Money troubles are not uncommon among divorcing couples. In fact, a recent study on the money habits of married couples found that finances were the main stressor in 35 percent of all relationships. Statistics also show that an alarming number of people hide debt, money, and large purchases from their significant other; as many as 7.2 million Americans are hiding money from their spouse, and approximately 6 percent of married persons say they have a secret credit card or bank account that their spouse does not know about.

Sadly, all this hidden debt and money can come back to haunt a couple that breaks down and decides to divorce. In some cases, it may even leave parties with massive amounts of debt that can only be relieved through bankruptcy. How should you proceed if this is your situation?

The answer to that question depends on a number of factors - everything from the toxicity of your current situation to you and your spouse’s income and amount of marital debt.

Even though alimony is not awarded as frequently in divorce as it once was, it is still an important (and often contentious) element in some divorce situations. It can ensure a disabled or disadvantaged spouse has at least some financial resources as they attempt to rebuild their life (perhaps by going back to school to start a new career or re-entering their former career field). Alimony can also ensure a family unit is financially stable in the months immediately following a divorce.

Thanks to the passage of the Tax Cuts and Jobs Act, alimony laws in the United States will undergo some monumental changes in 2019. A provision, which has been in place for more than 70 years now, will be completely eliminated, and it is expected to negatively affect many divorcing couples in the year to come. Learn how you can prepare for the upcoming alimony changes, and discover how our seasoned Wheaton family law attorneys can assist with mitigating against the potential issues in your Illinois divorce.

How the Tax Act is Changing Alimony in 2019

When parents go through a divorce, they often wonder what will help their children cope during the process. Some try to take the focus off the divorce, sometimes to the point that they are unintentionally minimizing its impact on the child. Others try to cater to their child’s wants and needs, sometimes to the point that the child does not ever truly feel the complex emotions that children of divorce often experience. Sadly, this can ultimately stunt the child’s emotional and psychological growth. Learn what you can do to help your child deal with the divorce process in a healthy way, and discover how a seasoned attorney can assist you with the process.

Your Actions and Behavior in Divorce - Why It Matters

Parents sometimes mistakenly tell their children that the divorce “is between the adults” and “has nothing to do with them” when, in fact, nothing could be further from the truth. Yes, while the divorce proceedings are truly about the parents and their decision to end the relationship, it is important that parents avoid behaving or acting in ways that inadvertently minimize the impact that the parents’ decision has on the child. Their entire life is changing.

Couples who have raised children often look forward to their retirement years because they consider it well-earned time together. However, many baby boomers are finding they are no longer compatible with their mate, or that they no longer want to spend all that uninterrupted time with one another. In fact, divorce rates for those over the age of 50 have more than doubled in the last decade. Unfortunately, that increase in divorce is creating some serious financial issues for this demographic group - sometimes to the point that it completely derails their plans for retirement. Learn how a seasoned Illinois divorce lawyer may be able to help you protect your assets and increase the chances of a healthy financial future during your gray divorce.

Divorce, Retirement, and Your Pension Plan

When parties plan for retirement, they are generally only accounting for one set of expenses. Divorce can double the expenses, and it requires that the parties split whatever assets they have. In short, there is less money to go around, and more expenses to cover. For some, this may mean downsizing or living a less luxurious life during their retirement years. Others may have to give up plans that they had made (i.e. traveling). Still, there are some who may be at a significant risk for divorce-induced poverty. Whatever your circumstance, rest assured that there are strategies that one may use in divorce to help protect their assets and financial future.

Few couples enter a divorce, planning to fight and argue. Yet, when they start to discuss touchy issues like money, assets, and children, tempers can quickly flare. Thankfully, there are some tips that you can use to avoid a messy divorce - and none rely on the actions of your spouse, meaning you can still attempt for a relatively amicable divorce, even if your ex becomes vengeful.

Focus on the Best Interests of Your Children

Parents who remain mindful of their child’s needs often fare better, even if their spouse starts to act out. That is because they understand that children usually cope better with divorce when they are able to have a healthy, continued relationship with both parents. They are less focused on “winning,” and more concerned about what their child needs and wants most.