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Rockford, Illinois Family Law Blog

What are some other divorce-related financial traps?

A previous post on this blog talked about a common financial trap that people fall into by exploring another job or career right after a split. This post specifically warned that a person who quits a job for a lower-paying position during a divorce may get stuck with high child support or spousal support bills that she cannot pay.

Quitting the job prematurely is just one of many potential financial mistakes people who have recently been divorced or who are in the midst of a divorce or legal separation may make. There are others about which Rockford, Illinois, residents should be aware.

Think twice before quitting your job after separation

Because the breakup of a marriage or other relationship is a stressful time, it is not surprising that many Illinois residents do not make the best decisions in such occasions.

Oftentimes, albeit unwittingly, Rockford residents fall in to a common financial trap that can only make the economic fallout from a breakup worse.

How are marital and vacation homes divided in a divorce?

Let us say you and your spouse own your primary residence here in Illinois as well as a condo in Aspen and a beach house in Ft. Lauderdale.

These properties are among your largest assets. What will happen to them during the property division phase of your divorce?

A warning about alimony change

This blog has previously discussed a change in how the federal tax code will treat alimony payments. Specifically, alimony will not be tax deductible for those who pay if the divorce order or agreement is executed after the end of this year.

The most immediate impact of this change will be that those who pay alimony will need to remember that, if their divorce is finalized after the end of this year, they will not receive any tax breaks. This means that there may be some advantage to getting any agreement regarding alimony finalized before the end of 2018.

Can I get my ex to help with uninsured medical bills?

Even when one or both parents have health insurance, a child will always have some uninsured medical expenses, which, for purposes of this blog, also include expenses for things like eye and dental appointments.

In other cases, the couple may have expenses that are just not covered by insurance, either because the insurance itself is sub-par or because the expense is not something insurance plans customarily pick up. If a child is extremely ill, expenses may even exhaust the limits of insurance policies.

The difference between collaborative law and mediation

As previous posts have explained, there is a trend right now to encourage parents to resolve divorces, child custody disputes and other family law matters outside a formal court hearing. While this does not work for all cases, many have found that resolving family law problems in this manner, as opposed to duking it out in court not only saves both parents a lot of time, money and emotional stress, it also helps the children deal with what may be an already traumatic time in their lives.

It is important, however, that Rockford, Illinois, parents understand the difference between the types of alternative dispute resolution, particularly when it comes to child custody and parenting time issues. For example, in mediation, the couple will sit down, possibly in separate rooms, and work with a third party, called a mediator, who will try to lead the couple through whatever outstanding disagreements they have.

Keys to successful co-parenting

Divorce is a rough time, but it is also a time when both spouses need to keep one eye toward the future. This is particularly important if the couple shares any children because they need to be ready to raise those children in their new environment

It is vital to learn how to resolve conflicts and co-parent maturely after a divorce. Regardless of the reason(s) why the marriage ended, here are several tips for having a more successful co-parenting arrangement: 

What exactly is an offshore account?

In high asset divorces, it is quite possible that one of the parties will own an offshore account. It may, therefore, be helpful for Rockford, Illinois, residents to understand exactly what an offshore account is, and when it might matter in a divorce or legal separation case.

Offshore accounts are, as the name implies, simply bank or other investment accounts placed and held in foreign financial institutions. There is nothing wrong with having an offshore account, per se. In fact, there may be very good legal and financial reasons to do so.

3 child support tips for fathers

If you are a father facing a divorce, you likely have a whirlwind of questions that need answers. The shock and disruption of moving out of the family home and possibly not being able to see your child or children as regularly as you wish can bring an overwhelming burden of stress and anxiety.

When you add the financial requirements of a divorce and child support payments to the emotional pressure of the situation, it can be difficult to keep moving forward in an objective and strategic way. In terms of a father paying child support, here are some tips to help you along as you navigate the challenging terrain of a divorce proceeding:

What is the best interests of the child standard?

Even people in the Rockford area who have never been involved in a custody dispute themselves may have heard that courts will allocate parental responsibilities, that is, decide custody and visitation, based on what the courts believes are the best interests of the children involved.

Still relatively few people would be able to give a precise definition for best interests of the child, nor do they understand exactly what sort of fact and circumstances factor in to a judge's decision about the best interests of children when it comes to making child custody decisions.

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