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Recent Blog Posts
Common Mistakes to Avoid When Creating a Parenting Plan in Illinois
Creating a parenting plan can be challenging, requiring parents to make important decisions about their children's care and upbringing. There is no universal solution; however, parents should avoid some common mistakes to ensure that their parenting plan is practical and workable.
Using General Wording
One common mistake parents make when creating a parenting plan is using vague or general wording. This can lead to misunderstandings and conflicts. Unfortunately, it leaves room for interpretation and disagreement. To avoid this mistake, it is important to be specific and detailed when outlining the plan's parenting schedule and other provisions.
For example, instead of saying that the child will spend "weekends" with one parent, specify which weekends (e.g., the first and third weekends of the month) and the exact times of pick-up and drop-off. Precise detail can help prevent conflicts and ensure parents understand their rights and responsibilities.
How is the Duration of Alimony Determined in Illinois?
Divorce can take an emotional and financial toll on both parties involved. For couples with income disparities, alimony helps ensure the lower-earning spouse maintains financial stability. Illinois has guidelines for alimony duration, but judges consider unique circumstances when making final decisions.
Calculating Alimony Duration in Illinois
Illinois utilizes a formula to calculate alimony duration based on the length of the marriage. For marriages lasting less than five years, alimony payments typically continue for 20 percent of the time the couple is married.
For marriages between five and 20 years, the percentage used to determine alimony duration increases incrementally based on the total years married. A marriage lasting five to six years would result in alimony payments over 24% of the time married. A six- to seven-year marriage equals alimony for 28 percent of the duration. The percentage keeps increasing up until marriages lasting 15 to 20 years.
The Impact of Business Ownership on Marital Property Division in Illinois
When married couples in Illinois divorce, dividing up marital property can get complicated if one or both spouses own a business. Illinois has particular laws about classifying and splitting up business assets that add complexity.
Categorizing Business as Separate or Marital Property
Typically, in Illinois, any property acquired during marriage is considered "marital" and is divided in divorce. But there are exceptions - gifts or inheritances usually stay separate property, as does property exchanged for separate assets unless they have been commingled with marital assets. Prenups and postnups can also define separate properties.
If a spouse started a business before marriage and kept it financially independent, it may stay their separate property. But if marital money expanded the business, or the other spouse helped run it, the increase in value could be marital property.
Understanding the Legal Requirements for Parenting Plans in Illinois
Illinois legally requires divorcing parents to submit a parenting plan to the court within 120 days of filing for divorce. This important document must outline custody logistics, including the child's primary residence, each parent's allotted parenting time and schedule, procedures for sharing information and records related to the child, transportation details for exchanges, decision-making authority on major issues, and any limitations on moving out of state with the child.
Understanding these baseline legal requirements for parenting plans is an essential first step.
Make Your Child the Priority
While following the mandated legal guidelines, the most critical factor when designing your parenting plan should be your child's best interests. Carefully consider the complete picture of your child's needs, including their physical, emotional, mental, and social well-being. Assess their relationships with each parent, personality, age, school, and extracurricular activities. Your plan should reflect their unique needs to stabilize and support their growth and development after the divorce.
Tips for Keeping Your Illinois Divorce Simple and Amicable
Going through a divorce can be a challenging and emotional experience, but it does not have to be contentious. You can keep your Illinois divorce simple and amicable with the right approach.
Consider Counseling
One way to achieve an amicable divorce is by considering counseling. Counseling can help you and your spouse work through any unresolved issues and emotions and provide guidance on communicating effectively during the divorce process. This can be especially helpful if you have children.
Working with a counselor can help you and your spouse better understand each other’s perspectives and learn how to communicate respectfully and productively. This can help reduce conflict and tension during divorce and set the stage for a more amicable resolution.
Hire a Divorce Lawyer
Hiring an attorney early on can help you understand your rights and responsibilities under Illinois law and navigate the divorce process. A lawyer can advise on property division, child custody, and spousal support and help you negotiate a fair settlement with your spouse.
How Retirement Accounts Are Divided in Illinois Divorce Cases
When couples divorce, their assets, including retirement accounts, are subject to division. This blog post will discuss how retirement accounts are divided in Illinois divorce cases.
Retirement Accounts as Marital Property
In Illinois, any property acquired during a marriage is usually categorized as marital property and is subject to fair distribution in the event of a divorce. This includes various retirement accounts such as 401(k)s, IRAs, and pensions. The portion of the retirement account accumulated during the marriage is also usually deemed marital property, making it eligible for division.
Determining the Value of Retirement Accounts
Valuing retirement accounts is vital in the first step of dividing the account. You can start this process by obtaining statements from the financial institution that holds the account or by hiring a financial expert.
How to Keep Divorce From Damaging Your Credit in Illinois
Going through a divorce in Illinois can negatively impact your credit if you are not careful. Following key steps can help minimize damage and keep your credit score healthy during a divorce.
Review All Joint Accounts
Pull your credit reports and review all joint accounts with your spouse, such as:
- Mortgages
- Auto loans
- Credit cards
- HELOCs/home equity loans
Look for any missed or late payments that may already be affecting your score. Also, assess available credit limits and balances.
Create New Credit in Your Name
Open a new credit card account and/or arrange a 12-month personal loan in only your name. Making on-time payments builds your individual credit history. Just do not take on more debt than you can handle.
Divide Joint Credit Card Debt
If you have jointly held credit card balances, ask the issuer to split them into two individual accounts, with each spouse responsible for their portion. This keeps future charges or missed payments from affecting you.
Financial Steps to Take Before Filing for Divorce
Your financial decisions before filing for divorce can have important implications for your future. Taking certain steps can help protect your assets and build a healthy financial life after divorce. If you are considering filing for divorce in Illinois, here are some key financial steps to take beforehand.
Review Your Credit Report
Pull a copy of your credit report and review it for accuracy. Be sure to check for any unauthorized credit cards or loans taken out in your name. Also, confirm your spouse has not missed payments on any joint accounts that may damage your credit score. Dispute any errors with the credit bureaus.
Open Your Own Bank Accounts
Open checking and savings accounts in your name if you share joint marital accounts. Make sure earnings from your job are directly deposited into your personal account moving forward. Close joint credit cards, or remove your spouse’s name if you want to keep the card.
Divorce Later in Life: Special Considerations and Planning Tips
For those over 50, starting over after a long marriage can feel daunting. However, later-life divorce has become increasingly common. The divorce rate for U.S. adults ages 50 and older has increased considerably since the 1990s.
If you are contemplating divorce at this stage, consider how it will impact finances, health care arrangements, retirement plans, and more. With proper planning and professional guidance, you can minimize disruptions and safely transition to your new single life.
Review Your Finances Thoroughly
A top priority is re-evaluating your overall financial situation if divorcing later in life. This includes:
- Updating beneficiary designations on retirement accounts, life insurance policies, and bank accounts previously naming your former spouse.
- Understanding any impacts on Social Security benefits if you may qualify for benefits through your ex-spouse’s record.
Maintaining Civility While Divorcing in Illinois
Going through a divorce is undoubtedly difficult, but being civil with your soon-to-be ex-spouse during the process can benefit everyone involved. Here are some tips for keeping things as amicable as possible when divorcing in Illinois:
Communication Tips
Friendly separation can be fostered by having open and respectful communication. Always speak politely in exchanges with your ex, even when emotions run high. Listen actively to their perspective and try to understand their feelings before reacting. Be willing to compromise when possible to resolve disagreements. Keep conversations focused on divorce matters rather than rehashing old grievances from the marriage.
Mediation
Divorce mediation allows you and your spouse to work through conflicts with the help of a trained, neutral third party. The mediator facilitates productive discussions and helps you reach fair compromises. Mediation can be a constructive way to shape your divorce agreement together rather than leaving it in the hands of the court. It is typically faster and less expensive than litigation.
630-409-8184
1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505
The Law Office of Matthew M. Williams, P.C., provides legal assistance to residents of the cities of Aurora, Oswego, Naperville, Yorkville, Geneva, St. Charles and Wheaton, and to Kane County, DeKalb County, DuPage County and Kendall County,Illinois.
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