Tag Archives: divorce
How Divorce Could Impact Your Child
If you and your spouse are considering calling it quits, you probably have many concerns. Divorce can affect your finances, living situation, and especially your children. What should you expect your children to experience and feel if you and your spouse split? Every situation is different, but experts agree that there are some common themes to be aware of when it comes to how divorce will impact your child.
Does a Bankruptcy Affect My Prior Divorce Settlement?
Many Illinois couples are faced with crippling personal debts and make the difficult decision to file for bankruptcy. Unfortunately, bankruptcy does not eliminate all debts. For example, federal law does not allow a bankruptcy court to discharge any debt incurred as the result of a “domestic support obligation,” such as child support or spousal maintenance. This means that if you and your current spouse seek bankruptcy protection, you may still need to deal with the consequences of a prior divorce.
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Separation and Divorce: Do I Need to Move Out Before I File?
When a married couple is having serious problems, it is not uncommon for the spouses to separate for a while before making any decisions. One partner may move out of the marital home and stay with family members while gathering his or her thoughts about what to do next. The practice is common enough, in fact, that most couples would not think about filing for a divorce while living under the same roof.
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Prenuptial Agreements for Parents Considering Remarriage
When you hear the term “prenuptial agreement,” there is a good chance you think about a high-net worth couple looking to protect financial interests and holdings. Even if the couple has not accumulated a significant amount of wealth, a prenuptial agreement may still be used in situations where one or both spouses own a business or a portion of a business. There is, however, another very common scenario in which a prenuptial agreement is, at the very least, a good idea if not indispensable. A prenuptial agreement can be used to protect the rights of children from a previous relationship for both you and your spouse.
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Understanding the Dangers of a DIY Divorce
America is a nation of do-it-yourselfers, and the internet is full of a wealth of information and advice. With a quick search, tenacious folks can learn how to rebuild an engine, build a new deck, or complete a shabby chic furniture makeover. Of course, there are some projects that even the most skilled DIYer should avoid. They are those projects that have dangerous and/or costly consequences. Electrical work, for example, is best left to the professionals. The same goes for a do-it-yourself divorce.
Types of Co-Parenting Relationships
Are you stuck in an unhappy marriage but worried about the impact a divorce could have on your children? You are not alone. Many parents remain in unhappy marriages to spare their children the pain of divorce. While this may seem like a noble choice, it is often misguided. In fact, in many cases, children fare far better with separated parents compared to married parents in an unhealthy relationship. Why is this?
How Is Marital Property Divided in Illinois?
Did you know that different states divide marital property differently during divorce cases? Some states, Arizona, Louisiana, Idaho and California, for example, divide all marital assets in half during divorce cases, with half of a couple’s assets going to each divorcing party. In Illinois, and in the majority of other states in America, marital property is still split up during a divorce, but it is handled a bit differently. Instead of a 50/50 split, the property is said to be divided fairly and equitably. This means one spouse could potentially receive more than the other, depending on the unique circumstances of each divorce case. How is property divided fairly and equitably in Illinois?
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Decrease Your Chances of Divorce
Data from the American Psychological Association shows that up to 50 percent of all marriages in the United States end in divorce. The likelihood of divorce also increases significantly for those in second or third marriages. People are always wondering, “can I divorce-proof my marriage?” When most couples get married, they imagine a wonderful romance, and likely do not plan to get divorced. With the addition of complicated schedules, bills, jobs, children, and messy houses, however, marriage can easily and quickly turn from romantic to mundane. Many divorces happen for the right reasons when a couple hits an impasse and is unable to remain together. In those cases, it is healthy and necessary to separate. Are there ways, however, to “divorce proof” your marriage, or at least help your marriage endure? A contributor to the Boston Globe recently surveyed many successfully married couples, and while there may be no way to truly divorce-proof your marriage, here are some insightful tips that may help you and your spouse strengthen your relationship and decrease your chances of divorce.
Just Divorced? Tips for Getting Your Finances Back In Order
If you have just divorced, you are likely ready for some relaxation and recovery time. Everyone needs a little break after a stressful, complicated experience, especially after a taxing process like divorce. While you may be ready to take a break from the lawyers, paperwork, and court dates you faced during your divorce, there is one last area to focus on before enjoying your newly single life – your finances. Life post-divorce can be vastly different from married life, so it is crucial that you move on with a solid understanding of your finances and a plan for the future.
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Are ‘Divorce Mortgages’ Coming To Help Older Homeowners?
Gray divorces, or divorces among adults 50 and older, are becoming increasingly more common. In fact, the divorce rate for Americans 50 years old and older has doubled over the past 14 years. Divorce for older Americans, however, has its own unique challenges. Older couples are often either planning for retirement or about to retire, and a divorce can throw a major wrench in those plans. The divorce process itself can be costly, but even after divorce, life as a single person is typically more expensive than married life when incomes are combined. In many gray divorce cases, one spouse hopes to keep their shared family home, but this is unfortunately often too costly for one spouse to handle on their own, especially if they have other large expenses. For this reason, many divorce specialists suggest gray divorcees consider selling their shared home during their divorce and splitting the proceeds. Now, in the United Kingdom, lenders across the country have announced plans to implement “divorce mortgages” at some point this year, and there is a large chance these mortgages will become available in the United States soon as well. Here is what you need to know.
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