Courtney ∙ Clark Law, P.C.Courtney ∙ Clark Law, P.C.
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divorce Archives

Selling the family home in a divorce

Ending a marriage is typically an emotional and traumatic experience, certain aspects need both spouses to be on the same page. Selling the family home at the highest possible price and sharing the proceeds fairly will require cooperation because bickering will only lead to unnecessary legal fees. It might be best to deal with this during the divorce when couples are dealing with other financial matters and debt division -- a process that can be eased with the help of an Illinois divorce attorney.

The challenges of divorce as a self-employed business owner

Anyone who is self-employed might find that life's ups and downs could affect the business operation and its clients. Divorce is one of the events that could be legally, financially and emotionally challenging. Considering certain aspects before filing for divorce in Illinois might limit the negative impact.

What are the differences between divorce and legal separation?

Deciding to end a marriage is a significant step, and some couples in Illinois choose instead to file for a legal separation. This allows the couple to remain married but live separately, while a divorce would dissolve the marriage. Some prefer this option because it leaves them with the opportunity to reconcile and get back together. Reconciliation after a divorce would require the couple to remarry if they wish to have a legal reunification.

Social media can play a significant role in divorce

Social networks have become part of the lives of almost everyone nationwide, including Illinois. Years ago, journals were kept for recording daily activities and personal thoughts, and no one dared reading someone else's diary. In contrast, the modern trend is for people to share all their thoughts and actions with the world on Facebook and other social media platforms. Not all Facebook users realize that everything they post can be used as evidence in a divorce, child support or child custody case.

Consider other payment options to replace alimony in divorce

Very soon, the strike of the clock at midnight will be the start of 2019. At that time, the familiar alimony tax rules will be replaced by the Tax Cuts and Jobs Act, which will make received alimony payments taxable income and alimony payments non-tax deductible. Anyone in Illinois whose divorce could not be finalized before New Year's Eve may want to look at other options to consider instead of alimony. It is essential to take into account that the new law will also affect other aspects of a divorce such as home ownership.

The new face of divorce and alimony after New Year's Eve

It is now a year after the U.S. Congress passed the federal Tax Cuts and Jobs Act. Many couples in Illinois and elsewhere who are in the throes of divorce have pushed to get their cases finalized before Dec. 31. That would ensure that the Internal Revenue Service would continue to allow alimony payments to be deductible for the paying spouse, and taxable for the receiving spouse, none of which will apply after New Year's Eve.

Divorce: Untying financial knots can be complicated

Before tying the knot in Illinois, it is likely with great anticipation that otherwise dreaded tasks are completed. These might include getting a marriage certificate copy and arranging the name change with the Social Security Office and the DMV, opening joint bank and credit card accounts, and ensuring that the names of both spouses are on the residential property deed. The same excitement might not be present when all those changes must be undone in the event of a divorce.

Divorce: Use the time in legal separation wisely

Deciding to end a marriage might be the hardest thing some spouses in Illinois will ever do. Some divorces take months or even years to finalize, and getting a court-ordered legal separation is the best way to deal with all the issues. Although such an order does not end the marriage, it stops the accumulation of marital assets. Anything obtained by a spouse after such an order is issued will be personal assets.

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.

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

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