During a divorce in Illinois, decisions have to be made about the division of both assets and debt, and this includes student loans. Like other forms of debt, any student loans taken before the marriage began will be the sole responsibility of the original borrower. When student loans are taken out during a marriage, however, things become a bit more complicated. In community property states, student loans are divided equally between spouses automatically, but Illinois is not one of those states.
For most couples in Illinois, the process of ending a marriage is more than enough to have on their plates. Unfortunately, there are times when one of the divorcing spouses also loses his or her job during this time of transition. Several factors come into play when this happens.
Divorced parents in Illinois may need to revise their co-parenting plans for the summer. As children get older, their needs change, and they may want to spend more time with friends or have other obligations. Parents should try to work out summer plans as early as possible, so their children know what to expect.
When people in Illinois get a divorce, they need to be able to protect themselves financially, and this requires a thorough knowledge of their financial situation. They also need to understand what their expenses will be like after the divorce. The first step should be to gather as much documentation as possible.
Social Security benefits may be offered to an individual based on his or her spouse's work record. This is generally true if the individual was married to that spouse for at least 10 years. The amount of the benefit is equal to 50% of the benefit that the former spouse is set to receive. However, that former spouse will still receive his or her full benefits.
Separating parents in Illinois should keep in mind that the divorce process can be very difficult for children to handle well. However, there are some steps that divorcing parents can take to make sure that their children emerge from the divorce able to cope with the many changes.
When a person gets divorced in Illinois, it is important to take time to review how it could impact that individual's insurance coverage. After a marriage ends, someone who was covered by a spouse's insurance policy may no longer be covered. One option to obtain coverage in the aftermath of a divorce is to take advantage of the Consolidated Omnibus Budget Reconciliation Act, or COBRA. Another option is to purchase a policy through the Affordable Care Act, or ACA.
Divorcing spouses in Illinois are often eager to reach an agreement quickly so they can move on with their lives. Unfortunately, the simplest way to settle thorny financial issues is not always the most prudent. While simply going through a divorce does not impact credit scores, some of the decisions made during property division negotiations could make it more difficult to borrow in the future.
Some marriages in Illinois might end because of behaviors that do not seem significant on their own but can destroy a relationship over time. For example, one person might constantly minimize the other person's emotional expression, and this can eventually drive a wedge between them.
When Illinois fathers get a divorce, they are more likely to seek custody or a more generous visitation schedule than their counterparts may have in the past, and courts are more likely to grant those requests. The legal system generally starts from an assumption of shared legal custody. This means that both parents will have the ability to make decisions about the child's education, health care, religion and other major issues.