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Tag Archives: divorce

DuPage County family law attorneysFor most divorcing parents, the primary concern is the safety and well-being of their child. The weight of that concern increases even further when there is a family history of domestic violence. Thankfully, there are preventative measures that parents can take to protect their child from abuse during and after a divorce. Learn how to utilize them through your Illinois parenting plan, and discover how our seasoned Wheaton divorce attorneys can assist with the process. 

Domestic Violence and the Propensity for Child Abuse 

Spousal abuse is not a definitive predictor for child abuse, as some abusers will harm their intimate partners but do not their children. Domestic violence within the home is considered a risk factor for child abuse, however, because it indicates that the abuser has a propensity for violence. Victims are encouraged to watch for potential signs of abuse in their child and to take preventative measures to protect their child from the possibility of violence or abuse. 

Recognizing the Signs of Child Abuse 

Victims of domestic violence tend to be astutely aware of the signs of physical abuse, such as unexplained (or poor explanations for the causes of) bruising, scrapes, and broken bones, they may be less likely to notice the subtler psychological signs. Often, this is because the victim is still healing and does not recognize the ways that abuse has changed their own personality. As a reference, consider these non-physical signs of abuse to determine if your child is being victimized by your spouse: 

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Wheaton alimony attorneysAt the start of 2019, the federal government eliminated the 70-year-old tax deduction associated with alimony payments. For receiving spouses, it may seem beneficial to no longer have to claim alimony payments as income, but the change actually leaves less money for the entire family. That is because paying spouses, who remain at the same tax bracket, may need to decrease their support amount to balance out their financial obligations. Thankfully, there are some alternative strategies that families can use to preserve their wealth after a divorce. 

Trading Alimony Payments for a Transference of Retirement Funds 

Depending on the ages of the divorcing parties, a transference of retirement funds may be preferable to alimony payments. In this option, the paying spouse makes a tax-free exchange of money by directing some of their retirement funds to the lower-earning spouse. The receiving spouse may also withdraw from the amount without tax penalty, so long as they are age 59.5 or older. If the receiving party has not yet surpassed the age threshold, divorcing parties may want to consider another alternative, as the 10 percent early withdrawal penalty may outweigh any potential benefits for the family unit. 

Using a Trust Account in Lieu of Alimony Payments 

Another potentially viable alternative to alimony payments is the use of a trust account. The most commonly used versions are the CRT (charitable remainder trust), QTIP (Qualified Terminable Interest Trust), ILIT (Life Insurance Trust), and Alimony Trusts. 

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Illinois divorce lawyersMoney can be one of the greatest sources of contention in a divorce - and for good reason! There are some parties who are just dead set on getting more than their fair share. They will even go so far as to hide money and other assets from their unsuspecting spouses. Is your spouse participating in this underhanded (and illegal) activity? Look for these signs.

Your Spouse is Secretive or Defensive About Money 

If your spouse gets defensive whenever you talk about money or finances, it could be a key sign that they are trying to hide something. Alternatively, they may be secretive about their earnings, perhaps even going so far as to revoke your access to certain financial accounts. Some will even hide secret purchases (a commonly used tactic in asset hiding). 

Your Spouse Intercepts Bills and Financial Statements 

An asset hiding spouse does not want you to know where the family’s finances stand, so they will go to extreme lengths to ensure you never see a bill or statement. They may even have a secret post office box for receiving these pieces of financial information. 

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Illinois divorce attorneysThough divorce may be the right choice for a marriage, it is far from the easy one. It can be mentally and emotionally draining. As a complex and nuanced legal process, it can also be financially draining if not approached in the right manner. Reduce the risk of significant financial issues during your Illinois divorce by taking these five steps during the preparation phase.

1. Track Your Income and Expenses

Start tracking your income and expenses, as soon as you realize that divorce is inevitable. The more financial information you have, the better. Check bank accounts, stocks and bonds, savings accounts, any investment interests, retirement accounts, and any educational savings accounts that you and your spouse may have set aside for your children. Also, ensure you know exactly how much income you and your spouse bring in each month. 

You’ll also want to take stock of any assets that you and your spouse may own. This can include: 

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Wheaton divorce attorneysMoney can be one of the most contentious aspects of an Illinois divorce case. Yet, when divorcing parties know how to effectively manage their own money during the process (instead of simply waiting on their settlement to get their financial life in order), the proceedings tend to be less stressful for everyone involved. Learn more about how you can start to improve your financial life, today, before you even begin your divorce, and discover how our seasoned attorneys can assist you with the process in the following sections. 

Create a Budget and Spending Plan

The first step to starting your new life is knowing what you own, what you make, and what you must spend. This information can all be obtained and understood with a budget and spending plan. These financial tools can also cue you into any potential problems that may be looming on the horizon. 

Know Where You Stand, Credit-Wise

Financial security requires you to look at more than just your income and expenditures; to create true hope for your future, it is important to also know where you stand with your credit. Not only is it the key to forging your new life, but it is also a tool that your ex can use to sabotage your future. Pull it before you file, monitor it during the process, and if you need help to get things back on track, contact a financial advisor for guidance and assistance. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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