Peoria Legal Blog

Making a clean financial break after a divorce

On behalf of Parker & Parker Attorneys at Law posted in divorce on Thursday, January 17, 2019.

Divorcing dependent spouses in Illinois may not want to make all that many changes initially. This may result in the continued reliance on the same set of financial professionals that provided assistance during the marriage. However, it's generally agreed that newly single people are likely to benefit from making a clean financial break from their former mate after a divorce by choosing a new financial team, especially if it was the other spouse who maintained relationships with those professionals.

It's typically a good idea for financial advisers to come on board during the part of the divorce process when settlement details are being discussed. They are often able to help people balance their current financial needs with those for retirement. Financial advisers can also determine if it makes good financial sense to fight for the marital home. Once the dust settles, they can also change beneficiary designations on important financial documents and confirm that accounts an ex is entitled to receive are officially transferred.

The unique nuances of super-wealthy divorces

On behalf of Parker & Parker Attorneys at Law posted in divorce on Monday, January 14, 2019.

Many people in Illinois have likely caught wind of the news concerning the divorce of Amazon founder Jeff Bezos and his wife. The pair, who announced their spit via social media, have been together for 25 years. During that time, they've amassed more than $100 billion in assets that will need to be divided among them. In addition to the big dollar amounts involved, there are other notable differences between super-wealthy divorces and more traditional splits among couples with fewer assets.

For starters, it's not unusual for a high-asset divorce like this to be settled out of court for the sake of privacy. Putting a price tag on assets can also be a challenge. Wealthy couples often have things like rare collector's items, specially designed trinkets, and bank accounts in remote island paradises that can be difficult to assess. There's also the issue of business-related assets.

Studies probe attractiveness and relationship health

On behalf of Parker & Parker Attorneys at Law posted in divorce on Wednesday, January 9, 2019.

People in Illinois may wonder how the relative attractiveness of two romantic partners affects the strength of the relationship. According to some researchers, men who marry women who are considered more attractive than themselves may have a higher risk of divorce. Of course, attractiveness is an individual quality, and people differ widely on which attributes are considered attractive or unattractive. However, social beauty standards and concepts of attractiveness can have a significant impact on how others treat people, both in romantic relationships and in other areas of life.

According to analysis of online dating statistics, people pursue dates with those they consider up to 25 percent more attractive than themselves. However, most people tend to form and develop relationships with those of similar levels of attractiveness as judged personally as well as by others. One study found that women who believe their partners to be significantly less attractive are more likely to feel uncommitted to a relationship and flirt with others. In a study of self-reported attitudes, the result may not reflect differing attractiveness levels as clearly as it does contempt and resentment inside the relationship. Both factors can contribute significantly to a higher likelihood of divorce.

Divorce appears amicable as Usher and wife file divorce papers

On behalf of Parker & Parker Attorneys at Law posted in divorce on Thursday, January 3, 2019.

As a singer and songwriter, Usher has attracted music fans in Illinois for years. Although his career endures, his most recent marriage has ended. His marriage that began in September 2015 when he joined with a woman who had worked as his manager is drawing to a close. They filed the court papers necessary to proceed with a divorce.

Media reports state that the 40-year-old entertainer gave Dec. 24, 2017 as their official date of separation in court filings. The couple had dated for six years before tying the knot, but they have made a mutual decision to discontinue the marital relationship. In March 2018, the couple released a statement that affirmed their friendship and affection for each other despite their desire to divorce.

Attempts to avoid truck driver fatigue can be dangerous

On behalf of Parker & Parker Attorneys at Law posted in personal injury on Wednesday, January 2, 2019.

Truck driver fatigue poses a major danger to people on the roads in Illinois. In one poll, around 25 percent of truck drivers admitted to falling asleep behind the wheel at least once in the past month. Trucking accidents are particularly dangerous to passengers and drivers in smaller vehicles as well as pedestrians and cyclists. In 2016, 3,986 people were killed as a result of truck crashes, but only 17 percent of the lives lost were those inside the truck.

Many thousands more are injured in trucking accidents, often severely. Trucks are on the roads at all hours of the day and night, and drivers often face severe pressure to meet deadlines for their deliveries. As a result, everyone on the road may be at risk. The danger is particularly great from long-haul truck drivers who may be on the road for hours on end with little rest. Around 65 percent of all truck collisions involve trips that stretch for at least 51 miles, according to statistics.

Researching car accidents to improve treatment

On behalf of Parker & Parker Attorneys at Law posted in personal injury on Wednesday, December 26, 2018.

Motor vehicle accidents can cause devastating injuries to people in Illinois. Because reducing crash damages and addressing the injuries that follow can be a major public health concern, the National Highway Traffic Safety Administration leads a crash injury process called CIREN that brings experts together to understand why and how serious injuries occur.

The CIREN process includes collecting data about current and future crashes alongside multidisciplinary investigations into past auto accidents. These investigations use both medical and engineering analysis to determine how injuries were caused in each accident.

How divorce can affect credit card debt

On behalf of Parker & Parker Attorneys at Law posted in divorce on Wednesday, December 19, 2018.

Many Illinois couples whose marriages are ending may be concerned about how to divide their assets during a divorce, but it can be just as important to consider how credit card debt will be split. When debt was incurred on a jointly held card, it belongs to both of them, and despite the text of the divorce decree, the credit card company retains its ability to pursue either party. Financial experts often advise that people seek to exit their marriages without holding any joint debt. While it may not be possible to pay off all joint credit cards, people can transfer debts to cards in the name of the individual partners, depending on their agreement about how to handle them.

The process of eliminating joint debt also means cancelling any outstanding jointly held credit cards so that no future debt can be accrued. If joint debt remains in that form after a divorce, people could be held responsible long after they agreed to separate, including terms for the handling of the debt. Just as the specific division of property is important to include in a divorce settlement, so is an agreement for the separation of debt.

Can you divorce-proof your business?

On behalf of Parker & Parker Attorneys at Law on Wednesday, December 19, 2018.

Business owners have a lot of things to consider in day-to-day life. This can get even more complicated should trouble in a marriage occur. If you get a divorce, your business could be used. All of the blood, sweat and tears that went into creating your business could be subject to division during your divorce settlement, even if your spouse had no part in creating or running the company.

Going through a divorce is complicated enough without throwing arguments and arbitration about your business in the mix. Is there a way you can protect your business before a divorce is even on the table?

Credit cards and divorce

On behalf of Parker & Parker Attorneys at Law posted in divorce on Monday, December 17, 2018.

Those who get divorced in Illinois may find that they are still responsible for joint credit card debts incurred while married. However, there are ways to make sure that marital debts don't haunt an individual in the future. For instance, the debt can be transferred onto a credit card in the former spouse's name. It may also be worthwhile to pay off joint debts before the divorce becomes official.

An agreement to divide credit card debts can be negotiated with the help of a mediator or other neutral party. If a joint debt balance exists after a marriage ends, the creditor can still choose to come after either party to that balance. This could result in an individual experiencing a lower credit score even if he or she isn't responsible for the debt. This is because a creditor is not bound by the divorce decree. Instead, it is bound only by the agreement made with the parties who agreed to repay the credit card balance.

Housing arrangements and child custody

On behalf of Parker & Parker Attorneys at Law posted in divorce on Thursday, December 13, 2018.

Parents who are requesting primary child custody may need to present evidence in court about how their living arrangements are suitable for children. A parent's housing arrangements in Illinois could affect their chances of being awarded custody in several ways.

The court will first consider if housing accommodations are appropriate for a child's age and gender. Many judges expect that teens will need more space and privacy than young children. Ultimately, judges consider the facts regarding child custody on a case-by-case basis when making a decision. The children's best interests are always paramount.