Posted on March 23, 2014 in Gray Divorce

Has divorce become another rite of passage for older Americans in the baby boomer generation? New research suggests that Americans over the age of 50 are twice as likely to get divorced as people of that age were two decades ago.

Older individuals might have their own unique challenges in the divorce process: ending a marriage after many years of routines and grown children can be difficult. Family get-togethers with grandchildren might feel uncomfortable or a spouse might have to adjust to managing household finances that they have never done before. For some older people, being lonely is a common feeling reported by gray divorcees.

One of the most common challenges for those considering divorce in the baby boomer generation is the concept of drifting apart. After several decades together, couples might be headed in different directions. As older children leave the house to pursue education or careers, this gap might be more pronounced, leading couples to go their separate ways.

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 Posted on March 05, 2014 in Uncontested Divorce

Prepaid legal services are becoming more popular as benefits offered to employees.  More than 70 million Americans have these prepaid legal services. In these packages, a small amount is paid each month in return for some future assistance on a legal issue. While most of the legal help available is minimal through these programs, some people are still attempting to use them for an uncontested divorce. In these situations, you are likely better off with an attorney.

Many prepaid plans cover basic services and won’t get involved in more complex legal issues, like criminal defense.

If you and your spouse don’t have much to argue over, you might consider using these services for an uncontested divorce. The way the prepaid services work is that as you make payments into the plan, supposedly the amount of "work" you’re eligible to receive from an attorney grows. Once you "max out" these plans, however, you could find that you have to pay for representation anyways.

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 Posted on December 00, 0000 in Property Division

According to the latest numbers provided by the U.S. Census Bureau, married couples share ownership 3.7 million businesses in this country. When couples who own a business together have a good working marriage, that positive relationship usually carries over into their business as well. But if the marriage begins to erode and the couple files for divorce, it can be disastrous for the business, especially when that business becomes part of the divorce settlement.

The assets of the business become part of the marital estate that will be part of the divorce settlement and are subject to property division, just like the couple’s marital home, personal bank accounts, stocks, etc., and can involve complex negotiations.

The first thing that needs to be done is to determine the actual value of the business. There can be a great difference of opinion on the value dependent on whether or not spouses share equal partnership in the business or not. If one spouse owns a larger share of the business, he or she will likely come up with a lower value of the business than the spouse who owns a lesser share. For this reason, it’s best to hire an independent appraiser to come up with the total value of the business.

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 Posted on December 00, 0000 in Property Division

With most estimates putting the divorce rate just below 50 percent, plenty of American parents have gone through the stress of child custody battles. However, what many divorcing couples do not consider is the controversy that can result from fighting for the custody of pets.

According to reports, disputes over pet custody are becoming more common. In fact, one organization has introduced a prenuptial agreement that outlines who keeps the family pets in the event of a divorce.

Who Keeps the Pet in Illinois?

 While any pet-loving family is bound to view their precious dog, cat, or other kind of pet as a member of the family, the state of Illinois views them as a form of property. Therefore, it is important to understand the laws concerning property division.

Generally, there are two types of property: separate and marital. If the pet was the “property” of one specific spouse prior to the marriage, that person will have the legal rights to own the pet after the divorce completes. If the couple acquired the pet after marriage, however, the courts will consider the animal to be marital property.

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 Posted on December 00, 0000 in Property Division

A recent divorce case made headlines when a billionaire’s wife alleged that her marriage started under coercive circumstances. Since then, reports have gone back and forth, with both sides demonstrating their perspective of the failing marriage. Now, new details have surfaced that might threaten the husband’s interests.

According to the media reports, the wife claims her husband made it difficult for her to visit their homes in New York, Aspen, Hawaii, and Miami. She also claims that he limited access to her credit cards.

One of the trickier aspects of the ongoing battle is that the wife did, in fact, sign a prenuptial agreement. However, that has not stopped her from trying to convince the court to throw out the document.

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 Posted on December 00, 0000 in Property Division

Like many other legal fields, divorce is a complex process that can be emotionally overwhelming. Adding to the confusion are the many myths that circulate the Internet. Because each case is unique, the outcome of one person’s divorce is not a good indicator of what yours will yield.

Sometimes, acting upon divorce myths can compromise your interests. For example, many husbands believe that the mother automatically will receive custody of the child, so they do not attempt to fight for custody. The truth, though, is that the courts do not view the mother as the default parent. Consulting a family lawyer is the easiest way to separate fact from fiction when it comes to divorce.

Myth 1: Prenuptial Agreements Are Permanent and Non-Negotiable

Prenuptial agreements, or “prenups,” are popular among wealthier individuals. The goal of signing a prenup is to protect a person’s wealth and assets if the couple decides to divorce.

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 Posted on December 00, 0000 in Property Division

When spouses divorce, they lose a lot more than a long-term relationship. The end of a marriage can mean the loss of property, social circles, and even custody of children. Property division is one aspect of divorce that often leads to disputes.

Most spouses quickly learn that there are two main categories of property: separate and marital. Separate property includes any property that one spouse owned before the marriage. It may also include inheritance or a gift from a third party. Marital property, however, includes just about everything that the couple acquired during the marriage.

 When it comes to mortgages, however, many divorcing spouses have a long list of questions and concerns. This article will discuss the ways that divorcing couples can handle a mortgage.

What Happens to a Mortgage after a Divorce?

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 Posted on December 00, 0000 in Property Division

Divorce is never a pleasant process, but understanding the procedures can make ending your marriage a lot less complicated. Divorcing spouses should know the difference between separate and marital property, as well as the meaning of “equitable distribution.”

Generally speaking, separate property is any asset that a spouse owned prior to the marriage. It also includes inheritance, compensation for a personal injury, and certain gifts received during the marriage. Marital property involves just about every other asset that the couple acquired during the marriage.

Illinois is an equitable distribution state. This means the courts will split property equitably—as opposed to “equally.” When dividing property, the courts will review your assets and determine which are marital property and which are separate property.

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 Posted on December 00, 0000 in Property Division

Everyone knows that when you get divorced, your ex-spouse gets half of everything—unless you have a prenuptial agreement. That is just the way it works, right? Well, not exactly. Not in Illinois anyway, along with about 40 other states. The idea of an equal 50-50 split applies only to the nine states that maintain a standard known as community property in divorce. The remaining states, including Illinois, use what is called an equitable distribution standard, which may vary slightly from state to state, but generally requires a more in-depth consideration of a divorcing couple’s property and circumstances.

Determining and Valuing the Marital Estate

The equitable distribution guidelines in Illinois are contained in the Illinois Marriage and Dissolution of Marriage Act. The process begins with establishing which assets belong to the couple and which belong to each individual spouse. Those that belong to the couple include all property acquired by either spouse during the marriage with limited exceptions for gifts, inheritances, and judgments. Assets owned by either spouse prior to the marriage, along with the exceptions to marital property, are non-marital property and not subject to division. The value of the marital estate must also be determined, which may require the assistance of various experts, including real estate appraisers, financial advisors, and other professionals.

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 Posted on December 00, 0000 in Property Division

There is no question that we Americans love our pets. According to the ASPCA, as many as 80 million dogs and 96 million cats are owned throughout the country, with many households owning more than one. With so many pet-owners, it is inevitable that many dogs and cats will be caught in the middle of a divorce situation, leaving spouses to wonder what will happen to their furry friends.

Illinois Law Regarding Pets

While the Illinois Marriage and Dissolution of Marriage Acts contains specific provisions for the division of marital property and the care of a couple’s children, the law makes no reference at all to companion animals. While dogs and cats may be treated as full-fledged members of the family, the law officially considers them property, with no more rights than an end table or a piece of artwork. This means that, when left to the court to decide, the court must allocate responsibility for the pet based upon a calculated monetary value and the rest of the marital estate.

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