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
Category Archives: Divorce
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
Financial planning can assuage common divorce fears
On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, September 6, 2013. Illinois residents weighing the prospect of divorce might harbor reservations about doing so because of fears that they have about what will happen after the process is over with. This is especially true for the spouse who is considered the “out spouse,” or the one who lacks a working relationship with a financial advisor or attorney and is not involved in household finances, including bill-paying and investments. The “in spouse,” on the other hand, has aContinue reading
DIY divorce plagued with problems
On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, August 19, 2013. People who attempt to save money by getting a divorce without a lawyer may be in for a rude awakening. Once a person files for a divorce pro se, the judge is unable to provide legal advice regarding the divorce. Additionally, Chicago spouses may be at a disadvantage if they do not have an attorney but their spouse does. Sites are popping up on the Internet that allow users to input information that allows them to prepareContinue reading
Dividing your assets at divorce with prenuptial agreements
On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, August 12, 2013. Prenuptial agreements are an important part of the proceedings when there is a high asset divorce. Illinois residents who are preparing for marriage or divorce may be interested to know some things to look out for when preparing a prenuptial or postnuptial agreement or attempting to negotiate property division at the dissolution of a marriage. A prenuptial agreement that is very old and without any postnuptial modifications or clarifications is liable to be challenged by theContinue reading
Post-divorce financial planning
On behalf of The Walters Law Group, Ltd. posted in Family Law on Thursday, August 8, 2013. Alimony in Illinois is a legal obligation to support a spouse financially at regular intervals before or after marital separation or divorce. Such support can be important to divorced individuals who were not employed during their marriages and have limited prospects for substantial income, but alimony may not last forever or even for long, so former spouses reliant on alimony payments to pay necessary expenses should plan to adjust their budgets accordingly. Some family lawContinue reading