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Tag Archives: DuPage County divorce lawyers

Wheaton divorce lawyersA college degree is almost critical to career success in today’s working world, and as the United States continues to move further away from manufacturing and more into a service-type economy, that need for higher education is expected to grow even further. Unfortunately, a recent study has found that children of divorce may be less likely to obtain this education. Learn more about why this might be, and discover how a seasoned divorce lawyer can help to improve the circumstances for your child during an Illinois divorce. 

Study Finds Children of Divorce Are Less Likely to Pursue a College Degree 

Most studies regarding divorce and children focus on the tender years - the way that a parental separation impacts the child’s immediate circumstances. Data from these suggest that children of divorce tend to have lower reading and math scores, are less engaged at school, and they tend to participate in fewer after-school activities than children whose parents stay married. Yet, until now, no one really knew how this translated into the lives of adult children of divorce.  

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Illinois divorce lawyersStudent loan debt is currently at an all-time high in the United States ($1.5 trillion), and it is creating excessive financial stress for married couples all over the country. In fact, a survey of divorced couples revealed that student loans were a factor in one-third of all failed marriages, and a total of 13 percent specifically blamed student loans for the end of their relationship. How are these debts divided when a couple pursues a divorce, and how can a seasoned divorce attorney help protect your financial well-being during the process? The following information explains. 

How Student Loan Debt is Divided in an Illinois Divorce

Debts, like assets, are divided equitably in an Illinois divorce. What this essentially means is that the assets, income, and future earning potential of each party is considered when determining how the debt should be split. The one exception that may apply is if the debt was incurred prior to the start of the marriage; in this instance, it is typically considered pre-marital debt, and the owner of the loan is usually responsible for repaying it on their own. 

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Wheaton alimony lawyersMoney is often one of the leading sources of contention during a divorce, and it is about to get worse, thanks to the new tax law regarding alimony payments. Set to take effect on January 1, 2019, this new law will eliminate the tax credit that paying parties used to receive at the end of the year. Learn what this could mean for your Illinois divorce, and discover how a seasoned divorce lawyer may be able to help you mitigate the potential risks and issues that could arise. 

A Closer Look at the New Alimony Tax Law

In previous divorces, and those completed before January 1, 2019, alimony payers receive a tax credit at the end of each tax year. The receiving party is also required to report their alimony payments as income to the Internal Revenue Service (IRS). Both of these aspects of divorce will be changing at the beginning of next year. That means there will no longer be an incentive for paying alimony, and fewer parties will be willing to pay it. That can hinder the financial well-being of receiving parties, as well as the paying parties, perhaps even more so than many realize. It can also make for more contentious divorces, and that can increase the stress levels of all involved parties - especially any minor children that the couple may share. 

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Illinois divorce lawyersStudies have consistently shown that women are often the ones to initiate divorce, but what are their reasons? A recent survey, conducted by the Australian Institute of Family Studies, asked 43,000 divorced and single parent women about the reasons they ended their marriage. The following covers their top three answers, and it provides you with some strategies that you can use if you suspect that your spouse may be about to file for an Illinois divorce. 

Top Three Reasons Women Seek Divorce

The path to divorce is highly personal, and every situation is unique. Yet, as the survey revealed, there are some commonalities that women share in divorce, at least in respect to the reasons why they file. The top reason was differing life goals between partners. For example, a woman nearing her retirement age may realize that she wants to travel, but her already retired husband may only want to stay home and relax all day. The second biggest reason that women file for divorce is infidelity, and the third biggest reason is constant arguing.

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Wheaton divorce lawyersA college degree is almost essential in today’s job market, which is why so many parents set up an educational savings account for their children. Unfortunately, that account may be subject to division if the parents end their marriage. Learn how you can protect your child’s savings account during your Illinois divorce, and discover how a seasoned divorce lawyer may be able to help improve the overall outcome of your case. 

How Divorce Can Endanger Your Child’s College Savings

Going from one household to two can have a significant impact on your family’s overall financial trajectory - and that includes your child’s college savings account. That is because the household, which used to share expenses, now has two sets of bills. Add in the possibility of child support and alimony, and there is even less money to go around. As such, it may be difficult for parents to continue contributing to their child’s college savings account. Another issue is that some savings accounts are considered marital assets, so they may be split like other assets. Yet, even if the account is not split (such as with a 529 plan), there is a risk that one parent may wrongfully spend the money that has been saved. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
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
Phone(630) 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
7th Floor
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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
Phone(630) 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, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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