Tag Archives: DuPage County divorce lawyer

IL divorce lawyerThe news of divorce spreads quickly among close friends and family members. Some may breathe a collective sigh of relief, happy that you came to this positive decision. Others may be left in shock, never realizing that anything in your marriage was wrong in the first place. During this intensely personal experience, some couples struggle to keep their friends and family out of their divorce. However, it can be crucial to the success of the divorce to do just that. Family and friends may want what is best for you, but that is not always the case with your spouse’s side of the family and his or her friends. Furthermore, family and friends can inadvertently push you in one direction, making your ability to see clearly and make compromises more difficult.

Friends Will Choose Sides

Mutual friends of the spouses often end up choosing sides at some point, particularly if it is decided that one of the spouses “single-handedly” ruined the marriage, such as by having an affair. The last thing that either spouse needs is to lose valuable friends at this time in their lives, and by involving friends in the divorce, that is likely to occur. Furthermore, a friend that never got along with you or your spouse may cause one of the spouses to have even more negative views of the other. This compromises the spouses’ abilities to work together to come to a center ground or to successfully dissolve the marriage out of the courtroom.

Family Members May Cause Added Stress and Push Their Own Agendas

Poor relationships with inlaws is one of the leading causes of divorce. In fact, 60 percent of married women report have a sustained stressful relationship with their mother in law, while 15 percent of married men say the same. Another study found that when men have a close relationship with their parents in law, their risk of divorce is reduced by 20 percent. The exact opposite is true for married women; married women who reported having a close relationship with their in-laws were at a 20 percent greater chance of getting divorced.

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Il divorce lawyerIf your soon-to-be-ex-spouse has an employer-sponsored health plan, and the employer has 20 or more employees, you can stay on this group insurance plan for up to 36 months under the federal Consolidated Omnibus Budget Reconciliation Act (COBRA). However, you will have to pay for the plan yourself. The cost and benefits remain the same as before, and because it is still a group insurance plan, it will likely be much more affordable than purchasing a private insurance plan for yourself. COBRA is a great option for spouses to pursue during divorce, but it will eventually need to be replaced with something more permanent.

Purchasing a Plan on the Marketplace

The Marketplace can be accessed through Get Covered Illinois, where you can purchase a health insurance plan for yourself at a potentially reduced cost, depending on your level of income. Commonly referred to as “Obamacare,” the Affordable Care Act reduces premium costs and bars health insurance companies from denying coverage to people with pre-existing conditions. Even if the Open Enrollment period has closed, you can still apply for coverage if you have gone through a qualifying life change, which divorce is considered to be.

Applying for Medicaid

Individuals between the ages of 19 and 64 can apply for Medicaid if they have incomes under 138 percent of the poverty level—up to $16,392 for an annual income or $1,366 per month, according to the Illinois Department of Healthcare and Family Services.

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IL family lawyerDivorce is usually a time of drastic changes. Everything from your normal breakfast routine to where you sleep at night goes out the window during divorce. For many couples, selling the home becomes a necessity to manage finances. As the two spouses split up and live in different locations, paying the mortgage on top of rent becomes unmanageable, particularly when the two parties have to pay separate utilities and a plethora of other expenses that used to be shared. In fact, 61 percent of divorced couples end up selling the home. However, not all soon-to-be divorced couples sell the home, and in some cases, this is the best decision if at all possible.

If You Have to Sell the Home

Finances or moving out of town are two of the most common reasons that divorced couples sell their home. Selling the home can provide the best way to split the value of the property during division of assets, can allow both parties financial footing to start off anew, and can minimize stressful costs by getting rid of an expensive mortgage. After all, if one party ends up owning the house, they may not even be able to cover the mortgage by themselves. If you are selling your home during divorce, make sure to follow the tips below:

  • Discuss the full plan with your spouse before taking any other actions, as well as the pros and cons of selling or staying;
  • Divide the costs of cleaning, maintenance, renovations, and any other repair work evenly or at least keep close track of the costs;
  • Choose a realtor together;
  • Keep dialogue open with your spouse during the sale;
  • Hire an attorney before the sale goes through; and
  • Divide the assets. Marital property in Illinois is divided equitably.

Choosing to Keep the Home

For parents who can afford to keep the home, the stability that brings to your children may outweigh any other positives that selling the home has to offer. Additionally, older divorces may benefit by holding onto a home that they own outright. After all, late-life divorces are much more common now than in the past. In 2014, Americans over the age of 50 were twice as likely to get divorced than 50-plus-year-old Americans in 1990. For divorcing couples that choose not to sell the home, they, along with their attorneys, need to figure out an equitable way to divide assets, since the home (usually) cannot continue to belong to both parties. And, if there is a mortgage left to pay, the spouses must reach a decision on who is responsible for paying what. In some cases, the spouse who no longer lives in the home may be responsible for paying part of the mortgage.

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Il divorce lawyerDivorce is a messy business, no matter the situation and specific details. Although avenues are available that make the process more amicable, it is no easy feat separating a marital union into two separate lives. Some cases have fewer factors for consideration, such as those with a short duration, no kids, and a little marital property. Once you begin piling on the elements and building a life together, the process becomes complicated. Every divorcing couple has a lot to lose, but high asset divorce accompanies other uncommon difficulties. Although the divorce process is the same, regardless of your net worth. However, when there are more properties, businesses, and other complexities, the chance for mistakes increases. These are the most costly mistakes you will want to avoid in your high asset divorce.

Acting Too Quickly

No one wants to linger in the divorce process longer than necessary, but it is often not beneficial to your case to speed through the process without careful consideration. Regardless of the emotional concerns, divorce is a legally binding contract that has a dramatic impact on your financial status. Your long-term financial stability depends on the agreement. Do not haphazardly agree to terms to rid yourself of the discomfort of the situation.

Hiding Assets

It is not uncommon that one spouse does not want to share with their ex. Although you may feel owed or otherwise entitled, you are under legal obligation to disclose all assets during the divorce process. That includes avoiding the temptation of transferring money to other accounts or third-parties for safe-keeping. It is very rare that a spouse succeeds in an attempt to conceal funds. You will be discovered, and it will put you at a disadvantage throughout the remainder of the proceedings.

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IL divorce lawyerAlthough social media has many redeeming qualities, social media seems to pick on everyone at some point. However, a favorite target appears to be the newcomers on the block, the Millennials. Also known as Generation Y, the term Millennials refers to anyone born anywhere from the early 1980s to the early 1990s. Regardless of the credibility of their social wrap sheet, there is one area that this generation seems to excel where other generations have failed; that is, they are decreasing the divorce rate.

Let us explore why:

A Dramatic Decrease

Each generation behaves markedly different than the preceding generation; the same is true in this circumstance. Americans under the age of 45 have found a unique way to oppose their parents: to stay married. Between the years of 2008 and 2016, America saw an 18% decline in divorce rates. Researcher and University of Maryland professor Philip Cohen went on to explain that even when all other influential factors, such as age, were removed the equation, this period still experienced a dramatic decline from the previous years.

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