Posted on December 00, 0000 in DuPage County divorce lawyer

In recent years, divorcing by means of alternative dispute resolution has become rather popular. Both mediated and collaborative divorces have been the choice of many couples who are looking to get a divorce, rather than using the traditional litigation process. While each type of divorce has its advantages and disadvantages, collaborative divorce can be the answer to many people’s problems when it comes to settling issues and getting the results they want out of the divorce.

What Is a Collaborative Divorce?

The idea of collaborative divorce has existed since the 1980s, although it was only practiced in Illinois beginning around 2002. The Collaborative Process Act was signed into law in Illinois in 2018, and this formally recognized the collaborative process as a means to divorce. When a couple begins the collaborative process, they agree to cooperate in order to resolve the outstanding issues in their divorce. The collaborative divorce process takes place outside of the courtroom, in multiple private meetings. Avoiding litigation is one of the main goals of this process, and a collaborative divorce will often follow several methodical steps:

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 Posted on December 00, 0000 in DuPage County divorce lawyer

Divorces are difficult for some families, especially when it concerns financial matters. Splitting your marital finances during your divorce can be challenging, but it can also be disastrous for a couple. With two separate households comes increased financial obligations. Some people may be prepared for the increase, while others may struggle. While divorce in itself will not lower your credit score directly, certain actions and events that take place during the divorce can affect the score in negative ways. The following are a few situations that could potentially impact your credit score when going through a divorce:

You Have to Refinance Your Home

One of the biggest assets you may have to deal with in your divorce is the family home. If one spouse is planning on keeping the marital home, it is best to make sure the home is in that person’s name only. To do this, you may have to refinance your mortgage. Refinancing means you will have to go through a comprehensive credit inquiry, which can affect your credit score.

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 Posted on December 00, 0000 in DuPage County divorce lawyer

All divorces have the potential to be complex, but when a couple has a high net worth, the proceedings tend to be even more complicated than normal. For couples who have an abundance of property or assets that are worth a lot of money, the divorce process will involve more decisions. Issues such as property division, spousal maintenance, and child support may be handled differently. People who have a high net worth can greatly benefit from a skilled divorce attorney who has experience dealing with high-value assets to help them figure out the best options for their situation. If you are involved in a high-net-worth divorce, here are a few things you should keep in mind:

1. High-Net-Worth Divorces Are Often More Contentious

When it comes to divorces that deal with high-value assets, it is much more likely for couples to be combative, especially when dealing with property division. When spouses have many assets, especially assets that are expensive, it can be even more difficult to figure out who gets what. It may be necessary to hire an appraiser to determine the value of any large assets or property such as real estate, businesses, vehicles, boats, jewelry, artwork, or other expensive items.

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 Posted on December 00, 0000 in DuPage County divorce lawyer

Now known as the allocation of parental responsibilities, child custody can be one of the most contentious issues in a divorce. Even if you and your spouse agree on how you want to divide your property and debts, you may clash when it comes to deciding how parenting time and significant decision-making responsibilities will be allocated. Although you and your spouse may never want to speak to each other again, you will always share a common bond--your child. Determining how your child will spend time with each parent and what decision-making rights each parent will have for the child can be a daunting task. Below are some of the most frequently asked questions about the allocation of parental responsibilities in Illinois.

How Will Decisions About Parental Responsibilities Be Made?

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 Posted on December 00, 0000 in DuPage County divorce lawyer

The idea of planning for your divorce before you are even married can seem counterintuitive to many, unromantic to some, and just plain wrong to others. While nobody wants to admit it, the prospect of getting divorced is a very real one. Depending on the source, the divorce rate in the United States fluctuates between 40 and 50 percent. Although prenuptial agreements may still hold a negative stigma, they are becoming more popular than ever, for a couple of reasons. For one, the average age of marriage has increased dramatically from what it was just a couple of decades ago. People who are older tend to be more established and have more assets and property that they want to protect. If you are thinking about getting a prenuptial agreement, the following are a few ways it can benefit you and your spouse:

You Get to Choose How Your Property Is Divided

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 Posted on December 00, 0000 in DuPage County divorce lawyer

The relationship between a child and his or her parents is something that is crucial to the healthy emotional development of the child. The majority of parents want to be there for their child’s special moments and spend as much time with them as possible during their childhood. When parents are going through a divorce, the time spent with their child often becomes a highly contested issue upon which many parents cannot easily agree. Studies show that children do best when they form a bond with both their mother and father, which is why Illinois encourages parents to have shared parenting time. Something that is known as the right of first refusal (ROFR) can be a bonus for parents who split parenting time with their ex-spouses.

Illinois Parenting Time

In Illinois, the court strongly encourages parents to come to an agreement on parenting time schedules on their own. When parents both draft a personalized timetable and agree to it, they are more likely to adhere to the schedule. If they are unable to come up with a parenting plan, the court will make a decision as to how parenting time is allocated. Unless there is evidence that dual parenting time would be harmful to the child, the court will award visitation time to both parents.

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 Posted on December 00, 0000 in DuPage County divorce lawyer

Divorce statistics are often misconstrued, and it can be difficult to determine what the true divorce rate is in the United States. One of the figures that most statisticians can settle on, however, is that the general divorce rate is declining, while the rate of divorce for those who are over the age of 50 is rising--and has been for the past couple of decades. A “gray divorce” is a term that is used when two people who are over the age of 50 decide to divorce. At that point in their lives, they have typically been married for decades, and they may have many more issues that need to be addressed, especially when it comes to finances. If you are thinking about getting a divorce, and you are over the age of 50, you should be aware of some of the differences that you may face compared to your younger counterparts.

Stakes Are Higher During Asset Division

When going through the process of dividing your marital assets, earning potential is something that becomes important. For couples who are in their 20s, 30s, or 40s, they still have plenty of earning potential. Couples who are divorcing in their 50s or later are close to retirement, if they have not already retired, meaning their income will be fixed, and their assets will not grow anymore. This makes the stakes higher when it comes to figuring out who gets what in the divorce.

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 Posted on December 00, 0000 in DuPage County divorce lawyer

As much as it is an emotional process, a divorce is also a legal process that is meant to separate you and your spouse from having anything lawfully in common. Like any legal proceeding, this can take time to complete, especially when it comes to the division of your assets. This is typically a point of contention between spouses when getting a divorce. When you are married, you and your spouse may have accumulated a lot of property together, but asset division deals with much more than just physical property. You must also divide things such as retirement funds, bank accounts, life insurance, and even any debts you and your spouse owe. The state of Illinois has a specific process for doing this, and it is important that you understand how your assets will be divided in the event a judge must intervene.

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 Posted on December 00, 0000 in DuPage County divorce lawyer

During the asset division phase of your divorce, you and your spouse will decide which marital assets you each get to keep. What you may not realize is that you will also have to figure out who will be responsible for your debts. Any debt that you and your spouse jointly incurred during your marriage is considered marital debt. This means both you and your spouse will be responsible for repaying that debt after you are divorced. When it comes to dividing what you owe, things can become contentious, since debt is one of the few things in your divorce that you will not be fighting to keep.

Try to Be Debt Free Before You File

Creditors do not care what a divorce decree says. All they care about is being reimbursed. Even if your spouse was ordered to pay back a certain debt, if your name is on that account, and your spouse does not pay, you could be held responsible. The easiest way to prevent any issues arising from your debt is by not having any debt when you file for divorce. This is not a possibility for some, though you should still try to wipe out as much marital debt as possible before you file for divorce.

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 Posted on December 00, 0000 in DuPage County divorce lawyer

Many people who get a divorce state that finances were the reason or at least played some part in the breakdown of the marriage. For those couples--and many other couples--the stress of money does not stop there. Many divorces are also quite contentious and filled with anxiety over the couple’s financial issues. Most couples have their assets intermingled in some way, and when they get divorced, they have to figure out how to separate them. Below are a few common financial issues that divorcing couples face and how best to deal with them.

Assessing Your Assets

Not all assets were created equally. Before you begin to do anything involving your finances, you need to understand them. Make a list of every asset you have. These can include:

• Cash

• Savings accounts

• Checking accounts

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