own to ensure your assets go to the right people and charities. Assets that are yours-solely yours-can be drafted into an estate plan, regardless of whether or not your spouse participates. Further, you can ensure you have named your power or attorney for health or financial decisions just in case you ever become incapacitated.
Explaining Divorce To Young Children
Getting a divorce is rarely an easy process, and it is further complicated when children are involved. A divorce with children brings up the topics of child custody (allocation of parental responsibilities), visitation (parenting time), and child support. By choosing the right attorney, you can alleviate the stress of planning your upcoming divorce while ensuring that your rights are protected as you and your ex-spouse plan for how to continue to raise your children together after the end of your marriage.
No matter the feelings between the parents, it is important to talk with children and discuss what divorce entails for your family. Depending on their emotional maturity, older children may have an easier time understanding divorce, but younger children often struggle to understand and adjust to the changes in their lives. Here are some guidelines for discussing divorce with children who are six years old or younger:
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