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October 2018 Archives

How to avoid making financial errors in the throes of divorce

Admitting that marriage has come to an end might seem like one of the most challenging things to do. However, as many in Illinois might know, getting through the divorce unscathed is an even more significant challenge. Along with matters related to children, financial errors made at this time can have long-term consequences. For that reason, knowing which mistakes to avoid might be a significant advantage. The most important task to prepare for a stable financial future is to develop a financial plan.

Divorce and the many challenging decisions to make

Ending a marriage is one of the most challenging times for any couple. Navigating a divorce in Illinois requires both spouses to make many difficult choices and decisions that could determine many aspects of their post-divorce lives. Some realize too late that some choices were emotionally motivated rather than made for practical or financial reasons. One common concern involves the decision of where to live.

Is this your first holiday season as a co-parent?

If you finalized your divorce this year or will soon, you could be facing your first holiday season after deciding to end your marriage. Perhaps getting through the summer, the start of school and the first parent-teacher conferences wasn't as bad as you thought it would be, but as the year winds to a close, you may be experiencing some trepidation.

When does the court base child support on imputed income?

The Illinois family law court focuses on protecting the best interests of children, and most divorcing parents do the same. However, there are those who would do anything to avoid paying child support, and that is where imputed income comes in. When determining the amount of child support a parent must pay, the court might look at potential income rather than actual income.

Property division: What happens to a small business in divorce?

No divorce is ever simple, even uncontested divorces in Illinois have some aspects that need careful consideration. The challenges typically involve property division, especially if the couple or one spouse owns a business. If not handled with care, a small business owner can lose everything that he or she worked to build up over years.

Divorce rates seem to be affected by different generations

The lifestyle preferences of different generations seem to affect more than the consumer market. The CEO of a fast food establishment revealed slumping sales -- blaming it on the preference of millennials to prepare home-cooked meals. Illinois residents might also be aware that it was only months ago that a Wall Street Journal report indicated that mayonnaise sales had dropped considerably. Some suggest that this also follows changed lifestyles in which natural foods are preferred. Following another recent study, it was reported that millennials are less inclined to divorce.

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

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