Dupage County Lawyers

Divorce

Divorced dads in Illinois see their children less.

Illinois fathers are not getting enough time with their children.  Although, officially, fathers are supposed to have more rights today than they had years ago when mothers were almost always granted primary custody of the children, in actuality Illinois dads see less of their children than dads in most other states. According to a new study by Custody X Change, a Utah-based company that sells software to help divorced parents create parenting plans, Illinois ranks in the bottom five states for the amount of custody time dads get to spend with their kids.  The study showed that Illinois children spend an average...

When Is It Healthier to Leave a Bad Marriage?

What are the consequences of staying in a bad relationship longer than you should?  While no one wants to go through a divorce, if your marriage is really on the rocks, new research shows that staying in a miserable marriage can actually be bad for your health, far worse than striking out on your own. According to a long-term study of 373 married couples conducted by the universities of Nevada and Michigan, constant strife and arguments about core issues such as children, money, in-laws and leisure activities, all negatively activate the release of stress hormones. This has negative consequences that include...

Illinois Divorce Attorney

The divorce rate in the United States has been high for decades, but now, thanks to millennials, marriages today have a greater chance of lasting than they have for years. According to United States Census Bureau statistics, people under 45 are helping drive down the divorce rate. In addition, a new study by University of Maryland professor Philip Cohen shows that the U.S. divorce rate dropped by 18 percent from 2008 to 2016, and that this downward trend is due to fewer divorces among younger people. These statistics contrast with the high divorce rate still prevalent among older couples. Baby boomers, even those...

How Is Credit Card Debt Split in Divorce?

Married people often have credit cards in common and don’t always think about who is making purchases on them, but what happens when divorce enters the picture?  Determining how credit card debt gets split in divorce presents unique issues, so Illinois has specific rules for assigning responsibility between divorcing spouses. It’s important to be aware of them so you don’t get stuck having to pay for charges run up by your spouse. There are times when even if your spouse was the one who incurred the debt on a credit card, you may be held responsible. In addition, creditors may be...

Understanding “Joint Custody” Laws in Illinois

In an ideal world, parents who are divorcing should be able to negotiate and come to an agreement as to custody and visitation issues, and the well-being of the child should come first.  Unfortunately, this does not always happen, and the courts may need to step in. While people often want to know about joint custody laws in Illinois, it’s important for parents to understand that the terminology used in the state has changed. In 2016 the Illinois Marriage and Dissolution of Marriage Act was updated to remove the terms “custody” and “visitation” and substitute the terms "parenting time" and "allocation of parental responsibilities."...

What Happens to Debt When You Get Divorced?

When couples divorce, who gets stuck with the debts run up during the marriage? Just as assets are shared in marriage, debts may be as well, so it has to be determined which party should be responsible for what debts. Sometimes, even if your spouse was the one who incurred the debt, you may still have to pay it; and creditors may be able to go after you for debts held jointly if your former spouse doesn't pay. The experienced and compassionate Illinois family-law attorneys at Wolfe & Stec, Ltd. understand that debt is a major issue for people going through...

Arguments in Favor of Prenuptial Agreements

For those planning to tie the marital knot, there are a lot of things to consider, and making a prenuptial agreement should be right up there on your list. A prenup – a legal document that determines how assets will be divided and protected in the event of a divorce – is not only a smart financial decision, it can improve your relationship and chances of staying together by addressing sensitive financial issues right from the start. And it provides protection for your assets if you eventually do decide to get divorced. Illinois is an equitable distribution state, so courts will divide...

How a Divorcing Couple's Age Affects Asset Division

While the U.S. divorce rate has been steadily decreasing since the 1980s, it has increased for couples over age 50. In fact, according to a Bowling Green State University study, the divorce rate for senior couples doubled between 1990 and 2010. One reason may be that people are living longer, and when looking at the best way to enjoy a projected lengthy retirement, they may evaluate relationships and find them lacking. When older couples split up, issues differ from those of younger couples as child support and custody aren’t usually involved. Older couples often have higher incomes and assets and more complicated financial...

Study Estimates 13% of Divorces Caused by Student Loans

Student loan debt, now at a record high of $1.5 trillion, has become a marriage killer. According to a June 2018 survey by Student Loan Hero and reported by CNBC, more than a third of borrowers said college loans and other money factors contributed to their divorce, and 13 percent of divorcees blame student loans specifically for ending their relationship. This is not surprising when you consider that the average outstanding student loan balance is $34,144, up 62 percent over the last decade, according to a report by Experian. And the percentage of borrowers who owe $50,000 or more has tripled over...

Divorce "Tax Break" Will Soon Be Eliminated

There is never a good time to get divorced, but if you have high assets, you probably will be best off getting one as fast as possible.  The reason is the new Republican tax law, which will eliminate the tax break for alimony payments that are finalized or modified after Dec. 31, 2018. Agreements signed before the end of the year will still qualify for the annual deduction. This can make a big financial difference for wealthy couples where one spouse earns substantially more per year than the other. The Securities Exchange Commission defines a high-asset or high-net-worth couple as a couple...

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