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June 2018 Archives

It's important to handle retirement accounts properly in divorce

Other than the family home, the largest asset that most Illinois couples share is a retirement plan. You may have spent your career amassing enough in that plan in anticipation of the years in which you won't have to work. You and your spouse may have even discussed how to spend those years together.

Anticipating potential changes after divorce is essential

Regardless of the circumstances, anyone's financial situation can change at any time. This applies particularly to those who are in the aftermath of a divorce. For that reason, divorcing spouses in Illinois are advised to seek legal counsel to assist with the drafting of a settlement agreement to ensure all eventualities are covered. The inability to anticipate changes has caught many a divorced spouse unprepared.

Is an IRA a fair offer to replace an alimony payment in divorce?

The Tax Cuts and Jobs Act will change the way in which alimony is treated on income tax returns. Currently, the spouse who pays alimony after a divorce benefits because he or she can show it as a deductible expense on his or her tax return, while the receiving spouse must show it as a taxable income. This rule will change as of Jan. 1, 2019, and Illinois individuals who are considering a divorce next year might benefit from getting qualified advice about the best way to deal with alimony.

Social media is not your friend during a divorce

Social media has opened up a new world for many people. Reconnecting with old friends and connecting with new ones can provide you with online friendships that may last a lifetime. It provides you a place to seek support, complain about your day and share the good times in your life.

Child custody and the complexities of co-parenting

Divorced parents in Illinois might not have been prepared for the challenges of co-parenting. The problems do not stop when the divorce is finalized. Regardless of who has child custody, parents of young children will have to work out parenting plans to facilitate communication and decision making for years to come. If they can find a way to do that amicably, it will benefit parents and help the children to adjust to the new circumstances.

Same-sex couples still face obstacles in divorce court

Without a doubt, 2015 was an important year for the LGBT community. Gaining the legal recognition of same-sex relationships through marriage opened up a world of benefits that were previously only available to heterosexual couples. That was the good news. The bad news is that now that same-sex couples can marry, they may also need to divorce.

Prenuptial agreements can simplify property division in divorce

Prenuptial agreements have become essential parts of many marriages in Illinois. They have also become as crucial in divorces and property division. No longer are prenups regarded as contracts for the rich. They are legally binding agreements that will protect the assets that each spouse brings into the marriage and determines how any assets and property they acquire during the marriage will be split in the event of a divorce. It could also protect a spouse who gives up a career to take care of the family home and the children.

Parenting teenagers can be a challenge, especially after divorce

Being a teenager is an unsettling time in your child's life. Changes come at lightning speed, and being in the limbo land between a child and an adult can present certain challenges. That's just how the teenager feels. When it comes to parents, balancing being a parent and letting a teen become who he or she is going to be can be challenging as well.

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Courtney ∙ Clark Law, P.C.
104 South Charles Street
Belleville, IL 62220

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