Schlueter Ecklund & Davitt
View Our Practice Areas

family law Archives

Helping kids to get through a divorce

Divorcing Illinois parents may be very concerned about how the end of their marriage will affect their children. After all, kids often struggle emotionally with the idea that their parents will no longer be together. In addition, the practical effects of divorce can be particularly significant for children who may experience a change in their standard of living or who now regularly move between their two parents' homes instead of sharing one house. Because divorce can be scarring for children, parents may want to consider how they can best protect and support their children throughout these changes.

Keeping money separate during marriage requires a plan

Marriage means different things to different people, but one commonality to all those who choose Illinois as the place for taking their vows of matrimony is that they are bound by the laws of that state in how that marriage is legally formed and, ultimately, if things don't work out, how that marriage is dissolved. Few couples enter marriage with divorce thoughts looming, yet it is realistic to be aware that not all unions last forever. Consequently, it is not unusual for people to take steps to protect their own interests in the event that a divorce becomes necessary.

Divorce and claiming dependents with the IRS

Who gets to claim dependents on their taxes can make a big difference after a divorce in Illinois. The person who claims dependents may also get to claim Head of Household status. Dependent status also impacts who gets the advantages of the Child and Dependent Care Tax Credit, the Earned Income Tax Credit and the Child Tax Credit. Often, the terms of the divorce agreement will set out who has the right to claim dependents, but where that is not the case, the IRS has rules that it will apply.

Prenups and other options for protecting a business in divorce

When couples in Illinois get a divorce, they will need to divide their property. If one of the parties owns a business, the situation can become complicated unless there is a pre- or postnuptial agreement that outlines what will happen to the company in case of divorce.

Liabilities, as well as assets, must be divided in divorce

Epic divorce battles are fought over which spouse gets the Illinois family home, retirement account, favorite car, or any number of expensive or personally treasured objects of value. And although it is never a good idea and sometimes can be damaging, the kids all too often become the pawns in child custody and child support matters. However, how liabilities are apportioned between the divorcing couple is just as important as each begins their new life.

How divorced parents can help children adjust to holidays

The holidays can be a tough time for parents and children in Illinois following a separation or divorce. Both may be feeling many different emotions, such as anger, loss, betrayal, sadness and fear. Parents must deal with these emotions in a way that does not impact on their children's holiday. The focus at this time needs to be on helping children adjust to the changes and still enjoy a happy holiday season.

How to avoid common financial mistakes of divorce

People in Illinois who are getting a divorce should make sure they avoid common financial errors. For example, it is important to take taxes into account when dividing some assets. A document called a qualified domestic relations order is necessary when dividing a 401(k), and a distribution must then be rolled into an IRA. This prevents taxes and penalties. People should also be aware that if they sell some assets to pay bills, there could be taxes on the sale.

TCJA to impact alimony, child support taxes

After being passed into law in December 2017, the Tax Cuts and Jobs Act eliminated a number of deductions and exemptions, raised the Alternative Minimum Tax limit and reduced federal rates of taxation. Furthermore, this tax reform will affect the way child support and alimony are treated for Illinois residents. The TCJA gets rid of both dependent and personal exemptions and raises the standard deductions.

Schlueter Ecklund & Davitt
4023 Charles Street
Rockford, IL 61108

Toll Free: 800-207-5133
Phone: 815-516-8264
Fax: 815-229-0733
Rockford Office Location