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August 2018 Archives

Dealing with Bitcoin during a divorce

When Illinois couples decide to divorce, assets often need to be identified and disentangled. With the rise of cryptocurrencies, a new layer of complication has been added to the already-complex process of understanding marital assets. These digital currencies, like Bitcoin and Ethereum, often offer a high level of anonymity. They have also witnessed a sharp upswing in value, and what began as a small investment may now be worth many times the initial outlay.

Preparing for a divorce: child custody and parenting arrangements

The decision to separate from a partner, regardless of how long the relationship has lasted, is a very personal one. Many couples experience a variety of emotions when the decision to separate has been made. This often leads to inadequate preparation. However, it's important to note that being prepared can make the divorce process much easier for Illinois couples.

Tax law changes may affect divorce settlements

People in Illinois who are considering divorce may want to consider how 2017's Tax Cuts and Jobs Act could affect the separation process. In 2015, over 600,000 taxpayers deducted alimony payments from their annual tax returns. Due to changes in the law, however, people who finalize their divorces after 2018 will no longer be allowed to deduct alimony payments from their taxes. In addition, the recipient will no longer pay taxes on the income. These changes will reverse nearly 80 years of legal practice on taxation and spousal support.

Divorce may be more complicated for business owners

Dividing marital property can be a contentious issue in any Illinois divorce. If one of the couple's assets is a business, however, it can be especially complicated. Company owners who are approaching divorce should determine how much the business is worth and how to divide that value. An issue that's all too common is one spouse being deceptive in regard to reporting income.

Financial issues to consider in divorce

There are a number of financial considerations people in Illinois who are getting a divorce should take into account. For example, when dividing certain types of assets, it is important to take taxes into account when assessing their value. One person in a couple may take a retirement account with a value of $100,000 while the other takes a money market account of equal value. However, there may be taxes on the distribution of the retirement account, so its actual value could be lower. Another consideration is whether the ex-spouse will get survivor's benefits on a pension plan if the other spouse dies.

How student loan debt affects marriages and divorces

The average borrower in Illinois with student loan debt could owe nearly $40,000, a figure that is significantly higher than what was common a decade ago. The number of borrowers owing more than $50,000 has spiked as well. Results from a study conducted by an education loan website show that most borrowers believe money issues contributed to their divorce. Specifically, 13 percent of respondents link student loan debt to their failed marriage.

About child support cases

One of the many issues parents in Illinois and the rest of the country have to address when they separate or divorce is child support. The topic of child support payments can be confusing to some people as there are different types of child support cases.

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