Posted on September 10, 2019 in Cohabitation

Couples that choose to live together while remaining unmarried are becoming more and more common in today's society. While there are a wide variety of reasons why a couple may not want to establish a legal partnership through marriage, they may wish to create a legal agreement that will protect their rights. A cohabitation agreement is a legally binding contract between partners, and it can establish property rights and describe how certain matters should be handled if the couple decides to break up. In any relationship, it can be difficult to consider a future without the other partner, but protecting yourself and planning for your future through a cohabitation agreement could help avoid unnecessary stress.

How Can a Cohabitation Agreement Be Helpful?

While some states recognize common-law marriage, in which a couple is considered to be legally married if they live together for a certain number of years, Illinois does not provide unmarried couples with the rights afforded to married spouses. While a prenuptial agreement may be created to help couples entering into marriage protect their assets or address what should happen in the case of divorce, these agreements only apply to married spouses. For those reside together and do not wish to be married, a cohabitation agreement can offer similar protections.

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 Posted on September 04, 2019 in Divorce

When going through a divorce, a couple will need to divide up their property. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), marital property is divided using “equitable distribution.” This means any property or assets acquired during the marriage must be divided fairly, but not necessarily equally. If one spouse is a doctor, dentist, lawyer, psychologist, accountant, or any professional who owns his or her own practice or business, this can complicate matters. Like any piece of the marital estate, several factors will be considered to determine how to divide a professional practice or business during the divorce proceedings. It is important to seek legal counsel so you know your rights when it comes to splitting this valuable asset.

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 Posted on August 30, 2019 in Divorce

After your divorce is complete, your marriage will be legally dissolved, and you and your ex-spouse will go your separate ways. However, you may still be required to remain in contact with each other, especially if you have children together. In some cases, the enforcement of court orders may be necessary if one party does not meet their legal requirements. If your ex-spouse violates your divorce order, you may be able to take legal action against him or her.

Factors That Influence Court Orders

Allocation of parental responsibilities, child support, spousal support/maintenance, and division of property are some of the most common topics addressed in a divorce decree. The final decisions on these issues may have been made using negotiation, mediation, or collaborative law, or some decisions may have been left up to the judge. Regardless of how these matters were settled, upon the finalization of the divorce, the terms of the decree become a court order that both spouses are required by law to follow.

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 Posted on August 29, 2019 in Divorce

When you and your spouse decide to get a divorce, this decision may have come after careful deliberation and, in some cases, extensive marriage counseling. Each divorce is unique, and your breakup will undoubtedly impact your children in various ways. How your children respond may depend on their age, their personality, and the circumstances of the divorce. The initial reaction is often shock, anger, sadness, or fear. While dealing with these emotions can be difficult, there are ways you and your ex can help your children adjust during this major transition. As with anything in life, going through a divorce can be a learning experience for all involved parties. The coping mechanisms that your children learn for dealing with stress during your divorce may help them grow up to be more flexible, accepting adults.

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 Posted on August 23, 2019 in Divorce

Filing for a divorce, legally referred to as a dissolution of marriage in Illinois, can be a burdensome process that requires vast amounts of time, money, and effort from both parties. Ending a marriage requires the division of property, real estate, and businesses, as well as settling issues related to custody of children. Fortunately, some of the disputes surrounding these matters can be avoided through the use of a prenuptial agreement, or prenup. Prenuptial agreements have a negative connotation in some people’s minds; however, many divorce attorneys would recommend this type of agreement for any couple planning on getting married. Taking steps to determine how assets will be divided and how other matters will be settled ahead of time could save countless hours of arguing during the stressful and emotional divorce process.

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 Posted on August 21, 2019 in Divorce

The price of a college education these days can exceed six figures for a four-year degree. According to the College Board, the average cost of tuition and fees in 2017–2018 was $34,740 at private colleges, $9,970 for in-state students at public colleges, and $25,620 for out-of-state students at public universities. Those figures are for one year, and they do not include post-graduate degrees. Considering the expense of a college education, it is essential for parents who are getting a divorce to understand their options when determining who will pay for these costs.

Illinois Divorce Laws

The law states that parents may be required to contribute to the education of the child “as equity may require,” which means a fair division of the expenses. In the majority of divorces, the two parties create a written settlement agreement. This agreement typically, but not always, states how the parents will contribute toward their child’s educational costs. In many cases, the major considerations are:

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 Posted on August 13, 2019 in Child Custody

Going through a divorce can be difficult on an adult as well as a child. The end of a marriage also means the end of the family unit as they knew it. Determining child visitation, now referred to as “parenting time” in Illinois, can be a complicated matter. The child’s best interest is what the court considers when parenting time rights are being established in any divorce settlement. Parenting time can be divided in many different ways, but it is imperative that the parents keep personal preferences out of the equation and devise a plan that works best for the child.

Determining the Child’s Best Interests

It is recognized by the state that in most cases, it is best for children to have a healthy relationship with both their mother and father, and those familial bonds are essential in their development. While parents may be able to reach an agreement on how to share parenting time, they may need to settle these issues in court if they cannot do so on their own. A judge will consider various types of information when determining the best outcome for the child, and the following elements are taken under advisement:

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 Posted on August 09, 2019 in Divorce

Money issues can often cause a marriage to fail if two spouses constantly argue over finances. A divorce in itself can be expensive, and it can add to what was already a significant financial burden. Filing for bankruptcy is one way that allows people struggling with debt to wipe out certain obligations and obtain a fresh start. Bankruptcy is a legal process through which people who cannot repay debts to creditors may seek relief from some or all of their obligations.

Chapter 7 and Chapter 13 are the two main types of bankruptcy people typically file. Each offers different benefits, but it is important to know that while bankruptcy can stop most collection actions against someone, it does not eliminate all types of debt. Choosing the option that is best for your situation depends on several factors, including income, property, and future goals after a divorce.

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 Posted on August 07, 2019 in Finances and Divorce

Going through a divorce can be stressful, and it can have a significant emotional and financial toll on your life. You may not necessarily consider how ending your marriage can affect your credit score until you see the effects of a decrease when applying for a loan or credit card.

Your credit score refers to a number that is based on an analysis of your credit information, and this number represents your creditworthiness. That is, your credit score reflects the probability that you will repay a debt or loan, such as a mortgage. According to FICO, which calculates credit scores in the United States, the amount of debt you have makes up 30 percent of your credit score. Therefore, the lower your debt, the higher your credit score. Protecting your credit during your divorce is essential for maintaining a secure financial future.

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 Posted on July 26, 2019 in Prenuptial and Postnuptial Agreements

Prenuptial agreements are often associated with very wealthy individuals, and people who seek a prenup may be seen as believing that their marriage will not last. Because of this, a stigma was attached to these agreements, but this has changed over time, and prenuptial agreements are becoming more and more common.

When Is a Prenuptial Agreement Appropriate?

Nowadays, it is routine for marrying couples to discuss, agree to, and sign a prenuptial agreement before they exchange marriage vows and seal their marriage. A prenuptial agreement may be appropriate in a variety of situations, including:

• One spouse has significantly more assets than the other spouse. In this case, it behooves the spouse with significantly more assets to have a prenuptial agreement in place to protect against the incidental or deliberate inclusion of their assets as marital property in a potential divorce. Ordinarily, assets obtained before a couple’s marriage are considered non-marital property and therefore not subject to division or sharing after divorce.

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