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Why Prenuptial Agreements Matter in All Stages of Life
Marriage naturally intertwines a couple's social and financial lives, and these matters must be untangled in the event of divorce. This is no easy task, especially in light of equitable property division, a legal model that ensures both spouses receive a fair share of marital property following divorce. Under this standard, spouses can expect to divide marital assets in roughly equal measures, regardless of which spouse provided the resources to acquire the property in the first place.
While the contributions of both spouses need to be recognized in a divorce, a spouse who has substantial assets coming into a marriage or the potential to become a high-earner may have reasonable concerns about protecting his or her interests if the marriage does not work out. In these cases, a couple may choose to use a prenuptial agreement to address the resolution of financial issues in the event of divorce or another designated event, such as the death of a spouse.
How Does Mental Health Impact Divorce Cases in Illinois?
Deciding to take the final step to end a relationship is never an easy decision, but divorce can become much more complex when one spouse has issues with a psychological condition that compromises his or her capacity. Mental illnesses and cognitive conditions are challenging to recognize and adequately address, and staying in a marriage with a person experiencing these issues may not be advisable if issues of safety and emotional stability are an issue for either spouse.
Divorce requires making a number of significant and binding decisions, and the presence of mental illness or cognitive dysfunction can greatly alter how these decisions are handled, as well as how the impaired spouse may respond to divorce as a whole. The overarching influence of mental illness in some divorces is rarely discussed, primarily due to the stigma associated with mental illness in this country generally. However, mental health issues can take many forms, from alcohol abuse to bipolar disorder, and these issues can affect a relationship in a wide variety of ways. Mental illness will touch more couples than is generally recognized, and it can affect divorce proceedings in the following ways:
Establishing and Enforcing Child Support in Illinois Family Law Cases
One of the primary challenges of being a single parent is finding the money to provide for all of a child's needs. Divorce and separation can drastically change the financial means of the child's primary caregiver, and the law expects that both parents will contribute to the financial support of the child until adulthood.
In the abstract, this ongoing obligation seems logically appropriate and fairly easy to arrange, assuming both parents can cooperate. In practice, however, parents may need to fight to establish and enforce child support, and they can face significant obstacles when child support orders are ignored by the other parent.
A recent article in the Chicago Sun-Times noted that there are millions of dollars in overdue child support owed to children living in Illinois. Unfortunately, the child is the person who most suffers when financial support is withheld, as well as the one who will most feel the burden of having less than what he or she really needs. The most effective and fastest route to receiving regular child support is to work with an experienced family law attorney who has the means and knowledge to ask the courts to take action designed to ensure compliance.
What You Need to Know About Divorce and Taxes
Responding to the changes brought on by divorce is no easy matter, as they encompass nearly every aspect of a person's life. One's finances are heavily impacted by this process, since the resources available to each spouse will be reduced after one household is split into two. The payment of child support and alimony are further expenses that can strain a person's budget.
Taxes is one area that is less discussed but is still vitally important to achieving a fair property settlement and understanding how one's financial picture will look for at least the next few years. Spouses should understand the tax consequences of divorce, including how taxes apply to the division of assets and debts, as well as their post-divorce income tax liability. This issue is of particular importance, as the window to take advantage of the current tax law that allows the payor to deduct alimony payments is closing at the end of 2018.
When Allowing Parenting Time May Endanger Your Child
Protecting a child from harm is the number one priority for parents. Rarely does this danger come from within a family, but when it does, a parent may be forced to make hard choices to ensure the child is properly protected.
Parents are presumed to have a fundamental right to spend time with and make decisions for their children, and this is reflected in the child custody laws that govern divorce cases in Illinois. As a result, in the vast majority of divorces, both parents will receive some amount of parenting time on a consistent basis. Unfortunately, this arrangement is not always appropriate, and in some cases, corrective action needs to be taken to ensure the child's safety.
The normal way to address children's safety involves requesting a modification of the family's parenting plan, but this process takes time, and that is something a parent concerned about his/her child's safety may not have. However, refusing to allow parenting time that has been allocated in a divorce decree is a direct violation of court order, and this can have serious consequences. Parents may wonder what to do if circumstances exist that would negate this rule for the child's sake.
Addressing Property Division Issues in a Gray Divorce
The common perception is that couples who are older and have weathered decades of ups and downs in their relationship will stay together forever. Of course, this is not always the case, and older couples do get divorced, even after 30 or more years of marriage. In fact, divorce among spouses over the age of 50 (known as “gray divorce”) has doubled since the 1990s, meaning more people approaching or in retirement must make major life changes.
Divorce between older couples may be more amicable, but different financial considerations come into play that need to be addressed. Regardless of the length of a marriage, spouses are required to divide marital assets and debts. However, older couples have less time to recover from the financial consequences of dividing everything by half, and they often have more complicated asset portfolios to distribute. Importantly, property division is rarely, if ever, revised by the courts after a divorce has been finalized, so getting it right the first time is crucial.
Ending Your Marriage When Your Spouse Does Not Want a Divorce
Deciding to file for divorce is never easy, and most spouses agonize over what the right choice is for themselves and their families. Ideally, when couples mutually agree that ending their marriage is appropriate, they can execute an uncontested divorce that takes much of the time, cost and uncertainty out of the legal process.
However, this best-case scenario does not always happen, and in fact, some spouses actively fight against the possibility of divorce. This stance can manifest as an unwillingness to participate in the case or a refusal to sign necessary documents. One example of the lengths some reluctant spouses will go to in hopes of stopping an impending divorce is found in the case of former Chicago Board of Trade Chairman Patrick Arbor, who fled the country to avoid paying a $18.3 million divorce settlement and said he was invested in finding another solution that did not involve ending the marriage.
Child Support and Paying for College Expenses
Divorced parents rightly assume that their obligation to pay child support ends when the child reaches the age of 18 or graduates from high school. Financially supporting a child until he/she is legally able to engage in full time employment makes sense from a practical and legal perspective; however, many children go on to attend college and obtain a degree, causing them to incur the sky-high cost of a college education in America.
Unless a child receives a full scholarship that covers tuition, room, board, books and other expenses, the financial assistance of their parents is often necessary to help pay for their college education. Paying for college is a struggle for many parents, and divorced parents face the added pressure of juggling this cost while maintaining separate households.
While educational expenses for primary-level instruction are included in child support formulas, college expenses are not. If a parent wants to ensure that the other party helps cover the costs of a child's college education, they will need to file a petition requesting contribution toward college expenses.
Understanding Illinois' New Collaborative Divorce Law
Divorce may be the best thing for a couple in the long-term, but in the short-term, it tends to release a stream of negative emotions, and bitter Court battles will likely increase the level of conflict. Divorce cases, particularly high-conflict ones, can greatly complicate settling outstanding issues, make it more difficult to move on emotionally and physically, and negatively impact a child's relationship with one or both parents. While litigation is the traditional way to seek divorce, other options are available that are less confrontational and are designed to help couples find common ground, allowing them to resolve their disagreements privately and without Court intervention.
The newest divorce method endorsed by the Illinois legislature is the collaborative law process, and a law governing how it applies to divorce and family law cases went into effect at the beginning of 2018. This non-adversarial approach allows spouses to preserve a working relationship and implement better communication strategies that they can use going into future interactions after their divorce. The format and process of collaborative divorce is quite different than litigated divorce, and it can be a good option for couples seeking an alternative that promotes compromise when addressing how to resolve differences.
New Illinois Alimony Law Responds to Federal Tax Reform
Anyone who is currently paying alimony (legally referred to as spousal maintenance in Illinois) or considering this issue in the midst of divorce is likely aware that as of 2019, the tax rules for this obligation will change dramatically. Currently, the payor receives a deduction for this expense, and the recipient is required to report the payments they receive as taxable income. This arrangement relieves some of the financial burden this support can cause, which can serve to facilitate divorce settlement negotiations. However, under the recent federal tax reform laws, both the ability to deduct alimony and the need to report it as income will be eliminated for any divorce finalized on or after January 1, 2019.
Legal and financial analysts worry that this change will drastically increase the amount of conflict between spouses and greatly deter the payor spouse from agreeing to any type of ongoing spousal support. Recognizing the significant issues this change will introduce into the divorce process, Illinois lawmakers passed a new law this year that allows for adjustments to modification awards in hopes of making the transition under the new tax law easier. A discussion of the changes in Illinois alimony law will follow below.
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.
The Law Office of Nicholas W. Richardson, P.C. serves clients in Illinois cities such as Palatine, Schaumburg, Inverness, Arlington Heights, Rolling Meadows, Glenview, Hoffman Estates, Bartlett, Des Plaines, Elk Grove Village, Mt. Prospect, Niles, Prospect Heights, Skokie, Streamwood, Barrington, Buffalo Grove, Wheeling, and others throughout Cook County, DuPage County, McHenry County, and Kane County.
Results listed are not a guarantee or indication of future case results.
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847.873.6741
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