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Five Ways Divorce Could Affect your Finances
Most people are aware that going through a divorce will have some sort of effect on your finances, but many are not aware of what those specific effects will be. A recent article published by The Seattle Times has identified five major ways divorce can affect your finances, some of which you may not have expected.
Legal expenses will be one of the most expensive aspects of your divorce. It is not uncommon for people to spend thousands of dollars on legal expenses, even if the divorce isn’t particularly messy. If the divorce is contested, you should be prepared to spend much, much more.
Child-care expenses are another financial toll most parents going through divorce do not expect to take. There is usually only one parent remaining in a household after a divorce, which means that child-care expenses will probably increase.
Taxes are another area that can be affected. Your taxes will increase significantly after switching your filing to single status.
Retirement planning expenses can also increase after going through a divorce. It’s important to consider that pension, IRA, and 401 (k) distributions will most likely be substantially lower as well. In many cases, it is helpful to set up a retirement plan with a professional before finalizing your divorce.
An area that many people do not consider when filing for divorce is their insurance. After your divorce has been finalized, it could be important for people to purchase different insurance policies.
Many people do not fully realize just how much a divorce can affect their finances. They often think about salaries and incomes instead of looking at the bigger picture. If you or somebody you know is entering the divorce process, be sure to contact an experienced Illinois divorce lawyer to answer any questions you may have pertaining to your financial status, as well as any other questions about the process you may have.
Image courtesy of adamr/Freedigitalphotos
Closed Divorce Cases for the Rich and Famous
Cook County courthouses are shunning the American tradition of keeping family law cases open and public, according to the Chicago Tribune. There have been several cases as of late to pass through Illinois public courts that have been sealed or kept closed from the public, according to the Tribune, "despite a rich tradition of openness in the U.S. court system." Closed courts, or cases in which initials are used instead of full names, are most often utilized by the rich and famous to keep their identities private and avoid media coverage. One such case like this is that of former state lawmaker and county commissioner John Fritchey, who is noted on divorce records simply as J.F. His former wife, Karen Banks Fritchey, "who comes from an influential political family," was listed on the documents as K.F.
Requirements for Divorce in Illinois
Regardless of your reasons for getting a divorce, it is important to hire a divorce lawyer who can listen to your concerns and help you through the process. Asking questions and getting accurate answers from a compassionate attorney is crucial.
Consider options such as mediation to work through your divorce. You have the option of having an attorney present in mediation, and you and your spouse have more control over the outcome.
In the state of Illinois, you have to have been a legal resident of the state for at least 90 days before a final divorce judgment can be issued. One or both sides must legally prove that there is a reason for the divorce, whether it is a fault or no fault divorce.
A commonly used reason for divorce is irreconcilable differences, which is considered "no-fault". In order to file a no-fault divorce, the following must be fulfilled:
- The marriage has broken down
Mediation Basics
If you and your spouse are considering divorce, mediation can be a less expensive and possibly easier solution than a trial or a series of hearings. Mediation takes place while a couple is still married, and the goal is to work through issues in the marriage and to agree on things like division of property, child and spousal support, and custody.
Mediation is when the couple, either with or without their attorneys, meet with a mediator. The mediator doesn't make decisions for the couple, but facilitates a healthy discussion.
There are many benefits to going through mediation rather than the courts. First of all, mediation allows those involved to come to their own decisions, rather than having the judge make decisions on custody, alimony, child support, and property division. This also gives the couple more control, and allows for an attorney to be present. Mediation may help improve communication between the spouses, which can help in the future if there are children. Mediation is private and records are confidential, so unlike court records, the public does not have access to details.
To make the mediation a successful venture for both parties, spouses need to be willing to compromise and work through the issues. Don't say no to mediation without discussing the option with your attorney.
Knowing that the odds of a mediation agreement will have a better likelihood of being followed through then a trial should encourage you. Contact an Illinois divorce lawyer who is experienced in mediation.
Image courtesy of freedigitalphotos
The Process of Divorce
The following steps are parts of the divorce process in Illinois.
The Petition
In order to file for divorce, the first thing you must do is file a Petition for Dissolution of Marriage. As the filer, you will be called the petitioner and your spouse will be the respondent. A Petition states several basic facts for the couple and their children and is public record. This step is usually only two or three paragraphs and does not contain much personal information.
The Petition must state the reasons for the divorce, which can be fault or no fault grounds in Illinois. These "faults" must be proven in court; however, the judge cannot consider them while deciding the division of marital property.
Service of Process
"Once the Petition has been filed… due process requires the respondent to be ‘served’ with the Petition and a Summons to appear" in court, according to Illinois divorce law. This means that your spouse will be legally notified of the divorce proceedings.
Legal Grounds for Divorce in Illinois
In order to file for a no fault divorce, the spouses must have lived separately for a continuous period for at least two years and irreconcilable differences must be the reason for the divorce. The court will also determine that efforts to recover the marriage have failed, and that future attempts would be useless and not in the best interest of the family. The qualification of living separately for at least two years may be waived if the couple has lived apart for at least six months and if they have entered into a judgment of dissolution of the marriage.
Fault grounds for divorce include:
- The respondent is naturally impotent, or unable to consumate the marriage
- The respondent committed adultery
- The respondent has infected his or her spouse with a sexually transmitted disease
- The respondent is guilty of habitual drunkenness for at least two years
Divorce Property Distribution in Illinois
Illinois is an equitable distribution state, which means that marital property will not necessarily be divided equally, but it will be divided fairly. In the instance of property distribution, all property that either spouse gains during the marriage is included in marital property. This property will be divided without considering marital misconduct of either spouse, although these factors will be considered:
- The duration of the marriage
- The contribution of each spouse to the marriage, including property, the family unit, and being a homemaker
- The indulgence of the shared and individual property of each spouse
- The value of property that has been assigned to each spouse
- Whether the property will be addition or included along with maintenance
- The age, health, vocational skills, liabilities, occupation, estate, amount and source of income, station and needs of each spouse
New Bill Could Change Divorce in Illinois
In Illinois, current divorce and child custody laws have not been changed for over 30 years. A current group of politicians is looking to change that.
The cross-party committee called the Family Law Study has created House bill 1452 based on data collected from 4 years of surveys. They asked for information from family law experts, judges, child advocate groups, and the general public to rewrite current laws. Chairman and family attorney Andre Katz said that the purpose of this work was to make a system of laws that serves families better.
Within that House bill are the following changes to the current divorce laws:
- Child support payments will consider the incomes of both parents as well as the amount of time spent with child
- Permits non-custodial parent to spend at minimum 35% of time with child, in an effort to minimize disruptive transitions which occur quickly every week
What Moms Should Know About Divorce
Divorce can be especially hard on families regardless of the circumstances surrounding it. Chances are that you will make bad decisions amidst the emotional turmoil you may be experiencing. There are a number of things moms need to know about divorce. An article in the Huffington Post mentions a few dos and don’ts that a divorcing mother should keep in mind.
Don’t panic. Go online and find as much as you need to know about divorce. Contact an
experienced divorce lawyer. Get help and support, and learn about your rights. You should know that you are not going to end up in the street even though your husband is not paying your rent or mortgage any longer. Explain what you are going through to your family and friends, and do not agree to a settlement before the time is right.
Don’t borrow money from family. If you need money for a lawyer, it is better to borrow against your home or get a credit card than to borrow money from your family. You may yet need those resources some other time. Besides, if you are financially dependent on your spouse, he must pay at least part of your legal fees. If you borrow that money from your folks instead, it is less likely that you will get it back.
The Hidden Costs of Divorce
Divorce is often hard on the wallet. Lost income, asset distribution, child support and alimony payments are only some of the expenses. However, there are other ways that divorce impacts your finances, according to a recent article in the LA Times. "Most people don’t realize the depths of what divorce can do when it comes to their finances," said financial planner Samantha Fraelich. "It is usually a matter of much more than a loss of salary or income." Here are a few of the hidden costs of divorce:
Legal expenses. Legal expenses can be thousands of dollars, even if ou’re keeping your divorce on good terms with your spouse. But if the divorce is contested, expect to see an increase in the expenses.
Child Care expense. When you become a single parent, you may have to hire child care. Households often end up paying more for child care than they imagined.
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