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The Emotional Impact of Divorce
Whether you are just starting the divorce process or you are in the middle of a months-long divorce, it’s no secret that it can be hard on everyone. For many people, the only information they have about divorce is what they have heard from family or friends who have gone through it, or what they have seen on TV or in movies. Divorce brings with it a slew of uncertainties that even the most planned out divorces can bring. The divorce process is different for everyone, but here are a few things you may not know about divorce: You Will Probably Experience the Grief Process Losing a relationship from your life is a lot like losing a person from your life. Many people going through a divorce find that the healing process is very similar to that of the grieving process -- though it is not so much of a surprise. It is only natural for you to grieve the loss of your relationship, but going through the grief process can help you move on with your life. Your Children Will Definitely Be Affected Many divorcing parents wonder if their divorce will affect their children. While the perfect answer would be no, the divorce will almost certainly affect your children, even younger ones. There is no way to tell how a child will react to news of a divorce, but as a parent, it is your job to make sure your child develops healthy coping mechanisms. A divorce does not mean your child will be emotionally scarred for life -- most children are usually happier after. It is Going to Cost You Money It has been said that the average wedding these days costs anywhere from $20,000 to $30,000. Sadly, you could end up spending that much on divorce, too. While there is no “average” cost for a divorce, they can become costly very quickly. The total cost of a divorce will depend on the type of divorce you are getting, where your life if you are using an attorney and how amicable you and your spouse are. All Divorces Were Not Created Equally Many people think the only way to get a divorce is to hire attorneys and fight it over in court. In reality, there are a handful of ways you can go about getting a divorce. You could go with a traditional litigated divorce, a mediated divorce, a collaborative divorce or even a do-it-yourself divorce. Each type has its own advantages and disadvantages, so it can be worth it to do your research before you begin the process. Consult with a Knowledgeable DuPage County Divorce Lawyer
Dealing with Custody Evaluations in an Illinois Divorce
When you are going through the divorce process, there are issues in which you and your soon-to-be ex-spouse may not be able to come to an agreement. Child custody is often one of the most contentious and fought over issues in a divorce. Because of this, some couples are forced to appear before a judge so that he or she can make determinations about parenting time and decision-making responsibilities. In some cases, a judge may need more information in order to make an informed decision in the best interest of the child. This is when the judge will request that a custody evaluation be conducted.
The Evaluation Process
Once the court has requested that an evaluation be completed, an evaluator is hired. The evaluator is often a licensed mental health professional, such as a psychologist. Depending on the circumstances, the evaluation can be focused on the parents, the child or both. The job of the evaluator is to gain an understanding of the relationships and interactions between the parents, the child and any other family members in the household. To do this, the evaluator may:
An Overview of the Illinois Divorce Process
Getting a divorce -- or dissolution of marriage, as it is called in Illinois -- means the marriage between you and your spouse will be legally terminated. One your divorce case is approved by a judge and he or she has given you a Judgement of Dissolution of Marriage, both you and your former spouse will be free to remarry and can resume your former name, if applicable. Getting a divorce can be a very long and complicated legal process, so it is important to understand the basics before you begin the process.
Filing the Petition
To officially begin the divorce process, you must first file a Petition for Dissolution of Marriage in the circuit court of the county in which either you or your spouse resides. To file this petition, either you or your spouse must be a resident of Illinois for at least 90 days and you must be able to prove that you and your spouse have irreconcilable differences. Once the petition is filed, a copy of the petition will be served to your spouse.
Planning for Retirement After Divorce? Consider a QDRO
Getting a divorce turns your entire life upside down. The asset division process can prove to be especially cumbersome for some couples, as it requires you to take every single asset and debt into consideration when making decisions. Most couples argue over the house, bank accounts, and vehicles. While these high-value assets are important, it is also important not to overlook one of your most important assets -- retirement funds. It is easy to forget about retirement when it is 15 or 20 years away, but planning for it now can save you a big headache in the future. When it comes to retirement plans, one of the most important tools in your toolbox is a QDRO, which is a commonly used acronym for a qualified domestic relations order. QDROs can be extremely beneficial when divvying up retirement plans during a divorce and can take some of the uncertainty out of your future. What Is a QDRO? In the state of Illinois, all pension benefits, including individual retirement accounts (IRA’s) and defined contribution plans and accounts, are presumed to be marital property and must be divided in “just proportions.” This is where a QDRO comes in. A QDRO is a legal document that designates an alternate payee’s right to receive all or a portion of the benefits held in certain types of retirement accounts. What Is Included in a QDRO?
How a Forensic Accountant Can Help You During the Discovery Process
The process of allocating assets during a divorce is often one of the most contentious issues between couples. The state of Illinois practices equitable distribution of assets and liabilities, rather than equal distribution. This means that there is nothing saying a judge has to assign half of the marital estate to each spouse -- one spouse could end up walking away from the divorce with more money or more debt. Because of this, some spouses may be tempted to cover up assets so they may keep them for themselves. Illinois courts strongly recommend that couples try to come to an agreement on property distribution on their own, but this is not always possible, especially if both spouses are not willing to be truthful with each other.
This is often the step of the divorce process in which “discovery” comes into play. Discovery is the exchange of information between the two spouses and their attorneys. During this step, both spouses are required by law to be fully and completely transparent about the issue at hand. This means each spouse must disclose any and all assets, including both marital and non-marital assets.
Estate Planning Updates After a Divorce
Estate planning is not something that the typical American tends to think about very often. This is especially true if you are going through a big change in your life, such as divorce. During a divorce, you have so many things constantly on your mind, estate planning is probably at the very bottom of your list. While updating your estate planning documents does not have to be your number one priority, it should definitely still be on your list somewhere. Here are a few estate planning documents that you should have in the back of your mind to update after your divorce is finalized: Wills If you are filing for a divorce, it is best that you draft an entirely different will, if possible -- this is the easiest way to ensure your estate is not given to your ex-spouse upon your death. In the state of Illinois, a will can be revoked by physically destroying it or by having a new will drawn up stating that the prior will has been revoked. If you do not change your will, but you finalize your divorce, Illinois treats the will as if your spouse died before you did. This means you do not necessarily have to change your will, but it is a good idea to make changes as necessary. Trusts Under Illinois law, trusts are handled similarly to wills when it comes to divorce. If you named your spouse in a revocable trust or living trust, the sections containing your spouse will become invalid upon the finalization of your divorce. If you have an irrevocable trust, however, the contents of the trust will not change and are unable to be modified. Power of Attorney Finally, you will want to make sure you revoke your power of attorney as soon as possible if you named your spouse to act in your place if you are unable to do so. If you do not change your power of attorney and become unable to manage your affairs, your spouse may gain access to your assets. You will also want to be sure that you remove your spouse from your healthcare proxy if you get a divorce. Not doing so can allow your spouse to make healthcare-related decisions for you if you are unable to do so.
What Is the Cost of an Illinois Divorce?
Most people have a long list of questions when they make the decision to get a divorce. By far, one of the most common questions people have before they begin the divorce process is, “How much will my divorce cost?” The answer to that question is not a simple one -- there are so many factors that can affect the price tag on your divorce. Some sources report that the cost of divorce can be as low as a couple of hundred dollars, while other sources state a divorce will cost more along the lines of tens of thousands of dollars. Here are a couple of different factors that can affect the cost of your divorce: The Type of Divorce You Choose Not surprisingly, the type of divorce you choose can determine how much you ultimately end up paying for your divorce. A do-it-yourself divorce can range from $600 to $1,800, depending on the type of service you use and where you live. Typically, the only costs associated with a DIY divorce are those that come from the service you use and the filing fees. A litigated divorce can range in cost from $15,000 for a straightforward divorce to $200,000 for a divorce that ends up going to trial. Your Divorce Attorney’s Hourly Rate and Retainer Fee If you choose to have an attorney help you with your divorce, costs between lawyers may differ. The average attorney’s fees can range from $200 to $500 per hour and most attorneys also require you to pay for a retainer before you begin. The average retainer fee ranges from $3,500 to $10,000, depending on the complexity of your case. Court Costs and Filing Fees For the most part, in Illinois, filing fees tend not to differ very much between counties. To file for a dissolution of marriage in DuPage County, it costs $290, though that is not the only filing fee or cost you will have to deal with. Whether or Not You and Your Spouse are Willing to Work Together Couples who are more argumentative tend to pay more for their divorces. This is rather obvious because you will be paying more money if you are spending more time coming to an agreement on issues. For example, a couple who has to have five to six negotiation sessions will be paying their lawyer more than a couple who settles the same issue in only two sessions.
Insurance Changes to Address in an Illinois Divorce
When you are going through a divorce, there are many changes that you will notice. These can range from obvious ones -- such as your living arrangements or income -- to ones you may not necessarily think about all of the time -- like insurance. Insurance is something that you will almost always need, but it is also something people do not necessarily think about. Many people forget about insurance changes when they are going through a divorce because compared to other things you might be dealing with, it may not seem very important -- but it is. Taking care of these crucial changes to your insurance policies can save you grief and money in the long run.
Life Insurance
If you have a current life insurance policy, you may need to reevaluate the terms of the policy before you finalize the divorce. As long as there are no ongoing obligations, such as child support or spousal maintenance, you may want to think about removing your ex-spouse as a beneficiary on your insurance policy.
How to Make Your Blended Family a Success
There was a time in the United State’s history when most families comprised of a mother, a father and their biological children. Now, the “typical” American family has become somewhat of a thing of the past. With more Americans remarrying and same-sex marriage being legalized throughout the country, the “typical” American family is not so predictable anymore. According to the United States Census Bureau, more than half of American families were divorced and remarried or recoupled in 2010. The Bureau also reported that nearly four million children were living in a blended family or stepfamily in 2010.
Blended families face their own unique challenges and can prove to be difficult for some children to adjust to. Here are a few tips you can use to help ensure the success of your blended family:
Plan Your New Family
How to Uncover Hidden Assets in Your Illinois Divorce
There are many reasons why couples get divorced. Infidelity, financial problems, lack of commitment and different priorities are all common reasons why couples choose to get divorced, but they all typically contain one major common theme -- a lack of trust. When you no longer trust the person you are married to, it is difficult to have a successful marriage. During a divorce, it is not uncommon for one or both spouses to have assets that they have attempted to hide from the other. While this may seem like a good way to keep your spouse from getting certain things in a divorce, it is illegal. Full disclosure is required in divorces. If you feel like your spouse may be hiding things from you, here are a few ways you can try to uncover hidden assets in your divorce: Look Over Tax Returns A good place to start looking for hidden assets is on your tax returns. Pull your tax returns from the last five years and examine them carefully. You should be looking for any inconsistencies in the returns, such as inconsistencies in income, itemizations of assets, real estate taxes, mortgage interest. Keep an Eye on Your Bank Accounts Take a look at your joint bank accounts. Are there any canceled checks from your checking account? Are there unusual withdrawals or deposits into your checking or savings accounts? If so, you may be dealing with a spouse who has attempted to hide money from you. Make sure you get copies of all bank account statements to use in court. Utilize Public Records
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To schedule a free consultation with Aurora divorce attorney, Matthew M. Williams, call 630-409-8184 or fill out the form below.
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