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Financial Planning for Divorce Later in Life

 Posted on January 29, 2025 in Divorce

Mt. Prospect, IL divorce lawyerFor those ending a long-term marriage later in life, financial concerns often take center stage, primarily because people nearing retirement or already retired must carefully plan for their future. A well-structured divorce settlement is particularly important in these situations; such a settlement can help protect assets, secure future income, and prevent unexpected financial hardships. If you are considering divorce but have concerns about how it could impact your finances, an Illinois divorce lawyer can help you make informed decisions. Here are just a few things everyone considering divorce should think about.

Anticipate the Impact on Your Retirement Savings

Many types of retirement funds, including 401(k)s and pensions, require a Qualified Domestic Relations Order (QDRO) to split the funds without penalties. A QDRO is a court-approved document that allows one spouse to receive a portion of the other spouse’s retirement account. Without a QDRO, withdrawing funds could result in taxes and early withdrawal penalties.

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What is a QDRO and How Does it Work? 

 Posted on January 23, 2025 in Divorce

Rolling Meadows, IL divorce lawyerGetting divorced is almost always a major financial stressor, but this is especially true when the person getting divorced is over 50 and approaching retirement age. The financial implications of divorce at this age can be especially pressing because there may not be much time to contribute to savings, investments, and other sources of retirement income.

If you are considering divorce and either you or your spouse has investment accounts that are marital property, Qualified Domestic Relations Orders will probably be an important part of your divorce. Whatever challenges your finances present during divorce, our Illinois divorce attorney is here to help.

What is a QDRO?

A Qualified Domestic Relations Order (QDRO) is a legal document that directs a retirement plan administrator to divide a retirement account between the account holder (the plan participant) and their former spouse (the alternate payee) as part of a divorce settlement. QDROs are required for certain types of retirement accounts governed by federal law, such as 401(k) plans, pension plans, and other employer-sponsored plans.

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Five Terms to Know if You Are Getting Divorced with Children in Illinois

 Posted on January 16, 2025 in Divorce

Barrington, IL divorce lawyerAlthough divorce as a concept is fairly well understood, each state handles the details differently, including the words that are used to describe well-known concepts. Illinois, in particular, has laws that use different words and phrases than most of us are used to when it comes to divorce and child custody.

If you are considering a divorce and have children under the age of 18, the definitions of these terms will be important for you to know. Read through this list and then call our Illinois divorce attorney for more information.

What Does "Parental Responsibilities" Mean in Illinois? 

This is one of the most frequently asked questions from people getting divorced in Illinois. Formerly known as custody and visitation, the term "parental responsibilities" covers the entire spectrum of what parents are expected to do for their children. Parental responsibility is broken down into three further categories: 

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Can I Get Custody of My Kids if I Have a Criminal History? 

 Posted on January 09, 2025 in Child Custody

Palatine, IL family law attorneyEven in the best circumstances, figuring out custody of your child in a divorce is still a difficult experience. This is even more true if you have a criminal history. Your spouse may not have cared about your criminal history when you first met, but may try to use it against you. Likewise, you may also wonder if an active criminal case will affect the child custody process.

Thankfully, Illinois law takes a careful approach to these cases, focusing on the best interests of the child rather than strictly penalizing a parent for their criminal record. An experienced Illinois family law attorney with The Law Office of Nicholas W. Richardson, P.C. can help you navigate this process and build a case for custody, even with a criminal history.

How Does a Criminal Record Impact Custody Decisions?

Illinois Courts make custody decisions based on the best interests of the child. While a criminal history is a factor the Court may consider, it is not the sole or necessarily even the most important factor. The Court will evaluate the nature of the offenses, how long ago they occurred, and whether they directly impact your ability to be a good parent. For example:

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What Are the Steps of Divorce? 

 Posted on December 30, 2024 in Divorce

Palatine, IL divorce lawyerVery few people getting divorced have ever done so before and naturally have important questions about what the divorce process looks like. Divorce follows more or less the same steps for everyone, although the exact timeline and specific steps can vary from case to case.

If you are thinking about getting divorced and wondering exactly what the process involves, this blog is for you. At The Law Office of Nicholas W. Richardson, P.C., our Illinois divorce attorney is ready to answer any other questions you may have and make divorce as clear and straightforward as possible.

Filing for Divorce

Although divorcing couples have often had a strained relationship before filing for divorce – sometimes even for many years – the divorce process in Illinois does not formally start until one spouse files for divorce. f

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Help! My Ex Took My Child Out of Illinois

 Posted on December 23, 2024 in Child Custody

Palatine, IL family law attorneyas taken your child out of the state without your permission can be scary, to say the least. You may be worried about your child's safety and unsure of your legal rights or what steps to take next. If you are in this situation, you are not alone. An experienced Illinois family law attorney can help you act quickly, navigate this challenging situation, and protect your parental rights and your child's well-being.

Can a Parent Just Decide to Take a Child Out of State? 

Under Illinois law, parenting agreements play a major role in determining whether one parent can take a child out of state. If you and your ex have a court-approved parenting plan, it might already have specific rules about travel and relocation.

Generally, even a parent with sole or primary custody must get either the other parent's consent or court approval before relocating a child more than 25 miles from their home. A parent who takes a child out of Illinois without following the proper legal procedures may be in violation of the custody agreement or court order.

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What if I Don't Want to Sign a Prenup?

 Posted on December 16, 2024 in Premarital Agreement

Rolling Meadows, IL family law attorneyPrenuptial agreements (sometimes called "prenups" for short) are legally binding contracts that two people who plan to get married write and sign before the wedding happens. Like any other contract, as long as the prenup is written and signed according to the law, judges will usually see the prenup as valid if a couple gets divorced. Whatever the prenup discusses, as long as it is legal, the terms could be enforced in a divorce decree. 

Although prenuptial agreements have become more popular in recent years, they are not always a good option for everyone, and unfortunately, they are sometimes used as a tool of power by one person or his or her parents. If you are dealing with issues involving a prenuptial agreement, contact an Illinois family law attorney before you sign anything. 

What Happens if I Do Not Sign the Prenup? 

Relationships are complicated and people often change their minds or decide that something they previously agreed to is no longer something they are willing to do. Unless you are sure that signing a prenup is in your best interest, you can decide at any time before the wedding not to sign it. If you have already signed a prenuptial agreement but have not yet gotten married, the prenup does not do anything until you are legally married to your spouse. 

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Child Support Pass-Through Payment Rule Helping Families

 Posted on December 09, 2024 in Child Support

Barrington, IL child support lawyerThe child support pass-through payment rule signed by Governor Pritzker went into effect in July 2024. Until this rule was enacted, Illinois withheld a portion of child support payments to cover operational costs. Now, the entire child support payment will be given to the family, and the department's budget will be increased to cover this gap. Families will also receive a check issued by the Illinois Office of the Comptroller for amounts that were deducted for operational costs from January 2023 to July 2024.

This rule benefits low-income families with children who are current or former recipients of Temporary Assistance for Needy Families (TANF). Illinois is now the first state in the nation to ensure that families receive the entirety of child support money. Other states still appropriate a portion of child support to cover their own departmental costs. This change can help families who depend on child support and TANF for their basic needs. Children will now benefit from the full amount of child support that is paid, helping struggling families who need every single dollar to survive.  

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What Do We Do About Credit Card Debt in a Divorce? 

 Posted on November 26, 2024 in Division of Property

Mt. Prospect, IL divorce lawyer

Divorce often brings financial challenges and credit card debt can add another layer to the complicated issues a couple needs to resolve. Many couples frequently find themselves asking how this type of debt will be divided during their divorce. Illinois law provides clear guidelines, but the process can still be complicated. An experienced Illinois family law attorney can help you decide how to manage marital debt in divorce and work toward a fair resolution.

Understanding Marital vs Non-Marital Debt in Illinois

One of the first questions most people have when confronting the issue of dividing credit card debt is whether they will have to pay for it. Whether both spouses are responsible for credit card debt that only one spouse spent depends on whether that debt is considered marital or non-marital. 

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Four Common Examples of Asset Dissipation During Divorce

 Posted on November 22, 2024 in Division of Property

Palatine, IL divorce lawyerPerhaps you and your spouse have not been getting along for years. You may have contemplated divorce, and even discussed it, but neither of you took the initiative. Now, your spouse appears to be spending large amounts of money somewhere, and you are worried.

Financial trouble is a very common reason for divorce, and a spouse who has simply always had a bad spending habit may leave both spouses in serious debt without any solution for the spouse who was more responsible with money. However, in certain situations, one spouse's spending may qualify as something called "asset dissipation." The word dissipation essentially means "waste," and in the context of divorce, the Supreme Court has defined dissipation as using marital property (usually money) for the sole benefit of one spouse, for things unrelated to the marriage, while the marriage is permanently breaking down.

If a spouse has been dissipating assets, it may be possible to recover the wasted money during the divorce process – but only if the behavior is of a certain kind, and only if action is taken within a certain time frame.

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Introducing The Law Office of Nicholas W. Richardson


Nicholas W. Richardson is an experienced divorce lawyer and mediator whose comprehensive legal knowledge, commitment to clients and reputation for results bring lasting solutions to your problems.

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