Blog Posts in May, 2016

Handling Credit Card Debt In A Divorce

Most individuals own at least one credit card, and it is not uncommon to accumulate a significant amount of debt on these accounts. Therefore, if you are separated or getting a divorce and are not sure what to do about credit card debt, it is essential to understand your options and the steps you should take moving forward. Who Owns the Account? If the debt is on a credit card with only one ...

Business Evaluations During Divorce

Many spouses open and run businesses together during their marriage. When that marriage ends, the individuals must figure out what to do with their company—close it or continue working together? Many spouses choose a third option: having one person buy out the other. If it is a corporation or LLC, this may include purchasing shares. If it is a partnership, the business will need to be valued. ...

A Question From Divorced Parents: Who Pays For College?

Children do not stay young forever, and it may only seem like seconds between your child going to kindergarten and applying for colleges. No matter how slowly you wish time would move, the moment eventually arrives for college tours, personal essays, and then of course, tuition payments. For divorced or unmarried parents, when their children turn 18 the question of finances shifts from child ...

Signs Of Financial Fraud During Your Divorce

Most individuals do not need to worry about financial fraud during their divorce. If they have been married for some time, it is likely each person knows the other’s finances. However, this is not always the case. In some marriages, particularly high net worth relationships, individuals handle their finances on their own and commingle very little. Additionally, high net worth individuals may ...

Your Options When You Do Not Receive Child Support

Parents who receive child support often rely on these funds to pay for their children's clothing, food, and the bills that keep a roof over their heads. However, if the other parent stops paying, it can drastically affect the receiving parent’s living situation. Without the financial support, his or her child may not receive three meals a day, a properly fitting winter coat, or necessary medical ...

Turning Parenting Time Into A Smooth Process

Creating and maintaining parenting time , also known as a visitation schedule, can be difficult. Young children may not understand the process at first, and no matter their age, children need time to adjust to a major change. If both parents are not as willing to cooperate and maintain the allocation of parental responsibilities, it can cause stress that negatively influences the children. ...

Divorce Preparation: How To Approach Your Spouse About A Divorce

There are many steps that lead up to filing for divorce. One of them is sitting down and telling your spouse that you believe the marriage is over. It is past the point of saying you are unhappy, and past the time for marriage counseling. You are ready to move on with a new life. If you believe you are ready to take this step, it is best to speak with an Illinois divorce attorney beforehand. An ...

The Benefits of a Divorce Lawyer During Mediation

Many Illinois couples choose to go through mediation during a divorce instead of having a judge make all of the decisions. Mediation is a non-adversarial process where the spouses come together with the help of a mediator to discuss everything from the division of assets and debts to how they will proportion parental time. Normally, a lawyer would represent you in court. He or she would file the ...