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.
Credit cards and divorce
Housing arrangements and child custody
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.
Holiday stress is more pronounced for divorced families
An idealized picture of the holiday season often leads families to nostalgically look back at past memories while creating new ones each year. A more realistic view, however, reveals a great deal of stress and anxiety for many Illinois families, even under the best of circumstances. These feelings become much more magnified for families that have recently divorced. However, there are steps that can be taken to counteract the stress and help ensure a happy holiday season.
Smoothing out divorced parents' struggles in Illinois
Divorce typically causes difficulties when it comes to parenting. While child custody is usually a shared responsibility between the parents, it is not always an easy thing to accomplish. In an ideal world, the adults would put aside their differences to co-parent effectively, but this is not always the case.
Dealing with the other parent's alcohol abuse in divorce
If a parent in Illinois who is getting a divorce becomes concerned about their child's safety with the other parent, there may be steps that parent can take to protect the child, but this is not always the case. One man was worried about his wife's drinking because he thought she might drink and drive with their 7-year-old in the car. He also was the child's main caregiver, so he was concerned that the child was with his wife and that she had cut off contact.
Spousal support to face new tax treatment in 2019
For people in Illinois with significant assets, finalizing their divorces could be more expensive after 2018 comes to an end. The Tax Cuts and Jobs Act, passed in late 2017, included significant changes to the tax treatment of alimony payments that will go into effect with the new year in 2019. For decades, spousal support payments have been tax deductible for the payer and taxable for the recipient. This arrangement results in an overall tax savings because taxes are paid in the lower tax bracket of the recipient.
Uncovering hidden assets in a divorce
When people decide to divorce in Illinois, many hope that they will be able to reach an equitable settlement on financial matters. The financial effects of divorce can linger on long after the emotional and practical matters have been concluded, so handling these issues honestly and efficiently can help both parties to move on rather than face court entanglements. Unfortunately, however, some spouses seek to hide assets before or during the divorce to prevent their former spouses from receiving their fair share.
Keeping taxes in mind during a divorce
When people in Illinois decide to end their marriage, they may be particularly concerned about how divorce will affect them financially. Asset division and spousal support can be some of the most contentious issues, and the changes coming in tax law with the new year in 2019 may make divorce more difficult for many.
How children can adjust to divorce with parents' help
There are many ways for separated parents in Illinois to help their kids better adjust to divorce. For starters, it's important to keep family life as consistent and stable as possible. Parents should try to avoid fighting with each other over child-rearing issues. Even parents who have fundamentally different parenting styles may be able to agree on a set of consistent expectations between their households.
Dividing retirement accounts in a later-in-life divorce
Divorce can complicate the retirement plans of Illinois spouses who decide to separate later in life. The phenomenon of "gray divorce" continues to rise across the country. While there are multiple factors leading to a higher likelihood of later-in-life divorce, these separations can be accompanied by additional financial concerns.
