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St. Charles Divorce Attorney

Before you finalize your Illinois divorce settlement, consider this: Will you and your children be financially protected if your ex-spouse dies prematurely? Under Illinois law, the obligation to pay spousal support, aka maintenance or alimony, terminates upon the death of either spouse unless otherwise agreed in your divorce settlement. Child support obligations, however, are not terminated by a parent’s death. The court may order a deceased parent’s estate to pay child support and college expenses

Child Support After a Parent’s Death

Per 750 ILCS 5/510(d), “the amount of [child] support or [post-secondary] educational expenses, or both, may be enforced, modified, revoked or commuted to a lump sum payment, as equity may require, and that determination may be provided for at the time of the dissolution of the marriage or thereafter.” To ensure your children’s financial security and your own peace of mind, you can ask for your child support order to specify how child support will be paid out of a parent’s estate in the event of death. Keep in mind that both parents have an obligation to support their children financially, so this determination should be made for both parents.

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St Charles Divorce Attorney

When you start thinking about divorce and dividing your assets, the division of your personal and household belongings may not be top of mind. However, when you add up the cost of replacing those items, the total can be significant. Insurance companies generally estimate the contents of your home to be worth about 50 percent of the value of the structure itself. Thus, if your home is worth $400,000, its contents may be worth as much as $200,000.

In an Illinois divorce, all marital property must be divided equitably between you and your spouse. Your marital property broadly includes all household furnishings and other belongings acquired during your marriage with the exception of items received via inheritance or personal gift. In a typical division of property, each party keeps their own clothing, jewelry, and similar personal items, although a high-value collection of watches or jewelry may be excepted from that rule. You will need to inventory everything else and decide on an equitable division of those items.

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St. Charles Gray Divorce Lawyer

In the past two decades, divorce after age 50 has become far more common, leading to the popular term “gray divorce.” What seems to be causing this, and what should you do if you find yourself considering divorce after age 50?

What Has Contributed to the Increase in Gray Divorce?

Experts hypothesize that longevity and technology trends have converged to make divorce more appealing to those over age 50. In 1970, the average American lifespan was 70 years. If spouses reached age 55 or 60 and felt they had grown apart, most would just stick it out rather than be alone. Today, the average lifespan is about 79 years, almost a decade more. Members of the Baby Boom generation who are now in their 50’s and 60’s also expect to remain healthy and active longer. When they have finished raising their children or their careers have peaked, they could be living for 30 more years. If life with their current spouse is no longer appealing, they feel they have an opportunity to do something different in their remaining decades. They have higher expectations for their remaining years in part because of what they see on the internet. Divorce seems a more viable option than it did in the past, in part because of the reduced stigma of divorce and the ease of meeting a new partner through online dating.

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St Charles Divorce Attorney

When a two-income couple divorces, each person may have no problem becoming self-sufficient immediately. However, if that is not the case, the higher-earning spouse may need to make maintenance payments, formerly known as alimony, to the other. Spouses are free to negotiate their own agreement regarding maintenance payments. If they cannot agree, the court must first decide whether a maintenance award is appropriate. If so, then the judge will determine the amount and duration of maintenance using statutory guidelines (750 ILCS 5/504).

Reasons One Spouse May Need Post-Divorce Financial Support

Marriage often changes how people think about their careers. In some families, one spouse takes on the role of being the primary manager of home and family needs, perhaps even homeschooling the children. That frees the other spouse to focus on building their career and generating income to support the family. In other families, one spouse works longer hours to support the other’s dreams of higher education, developing their own business, or working in a fulfilling but low-paying occupation. The longer a person remains unemployed, the harder it can be for them to re-enter the workforce. If you fall into any of these categories, you may need to negotiate for maintenance payments as part of your divorce settlement.

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Kane County Business Divorce LawyerBuilding a business takes years of effort. The last thing you want to have happen is to lose the business, or a substantial portion of it, in a divorce. Three ways to protect your business in a divorce include: (1) Creating a prenuptial or postnuptial agreement, (2) Keeping clear documentation that the business was acquired with non-marital assets, and (3) Seeking early advice from a divorce attorney with substantial experience in handling divorces for business owners.

Is My Business Marital Property?

Under Illinois divorce law (750 ILCS 5/503), all marital property is subject to an equitable division between the spouses. Marital property includes all assets and debts acquired by either spouse during the time of the marriage, including income earned by the efforts of either spouse. Therefore, if you started a business during your marriage, it is most likely marital property.

However, your business will generally be considered your separate, non-marital property if:

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