By Melissa Rister, CPA, CDFA at Peskind Law Firm There has been a lot of concern and excitement surrounding the new tax laws. Here are several changes that could impact already divorced couples or those considering a divorce in the future: Net Incomes are changing. Standard deductions have been increased while the deductions for dependents have been eliminated. There are caps on the amounts … Continue reading The New Tax Law and It’s Impact on Illinois Divorce
All posts by peskindlaw
Critical Child-Custody Questions to Ask Your Divorce Attorney
Divorce cases are tricky in themselves, but the situation can become more convoluted when children are involved. Questions pertaining to their custody run amok in every responsible parent’s mind. Getting accurate child custody information can help the parent be in control of the situation. This information can also help him/her prepare for the case and even win the custody. An experienced divorce lawyer can help … Continue reading Critical Child-Custody Questions to Ask Your Divorce Attorney
4 Steps for Dividing Property in an Illinois Divorce
In any divorce, the divorcing couple must divide their property. When they own little, this task is simple: they simply need to divide their few items. But in cases where the couple has a substantial net worth or own a business, the process is more complicated. Here are the 4 steps to divide property in an Illinois divorce. 1) Identification of Property The first step … Continue reading 4 Steps for Dividing Property in an Illinois Divorce
5 Ways to Strengthen a Marriage and Avoid Divorce
For long, it was believed that about half of the marriages in the U.S. end in divorce. However, this is a long-standing, depressing myth that stemmed from surveys in the late 1970s and the early 1980s after the introduction of no-fault divorce. The data has been blatantly repeated on texts ever since. According to the latest data, the divorce rate in the U.S. in 2016 … Continue reading 5 Ways to Strengthen a Marriage and Avoid Divorce
4 Things to Bear in Mind When Negotiating Child Support
Divorce adversely affects all the members in the family. Besides, the divorcing couple has to make several tough decisions like splitting the money and the joint assets. Most of these are one-time decisions that can be made and altered according to the needs of the couple and the children. Child custody and child support payment decisions, on the other hand, are the trickiest part of … Continue reading 4 Things to Bear in Mind When Negotiating Child Support
5 Signs That Your Troubled Marriage Is Heading Towards Divorce
Most married couples sweep their problems under the rug despite being in a distressed relationship, until it is too late. Marital troubles don’t occur overnight. No couple enters matrimony expecting a divorce. Reality check: Marital problems are bound to happen in every marriage. Every married couple has to deal with their own set of problems. However, happily married couples don’t let these problems end their … Continue reading 5 Signs That Your Troubled Marriage Is Heading Towards Divorce
How to Help Your Kids Adjust to Your Divorce
When divorce hits a family, every member of the house feels a terrible sense of loss and anxiety. This is more so in the case of kids who are confused about the dynamics of relationships and are tongue-tied when expressing their feelings. Scientific studies have shown that children exposed to parental conflicts are at a high risk of suffering from emotional and behavioral issues. Therefore, … Continue reading How to Help Your Kids Adjust to Your Divorce
What To Do If You Are Considering A Divorce
Here are some things to consider if you anticipate a divorce in the near future: Avoid large financial commitments. This is not a good time for major purchases or new financial commitments. Limit new debt, keep your credit card balances low, and generally stay as liquid as possible. If you are a homemaker without separate credit, apply for a credit card in your name, using … Continue reading What To Do If You Are Considering A Divorce
What Is the Difference between a Divorce and an Annulment?
Couples who want to end their marriage have two legal options – divorce and annulment. Both of these options have several similarities and dissimilarities. Let’s take a look at the two examples mentioned below – Case 1: You and your spouse got married six years ago. You have kids, joint bank accounts, and you also run a business together. However, lately, you realized your marriage … Continue reading What Is the Difference between a Divorce and an Annulment?
How to Divide Marital Assets in a Divorce
Divorce can be a long and complicated process, especially if the couple has significant marital assets (house, cars, retirement plans, and family business) to split. Deciding who gets what makes the process more difficult. Before we go any further, let’s understand what marital property is and how you can determine which assets fall under this category. Marital Versus Separate Property Marital assets (also called community … Continue reading How to Divide Marital Assets in a Divorce