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Libertyville Divorce Blog

Divorce and cryptocurrencies

The division of assets can be one of the most hotly contested issues in a divorce. With the new types of currencies being created in the financial industry, a growing number of divorcing couples are also having to address how to handle any cryptocurrency holdings they may have.

One of the main issues with addressing cryptocurrency assets in a divorce is that many family law establishments do not have the necessary understanding of or experience with cryptocurrencies. This means that divorces in which cryptocurrencies assets have to be addressed can be much more complicated and time-consuming; cryptocurrencies can also be difficult to appraise because prices constantly fluctuate, and they can be easily hidden.

Claiming dependents on taxes after divorce

When parents in Illinois get divorced, they might want to agree on who will be able to claim their children on future tax filings. Otherwise, if both parents claim a child, the IRS will accept the first return they receive. While it is possible to go through the agency's customer service department to resolve the issue based on tie-breaker rules, the better alternative is to avoid such a dispute altogether.

In determining who can claim a child as a dependent, the IRS considers a parent's claims over those of any other relative. If the dispute is between two parents, the agency will consider how much time the child spends with each parent. Usually, the custodial parent can make the claim, but if the parents share child custody, the next test is who has the higher income. The IRS assumes that in a joint custody situation, the higher-earning parent contributes more to the child's care. If a custodial parent wants the other parent to claim the child, that parent can do so using Form 8332.

Technology may make divorce easier on children

There are both pros and cons of social media and cellphones. However, one upside to a connected culture in Illinois is that parents and children can remain in contact after a divorce. This could especially help improve the relationship between a child and parent who no longer live in a shared home.

Research suggests that the strength of that relationship is most important to a child's mental health after a divorce. In fact, it is generally more important than the relationship of the parents themselves. The data was derived by looking at 400 pairs of divorced parents and their children, who were between the ages of 10 and 18. According to the research, parents who have ways of contacting their children directly should do so. This could be through a social media message or text on a cellphone.

Are you really ready to divorce your spouse?

The first few months of most marriages are usually a happy and optimistic time. If you are thinking about ending your union, though, you may feel anxiety and sadness. That is normal. After all, you may be considering walking away from the most consequential relationship you have. 

Choosing to leave your spouse requires a significant amount of thought. While you may never be 100 percent certain, you can likely ease your mind by answering some important questions. Here are three that may help you decide if you are ready to end your marriage.

Divorce and steps for protecting a business

Dividing a business in a divorce can be a contentious and expensive process, so people in Illinois who are starting or who own a business may want to sure they protect it in case of divorce. This can be done with a pre- or postnuptial agreement or in other ways.

The pre- or postnuptial agreement may be created to establish that a business belongs solely to one person and that the spouse does not get any part of in a divorce. However, such an agreement might also be used to determine that the spouse gets a percentage of the value the business acquired after marriage. If both own the company, the agreement might be used to establish that either one spouse will buy the other out in case of divorce or that they will continue to run the business together.

How to plan for a divorce

Planning for a divorce is not something many married couples in Illinois want to contemplate, especially if their marriage is going well. However, the rate of divorce in the United States is almost 50 percent with nearly 2 million divorces occurring each year. Understanding the divorce process and having an idea of what to expect can help lower anxiety about divorce if it occurs. Making plans for before, during and after a divorce is important part of getting through the process successfully.

People who get a divorce will have to file the required paperwork, conduct research into their own and their spouse's financial background and go through disposition. For those who want to end their marriage without having to go to trial, they have many options available to them. Depending on the factors of their relationship with their soon-to-be ex-spouse, they can use a collaborative divorce or the mediation process to arrive at mutually agreed upon settlement terms.

How a divorce can affect college budgeting

When Illinois parents divorce, they may wonder how the practical and financial fallout may affect their kids' future college education. University tuition is a massive expense for people in any family situation. Tuition has risen significantly over the past decades, a trend that experts expect to continue. Every year, the cost of going to college increased by around 3 percent. As a result, it costs around $46,950 each year to attend a four-year private university while it costs about $20,770 to attend a four-year public school, including tuition, fees, room and board.

Around 40 percent of American marriages end in divorce. While people know that ending a marriage can be financially draining, its effect on college payments may not be the first effect that comes to mind. Family courts prioritize child support for minor children and spousal support payments over tuition. Even when families agree on a plan for university payments to continue during and after divorce, it can be interrupted by emergencies and unforeseen expenses. This is one reason why an agreement about college costs approved by the family court can be explicitly included in the divorce settlement.

Why more older Americans are getting divorced

Since 1990, the divorce rate for those who are 50 or older has increased while it has stayed steady or declined for other age groups. Of those in the former segment who have gotten divorced in the past 25 years, more than half had been married for over 20 years. There are many variables that could explain why this is happening in Illinois and throughout the country.

In some cases, couples realize that they have grown apart and believe that they could do better separately from each other. In the past, older couples may have stayed in a loveless marriage assuming that they were supposed to become dull or boring. However, as the stigma of divorce is no longer as strong as it used to be, older individuals are choosing to end marriages that they aren't happy with. The internet may also make it easier for them to find someone to start a new relationship with.

Creating a workable parenting schedule during a divorce

Divorcing spouses in Illinois may need to make a parenting schedule that plans when children will spend time with each parent. They might have to go to court if they are unable to agree on a schedule. However, the couple will have less of a say in the final decision.

Some parents may find it difficult to negotiate parenting time. They could doubt the other parent's ability to perform tasks ranging from homework help to getting the child to bed on time and more. A parent might even see the schedule as a win-or-lose weapon to be used against the other parent. However, this is never an appropriate way of viewing the parenting schedule. Its purpose is to give the child a chance to maintain a relationship with each parent after divorce.

How to peacefully request a collaborative divorce

Initiating a divorce conversation can present a difficult challenge no one taught you about in school. You may seldom be at a loss for words, but you are not confident you can find the right things to say. Perhaps there are no right words when asking for a divorce.

You may be afraid a discussion will ignite a firestorm of painful, angry emotion. Being the one to deliver bad news feels harder than you imagined. An amicable or friendly divorce is your goal. You can do this, and you do not have to do it alone.

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