Posted on March 24, 2017 in Divorce

As income tax day nears, those in the divorce process, or those who have recently finalized a divorce, will likely have questions about what changes must be made to their tax returns this year.

Filing Status

Your marital status as of December 31 of the tax year determines your filing status for the whole year. Said another way, the tax year in which your divorce decree is final is the year you can file as single.

If you were in the divorce process as of December 31, 2016, you have two options for filing status. First, you could decide to file a joint return. Second, you could decide to file married, filing separately.

Head of Household

Many people prefer to file as “head of household” because you typically get a higher standard deduction, a lower tax rate and, most importantly, a larger refund. To qualify for head of household you must:

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 Posted on February 01, 2017 in Divorce

Numerous studies over time have revealed overwhelming findings about the effects divorce can have on spouses and their children, ranging from mental distress to more serious long-term physical damage that is sometimes triggered by such prolonged emotional fatigue. The divorce process causes an array of emotions to surface, often stirring up a storm of confused, conflicting feelings for everyone involved.

The Role of Self-Care in Coping

The American Psychological Association reminds separating couples to pay attention to basic self-care as they go through the divorce process. The better you care for yourself throughout an  emotionally draining transition, such as separation, the better you are able to cope and help others cope as you all work through the change.

The APA recommends spouses take the following actions to promote a healthy divorce experience:

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 Posted on January 04, 2017 in Child Custody

What is Parental Alienation Syndrome?

Parental Alienation Syndrome is defined as the psychological manipulation of a child so that the child shows unwarranted fear, disrespect, or hostility toward a parent or other family members. Essentially, parental alienation turns the child against the other parent.

In many cases, the person causing or attempting to cause the parental alienation is the other parent. In other cases, the manipulator is a grandparent or other family member.

One example of parental alienation is if you send your child a birthday present, your ex intercepts and keeps it from your child, and then your ex tells your child that you forgot his or her birthday. Even talking to your child inappropriately about the divorce or allowing your child to speak negatively about you can be considered parental alienation.

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 Posted on December 02, 2016 in Marital Agreements

Typically, when spouses decide to enter into a prenuptial (before marriage) or postnuptial (after marriage) agreement, the question is not whether an agreement is necessary or useful, but whether the agreement is drafted with your best interests in mind. A prenup or postnup is only an efficient tool when it supports your needs and protects your rights— otherwise, you are at risk for wasting a lot of time, energy, and money.

Ensuring a Successful Marital Agreement

Regardless of the type of marital agreement you decide to pursue, ensuring it is a successful one is paramount. The draft you create will determine your lifestyle in the event your marriage takes a turn for the worst, so the boundaries you establish in your agreement hold a significant amount of power. Ask the following questions when determining whether or not your pre or postnup will serve your best interests:

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 Posted on November 14, 2016 in Division of Assets

Recognizing when your soon-to-be ex-spouse is tucking away assets that you rightfully share ownership of can be difficult, especially when you do not know they exist. How are you supposed to claim assets and address them during negotiation settlement if they are invisible in the first place?

Hidden assets are a real problem for some couples, particularly for those dealing with high net worth divorce. If you have a large income or a significant amount of possessions, there is always the chance that your spouse, under tense circumstances, may be tempted to shuffle away some of those funds when the divorce process is underway.

Signs of Deception

The first step in your search begins with recognizing the signs that your spouse might be hiding funds from you. If you find that your partner has taken complete control over your finances, has recently deleted any financial record keeping program, such as Quickbooks, or suddenly exhibits secretive behavior regarding your money, these may be common signs that he or she is concealing financial matters from you. Strange, new accounts or unusual purchases are also red flags that something might be amiss.

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 Posted on October 17, 2016 in Divorce

Approaching the end of a marriage is a hurdle on its own, which is why searching for the right mediator to handle your divorce case is so important. The right professional has the power to turn a bumpy divorce transition into a smooth one, with the skill to negotiate your needs and wants in a way that reduces the tension and diffuses any existing or building conflict between you and your spouse.

As you begin the hunt for a professional mediator, keep the following three traits in mind:

1. Patience - Patience and tenacity go hand-in-hand. You need someone who is tenacious in his or her pursuit for effective conflict resolution, and patient enough to ride out the waves of disagreements that inevitably come when working toward that resolution. Negotiating numbers and family agreements can mean some serious footwork on a mediator's part, so it important to choose a professional you feel comfortable with and who you believe will weather the storm when adjustments are needed.

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 Posted on September 29, 2016 in Child Support

As parents entering the divorce process face the new challenge of being a single parent, they are both presented with a slew of new tasks and arrangements that must be handled as quickly and efficiently as possible to ensure the entire family is cared for once the marriage is officially over. While a some divorces end peacefully and mutually, bumps along the way are to be expected. Addressing issues such as child support and parenting time (visitation) early on can help prevent a lot of unnecessary stress for you, the other parent, and any children affected by the separation.

What Every Parent Needs to Know About Child Support Calculations

The court considers two primary factors when determining the amount of child support you will receive: the non-residential parent's net income and the child's best interests. Due to the fact that there are a variety of circumstances that determine the best interests of the child, the court must weigh each factor before determining an amount they feel is just.

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 Posted on August 26, 2016 in Divorce

Although all divorces are bound by the same laws under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), those with a high net worth divorce often experience an added layer of complexity. This can be especially true in regards to tax implications, which can financially wipe out both parties if they are not careful. Learn what you need to know about tax implications in your high asset divorce and how you can protect yourself in the months to come.

Financial Support: Alimony vs. Child Support

Oftentimes, high asset divorces result in an alimony (or spousal maintenance) payment for lesser-earning or earning-impaired spouses. Those with children may also receive child support payments. Both are forms of financial support, but each works differently under tax laws. Whereas child support is not taxed or taxable, alimony payments are the opposite. It is important that you understand these differences and how they may impact your finances.

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 Posted on July 22, 2016 in Divorce

For many couples, dividing assets after a divorce is one of the most troublesome aspects of a separation. Matters such as retirement accounts, property division, and hidden assets can all arise as spouses begin to address and uncover the financial hurdles before them. It is only natural to be concerned about the money you have saved, the debts you have accumulated, the property you have acquired, and how your impending divorce will affect those areas.

The Distribution of Property and Debts Under Illinois Law

There are numerous laws that govern the division of assets when it comes to divorce. In general, Illinois law considers all property, including debts and other obligations, to be “marital property.” There are certain exceptions under this law, but nearly everything that was acquired by either spouse during the marriage is typically considered joint property.

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 Posted on June 22, 2016 in Divorce

Divorce, like the loss of a loved one, can be very difficult to cope with, especially for any children involved. Specialists say that it is important for parents to understand that all children handle divorce differently. Some may be more accepting of the separation while others may have trouble coping with their parents splitting.

Age and maturity level can both impact how a child copes with divorce. Younger children, on one hand, may not fully understand what divorce means, or have a full awareness of the situation, and may not experience as wide a range of emotions. Teenagers, on the other hand, may be fully aware of the situation and may struggle, especially with the Anger or Depression stages of loss. Additionally, parents should keep in mind that siblings may handle divorce differently. Each child's perspectives, personality, and experiences will impact how they handle their parents' divorce.

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