On behalf of The Walters Law Group, Ltd. posted in Child Support on Thursday, May 30, 2013. Illinois residents may be surprised to learn of the staggering figures that are present in some child support cases. Recent child support cases involving celebrities have highlighted a problem with the existing system: some people may intentionally target others in the hopes of acquiring child support to support themselves. Charlie Sheen’s ex Brooke Mueller recently went to rehab and the former couple’s children were removed from her care. Although the children were then safely in the handsContinue reading
Monthly Archives: May 2013
More Illinois women are paying alimony
On behalf of The Walters Law Group, Ltd. posted in Family Law on Saturday, May 25, 2013. With the growing trend of women earning more income than their husbands, more women are being ordered to pay spousal support to their husbands in divorce cases. Alimony was once a means of providing economic and legal recognition for women, who mostly stayed out of the workforce. This allowed them to take care of the duties of running the household. In the event of a divorce, alimony acknowledged that the wife had sacrificed her earning powerContinue reading
Divorce finance: how to get your finances in order post-split
On behalf of The Walters Law Group, Ltd. posted in Family Law on Thursday, May 23, 2013. After Chicago couples divorce, there are many steps that they must take to get their finances under control. A divorce may result in a woman having her name changed, which requires her to acquire a new Social Security card, passport, credit cards, bank cards and driver’s license. She also must report the name change to financial accounts, insurance companies and utility companies. This is just one part of getting a handle on finances after a divorce. OneContinue reading
Unmarried couples not recognized by courts
On behalf of The Walters Law Group, Ltd. posted in Unmarried Couples on Monday, May 20, 2013. Illinois residents might be interested to hear that unmarried couples are not recognized by courts when they split up, or, essentially, ‘get a divorce” like married couples do. Studies show that nearly half of the adults in the U.S. in their 30s and 40s have lived together with their significant others even though they weren’t married. However, when it comes to finances, the law does not recognize relationships that aren’t documented on paper, which canContinue reading
Protecting financial assets when couples live together
On behalf of The Walters Law Group, Ltd. posted in Unmarried Couples on Wednesday, May 15, 2013. Statistics show that almost half of U.S. adults between the ages of 30 and 49 have lived together without the benefit of marriage. Marriage offers a number of benefits that living together does not. A break up is rarely easy, but when couples who are older separate, the problems are compounded, especially if they have additional assets. In some cases, the law doesn’t afford legal protections to unmarried people, especially in financial matters and inContinue reading
Handling debt problems during divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, May 10, 2013. How a family court decides to allocate property and debts depends largely on whether the state is considered a community property state or an equitable distribution state. In community property states, the presumption is that debt is community debt and unless a spouse can prove otherwise with clear and convincing evidence, the debt is the equal responsibility of each spouse to pay after the divorce. In equitable distribution states like Illinois, a spouse is not usually liableContinue reading
Millionaires squabble over child support
On behalf of The Walters Law Group, Ltd. posted in Child Support on Saturday, May 4, 2013. While child custody and support battles are usually fought by those with limited means, even the richest are not immune to negative interactions regarding these subjects. Illinois residents may have heard that a former Goldman Sachs executive is accused of conspiracy in hiding assets with his girlfriend to defraud her child’s father out of thousands of dollars per month in child support. The suit claims that the two concealed substantial assets so that the mother couldContinue reading
Seek an experienced Chicago attorney for a prenuptial agreement
On behalf of The Walters Law Group, Ltd. posted in Family Law on Thursday, May 2, 2013. Attaining a prenuptial agreement in Chicago is a prudent decision regardless of wealth or socio-economic status. Pre-marital assets, such as retirement accounts, businesses and inheritances, can be protected via a pre-marital agreement. Though it may be difficult or uncomfortable to bring up the subject, signing a prenuptial agreement can spare couples unwanted stress in the event of divorce. Benefits of a prenuptial agreement include protection of future earnings and avoidance of debt. If a spouse decidesContinue reading