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Decision about family home major part of divorce
Purchasing a house with a spouse in Illinois is one of the biggest moves two people will make together. It is therefore understandable why figuring out what to do with the marital home during a divorce is an important decision. In some cases, both individuals agree to simply sell the home and split the proceeds.
An important step in selling the family home during a divorce proceeding is to get the house ready for showings. Staging the house might entail tasks such as doing repainting and minor repairs. It is necessary for both spouses to come to an agreement on where the money needed to complete these jobs will come from. Also, if one of the spouses is still living in the house, it is wise for him or her to de-clutter and clean the residence before showing it.
Both parties can also be a part of the process of reviewing any offers made on the home by potential buyers. Although the agent may provide advice, the final decision belongs to the two spouses. Once the house is sold and all obligations are paid, the escrow company is generally able to distribute the proceeds.
A few simple steps may make divorce process simpler
Divorce is essentially a complex solution to complex marital problems. However, although a divorce proceeding is characterized by emotional upheavals and complexities, it can be made simpler. A few simple steps may help individuals going through divorce in Illinois to complete the process more easily.
First, it is wise to gather the financial documents belonging to both parties in the marriage and then organize them in a single place. It may even be necessary to buy a multi-section file folder for keeping these papers organized. One important document to obtain is a mortgage statement, which includes all information related to a jointly held property.
Divorcing individuals in Illinois would also be wise to get their retirement account statements, along with pension plan statements and 401(k) information. Credit card statements and checkbook registries for the previous year are also needed. Finally, investment account statements, bank account statements and statements for long-term debt accounts are important to gather. Putting all of this information together allows one to develop a thorough overview of how one's money was spent the previous year and what has to be paid in the year ahead.
Third-party trust may be area of contention during divorce
During the process of divorce in Illinois, one of the biggest concerns a person may have is how to handle asset distribution and property division. After all, the decisions made during the divorce will impact the individual's ability to be financially secure in the years following the divorce. Third-party trusts may especially be a source of contention during divorce.
An example of a third-part trust is one that is created for either the wife's or the husband's benefit by the individual's parents or grandparents. The question is if a woman who is getting divorced and has income from this type of trust that is specifically intended to provide for her welfare, support, education and health, does she have to give some of this income to her ex? Legal cases that have examined this type of question are often appealed to a higher court. Thus, if a person is ordered to divide his or her trust fund dollars with his or her ex, the person may wish to appeal.
One way to prevent this difficult situation is to have the parent or grandparent setting up the trust include language designed to guard against the inclusion of the trust in a divorce settlement. A person may even have the trust's terms emphasize that it should never be deemed a marital asset. Marital assets legally have to be divided in a divorce.
Stevie Wonder will pay $25,000 per month in child support
In Illinois, child support can be a cause of conflict between two parents who are going through the process of divorce. In most cases, child support obligations come to an end when the child reaches the age of 18 or becomes emancipated — for example, he or she marries or joins the military. In one recent out-of-state case, well-known and recently divorced singer Stevie Wonder has been ordered to pay a whopping $25,000 in child support.
Wonder and Kai Millard Morris, his second wife, finalized their divorce on a recent Monday. They had initially filed for divorce in 2012. The two individuals will share custody of the two boys they had together, ages 10 and 14.
In addition, Wonder will be responsible for the child support costs. Wonder has a total of nine kids from five women. His youngest child was born in Dec. 2014; named "Nia," he had her with his current girlfriend, Tomeeka Robyn Bracy.
In Illinois, courts typically follow statutory child support guidelines, although a deviation may be necessary if two parents share joint physical custody of the kids. A modification of an existing child support order may also be granted down the road if either one of the parents' life situations change substantially, and the court determines that a change in the amount of child support being paid is necessary under the circumstances. Each party has the right to rely upon legal counsel to pursue a fair outcome and ensure that their rights are protected in court when addressing child support matters.
Child custody matters may be confusing to toddler
During a divorce in Illinois, the kids are sometimes caught in the middle when their parents are battling over child custody. This is difficult for children at any age, but it can be uniquely challenging for a toddler. A few tips may help divorcing parents to prepare a toddler for the change to come while dealing with child custody issues.
First, it is important to describe to the toddler how the divorce will specifically impact him or her, as toddlers are literal, concrete creatures. For instance, a mother may explain that she and the child's father will live in their own houses and the child will get to live at both homes. It is also expedient to tell the child that this arrangement is permanent. The more detailed a parent can be about the child's new living situation, the more prepared he or she will feel.
It may also be beneficial to use language that is black and white when describing the divorce rather than sugar-coating the situation. A toddler does best when spoken to with simple, concrete language featuring a clear message. Explaining that the mother, dad and toddler will remain a family even after the split-up might confuse the child and give him or her false hope that his or her parents will live together again.
Divorce involving family business may be tricky to navigate
People in Illinois naturally hope that their marriages will bring them happiness forever, but, unfortunately, divorce is sometimes unavoidable. Divorce is challenging for any couple, but it is especially nightmarish for a couple who co-owns a business. A few tips may help married people who own businesses together navigate the complex divorce process.
A prenuptial agreement can come in handy for protecting one's assets in the event of divorce. This agreement explains how a business will be divided if the couple who owns the business decides to split. Establishing a buy/sell agreement is also a wise move when a married couple first sets up its business, as this is also helpful for protecting one's assets.
If a person going through a divorce has not completed these steps, he or she may benefit from sitting down with his or her future ex-spouse to figure out how they would like to go about dealing with the business. A collaborative divorce process may be used, as it allows both parties to meet in a manner that is non-confrontational to explore options and begin negotiations. Any conflict or family-related issues are managed in a constructive and respectful manner.
Forensic accountants increasingly used during divorce
Wealthy individuals in Illinois and other states often use forensic accountants during the divorce process. These types of accountants are often utilized to address business-related concerns, particularly if one's spouse and business partner may be involved in questionable practices. The trend of depending on a forensic accountant during a divorce proceeding is expected to accelerate for several reasons.
First, it is not possible to split marital assets if both parties do not know exactly what these assets are or what they are worth. Couples with high net worth usually have a wide variety of assets to divide, including partnerships, collectables, businesses and portfolios. A forensic accountant can help accurately determine each of these assets' value.
Sometimes assets are held in a trust, or they are located in various jurisdictions; in both situations, obtaining a valuation can be challenging. The valuation of life insurance policies, deferred compensation arrangements and retirement plans also require the knowledge of qualified forensic accountants. Accountants are especially helpful if a spouse is trying to hide marital assets or if it seems impossible to determine a spouse's actual income.
Child custody matters often tricky to address in divorce
As children head back to school this fall, one of the major problems divorced individuals may face is how to handle the custody schedule. Child custody can be one of the most stressful parts of a divorce case in Illinois, and even if two people were able to create a co-parenting agreement, clearly communicating with the other parent after the fact can sometimes be tricky. A few tips, however, may help divorced individuals effectively co-parent in Illinois.
An example of a communication problem that may occur during the co-parenting process is if one parent knows about the child's big homework project but the other one does not. Schoolwork can be a tricky area to keep a track of if the child is traveling back and forth between Mom's house and Dad's house. It can be helpful for the parents to request that teachers and the administration at the child's school communicate with both parents at all times. In cases of emergencies, the school may be advised to first contact the parent who is scheduled for custody and then contact the second parent.
An understanding of the law critical during divorce
Divorce in Illinois can be a challenging process for an individual no matter how long he or she has been married. Although family and friends can be a helpful support system during divorce, their advice may not always be in one's best interest. This is why proper legal guidance is invaluable during this type of family law proceeding.
Some individuals believe they can handle a divorce on their own simply by looking up legal terms online. However, divorce is a complicated process, involving complex calculations such as those involving child support and alimony. Making one seemingly minor mistake can end up costing a person financially long term. Appropriate legal guidance can save a person not just time but also his or her sanity.
It is also important to avoid rushing through a divorce in an effort to be done with it. Divorce is understandably an unpleasant time, but it is essential for people to take their time so that they can effectively explore all of their legal options. This is especially critical when people are dealing with financial issues. Divorcing individuals would also be wise not sign any document without first fully reading it and comprehending the consequences of it.
Prenuptial agreement offers benefits in the event of divorce
When people in Illinois get married, they often naturally believe that the marriage will be long-term. Unfortunately, not all marriages last, and in these situations, a prenuptial agreement can be immensely helpful. Creating a prenuptial agreement before a marriage can help a person protect himself or herself in the event of divorce down the road.
Some people feel that asking a future spouse to sign a prenup is not exactly the type of romantic conversation they would like to have. However, a prenup offers many benefits. For example, it protects a person's individual property, particularly if two people's assets happen not to be evenly balanced when they enter a marriage.
A prenup is also helpful in that it defines the couple's marital property. Marital property must be divided between the two parties during a divorce, while separate property does not have to be split. Prenuptial agreements additionally arrange the legal aspect in the event of either a marital dissolution or a death. It is important to make plans to take care of a surviving spouse.
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