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Recent Blog Posts
When Should I Update My Estate Plan?
If you have already created estate planning documents, but it has been years since you looked at or thought about them, it might be time to speak to an estate planning attorney about updating them. You may find that your circumstances or wishes have changed substantially since the last time you looked at your will, trust, or healthcare planning documents. Even if you are confident that your estate planning documents still accurately reflect your wishes, laws change over time that may affect your estate. It is always a good idea to periodically review your estate plan with an attorney’s help to ensure everything is in order.
When is it Time to Review my Estate Plan With a Lawyer?
A variety of life changes may trigger you to want to update your will or trust, or other documents like your Healthcare Power of Attorney and Advance Directives. It may be time to see an attorney about your estate plan when any of the following changes occur:
What is the Financial Impact of Remarriage on a Divorce Agreement?
Although most spouses could comfortably walk away from their partner after a divorce and never speak to them again, reality does not work that way. Even after a couple gets divorced, several things can keep them connected long into the future. This is especially true if children are involved. Child support, spousal maintenance, and arranging shared parenting schedules often compel former spouses to work together for many years after the marriage has ended.
This means that the decisions of each partner often affect the other, and few decisions have as much of an impact as the remarriage of a former spouse. Former spouses who wish to get remarried often wonder how their finances will change, and whether they will need to support two families and two spouses. This article will discuss the two most common issues a remarriage can impact - child support and spousal maintenance.
Mediation vs. Collaborative Divorce: Is There a Difference?
If you are getting divorced but the thought of spending hours in court negotiating with your spouse makes you queasy, there are other options. In fact, only a small percentage of Illinois divorces are actually litigated in court because the alternatives to litigation have so many advantages.
This article looks at the two primary alternatives to divorce litigation: mediation and collaborative divorce. Although they are similar, mediation and collaborative divorce are not the same, and it is important to understand their differences, so you know whether one of these options is right for you.
What is Mediation?
In an Illinois divorce, mediation is a negotiation process involving two spouses and an impartial third-party mediator. Mediators are trained professionals who can guide spouses through negotiations about important issues such as the division of marital property, parenting time, and spousal support. Mediators are skilled in conflict resolution and can help spouses keep hostility to a minimum. Although each spouse usually still has an attorney, the attorneys are not a part of the mediation process.
What Can We Do if We Want a Prenup and Are Already Married?
In the rush and excitement of planning for a wedding, many couples overlook the importance of a prenuptial agreement. But after the wedding is over and they settle into real life as a married couple, they may want to create a shared arrangement regarding their finances.
In many ways, postnuptial agreements are similar to prenuptial agreements. They can address how a couple will deal with day-to-day finances, work together towards retirement, and how they will allocate separate and marital property in the event of a divorce. Although prenuptial and postnuptial agreements may not seem romantic, they are actually a great way loving spouses can protect each other - whether they stay together or separate.
Who Can Benefit From a Postnuptial Agreement?
One common misconception about marital agreements is that they are only beneficial to older spouses, those who already have substantial financial resources, or those who share children from previous marriages. Although it is true that a prenup or postnup can be valuable to people in those circumstances, a postnuptial agreement can be equally valuable to a young couple just beginning their journey together in life.
Can I Record Conversations with My Spouse During Divorce in Illinois?
Modern technology has made it very easy to record every moment of our lives. Photo, video, and voice recordings of people acting poorly are all over the internet. Although people getting divorced in Illinois may believe that recording their spouses doing something threatening or illegal would be justified and therefore no big deal, Illinois and federal law are quite strict regarding legal and illegal recordings.
Many people have legitimate reasons to fear their spouse during an ongoing divorce process and may want to surreptitiously document threats or abusive behavior. Although there are times when secret recording can be done legally, it is easy to violate these laws and a recording could be inadmissible as evidence - or worse, get the person doing the recording in serious legal trouble.
When Can Conversations Be Legally Recorded in Illinois?
Illinois is an all-party consent state when it comes to recordings. This means that everyone involved in a conversation must be aware that recording is taking place. They do not have to consent to the recording; they must only be aware of it.
Estate Planning With High-Value or Complex Assets
While estate planning is important for everyone, it is especially so for high-net-worth individuals. If you own high-value or complex assets, a number of estate planning tools are available to ensure that your wealth is distributed according to your wishes while minimizing your Illinois Estate and Generation-Skipping Transfer Tax liability. The greater the value of your estate, the greater the potential liabilities. An experienced attorney can craft an estate plan designed to preserve your wealth.
Minimizing Taxes During Estate Distribution
Generally, trusts are favored over wills. Trusts serve one very important purpose-- avoiding probate. Probate can be costly and complicated, and it significantly diminishes your estate’s value. There are two types of trusts: revocable and irrevocable. Often, both are used to hold different assets and to serve different purposes.
A revocable trust allows you to continue making modifications to it throughout your life. You can move assets in and out of a revocable trust. Any wealth contained in a revocable trust will not be subject to probate.
Parenting Tips for a Successful School Year After Divorce
Getting used to parenting with your kids in two separate households is a difficult but necessary task for many families adjusting to life after divorce. The start of a new school year puts additional responsibilities on parents as they try to arrange schedules, buy supplies, and manage expenses.
Thinking ahead is crucial for creating an adequate parenting plan. Having a plan in place can help a family transition into the academic year much more smoothly. Whether you have been divorced for years or are still going through a divorce, here are some things to consider addressing in your parenting plan as your children start school.
Share Unexpected Expenses
Child support is generally expected to cover a child’s cost of living at one home, but school can add extra unanticipated expenses. Extracurricular activities, books, and fees for tests and college-level courses can add up quickly.
Addressing how unexpected educational expenses will be handled is an important part of any parenting plan. Parents might split them 50/50, each parent may agree to pay for certain expenses, or one parent may be able and willing to pay for everything. Parents may also want to consider having their older children help pay for things like involvement in sports teams or school dances.
How is Spousal Maintenance Handled in Illinois?
Getting a divorce can have a major, ongoing impact on your finances. After the divorce is over and all the court and attorney expenses have been paid, many divorcees must continue to make spousal maintenance payments to their former spouses.
Knowing how spousal maintenance is handled and what kinds of maintenance there are in Illinois is crucial for managing your options and expectations. In this article, we will explore what the Illinois Marriage and Dissolution of Marriage Act allows in terms of spousal maintenance, how payments are calculated, and how long you can expect to make these payments.
How is Spousal Maintenance Calculated?
Maintenance payments are allocated based on a fairly simple equation but judges have wide leeway to adjust payments depending on other factors as well, such as child support obligations or spousal support payments already being made to previous spouses. The basic formula for spousal maintenance is 33 percent of the paying spouse’s annual net income, minus 25 percent of the receiving spouse’s annual net income.
Are There Different Types of Powers of Attorney?
A power of attorney is a legal document that gives another person, called the "agent," the power to make decisions on your behalf. Powers of attorney can be as limited in scope as allowing your agent to handle one specific transaction for you, or as broad as giving your agent general and permanent power to manage all of your finances and medical decision-making. It is very important to consult with a qualified attorney before you execute any power of attorney. These legal documents can be quite complicated, and an experienced attorney will be able to guide you through the process and ensure that your wishes will be carried out correctly.
What is the Difference Between Durable and Springing Powers of Attorney?
The main difference between a durable power of attorney and a springing power of attorney is that a durable power of attorney takes effect immediately and gives your agent the ability to start making decisions for you, managing your finances, or any other included powers right away. It is effective for the rest of your life unless you revoke it. A durable power of attorney is not affected if you become incapacitated. One advantage of a durable power of attorney is that since it is already in effect, the transition after you become incapacitated can be seamless.
Choosing the Right Illinois Divorce Attorney For You
If you have decided to get a divorce, the next step is to choose an Illinois divorce attorney. But what makes a good attorney? Out of the myriad of options, how do you know what to look for, or even where to look?
Choosing a divorce attorney is an important part of the divorce process. The right attorney can make the divorce process smoother, less stressful, and will avoid unnecessary delays and mistakes that can cost you valuable time and money. This article discusses the process of choosing a divorce attorney, as well as some of the things you should look for.
Where Should I Search for a Divorce Attorney?
First, begin by speaking with trusted friends and family. If you know anyone who has recently been through a divorce, ask them how they felt about their attorney. You may be surprised to find that some people will even recommend their ex-spouse’s attorney rather than their own, simply because the attorney did such a great job of advocating for their client.
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