Setting Up a 529 Account For College During Divorce

 Posted on June 12, 2013 in Divorce

In the throes of divorce, planning for the future may seem the farthest thing from your mind, especially when it involves planning for a future you would otherwise have spent together. And yet planning for your kid’s college in the midst of a divorce is an important thing to keep in mind. Just because you’re getting separated doesn’t eradicate the need for college savings and cooperation when it comes to your children, no matter how difficult that may be. Some couples decide to continue to save together for their kids’ college; others each decide to put what they can (or a pre-specified amount) aside and come together only to write the check later. “Saving for college after a divorce is a process of communication,” according to US News and World Report. “However, the communication is easier if a framework is set up during the divorce settlement.”  This framework could have many different structures, and it should be considered with both your and your ex’s divorce lawyer at the time of divorce. One such framework “could include freezing the current 529 plan account (a tax-advantaged investment account used for higher education), splitting 529 plan accounts when needed and deciding what proportion each parent will pay toward their children’s education,” according to US News and World Report. This also ensures that neither ex will be able to have access to the 529 account because no more deposits are being made, meaning that the only person who will have access to the account is the designated child. “Freezing the account would also prevent a parent from using account funds to pay for the education of child from a new marriage,” according to US News and World Report. If it seems risky to leave the investment decisions up to only one parent—the account owner—after divorce, the other option is to have the judge split the existing account 50/50. A qualified family law attorney can assist this decision, and many others. If you or someone you know is considering divorce, don’t go through it alone. Contact a dedicated Illinois divorce lawyer today.

Image courtesy of cooldesign / FreeDigitalPhotos.net

Continue Reading ››

Thinking Emotionally can Cost a Woman in a Divorce

 Posted on June 07, 2013 in Divorce

According to a financial strategist, how a woman thinks could influence her financial outcome in a divorce. Going through a divorce can be very emotional for women but learning how to shift their thinking from emotional to financial could help them secure a solid financial footing and less regret after a divorce. Turing off your emotions may be easier said than done, but understanding that there are two groups of emotions may make it easier. The emotional feeling a woman has about her spouse is one group and those emotional feelings that she has towards herself is the other. Typical emotions towards her spouse may include anger, sadness, rage, or a feeling of relief. Those emotions that she feels towards herself may be a little more complex. Getting a better understanding of these emotions will help make the necessary shift from emotional thinking to financial thinking. The self-chatter that a woman may have while going through a divorce could block her ability to do what is best for her. It can also determine how well she recovers from the divorce. Staying healthy during this trying time will help. Often the overwhelming process of divorce could make women neglect a prior healthy routine of working out and eating right. This is not the time for her to stop taking care herself. Continuing to work out or starting a workout routine will help to relieve stress, anxiety, and depression. In addition, negative self doubt in her ability to choose a partner only works against her. Shifting her focus to what is best for the children, if any, and herself is advised. Having a divorce lawyer that will fight to protect her interest in another must have. If you are taking into consideration how your life might be as a single woman after divorce contact an Illinois attorney today for a free consultation.

Image courtesy of seat keawatavee/Freedigitalphotos

Continue Reading ››

Viagra Can Lead to Divorce, Experts Say

 Posted on May 30, 2013 in Divorce

Warning: stripos(): Offset not contained in string in /home/ocvaws/public_html/system-joomla-shared-core/components/com_easyblog/easyblog.php on line 6

Continue Reading ››

Raising Allegations of Abuse in a Divorce Case

 Posted on May 27, 2013 in Divorce

If you've been the victim of domestic violence and you're also moving through the proceedings of a divorce trial, it can be complicated to understand how domestic violence impacts the judge. Particularly if you have minor children, getting custody can make it all the more important that you approach raising allegations appropriately with your lawyer. In Illinois, judges tend to rely on factor tests, which allow the judges to weigh the impacts of the domestic violence in determining the best interests of the child. For a long time around the country, judges have been instructed to make final determinations based on what they perceive to be the child's "best interests". A factor test simply means that the judge should "factor in" how domestic violence may be affecting the child. Judges in Illinois also tend to lean towards joint custody where the situation may fit, which can be dangerous in situations where children are already victims of abuse. Speak to your attorney in depth about the history of the abuse, any documentation regarding it, and how it has affected the children. For example, if their grades have declined as a result of emotional traumas, you might want to obtain copies of their gradecards as well as reports from their teachers to back up your arguments. If the abuse has been documented by a physician or other adult, it will be helpful to have copies of this. Since judges are guided by the best interests of the child, it's important that as much hard evidence as possible is shared about history and patterns of abuse. Before proceeding with a trial or other parts of the process, discuss your strategy with your attorney. You should not go into a custody trial where abuse is alleged without the guidance of an experienced and licensed attorney. Contact your lawyers today to set up a consultation.

Image courtesy of kenfotos/Freedigitalphotos

Continue Reading ››

Advantages of Legal Separation vs. Divorce

 Posted on May 23, 2013 in Divorce

When two people come together to wed, the last thing on their minds is a divorce or legal separation. However, time goes on and people may change. This realization may prompt one person to want out of the marriage, but not completely until he or she is sure that divorce is what's right. The best advantage of a legal separation may be time. Legal separation allows two people to live separately until they can decide if divorce is the best option. This arrangement is particularly favorable in cases where couples may want to divorce due to 'irreconcilable differences' as a requirement for divorce in Illinois is a two year separation. In addition, the spouse seeking divorce must establish that he or she is not the one responsible for the separation. According to the Illinois Marriage and Dissolution Act, two people, while remaining married can be legally separated. This allows a separated couple to avoid a court order distribution of property. However, the court can still make judgment similar to that of a divorce. For instance, a court could rule that a spouse pay spousal support even though the couple is separated and living in two separate dwellings. A court can set rules regarding child custody and visitation similar to a divorce case. Just because a couple is seeking legal separation doesn't mean the courts stop working in the best interest of the children. Therefore, the courts take into consideration eight factors set by statute (750 ILCS 5/602) to determine the child custody arrangements. Dealing with a separation and possible divorce can be emotionally overwhelming. Often a person can become unsure of what to do and what course of action to take. Illinois residents considering a legal separation or looking for answers to questions concerning divorce should contact a legal separation attorney for a free consultation.

Image courtesy of arztsamui/Freedigitalphotos

Continue Reading ››

Second Marriage Not a Guarantee

 Posted on May 20, 2013 in Divorce

It is helpful to learn from our mistakes, and to become better people for them. In a marriage, when it fails, one might think they have become experts on what did not work. So when the opportunity arises for a second marriage, these so called experts think they have it all understood. However, second marriages are more likely to end in divorce than first marriages. What can you do if you want to jump into the marriage pool again? Check out these quick tips, and consider a prenuptial agreement as you read on to protect yourself in your second marriage. It is easy to find someone and think they fit everything you have ever wanted. Maybe even comparing them to your previous spouse makes the temptation to marry even more beautiful. However, getting to know your future spouse is crucial. It does not have to be specific a length of time, per se, but rather, understanding each other’s culture, expectations, family, child-rearing techniques, money, religion and social beliefs. Believe it or not, they can easily tear a couple apart if they are not on the same page. Understand what did not work in your previous marriage – maybe even make a list. Discuss your ideas on relationships with your future partner so they understand your perspective and how to help avoid previous issues. Just jumping into a new marriage thinking it will be a clean slate and not have the same issues is not smart. By being open and honest can give the two of you a great way of figuring out expectations of each other and moving forward together in a positive, healthy way. Marriage is wonderful, but it is totally understandable for one to be apprehensive the second time around. Maybe a prenuptial is a good route for you and your new spouse to have to ensure your assets and expectations. Contact a Kane County family attorney today for more information.

Image courtesy of stockimages/Freedigitalphotos

Continue Reading ››

The Worst Mistakes to Make During a Divorce

 Posted on May 16, 2013 in Divorce

Divorce can often be very stressful. The stress can make us make illogical and dangerous mistakes. People often fail to prepare themselves emotionally for a divorce and they can have trouble controlling their emotions, which can lead to serious mistakes during the divorce process. A recent article in the Huffington Post lists the following five worst mistakes people make in a divorce. 1. Refusing to throw in the towel. While it is often a good idea to do everything you can to save your marriage, you need to know when to give up. If your spouse insists on a divorce, throwing in the towel is smart. You can’t save your marriage alone. 2. Giving in to withdrawal pains. It may be hard to move on with your life after the divorce. A person may experience “withdrawal pains”, and send constant e-mails and texts to their former spouse. This is not advisable, however, because your ex might see this as harassment, which is illegal. 3. Dating too early. Although you may feel lonely after a divorce and want to meet someone new, dating too early is ill-advised. You are most likely going through many emotions, and the new person in your life will probably just make the healing process harder. You may also make bad decisions while you are not yet fully yourself. 4. Putting the kids in the middle. Sometimes parents talk trash about the other parent, or make it hard for the other parent to see the kids. However, when you drag your kids into the divorce conflict, everyone loses, especially your children, who may suffer depression and anger as a result. 5. Neglecting to get help. Divorce is never an easy process. You should never go through it alone. By talking to someone close to you, it is possible to avoid the emotional pain that often comes with divorce. Don’t make the mistake of not getting help. If you are considering divorce, contact a capable Illinois family law attorney today.

Image courtesy of FreeDigitalPhotos.net

Continue Reading ››

NFL Player Leroy Hill Faces Domestic Violence Charges

 Posted on May 13, 2013 in Family Law

Warning: stripos(): Offset not contained in string in /home/ocvaws/public_html/system-joomla-shared-core/components/com_easyblog/easyblog.php on line 6

Continue Reading ››

Financial Mistakes during Divorce

 Posted on May 08, 2013 in Divorce

Warning: stripos(): Offset not contained in string in /home/ocvaws/public_html/system-joomla-shared-core/components/com_easyblog/easyblog.php on line 6

Continue Reading ››

Is a Prenup Necessary?

 Posted on May 03, 2013 in Divorce

Warning: stripos(): Offset not contained in string in /home/ocvaws/public_html/system-joomla-shared-core/components/com_easyblog/easyblog.php on line 6

Continue Reading ››