Illinois parents who are getting divorced might be worried about how to handle the holidays. This can be a time of anger, fear and sadness for both the exes and children. However, parents have an obligation to put aside those feelings and focus on trying to make the holidays pleasant for everyone in the family.
When an Illinois resident is considering getting divorced, he or she may assume that the first step is to hire an attorney. While an attorney may provide legal counsel and representation in a divorce, another type of professional could provide guidance and help a divorcing person to prepare for the matters that lie ahead. A divorce coach offers emotional support, guidance and answers to questions about what to expect as the divorce moves forward.
For many decades, alimony has been tax-deductible for the payor and tax-payable for the recipient. However, the Tax Cuts and Jobs Act will be reversing that situation for divorce agreements finalized after the end of 2018. Most experts agree that this means both parties will probably have less money as a result. In addition, the lack of a deduction could put some Illinois payers in a higher tax bracket.
Individuals who are going through divorce in Illinois may need to decide if they want to keep the marital home after the divorce is finalized. The spouse who keeps the home usually pays the other spouse their half of the equity and assumes the mortgage debt. There are several important factors to weigh when deciding whether or not to keep the home after a divorce.
There are several financial mistakes that people in Illinois should be sure to avoid during a divorce. For example, they should not spend on big-ticket items during the split. The bills for this behavior can add up quickly.
Researchers have long held that marriages are less likely to end in divorce when couples live together before walking down the aisle. However, a study published in the Journal of Marriage and Family's September 2018 issue suggests that what is known as the cohabitation effect may be extremely short-lived. Experts believe that couples who live together happily before getting married will find married life far less disrupting, but researchers from Stanford University discovered that this was only true for the first year of marriage.
Prenuptial agreements might not qualify as romantic, but engaged couples in Illinois have much to gain by defining the terms of a hypothetical divorce. These contracts allow people to establish how marital assets and debts will be divided in case the marriage ends. By negotiating the terms during a happy point in the relationship, people might avoid making emotional decisions when under stress in the future.
Illinois couples who are wealthy might be more likely to get a divorce than those who have less money. Furthermore, the American Academy of Matrimonial Lawyers reports that divorce rates increase during times of economic surges and decrease during economic declines. Faced with the financial costs of divorce, some couples decide to stick it out.
People in Illinois who are getting a divorce and who anticipate giving or receiving alimony payments might want to try to complete their divorce before the end of 2018. Starting in 2019, alimony will no longer be tax-payable or tax-deductible, and experts say it is likely this will not benefit either the payer or the recipient.
Librarians and farmers might be less likely to divorce than people who are in other professions. This was one of the findings of researchers at Stockholm University who examined Danish data for the relationship between work and divorce. The professions that had the highest divorce rate were in the hotel and restaurant industry.