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Prenuptial Agreements: Do They Make Sense for You?

Posted on February 02, 2014 in Divorce

People often think that only the extremely wealthy need prenuptial agreements; however, with divorce now a common event in people’s lives, more and more couples can benefit from using them. While many people, understandably, find such topics uncomfortable to discuss before a wedding, the protection prenuptial agreements provide can save much heartache later.

How Prenuptial Agreements Work

In Illinois, prenuptial agreements are governed by the Illinois Uniform Premarital Agreement Act. This act sets out the general rules about topics that premarital agreements can regulate, which include:

The rights and obligations of the parties regarding any property;

The Tax Consequences of Divorce

Posted on January 31, 2014 in Divorce

Ordinarily, the transfer of property comes with some sort of tax consequences. Since divorces can involve a lot of property transfer, you might expect complicated taxes surrounding them. Fortunately, the IRS exempts from taxation most property exchanges that take place in a divorce; however, appreciated assets, like stocks, and retirement accounts both come with particular tax issues.

General Tax Rules

Section 1041 of the Internal Revenue Code governs transfers between spouses and transfers related to divorces. The law generally exempts transfers so long as the transfer happens prior to the finalization of the divorce. The code also excuses transfers made after the divorce, so long as they are “incident” to it. A transfer counts as incident when it occurs within one year of the end of the marriage, or within six years of the end of the marriage if the divorce agreement requires such a transfer.

Supreme Court to Decide International Child Abduction Case

Posted on January 29, 2014 in Child Custody

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How Mediation Aids in Child Custody Disputes

Posted on January 27, 2014 in Child Custody

If you are your partner agree on some subjects related to the divorce but are torn on child custody, mediation may offer an alternative method that allows for an expeditious solution and civil relations with the other party. Some couples don’t want the added complication and expense of going through litigation, and mediation provides a forum with a neutral third-party mediator focused on helping you reach a resolution.

Illinois Supreme Court rules indicate the importance of child custody proceedings that are child-focused, fair, and expeditious. The Supreme Court has continued to research and expand mediation efforts across the state with regard to child custody.

Changes in Child Custody and Childcare in Illinois

Posted on January 22, 2014 in Child Custody

Single parents often face issues when attempting to manage their busy schedules while meeting the demands of childcare. Until recently, parents with custody of a child could arrange for childcare as they saw fit. But, Illinois law changed on January 1, 2014.

The state legislature modified part of the Illinois Marriage and Dissolution of Marriage Act to give the child's other parent a right of first refusal for childcare in some circumstances. This means that the one parent must check with the other to see if they would like to care for the child before securing other care. However, not every parent receives this right of first refusal. Instead, the law leaves it to the discretion of the courts.

Debt, Divorce, and Remarriage: What You Should Know

Posted on January 21, 2014 in Divorce

When considering a divorce, many people concern themselves with the division of their marital property. While this is an important thing to worry about, the courts will divide more than just the couple’s assets. The judge will also mete out the marital debts to each of the spouses. However, the law does not make spouses responsible for the entirety of each other’s debt. Instead, the Illinois Rights of Married Persons Act clarifies which debts qualify as marital and which debts fall solely to one spouse.

Which Debts Get Divided?

The court will divide up a couple’s marital debts, while leaving each spouse solely responsible for their non-marital debt. That still leaves the question of which debts fall into which category. Generally speaking, marital debts are debts that both spouses acquire jointly or debts one spouse acquires for the family. For example, many spouses have joint credit cards. Since both spouses put their name on the card, they both agreed to bear responsibility for the debt.

First Same-Sex Marriage Illinois--Effective Date May Change

Posted on December 04, 2013 in Family Law

In November, Illinois Governor Pat Quinn signed family law legislation allowing same-sex couples to marry beginning in June. The bill passed the Illinois House early in a November by an extremely thin margin. The law needed 60 votes to pass and received 61.

The law, though passed a few weeks ago, cannot take effect immediately in Illinois due to the state constitution. All legislation passed after May 31st in any year cannot take effect until after June 1st the following year without a three-fifths majority vote in each chamber (instead of the typical one-half).

However, in a unique twist, Illinois just had its first same-sex wedding. On Thanksgiving Day, Patricia Steward and Vernita Gray, the latter being terminally ill with cancer, were given an expedited marriage license by a federal judge. The federal court decision is somewhat unique, in that it appears to contravene state requirements which would not allow these marriages to take effect for several months. There is technically not any exception in the state constitution even for tragic cases like this one affecting Steward and Gray.

Baby Boomers Divorcing in Greater Numbers

Posted on November 21, 2013 in Divorce

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Child Visitation: Making it Count for the Holidays

Posted on November 19, 2013 in Child Custody

Current statistics indicate that nearly 50 percent of marriages end in divorce, and unfortunately, the holidays can be an emotional and stressful time for families dealing with a fresh divorce or separation. However, during this time of change, it is important to focus on the needs of any children involved and to establish child visitation for each parent.

Willingness to compromise during the holidays may sound impossible, depending on the nature of a couple’s divorce or separation. However, one helpful idea, according to certified Marriage Educator Cathy Meyer, is agree to “shift your holiday celebration to the day before or after, allowing the child to enjoy two celebrations without having to make a choice. Parents can also alternate years for holidays, with one parent having the child on Thanksgiving Day for example, while the other parent has Christmas Day.” Once visitation is established, parents can then make the most of the time they have with their children during the holidays.

When is a Prenup Considered Invalid?

Posted on November 14, 2013 in Divorce

Occasionally, people decide that they need a prenuptial agreement before saying yes to marriage. That can be to protect assets such as a home or business in the event of a divorce. It is easy to understand a prenup if you consider it a type of contract in case the marriage ends. The prenup will define how assets will be divided and acts as a blueprint for other aspects of divorce including spousal support.

Prenuptial agreements are appropriate for those with a large amount of assets or a small amount and are becoming more popular in the last couple of years. However, a prenuptial agreement is not always considered valid if certain mistakes are made during the process. In order to avoid those critical errors, it is important to understand what they are.