Posted on December 06, 2024 in Spousal Maintenance

Retirement often brings significant life changes, including new opportunities for relaxation and a slower pace of life. However, this time also comes with financial adjustments. For those paying or receiving spousal maintenance, it raises many pressing questions. What happens to the payments when your income shrinks? Does retirement justify a reduction in obligations? To gain a better understanding of your legal options and responsibilities, it is important to consult with a DuPage County, IL family law attorney.

What Happens to Spousal Maintenance When You Retire?

Retirement typically results in a lower income, whether it is due to transitioning to Social Security benefits, using retirement savings, or relying on pensions. This change can impact spousal maintenance obligations, as courts examine your income levels when determining payments. These orders are not automatically adjusted when you retire, so you may need to take legal action to modify your payment terms.

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 Posted on December 04, 2024 in Divorce

Filing taxes is a complex process that can become even more complicated during a divorce. Deciding whether to file jointly or separately is a critical factor that can have a significant impact on your finances. To make an informed decision, it is important to understand how IRS rules and state laws affect your tax filing status. An experienced Kane County, IL divorce attorney can provide guidance throughout this process to help ensure your financial and legal interests are protected.

What Does It Mean to File Taxes Jointly or Separately?

When you jointly file taxes, both spouses combine their income, deductions, and credits into a single tax return. This option is available if you are still legally married as of December 31 of the tax year.

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 Posted on November 29, 2024 in Divorce

Divorce agreements are designed to provide clear rules for parenting time, financial support, and other post-divorce arrangements. However, disputes may arise when an ex-spouse does not follow these court orders. Whether you are dealing with unpaid spousal support or denied visitation, understanding your legal options can help you effectively resolve the issue. An Illinois family law attorney can help you enforce court orders and protect your rights.

How Can You Enforce a Court Order in Illinois?

The legal system offers tactics to enforce compliance, with steps such as:

• Documenting the Violation: Keep records of missed payments, denied visitation dates, and other violations, as well as emails, texts, or other communications that can serve as evidence.

• Filing a Petition for Enforcement: This petition asks the court to enforce the order and may also include a demand for payment or schedule adjustments.

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 Posted on November 28, 2024 in Divorce

Divorce is rarely an easy process, but high-asset cases bring additional layers of complexity. Couples with significant wealth often have to navigate dividing business interests, multiple real estate holdings, or intricate financial portfolios. The way these issues are resolved can profoundly impact both parties’ financial futures.

Two common divorce resolution strategies for high-asset cases are mediation and litigation. Each has advantages and drawbacks, and the right choice depends on the couple's unique circumstances. A DuPage County, IL divorce lawyer can help you determine whether a collaborative resolution through mediation or going to trial is the best legal strategy for your case.

When Does Mediation Work Best?

In mediation, divorcing spouses work with a neutral third party, known as a mediator, to resolve disputes and reach a mutually acceptable agreement. Mediation can be useful in high-asset divorces because it can provide: 

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 Posted on November 22, 2024 in Property Division

For business owners, protecting the future of their business is a critical personal matter. It represents years of hard work, sacrifices, and financial investments. However, during a divorce, the business could be considered a marital asset and may be subject to division. 

Whether a business is split or remains untouched can depend on factors such as when the business was established, each spouse’s role in it, and any existing protections. If you are concerned about what will happen to your business during your divorce, an Illinois family law attorney can offer personalized guidance to help you secure your hard-earned assets.

What Determines Whether a Business Is a Marital Asset?

In Illinois, marital property is any asset acquired by either spouse during a marriage, regardless of who holds the title. As a result, these assets are subject to equitable distribution in the event of a divorce. There are important distinctions to note when determining marital property:

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 Posted on November 20, 2024 in Divorce

After a long and stressful divorce process, reaching a divorce agreement can feel like a huge relief. However, issues may occur if one spouse fails to comply with the terms of the agreement, leaving the other with financial, legal, or emotional frustrations. If your ex-spouse is not following your divorce decree, there are several legal steps you can take to address the situation. A skilled Illinois family law attorney can help you enforce your divorce agreement and pursue options to protect your rights.

What Can You Do if Your Ex Refuses to Pay Child or Spousal Support?

When an ex-spouse fails to pay child or spousal support according to the divorce agreement, state laws provide several enforcement options, such as:

• Income Withholding Orders: The court can issue an income withholding order, which requires the ex-spouse's employer to remove support payments directly from their wages.

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 Posted on November 18, 2024 in Child Custody

The holidays are a time for family, joy, and togetherness. However, for parents navigating a shared custody arrangement, it can also be a time of stress and tension. They may wonder how they can create a holiday schedule within their parenting plan that works for everyone and is fair to their children.

With the right approach, it is possible to make the holidays a positive experience for your family, even in a co-parenting situation. An experienced Illinois family law attorney can help you create a balanced holiday schedule that prioritizes your children’s needs while respecting each parent's right to quality time.

How Should You Decide Which Holidays Each Parent Will Have?

The ideal way to divide holiday time is through open, respectful communication. Parents can discuss their preferred holidays and make adjustments based on family traditions, religious observances, and other personal priorities. Events like family reunions or annual celebrations that hold particular significance could influence the scheduling decisions.

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 Posted on November 15, 2024 in Divorce Over 50

Divorce is never simple, but for people aged 50 or older who are ending a marriage, the challenges can be incredibly complex. Also known as "gray divorce", one of the most pressing concerns in these later-in-life divorces is the impact on retirement income. Decades of shared finances, long-term investments, and retirement planning now need to be carefully untangled. The stakes are high for those nearing or already in retirement, as a reduced retirement income can affect quality of life, healthcare options, and even the ability to maintain independence. An experienced Illinois divorce attorney can help ensure that your retirement income is accurately assessed and divided to create a stable post-divorce future. 

How Are Pensions Divided in a Gray Divorce?

In Illinois, pensions earned during a marriage are considered marital property and are subject to division in divorce. State laws follow an equitable distribution approach, meaning that retirement assets are divided fairly, but not necessarily equally. Factors like the length of the marriage, each spouse’s financial needs, and future earning ability are all considered.

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 Posted on November 14, 2024 in Divorce

Life after divorce often brings a range of adjustments, especially when managing finances independently. In some cases, however, these financial circumstances can shift unexpectedly, creating new burdens that impact your ability to comply with the terms of your divorce decree.

Events like sudden job loss, a medical emergency, or a considerable pay decrease can strain your resources, making it difficult to maintain agreed-upon financial obligations. An experienced Illinois family law attorney can help guide you through your options if you need to modify your divorce decree due to a significant financial change.

Can I Modify My Divorce Decree After a Financial Change?

To seek modification, you must demonstrate that the change impacts your ability to meet the financial obligations outlined in your original divorce decree. Illinois law allows for modifications to divorce decrees if there has been a substantial change in circumstances such as: 

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 Posted on November 11, 2024 in Divorce

Going through a divorce can be overwhelming, especially for stay-at-home parents who may not have had the same financial independence as their spouse. Without the security of a regular income or recent work experience, stay-at-home parents may feel particularly vulnerable as they face the uncertainties of life after divorce. This is why it is essential for stay-at-home parents to take proactive steps to protect their financial future. If you are a stay-at-home parent dealing with this significant life transition, an experienced Illinois divorce attorney can help you navigate these legal and economic challenges.

What Are Your Spousal Maintenance Rights in Illinois?

Spousal maintenance, previously referred to as alimony, is a key consideration for stay-at-home parents who have sacrificed their earning potential to care for children or manage the household. In Illinois, spousal maintenance is determined based on several factors, including the length of the marriage, the financial needs of each spouse, and the standard of living established during the relationship.

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