Divorce can disrupt the financial plans from your marriage, including savings you have accumulated for your child’s college expenses. If you have been making regular contributions to a college fund, you may worry about how you will continue to afford them on your individual income while also supporting yourself and your child. You should discuss your college savings plan with your spouse during your divorce negotiations, including who will control any existing savings and how to ensure that the money goes towards your child.

Types of Plans

Savings accounts from your marriage, such as a retirement plan, are considered marital assets because they are funded with marital income. Even if you keep control of the entire account after your divorce, you may need to compensate your spouse for half of the value of the account. A court may exclude your college savings account from your marital property if it classifies the account as a fund set aside for your children. The best way to do this is by creating a plan that is meant for college savings, such as a:

• 529 savings plan;
• Custodial 529;
• Coverdell Education Savings Account; or
• Trust in your child’s name.

Plan Control

If you created the college savings account before your divorce, you will need to decide which parent will be in charge of the account moving forward. Usually, one parent assumes total control of the account, though you can split the account and each receive half of its value. You can include conditions in your divorce agreement stating that:

Studies on the likelihood of divorce often look at factors on a personal level, such as an individual’s income, education, employment, and maturity at the time of marriage. A recent study from the University of California at Irvine instead looked at how society as a whole affects the likelihood of divorce. The researchers collected divorce data from 84 countries from 1970 to 2008. They did not include the U.S. in the study because they considered its statistics to be an outlier, but the findings of the study can still be applied to the U.S.

The global divorce rate more than doubled during the study period, increasing from 2.6 divorces per 1,000 marriages to 5.5 divorces per 1,000 marriages. Countries in Northern and Western Europe generally had the highest divorce rates, while divorce rates were lowest in Southern Europe, Latin America, and Eastern Asia. Divorce rates greatly varied amongst countries in regions such as Eastern Europe, the Middle East, and Central Asia. Some countries bucked their regional trends, such as Cuba having a high divorce rate and Ireland having a low divorce rate. Researchers found five common characteristics in many of the countries with high divorce rates:

1. High Economic Development: Countries with higher gross national incomes also had higher divorce rates. People with higher incomes may feel more secure in leaving their spouses and financially supporting themselves. They may also be less worried about the expense of divorce.
2. High Education: High levels of education often go along with economic development. The study measured education levels by the number of people who received secondary education, such as college. A more-educated person may be more capable of obtaining a well-paying job.
3. Female Independence: Countries with higher divorce rates tended to have more women who were members of the workforce. Unemployment can be an obstacle for a woman considering divorce because she is dependent upon her husband. Working women may have more confidence in themselves.
4. International Organizations: Membership in international organizations and treaties corresponded with higher divorce rates. The researchers believe that being part of these groups encourages countries to accept modern principles on individual rights, such as the right to divorce.
5. Fewer Catholics: The Catholic Church does not recognize divorce, though this does not prevent some Catholics from divorcing. However, a country with a predominantly Catholic population, such as Italy or Ireland, may be more likely to adhere to the rules of the church.

Contact a St. Charles Divorce Attorney

The U.S. shares all of the qualities that are associated with higher global divorce rates. As a nation, we are accepting of divorce and give individuals the confidence that they can support themselves after divorce. A Kane County divorce lawyer at Goostree Law Group can help you after your decision to divorce. To schedule a free consultation, call 630-584-4800. 

Taking a vacation after completing your divorce can be therapeutic. You have built up a lot of stress during the process and may need a short period of time when you can relax and enjoy yourself. It is easier to avoid reminders of your divorce by getting away from your familiar home environment. Visiting a new location may inspire a fresh perspective on your life after divorce. You can decide for yourself when the best time will be to take that vacation and where you should go. Here are four tips for making vacation plans after a divorce:

1. Identify What You Enjoy: Vacations can be very busy or very relaxed. Some people enjoy visiting new places and seeing the sites. Others like physical activities that are intensive or leisurely. You may prefer sitting on a beach or finding a quiet place where you can disconnect. This vacation should focus on what you enjoy, whether that is activity or inactivity.
2. Vacation Within Your Means: Your divorce will naturally diminish your financial resources because of the requirement to divide your marital property. You should not schedule a vacation that will break your budget. It would also look bad if you receive spousal maintenance and immediately use it on a lavish trip. If your money is tight, be creative in your vacation plans by picking a less expensive destination that you will still enjoy. A weekend trip may be more practical than a week-long stay.
3. Meeting Your Children’s Needs: Having children will affect your vacation plans. Your children deserve a vacation as well, which may delay your plans until the summer. A family vacation may be less relaxing for you and prevent you from doing some of the activities that you enjoy. You will need to fit your vacation into your parenting schedule, which may involve changing your normal schedule. You can plan a vacation without your children, but that would still require consulting with your co-parent.
4. Having Company: You have the choice of whether you will vacation alone or with others. A solo vacation gives you more freedom to relax but may be lonely. You can invite friends or family to accompany you on the trip, with the understanding that you want to avoid talking about your divorce. You should consider joining a tour group if you like structure and interacting with people who have similar interests.

Contact a St. Charles Divorce Attorney

To afford the vacation that you want, you need financial security coming out of your divorce. A Kane County divorce lawyer at Goostree Law Group can help you plan for life after divorce. To schedule a free consultation, call 630-584-4800.

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Common sense says that you should not embark on a life-changing event such as starting a new career at the same time as you are going through a divorce. Doing both will divide the time and energy you need to devote to each, as well as pile stress on yourself. However, one change can beget another, and getting a divorce may cause you to reconsider your current career and whether it is meeting your needs. Starting a career change during a divorce can be good or bad timing, depending on the reasons for the change.

Positives

There are typically three reasons that someone wants to change their career during their divorce:

• They need a better-paying job in order to be financially independent of their spouse;
• The work hours of their current job will make it difficult for them to have regular parenting time with their children; or
• They are unsatisfied with their current career and want a job that matches their passions.

A divorce court may view the first two reasons as positive steps on your part. The court may expect you to attempt to become financially independent as a condition of awarding you spousal maintenance. Seeking a better-paying career shows you intend to become less reliant on your spouse. A career with flexible working hours also shows that you take your parental responsibilities seriously, which may help you receive a fair share of the parenting time.

Due to the overhaul of Illinois’ child support law a few years ago, some divorced or separated parents are working under a drastically different child support system than others:

• For child support agreements created before July 1, 2017, the non-resident parent pays a percentage of his or her income, based on the number of children; and
• For child support agreements created since July 1, 2017, the total child support obligation is determined by the parents’ combined incomes, and the non-resident parent pays a percentage of the obligation that is proportionate to his or her share of the combined incomes.

The new child support model would potentially reduce the payments of a parent who was using the previous child support model. However, the existence of the new law is not enough reason to allow a modification of a child support agreement. 

Recent Case

A parent needs to prove a significant change of circumstances to immediately modify a child support agreement, which is usually a change in income or expenses for either parent. In the recent case of In re Marriage of Salvatore, a divorced father thought he had enough of a change of circumstances to allow him to reduce his child support payments. The parents had completed their divorce in 2015, with the father paying $8,100 per month for child support. The mother was unemployed at the time of divorce but had since been employed as an office worker and nurse.