On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, October 14, 2013. Divorce can take huge emotional toll on an individual, but it does not have to be a financial burden. Individuals who are in a marriage that isn’t working out might want to take a few simple steps to protect themselves financially. First, individuals going through a divorce need to educate themselves on family finances. If the one spouse has taken the lead on the household finances, it’s important for the other spouse to understand the breakdownContinue reading
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Marital infidelity and divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, October 9, 2013. Illinois residents going through a divorce know that there is often bitterness between the parties when a marriage is breaking up. This can be especially true if the decision to file for the divorce is the result of the infidelity of one of the spouses. Whether this behavior will be taken into account during divorce proceedings depends upon the laws of the state in which the divorce is filed. States with no-fault divorce laws generally do not considerContinue reading
Reverse mortgages and divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, October 4, 2013. A relatively new financial planning tool known as a reverse mortgage has recently increased in popularity in Illinois and elsewhere. This type of loan may benefit an older homeowner that is going through a divorce. A reverse mortgage allows individuals who are 62 or older to use the equity in a home to get a loan and receive the proceeds in monthly installments, in a lump sum or through an available line of credit. Principal and interestContinue reading
How divorce affects financial aid
On behalf of The Walters Law Group, Ltd. posted in Child Custody on Tuesday, October 1, 2013. Illinois residents might be confused about how divorce affects financial aid. Some parents might not know which parent should file the Free Application for Financial Aid, which is required for their children to get federal financial aid. The rules for seeking financial aid are different for children of divorced parents than it is for those of married parents. First of all, who the child lives with matters. The parent who fills out the FAFSA shouldContinue reading
The Affordable Care Act and divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, September 27, 2013. The Affordable Care Act may make it easier for couples in Illinois to decide whether to stay in their marriage or get divorced. Health insurance is often a major factor for adults over 50 years of age. The 115,000 women who lose their private health coverage due to divorce every year would not have to worry about their eligibility after divorce as a result of the ACA. Older women who are not employed or do notContinue reading
Parenting after divorce presents unique challenges
On behalf of The Walters Law Group, Ltd. posted in Divorce on Tuesday, September 24, 2013. Divorced parents living in Chicago often discover that one of the most difficult aspects of managing their post-divorce life is finding successful ways to co-parent their children. While parenting can be a challenging endeavor under even the best of circumstances, parenting after a divorce requires former spouses to take extra steps so that they can avoid putting their children into situations where they feel insecure or unsafe. It is important for divorced parents to refrain from saying negativeContinue reading
Stocks may be sold in Illinois to help pay for divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, September 20, 2013. Is there ever a good time to sell major stocks? Individuals who are in the midst of an expensive divorce may want to consider doing so as did the CEO of Best Buy who sold over $10 million of his company’s stock to pay for divorce proceedings. Such large sales of major stocks often raise eyebrows because they could be signs of insider trading. The Best Buy CEO has been credited with turning around the electronics retailer. TheContinue reading
Man in reduced circumstances jailed for missing alimony
On behalf of The Walters Law Group, Ltd. posted in Family Law on Tuesday, September 17, 2013. A family court judge has ordered that an ex-husband mired in financial difficulties remain confined to a work-release program where he must spend his nights and weekends in jail. In order to secure his release, the man must pay a lump sum of $25,000 toward more than $233,000 of spousal support that he owes his former wife. Jailed at least eight times in the past two years for missing child support payments, the man formerly worked asContinue reading
Blue Cross embroiled in child support payment case
On behalf of The Walters Law Group, Ltd. posted in Child Support on Thursday, September 12, 2013. An Illinois woman has found herself pitted against an unlikely foe in efforts to secure money for her and her children following a divorce. The insurance company Blue Cross and Blue Shield of Illinois has refused to comply with a request from the divorced woman to withhold reimbursements to her husband, a self-employed chiropractor, so that she can receive the child support payments to which she and her children are entitled. Blue Cross has contended that itContinue reading
Chicago fathers’ rights could be leveraged in fake pregnancy scam
On behalf of The Walters Law Group, Ltd. posted in Unmarried Couples on Tuesday, September 10, 2013. In a case that could happen in Chicago or anywhere with trusting friends, a couple bilked everyone around them by claiming that the wife had miscarried twins. The fact was, there would never have been a child custody battle with this alleged mother and father, since the pregnancy was never real in the first place. The duo received money for funeral expenses and other supposed costs due to the nonexistent tragedy. They also received jail time onceContinue reading