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Recent Blog Posts
What is the Difference between Separation and Legal Separation?
Separating from your spouse on a trial basis, or longer, is different from a legal separation. There are different reasons couples decide to separate, but you should consider if you want a separation or legal separation arrangement. Many couples choose to separate without having a written document in place and continue to disagree about parenting, custody, visitation, and property division. Speaking to a legal separation attorney can help couples come to an agreement on terms of the separation.
What Does Separation and Legal Separation Mean?
A separation is when a couple decides to live apart while they are still married. They may be trying to work on their marriage, see how they do living apart, or are just unsure as to if they want a divorce or not. In the case of a separation, one party may not support the other or may try to take martial assets they are not entitled to.
Aging Gracefully: Consulting an Estate Plan or Probate Attorney
Entering the golden years gracefully takes planning. In fact, data derived from the Associated Press-NORC Center for Public Affairs Research at the University of Chicago, an independent global research organization, indicates that the Baby Boomer generation is in denial when it comes to addressing estate planning issues.
Per NORC survey results, NBC News reported that boomers, age 40 and over, admit to doing very little to prepare for late-life events. Two-thirds of the study participants revealed they have not scheduled a consultation with an experienced estate plan attorney. Even more alarmingly, one-quarter have opted out of considering a consult all together.
Moreover, many baby boomers are coming to age as active members of the sandwich generation, where little thought has been given to their own estate planning needs because more pressing needs of dealing with daily responsibilities are often compounded by their role of primary caregiver to an elderly parent or extended family member.
Grounds for Divorce in Illinois
Sometimes a marriage just does not work out and a spouse decides to file for divorce. Divorce proceedings can be confusing before they even begin and some are left wondering where to begin. Many people do not consult a divorce lawyer until after filing the paperwork at the courthouse and realize the stated reason may not be sufficient enough to have the petition granted.
Determining which type of divorce to file should be one of the first steps. The spouse filing for a divorce, or dissolution of marriage, in Illinois can file for a "grounds," or fault divorce, or an "irreconcilable differences," or no- fault, divorce. The spouse filing for divorce has to weigh the reason(s) they are filing for divorce and determine which to state on the paperwork.
Special Needs Trusts: Securing the Future of a Special Needs Child
According to the 2010 U.S. Census Bureau, Americans with Disabilities Report, nearly one in five families are caring for a family member with a disability. Equating to about 56.7 million people, or 19 percent of the total population, the U.S. has witnessed an increase in those with qualifying disabilities by 2.2 million citizens. Not only has the number of those with disabilities risen, but the number and percentage of those requiring assistance has also increased.
The report also relates that four in 10 individuals with a disability, ages 21 to 64, often find themselves unemployed and facing persistent poverty levels as the ability to obtain viable employment opportunities may be out of reach.
As reported, one in every 26 American families are facing the challenges of raising a child with special needs, and 69 percent of those caring for a child report that they are concerned about providing lifetime care for their dependents with special needs.
Divorce Studies: What Are Your Divorce Rate Odds?
There have been hundreds, if not thousands, of divorce studies done to try to predict which marriages will succeed and which ones will end in divorce. There are numerous factors which point to success - or failure - of a couple's wedding vows.
Are you wondering if your marriage will survive? Here are several study results which may help you answer that question:
- Married American couples have a 40 to 50 percent chance of ending up in divorce court. Recent studies, however, reveal that with each generation, the divorce rate decreases slightly.
- Married couples who live in "red" states have a 27 percent higher divorce risk than couples who live in "blue" states. This is due in part because couples in red states tend to get married at a younger age, which studies have shown increases the risk of divorce.
How Will You Pay for Retirement?
Americans make arrangements for their retirement and other estate planning needs in several different ways. A Gallop poll of over 2,000 adults showed that most Americans are planning to rely on Social Security or retirement accounts for their future. However, the poll also revealed other sources of income that people were planning on utilizing for their golden years.
According to the poll, more than half of those surveyed said they plan on Social Security benefits as being their major source of retirement income. One third said those monthly benefits would actually be their primary source, while 51 percent said it would be a contributing source of their total retirement income.
Retirement accounts were noted as another source of income, yet only 48 percent cited these accounts as a primary source of retirement income. Even less—38 percent—cited 401(k) or IRA accounts as a major source of income. The low number of people counting on retirement accounts, financial analysts say, is due in large part to the recession several years ago. Many people in their fifties do not have nearly enough funds in their accounts to fund their retirement.
A Brief Guide to Special Needs Trusts
Anyone with special needs or disabled relatives wants to do everything they can to ensure the most comfortable and opportunistic future. Setting up a trust is one way to accomplish this. A trust is an agreement in which a third party, known as the trustee, holds assets for the beneficiary.
Setting up a trust for beneficiaries with disabilities can be challenging. While it is true that creating a special needs trust can be more involved than setting up a traditional one, these trusts can help provide for the needs of loved ones. The first step in deciding if a setting up a trust is a smart option is to understand how special needs trusts operate.
The laws that relate to special needs trusts are complex and often confusing. As the World Institute on Disability reports, disabled people cannot legally have a trust for themselves. However, this does not mean they will be excluded from an inheritance.
Facing the Fallacies Associated with the Dissolution of a Marriage
Divorce remains prevalent in today's society. In fact, the Divorce Statistics website currently ranks the U.S. divorce rate between 41 and 50 percent for all first time marriages. If you find yourself leaning toward divorce, there are certain fallacies—often associated with the process—in which to be aware.
Debra Macleod, B.A., LL.B, a former couples' mediator and author, addresses these concerns in her book series Marriage SOS. Through her publications, Macleod stresses that divorcing couples often cling to pre-conceived "truths" that may ultimately hinder the overall divorce and healing process.
Reviewing Estate Plans on an Annual Basis
The arrival of the New Year often leads people to examine their decisions and lifestyle choices, as they look back at the year gone by and reflect. Many will make choices to go on diets, begin exercise programs, or make other changes to help ensure a longer, healthier life. The New Year is also a perfect time to look back and examine any events which may have occurred and will affect one's future financial plans.
Various life events may cause a person to make changes to any estate plans he or she has in place. Hence, financial advisors recommend reviewing these plans on an annual basis—the beginning of the New Year is a great time to review these plans.
The Do-it-Yourself Divorce: How Expensive Can it Really be?
The cost of divorce is considered a major concern to those going through a divorce. When one Googles "do-it-yourself divorce," dozens of companies show up and offer forms and instructions for filing an uncontested divorce, and they additionally claim it will cost a fraction of the price compared to that of an attorney-represented divorce. However, many divorcing couples have discovered just how costly self-representation can be in a divorce. Moreover, when one spouse has an attorney and the other does not, the one without is left particularly vulnerable.
Divorcing couples often discover that despite how amicable they agree their divorce will be, at some point, it often turns into a contentious battle. One small disagreement over who is going to get the silverware can suddenly explode into a major battle over every aspect of the divorce, including child custody and division of assets.
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