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Recent Blog Posts
Do Not Forget About Retirement During Your Divorce
Depending on your age and perspective, retirement may be a long way down the road or it could be right around the corner. You might not feel like you should worry about retirement savings yet or you may have been putting money aside for years. Wherever you are in your journey to retirement during a divorce, it is a topic you need to consider. If you are ready to move forward with a divorce, contact the experienced Chicago divorce attorneys of Fay, Farrow & Associates, P.C. to learn more about how dissolving your marriage can affect your financial future, including your retirement prospects.
The Importance of Retirement
You will retire one day, and when that day comes, you will need to have a significant financial savings to support your daily life. It can be difficult to determine how much money you need to retire, but you have to take into account inflation and potential medical care. If you wish to have an active and adventurous retirement you need to estimate the cost of travel.
Illinois Child Support Laws Will Change Next Year
In August, Illinois Gov. Bruce Rauner signed HB 3982 into law. This bill alters the Illinois Marriage and Dissolution of Marriage Act and makes sweeping changes in how Illinois’ courts will calculate child support obligations. Instead of focusing only on the paying parent’s income to determine the necessary amount of child support, the new “Income Shares” model will take both parent’s incomes into consideration. This new law goes into effect July 1, 2017.
Current Illinois Child Support Law
Section 505 of the Act outlines Illinois’ current child support law. The statute considers the income of the parent paying support and then bases the percentage of net income to be paid on the number of children involved. For example, support for one child is 20 percent of the paying parent’s net income but three children receive 32 percent of his or her net income. The income of the parent receiving support is never taken into account.
Is Mediation Right for My Divorce?
Not every divorce is a contentious battle of he-said-she-said. Sometimes couples come to an understanding that their marriage is over together. When spouses are on the same page, heading to court can feel too adversarial. They may prefer to work out the details of their divorce together. However, even agreeable spouses need help in coming to decisions regarding parenting responsibilities and parenting time, property division, and spousal maintenance. If some assistance is needed, spouses can turn to mediation for guidance.
If you believe mediation may be right for you and your partner, call the Chicago divorce mediation attorneys of Fay, Farrow & Associates, P.C. at 630-961-0060 to learn more about the process.
What is Mediation?
Mediation is an alternative dispute resolution method. Instead of fighting in court through attorneys and letting a judge decide, mediation allows the individuals to work out all of the divorce issues themselves. The spouses go to a mediation session with their attorneys and have a conversation guided by a neutral third-party professional. The mediator is not there to solve any arguments, but instead facilitates a calm conversation and gets things back on track if the conversation goes off course. The mediator does not provide either person with legal advice.
Maintenance in High Net Worth Divorces
There are extra considerations when high net worth couples move forward with a divorce. For spouses with one or more high incomes and a significant amount of investments, dividing shared property and determining future financial obligations can be stressful, if not contentious. Spousal maintenance, or alimony, is one of these additional considerations in high net worth divorces, particularly if one individual was the primary provider. In Illinois, maintenance in high net worth divorces is left up to the discretion of the judge.
Illinois Maintenance Formula Does Not Apply
The spousal support formula outlined in the Illinois Marriage and Dissolution of Marriage Act (Act) provides an objective standard for how much maintenance should be awarded to the payee spouse and for how long. However, the formula is for a combined gross yearly income of no more than $250,000. High net worth couples can greatly exceed this income, which means judges have discretion in determining how much should be awarded.
Do Illinois Courts Favor Mothers for Parenting Time & Responsibilities?
Old laws, rumors, the news, and conventional wisdom all tell fathers they do not get as much time with their children as mothers when they have to establish a parenting agreement. Whether a dad is facing a divorce or was never married to his children’s mother, he may go into a parenting case thinking he has no chance of getting a significant amount of time with his kids. But this is not true.
Under Illinois law, moms and dads have the same chance of being awarded parenting time and responsibilities – both of which are based on the best interests of the child. If you are a father fighting for time with your children, contact the Chicago fathers’ rights attorneys of Fay, Farrow & Associates, P.C. for a free consultation.
Old Doctrines No Longer Apply
Much of the belief that mothers are favored in custody battles over fathers is from old law. Across the U.S. there were often laws and legal theories known as the “maternal presumption” or the “tender years” doctrine. These heavily favored the mother for child custody and put the duty of financial support on the father. Many states, including Illinois, have moved away from these presumptions because it is clear they are not always in the best interests of the children.
Everything You Need to Know About Illinois Child Support
If you are getting a divorce or having a baby while you are not married, parenting responsibilities (custody), parenting time (visitation), and child support probably weigh heavily on your mind. You may be worried about having your child full time, while the other parent is worried about how much support he or she must pay each month. Both of you want what is best for your child, but that does not mean you agree on what that is. When you need to arrange parenting time, responsibilities, and support, call the experienced family law attorneys of Fay, Farrow & Associates, P.C. at 630-961-0060 for help understanding Illinois’ new law and your options. It is possible for child support issues to be handled quickly and fairly.
Understanding the New Vocabulary
People have spent years hearing the terms custody, visitation, and child support. These terms and ideas are how parents automatically think of their future situation. But in the newest Illinois Marriage and Dissolution of Marriage Act, the state purposefully chose new vocabulary to change the way parents think about their family arrangement. Illinois wants parents to work as a team, dividing responsibilities and time in a way that is best for their children.
Modifying Spousal Maintenance Payments in Illinois
It has many names: alimony, spousal support, or maintenance. The revised Illinois Marriage and Dissolution of Marriage Act refers to it as maintenance. No matter the title, it is essentially payments made by one former spouse to another. There are many reasons why couples agree to maintenance themselves or why the court orders it. However, what was once agreed upon or ordered may become financially difficult for the paying party. If this is the case, he or she needs to return to court to change the amount or duration of the payments. If you have questions regarding modifying maintenance in Illinois, contact the DuPage divorce attorneys of Fay, Farrow & Associates, P.C. at 630-961-0060. The firm has helped individuals manage their maintenance duties following a divorce for more than 35 years.
The Benefits of Parenting Time Exchanges in Public
One of the hardest parts of sharing parenting responsibilities and time with your children’s other parent is actually implementing the plan. Whether you and the other parent figured the situation out yourselves or had to hand that power over to a judge, you now face the reality of following the schedule. At some point, the children will need to go from one parent’s house to another. These exchanges can be harder than most parents think, particularly if there are other unresolved issues between them. That is why some parents should consider using a public place for transferring kids from one home to another. If you are a parent facing a difficult parenting situation, contact the Chicago parenting time attorneys of Fay, Farrow & Associations right away.
What to do Before Talking to Your Spouse About Divorce
No one comes to the decision to divorce quickly or lightly. Considering the end of a marriage is a tough process, but sometimes it is the right thing to do for your own wellbeing. Once you come to the decision that you need a divorce, you should take certain steps to prepare yourself for the process and set yourself up for success in the future before sitting down with your spouse.
Speak with an Attorney
Speak with an Illinois divorce attorney as soon as possible if you are considering a divorce. Even if you and your spouse are on the same page, you need your own legal advice to ensure you leave a divorce with what you deserve, including property, retirement savings, spousal maintenance, and time with the children. Without an attorney to help you understand the realistic process of a divorce and how to fight for your rights, you could be taken advantage of or end up in a financially devastating position.
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What You May Not Know About Separation and Divorce in Illinois
Many people hear they need to separate before divorce. This leads them to believe a legal separation is a component of divorce – one comes before the other. But legal separation is an entirely different proceeding than divorce. The separation people hear about in a divorce is not necessary a legal state. It is simply the process of spouses beginning to move on and living independently. The fact that these two situations are commonly called the same thing unfortunately lends to the confusion. If you are considering divorce or separating from your spouse, avoid confusion by learning the differences between legal separation and divorce in Illinois. The Chicago divorce attorneys of Fay, Farrow & Associates, P.C. can answer any additional questions you may have.
Divorce
There is very little uncertainty about divorce. The law calls it the dissolution of a marriage. It is the end of two people’s legally binding union.
Illinois allows for divorce on the basis of irreconcilable differences. This is where the confusion with legal separation comes in. The Illinois Marriage and Dissolution of Marriage Act states if spouses live separately and apart continuously for at least 6 months prior to a judgment dissolving the marriage, there is an irrebuttable presumption that irreconcilable differences exist. This makes it seem like separating prior to a divorce is a legal requirement. But while it might be advisable for you and your spouse to live apart before the divorce under certain circumstances, this is not the same as a legal separation under Illinois law.
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