Recent Blog Posts
What is Most Important to Know About the Income Shares Method in Calculating Illinois Child Support?
Child support is a critical aspect of divorce and separation cases as it ensures the financial well-being of a child after her parents break up. Each state has its own set of guidelines for calculating child support, and in the state of Illinois, the “income shares method” is used.
Understanding key aspects of this method is crucial for both parents. In this blog, we will delve into the most important things to know about the income shares method and how it affects child support calculations in Illinois. For matters relating to this important issue, contact an experienced family law attorney to be your guide through this process and other important parts of your divorce.
Definition and Purpose of the Income Shares Method
The income shares method is designed to estimate the amount of money that would have been available to support a child if her parents had continued living together. It assumes that both parents share financial responsibilities for a child, and that their incomes should be combined and allocated to support the child’s needs after the divorce. Each parent pays their fair share of child support, depending on how much money they make.
Strategies for Protecting Your Credit During Your Divorce
Divorce is a challenging and emotional journey, and amidst the turmoil, it is crucial to pay close attention to your financial well-being. Protecting your credit during this period is essential, as it can directly impact your post-divorce financial stability. Today, we will discuss strategies you can implement during divorce proceedings that can help safeguard your credit, allowing you to navigate this transition with confidence. As you go through this difficult period, your divorce attorney will be an excellent resource for discussing any questions or concerns about protecting your credit during this process.
Consider Implementing These Strategies
The first step you should take is closing your joint credit accounts. Joint accounts carry significant financial risks, as spouses are equally liable for the debt. Work with your attorney to close joint accounts and transfer the balance to individual accounts wherever possible. By eliminating joint credit, you limit exposure to damage caused by your ex-spouse’s financial choices. Remember to remove your name as an authorized user from your ex-spouse’s accounts.
What Are the Benefits of Choosing Mediation in Your Illinois Divorce?
Divorce is challenging for many reasons and is often a slow and costly process. One of the most significant decisions a couple can make is to opt for mediation instead of litigation. Mediation is a process where a couple works collaboratively with a neutral third-party mediator to address all aspects of their divorce. This way of resolving a divorce has several benefits that are important to be aware of. Remember, regardless of whether you choose mediation, you will still need to acquire the services of an experienced divorce attorney to ensure that you can make decisions in your best interests.
Five Critical Benefits of Mediation During a Divorce
Here are the top five benefits of choosing mediation during a divorce:
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Control over the process – Mediation gives individuals enhanced control over the process and outcome of their divorce case. Rather than leaving things up to the court or judge to decide, the divorcing couple can work collaboratively to find mutually acceptable solutions to the issues at hand. Individuals can choose how to negotiate and prioritize what matters most to them.
Will I Need to Keep Making Spousal Support Payments if My Ex Gets Remarried?
When a couple divorces, spousal support is sometimes ordered as part of the divorce agreement. In Illinois, the duration of time for spousal support payments is determined based on the court’s evaluation of several factors, such as how long the couple were married, each spouse’s earning potential, and the standard of living the couple experienced while they were still married. However, when the ex-spouse who receives the spousal support gets remarried, it can raise the question of whether it needs to be continued. If you have questions pertaining to spousal support, discuss them with your attorney to ensure you have a complete understanding of your obligations moving forward.
Spousal Support in Illinois
Under Illinois law, spousal support is only awarded to the party that truly requires the support and aims at maintaining the person’s previous standard of living. Once the circumstances of the supported-spouse change, the obligation to pay the support may also cease to exist. There is no hard and fast rule in this regard, but there are certain circumstances that Illinois courts follow to modify or terminate the support payments.
What to Know About Dividing Retirement Assets in Illinois Divorce
Dividing retirement assets in a modern divorce can be a source of enormous contention during proceedings, which makes sense considering that retirement assets are often one of the most high-value assets someone can have. In Illinois, retirement assets are considered marital property and are subject to division during divorce proceedings. Understanding the legal requirements and options available for dividing retirement assets in Illinois is crucial to ensure a fair and equitable distribution. Discuss with your divorce attorney during this time as you look to protect your rights and understand your legal options.
Everything You Need to Know About Dividing Retirement Accounts in an Illinois Divorce
One of the most common ways to divide retirement assets in a divorce is through a Qualified Domestic Relations Order (QDRO). A QDRO is a legal order which instructs a retirement plan administrator to transfer a portion of the plan’s benefits to the non-employee spouse. The non-employee spouse then becomes the owner of those benefits and can choose to receive them at retirement age or roll them over into their own IRA account.
What is Most Important to Know About Prenuptial Agreements?
Prenuptial agreements, also known simply as “prenups,” are contracts entered into by couples that are about to get married. These agreements are used to outline the division of assets, spousal support, and other aspects of the marriage in the event of divorce or death. To ensure that your prenuptial agreement is binding and enforceable, there are essential things you need to be aware of before signing on the dotted line. If you are interested in signing a prenup, contact a family law attorney to ensure your rights and best interests are preserved throughout the process of the agreement’s creation.
Crucial Aspects of a Prenuptial Agreement
Here are the aspects of a prenup that are worth considering:
Moving to a New Town? Make Sure You Know Illinois Parental Relocation Laws
Whether it is because of a new job opportunity, a better school for your kids, or to be closer to family, it is not uncommon for parents to move. If you are co-parenting with an ex and you intend to relocate, it is important to understand your obligations under Illinois law. When a parent with the majority of the parenting time or an equal share of parenting time relocates, they may need to get permission from the court to do so. If the other parent agrees to the move and does not try to contest the relocation, the legal process is relatively straightforward. However, if the other parent contests the relocation, the situation can become more complicated.
When the Illinois Parental Relocation Laws Apply
If you are moving only a short distance away, you probably do not need to take any special steps in order to move. Illinois parental relocation law only applies to parents who are moving out of state or a significant distance away. If you live in one of the collar counties and you plan to move more than 25 miles away, this is considered a relocation. If you live outside of the collar counties, it is a relocation if the new residence is more than 50 miles away or more than 25 miles away and in a new state.
What is a Guardian Ad Litem?
Many people involved in family law cases such as a divorce or child custody dispute have questions about the role of guardians ad litem (GAL's). They misunderstand the purpose of a GAL or confuse a GAL with an actual guardian who takes on a caretaking role.
A guardian ad litem is an individual, typically a trained attorney, who is appointed by the court to represent the best interests of a minor child (or children) in family law matters. A GAL is charged with gathering information from all relevant parties, including parents and family members, and making recommendations to the court about what arrangement would be best for the child or children’s welfare.
Why Was a Guardian Ad Litem Assigned to My Case?
If a GAL was assigned to your case, it might be because the judge in the case wants more information before making a decision. Or, another party involved in the case, such as your child's other parent, may have requested a GAL. Do not worry if a GAL is assigned to your case. The assignment is not a reflection on your or a statement about your parenting. However, it is important to cooperate with the GAL and comply with any requests for documents or information.
How Does Divorce Impact Social Security Benefits?
There are countless issues to consider when it comes to divorce, and many of these concerns involve finances. Divorcing spouses understandably worry about how the divorce will impact their financial futures. One of the most important issues to consider is how divorce affects one’s Social Security benefits.
Can I Get Social Security Through My Ex-Spouse?
Under certain circumstances, divorced spouses may be eligible to receive Social Security benefits based on their former spouse’s earning record. If the marriage lasted at least ten years, a divorced spouse can claim up to half of the ex-spouse’s benefit amount if it is higher than his or her own earned benefit. To get this benefit, the divorced spouse must be unmarried and 62 years old or older.
Divorce Tips for Stay-at-Home Moms in Joliet
When mothers choose to stay home to raise children, they typically rely on their spouse's income to make ends meet. Mothers who do not work outside the home, work limited hours, or volunteer are often put in a precarious situation during divorce. However, with the right planning, support, and legal guidance, divorcing stay-at-home moms can make a successful transition while protecting their financial interests.
Get Familiar with Your Financial Situation
For many stay-at-home mothers, the household and family responsibilities are divided. The mom focuses on taking care of the children while her spouse takes care of other responsibilities, such as paying bills and managing money. Before filing for divorce, it is important for a stay-at-home mother to familiarize herself with the family's financial situation. Developing an understanding of both assets and liabilities will help give her a clearer view of her financial future after the divorce is finalized.
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