On behalf of The Walters Law Group, Ltd. posted in Family Law on Tuesday, January 14, 2014. When divorce is inevitable, it makes sense to consider financial planning for the ease and benefit of everyone affected. In Illinois, there are obvious economic issues to address like child support, spousal support, and property division, but in the event a divorce will not likely be amicable, it is important to take precautions to protect your assets. Before filing for divorce, take a deep breath, create a file from copies of your financial records goingContinue reading
Tag Archives: family law
Joint finances for unmarried couples
On behalf of The Walters Law Group, Ltd. posted in Unmarried Couples on Friday, December 27, 2013. When Illinois couples divorce, the procedure for dividing assets can be fairly straightforward. They try to negotiate an agreement, and if they are unable to do so, the judge will order an equitable distribution of all assets acquired by either spouse. However, unmarried couples may wonder about how to separate their joint finances if the relationship ends. In this scenario, one of the best ways for a person to avoid a problem is to takeContinue reading
More grandparents living with grandkids
On behalf of The Walters Law Group, Ltd. posted in Family Law on Monday, November 11, 2013. A new study shows that the face of caregivers is changing. This may be in part to a higher divorce rate among Illinois couples and other couples throughout the country. More children are living with their grandparents, compared to previous decades. The revelation was made through a study that researched the changes in American society. With the increase in divorce and remarriage, grandparents have been fulfilling childcare roles. According to the study, 13 percent of the populationContinue reading
Illinois same-sex couples may have to file separately
On behalf of The Walters Law Group, Ltd. posted in Family Law on Wednesday, October 16, 2013. Illinois residents may have heard that while the IRS has stated that it will allow same-sex couples to file joint federal tax returns, in early October, some states moved to disrupt such trends at lower levels. In places like Kansas and North Dakota, officials have written letters and made declarations that same-sex couples will have to file single rather than joint state tax returns. Reports did not say how these new rule-making attempts might playContinue 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
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
Living together is the new trend
On behalf of The Walters Law Group, Ltd. posted in Unmarried Couples on Wednesday, August 21, 2013. More and more individuals are choosing to live together without the benefit/burden of marriage. They may own a home together, share a bank account and raise children together without being legally married. This lifestyle provides some benefits to individuals in Chicago and other areas. However, making the choice to live together without marriage can pose unique legal problems, such as issues with child custody and property division. The Centers for Disease Control reports that three quarters ofContinue 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
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