On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, April 3, 2013. Simply getting a divorce has no impact on the credit ratings of Illinois residents, but financial changes associated with splitting up a marriage can lead to lowering an individual’s credit score. This is why people who are considering a divorce should be proactive about tracking their credit score and splitting up finances as quickly as possible. The first thing that those considering divorce should do is get a copy of their credit score. This will tell them whatContinue reading
Category Archives: Divorce
Divorce typically has multiple financial side effects
On behalf of The Walters Law Group, Ltd. posted in Divorce on Thursday, March 28, 2013. According to financial advisors, many individuals who get divorced fail to understand how much of a long-term impact the process can have on their financial status. Divorces may directly change the lives of many Chicago families and their assets, but they also affect their incomes and taxes later on. After people divorce, they return to single tax filing status, which usually represents a higher income tax rate. In modern times, such changes may affect men and womenContinue reading
Most divorces benefit from aid of attorney
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, March 20, 2013. When a couple in the Chicago area decides to end a marriage, there are many matters that must be addressed. Often one of the biggest issues is how assets will be divided. Depending on the individual, this can be overwhelming. That sense of overwhelm can cause some, in an effort to save some money, to try to manage the divorce themselves, without the assistance of a lawyer. While there are of course occasions where this may work outContinue reading
Older couples divorcing at increasing rate
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, March 13, 2013. While perhaps not the demographic that most often comes to mind when one thinks about divorce, those over the age of 50 are nonetheless seeking to end marriages at an ever increasing rate throughout the nation, including the Chicago area. Currently, 1 in 4 divorces filed involves individuals in that age group. Over 20 years ago, that number was only 1 in 10. While there are a variety of reasons people of all ages decide toContinue reading
Divorce filings increase after Valentine’s Day
On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, March 1, 2013. Valentine’s Day usually represents love and romance. More recently, however, it may also represent the calm before the storm. The day after Valentine’s Day has become one of the busiest days for divorce attorneys and the increase in divorce filings has made February become one of the most popular months for people to file for divorce. Why would Valentine’s Day contribute to more divorce filings? Studies suggest that many couples who are considering filing for divorce wait toContinue reading
Excessive consumption of alcohol tied to higher rates of divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, February 20, 2013. There are many reasons couples throughout the Chicago area decide to end their marriages with a divorce. Commonly cited reasons include disputes over the way that money is handled, infidelity or simply growing apart. According to a recent report, the amount of alcohol each spouse uses could have a bearing on whether a heterosexual marriage survives as well. The report, which was published in an issue of Alcoholism: Clinical & Experimental Research, followed almost 20,000 married couplesContinue reading
Couples’ games unhealthy for kids of divorce
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, February 13, 2013. Divorce is not easy for anyone one, but when Chicago couples have kids there’s a little more to worry about. When people are hurt and disappointed about the failure of their marriage, it can be hard for parents not to reveal some of the sour feelings they have been nursing toward their ex-spouse. Still, it is important that parents do their best to try and keep things civil during times when crossing paths is unavoidable. SomeContinue reading
January continues to have most divorce filings
On behalf of The Walters Law Group, Ltd. posted in Divorce on Saturday, January 12, 2013. The divorce rate has remained steady in the U.S. However, one month tends to see more divorce filings than any other month out of the year: January. January has been referred to as “divorce month” due to the number of divorce filings that occur every year during this month. Why are more divorces filed in January compared to any other month? Many divorce attorneys say that couples wait to file for divorce until after the holidays are over.Continue reading
Hiding assets in divorce leads to expensive consequences
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, November 28, 2012. It is not unusual for people to feel strongly about the money they make, especially when they are in the middle of a divorce. For example, a Chicago husband may feel that he works hard, and that his wife is not entitled to his money. In order to try and assure that he keeps what’s his, he may overstate debts, report higher expenses or lower income than what he actually earns. While this scenario may seemContinue reading
First holidays after divorce offer challenges for parents
On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, November 14, 2012. Divorce is difficult for any Chicago family, but when the holidays come around it can be especially challenging. No matter what the circumstances were leading to the couple’s breakup it’s important to try and come together long enough to figure out how to help the kids make the best of the situation. In the best circumstances, newly divorced parents manage to still spend a holiday or two together for the sake of the kids. If youContinue reading