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How to Divide Retirement Funds During Your Illinois Divorce
Most couples will experience some sort of conflict during a divorce. For many couples, the asset division process is one of the topics that bring about the most conflict. Prevailing during this process is important, because it can determine how financially stable you are after the divorce, and it can also affect your finances into the future. For many people, their retirement savings are among their most valuable assets.
In Illinois, retirement funds are considered to be marital property as long as they were acquired during the marriage. Marital assets may include individual retirement accounts, non-qualified plans, defined contribution plans and accounts, and pension benefits. These retirement funds must be divided between divorcing spouses, which can become tricky. In most cases, this is done using a Qualified Domestic Relations Order or QDRO.
4 Ways to Protect Your Children During Your Illinois Divorce
Couples get divorced for many reasons. Maybe you and your spouse have realized that you are two very different people who want very different things. Maybe you still love each other, but you have grown apart. Or, maybe some other type of conflict has occurred, such as infidelity or financial issues. Whatever the reason for the divorce might be, you and your spouse will probably not be on the best of terms.
Unfortunately, couples often experience contentious divorces, and issues involving children are often some of the most difficult matters to resolve. Sometimes, children can be caught in the crossfire of marital conflicts. However, there are a few things you can to help protect your children as much as possible during your divorce.
#1: Do Not Fight in Front of the Children
One of the most detrimental things children can experience is to witness their parents constantly fighting and arguing. High levels of conflict can create a sense of tension and unhappiness in the home, and this can manifest negatively in children. Kids who observe their parents' arguments are more prone to behavioral problems and emotional issues. During your divorce, you should do your best to avoid arguing in front of your children, and you should not force them to take sides or ask them to relay messages between you and your spouse.
What Expenses Can Be Added to Basic Child Support Obligations in Illinois?
Everyone knows that raising children can be expensive. The costs of food, clothing, toys, and other needs can add up quickly. In fact, it is now estimated that the average cost of raising and supporting a child to age 18 is around $233,610, according to a 2017 U.S. Department of Agriculture (USDA) study. While this may not seem to all that much when spread out over 18 years, it can still be difficult for one parent to pay for all of the costs of raising a child. This is why child support is typically ordered in cases in which parents are divorced or separated, ensuring that both parents are responsible for financially providing for a child's needs.
Extra Costs of Raising a Child
In Illinois, a basic child support obligation is typically determined during a divorce case, and this is meant to account for all of the child's basic needs, such as food, clothing, and housing. However, any parent knows that there are many more expenses involved in raising a child. With this in mind, Illinois law also has provisions to account for other child-related expenses, such as:
Will I Have to Pay Spousal Maintenance in My Illinois Divorce?
When you are facing the possibility of a divorce, you are likely to have many questions. Where will you live? Who will get the furniture? How will you share parenting responsibilities for your children? All of these, of course, are very valid questions. Many who are considering a divorce may also wonder if they will be ordered to pay alimony—known as “spousal maintenance” under Illinois law. If you are headed for a divorce, it is important to understand how maintenance-related decisions are made in Illinois.
A Brief Background
Spousal maintenance, in general, is intended to help minimize the effects of a divorce on a spouse who is at a comparative financial disadvantage. In previous generations, alimony payments were practically standard in most divorce cases, because a significant percentage of households relied on the income of just one spouse—most often the husband. Meanwhile, the other spouse—most often the wife—usually worked substantially less, if she worked at all. Instead, her primary role was to maintain the family home and care for the couple's children.
What Are the Differences Between Legal Separation and Divorce in Illinois?
Couples who are considering getting a divorce have another option besides permanently dissolving their marriages. For some couples, a divorce is necessary and in their best interests, but for others, a legal separation may be a better solution. Legal separation shares some similarities with divorce, but it has certain differences, as well as some unique benefits.
Legal Separation Basics
In legal separation cases, a couple who is no longer living together has the option to make arrangements for property division and parental responsibilities without actually filing for divorce. The couple will remain legally married, and thus cannot remarry until a formal divorce has been finalized; however, each spouse will be granted certain rights, protections, and privileges when it comes to debts, assets, and children. Additionally, maintenance and child support concerns are typically discussed during legal separation proceedings. Couples may choose to divide marital property during the proceedings, but they can also delay these negotiations until a formal divorce is filed.
How to Protect Your Parenting Time Rights in Illinois
There are a wide variety of reasons why you and your child's other parent may not live in the same home. Following your break-up or divorce, you and the other parent will need to develop a cooperative parenting plan that outlines each of your responsibilities regarding your child. As part of your plan, you will also need to include direction over the time that each of you will get to spend with your child. Once known as visitation, the law in Illinois now refers to this as parenting time and recognizes the importance of quality parenting time in helping to foster a strong relationship between the child and both parents.
Get It in Writing and Get It Approved
If you are or were married to the other parent, Illinois law mandates that your divorce agreement will need to account for your child. The court will not enter a finalized divorce judgment until there is an approved parenting plan in place or, if necessary, an order for the allocation of parental responsibilities has been issued.
Can I Get More Marital Property Instead of Maintenance in My Divorce?
If you are facing the possibility of a divorce, you and your spouse will need to address a number of important considerations along the way. For example, one or both of you will likely need to find someplace to live. If the two of you have children together, a parenting plan will need to be developed that includes arrangements for the allocation of parental responsibilities and each parent's parenting time. Simply adjusting to everyday life as a single person is likely to present challenges in and of itself. However, many of the most difficult concerns in any divorce tend to focus on a couple's finances, including how their marital property will be split and whether either spouse should expect spousal support payments.
Property Division and Maintenance Considerations
The Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5) provides that decisions about money and property in an Illinois divorce are to be made based on the circumstances of each unique case. If you and your soon-to-be ex-spouse cannot come to a settlement agreement, it will be up to the court to identify and divide the marital estate, as well as to decide if there is a need for spousal support – known in the law as “maintenance.” In making these decisions, a family court judge is required by law to consider a variety of factors related to each. Such factors include:
How to Protect Yourself Financially After Your Illinois Divorce
Divorce is an extremely emotional process that will affect almost every aspect of your life. The financial impact of divorce can leave some recently divorced individuals unsure of how to proceed. Getting a divorce is expensive and you may find that you have a much tighter budget afterward as well as additional ongoing costs, such as spousal maintenance or child support. When going through a divorce, it is crucial to take important steps that will protect your finances and help you start off your new life on the right foot.
Document All Marital Property
Illinois is an equitable distribution state that means that property in a divorce is divided fairly, but not necessarily equally. A judge will consider a number of factors when dividing marital property including the contribution of each spouse to the marriage, financial stability, and other factors. Marital property includes any assets that were obtained by the couple during the marriage. It is important to document all assets, debts, and other marital property so you can ensure all assets are accounted for.
Can You Shorten the Length of Your Illinois Divorce Proceedings?
Recently, English actress Danniella Westbrook and former husband Kevin Jenkins finally got a divorce after living apart for six years. Westbrook took to Twitter on Jenkins' birthday to suggest that the perfect present would be to get a divorce since the pair had been separated for five years.
Although it is true that some people wait years before making a divorce final, most people want the entire process over with as soon as possible. After all, divorce can be messy and expensive, so few want it to drag on unnecessarily. Luckily, there are a few steps that you can take to shorten the length of your divorce proceedings.
Illinois' Waiting Period
The waiting period to get a divorce in Illinois is six months, meaning that once you file your paperwork with the court, you typically have to wait a minimum of six months before the divorce is final. When Illinois allowed for grounds of fault, that waiting period was extended to two years, unless the two parties agreed to waive it and lived separate and apart for two years. However, now that Illinois solely recognizes no-fault divorce, there is only a six-month waiting period.
The Importance of a Home Appraisal When Getting a Divorce in Illinois
Dividing the marital home is a large part of many divorces and this is an extremely complex process. Couples typically have three choices when dividing the home—they can continue to be co-owners, one spouse may solely keep the home, or the couple can sell the home and divide the proceeds fairly. Regardless of the option the couple chooses, or a judge decides during property division hearings, it is important to have a professional appraisal performed on the home so everyone is aware of its current market value.
Reasons to Get an Appraisal
You may think you can estimate how much your home is worth but that number may not be accurate. Having a professional appraisal done on your home will provide you with a concrete number you can use when dividing or selling your house. This will also help avoid disputes if you and your spouse cannot agree on the value. If a dispute does arise about the value of the home, a family law judge may order you to have the home appraised anyway. Already having an appraisal in hand can help the divorce process move quicker. The value of homes changes regularly, depending on market conditions and the condition of the overall property. So, unless you have had it appraised very recently, your home's value may have changed since your last appraisal.
Introducing The Law Office of Nicholas W. Richardson
Nicholas W. Richardson is an experienced divorce lawyer and mediator whose comprehensive legal knowledge, commitment to clients and reputation for results bring lasting solutions to your problems.
The Law Office of Nicholas W. Richardson, P.C. serves clients in Illinois cities such as Palatine, Schaumburg, Inverness, Arlington Heights, Rolling Meadows, Glenview, Hoffman Estates, Bartlett, Des Plaines, Elk Grove Village, Mt. Prospect, Niles, Prospect Heights, Skokie, Streamwood, Barrington, Buffalo Grove, Wheeling, and others throughout Cook County, DuPage County, McHenry County, and Kane County.
Results listed are not a guarantee or indication of future case results.
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