O'Connor Family Law, P.C. Chicago Family Law Attorney | Cook County Divorce Lawyer2024-03-12T13:47:28Zhttps://www.oconnorfamilylaw.com/feed/atom/WordPress/wp-content/uploads/sites/1404318/2022/08/cropped-site_icon_new2-32x32.jpgOn Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=488352023-12-29T15:56:30Z2023-12-29T15:56:30ZThey may need to go back to court
Matters related to parental authority can be easy to address if there are certain terms already in place regarding legal decision-making authority. Some court orders breaking down parental rights and responsibilities include details about who has final decision-making authority in certain scenarios. One parent may be able to make the final decision about a child's schooling or health care.
Other times, there is an allocation of authority to both parents and an assumption that they should reach an agreement with one another. Each parent usually has the authority to handle minor issues and emergencies during their parenting time but should cooperate with the other for bigger decisions. When they cannot compromise on an important decision for their children, such as whether they require certain elective medical care, parents may need to go back to court.
They can ask to modify the custody order to grant one parent final decision-making authority or to have a judge rule on a specific decision for the family. An Illinois family law judge can familiarize themselves with the situation and attempt to set terms that would be in the best interests of the child involved.
Those putting together parenting plans in Illinois may want to negotiate very clear terms for decision-making authority to prevent future conflicts. Those already facing a conflict may need to update an existing arrangement to better meet their family's needs.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=488202023-11-08T04:34:39Z2023-11-08T04:34:39ZUnderstanding a prenuptial agreement
Understanding the purpose behind a prenuptial agreement is an excellent first step to dispelling the fears and myths about them. This legally binding contract, often called a “prenup,” is entered into by a couple before their marriage.
The primary purpose of a prenup is to document how assets, debt, and other financial matters will be handled if the couple separates or divorces. Prenups are for any couple, not just the wealthy, because they safeguard individual and joint financial interests.
Common misconceptions that prenups are not romantic or that they signify a lack of trust and a higher chance of divorce do not have evidence to support them. Prenups protect both partners’ interests and can contain tailored instructions for each couple’s unique circumstances.
The prenup discussion
Starting an open, honest conversation about a prenup is essential to arriving at an agreement that works for both people. The key is to have sensitive and transparent communication about how the agreement lays a solid, secure financial foundation for both partners.
Each person needs to be able to share their thoughts and concerns and feel empathy and understanding from their partner. Choosing the right time and practicing active listening to each person’s perspective can keep the conversation moving toward outcomes that work for both parties. The prenup should be a joint decision, which will help maintain respect and trust within the relationship.
The legalities
Couples need their prenup written in a way that stands up to legal scrutiny. Couples do not want to find out in the heat of a divorce that their prenup is invalid. The agreement should be fair and balanced. Prenups involve some legal complexity, and arriving at a final agreement may require negotiation to create arrangements that protect both partners’ interests and can withstand potential legal challenges in the event of divorce.
Fear and misconceptions can hold couples back from discussing a prenup. However, a fair, balanced prenup can ensure harmony and financial security for couples.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=488182023-07-05T05:50:30Z2023-07-05T05:50:30ZSupplemental executive retirement plans
Companies with urges to keep executives on board often issue retirement plans. A supplemental executive retirement plan acts as an insurance policy. The executive contributes to this plan by paying premiums. Paying these expenses allows the executive to access the account's cash value. Illinois treats vested and matured retirement accounts as marital property, which could work in your favor.
Restricted stock
Restricted stock often comes up in situations involving divorce and executive compensation. This type of incentive is a way to reward executives for exceptional performances. Restricted stock can also incentivize executives to perform better in the future. Dividing actual shares of restricted stock isn't difficult. However, companies also reward executives with the right to acquire restricted stock in the future. Dividing vested stock is a more difficult situation to handle in a divorce.
Deferred compensation
An executive's large salary also can come with expensive tax payments. Some companies allow executives to defer portions of their salaries and receive this income in the future. It's not unheard of for an executive to postpone compensation until after retirement, which could be a long way away.
Divorcing an executive could provide you with a big payday, but it isn't likely going to be a quick process. Some former executives' spouses even hire outside help, such as forensic financial specialists for assistance with divorce-related compensation.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=488162023-03-26T23:34:45Z2023-03-26T23:34:45ZDetermining ownership
The first step in dividing an art collection is to determine who owns it. If the collection was acquired before marriage, it may be considered separate property and not subject to division. However, if the collection was acquired during the marriage, it may be considered marital property and subject to division.
Value appraisal
Once ownership is determined, the next step is to value the collection. This can be a complicated process, as the value of art can fluctuate significantly over time. For the best result, you can work with a qualified appraiser with expertise in valuing art collections. The appraiser will consider factors such as the artist, the medium, the condition of the artwork and the market demand for the work.
Making a decision
Once the collection is valued, the couple will have to decide how to divide it. There are several options.
One is to sell the collection and split the proceeds. This is a common choice for divorcing couples, especially if neither party wants to keep the collection. The proceeds can be split based on an agreed-upon percentage.
Another option is for one spouse to keep the collection after the divorce. If one party has a stronger emotional attachment to the collection, they may want to keep it. In this case, the other spouse may be compensated with other assets of equal value.
A third option is to reach a compromise by dividing the collection. If both parties want to keep some of the artwork, they can divide the collection based on an agreed-upon plan.
Tax implications
Something to consider for divorcing art collectors is the tax implications. If the collection is sold, capital gains taxes may result.
Finding common ground
Divorcing couples with art collections have several options for dividing their assets, depending on their attachment to the art and their willingness to compromise. It's essential to determine ownership, value the collection, and work constructively toward finding the best solution possible.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=488142022-12-27T06:53:39Z2022-12-23T06:51:49ZEstablish a separate business entity
If your practice is not already organized as an LLC or corporation, then it is wise to do so before marriage. Doing so will help protect your business from the liabilities of divorce law and will make it easier to divide assets that may be considered marital property in a divorce situation. You can also enter into a prenuptial agreement that outlines the ownership of your practice and other assets.
Keep separate finances
When you have a business, it is important to keep your personal and business finances separate. All income related to the practice should be deposited in its own account, with all expenses being paid from that account as well. This is especially important if you are the sole proprietor of your practice. You should also ensure that all business documents and records are kept in a secure location, such as an off-site storage facility or safety deposit box.
Create a buy-sell agreement
A buy-sell agreement is essentially an insurance policy for a business in the event of the death or disability of a primary owner. If you are the sole proprietor of your medical practice, then it is important to have a buy-sell agreement in place that outlines what will happen to the business upon your death or if you become incapacitated due to illness or injury. This agreement can also provide protection in the event of a divorce.
Review your practice’s contracts
If you have staff or other contractors that are participating in the business, then it is important to review all of the contracts and agreements to make sure they will remain in effect if you become divorced. This includes any non-compete clauses that may be included in employee contracts.
While divorce is never an easy situation to navigate, taking the proper steps ahead of time can help protect your medical practice from the potential financial and legal consequences. It's important to be careful and proactive in order to ensure the longevity of your business no matter what lies ahead.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=487922022-10-26T02:26:54Z2022-10-26T02:26:54ZReasons why refinancing your home mortgage is important
The main reason it's crucial for you to refinance your home after a divorce is that joint debt can create many problems, not just for you but for your former spouse as well. For one, the costs of poor credit from a single missed payment can be great. If you're trying to buy a new home or car or even rent an apartment, your credit score will take a serious hit. Secondly, it can help protect you from future liability. If your former spouse stops making mortgage payments and the house goes into foreclosure, the lender may also hold you liable for the debt.
Another reason why this is important is that the court can hold you in contempt if your final divorce decree requires you to refinance and you don't. This mistake can lead to heavy fines and even some time in jail. Moreover, the court will force you to refinance at a time you may not be well prepared to do so.
The process of refinancing your home loan after a divorce
If you're awarded the family home in your divorce, you'll need to refinance the mortgage in your name only. This will require you to go through the entire mortgage process again, including a new loan application, credit check and appraisal. You'll also need to provide documentation of your income, employment history and assets.
Once approved for the loan, you'll need to sign all the necessary paperwork and pay any associated fees. The lender will then send over the new loan documents for you to sign. If everything goes through, the new loan will be your only responsibility.
Refinancing your home loan may seem complicated, especially immediately after divorce when you are settling into a new life, but it's necessary. A basic understanding of how this process works in Illinois can help you avoid costly mistakes.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=486442022-07-14T13:46:39Z2022-07-14T13:46:39ZPut your child’s needs first
Consider what’s best for your child while creating your co-parenting plan. The best plans always put the child’s best interests first. Factors like their emotional needs and physical needs such as clothing, food, shelter, activities and sleep should all be taken into consideration. Work together to come up with a plan that will help make your child happy and comfortable.
Consider your child’s schedule
Take your child’s schedule into account when making your co-parenting plan. It’s easier to create a plan for younger kids, but if your child is older and has school and extracurricular activities during the week, you’ll have to revolve your plan around all of that. You don’t want your child to have to drop a favorite activity for the sake of your co-parenting plan.
Plan how to communicate
You and your ex will have to be in communication with one another once your co-parenting plan is active. Plan ahead for how you will communicate. It should be easy enough if your split was an amicable one. If you had a contentious divorce and the two of you clash, it might be better to limit communication to emails and the occasional phone call.
You should also plan for communicating with your child when the other parent has their time with them. Video chatting is probably the best option for staying in touch. You might also want to do some regular text messaging.
Consider the parenting schedule you’ll use
You will also have to determine the parenting schedule used with your co-parenting plan. Many families opt for the weekly rotation where the child spends a week with one parent and the next week with the other. Alternatives such as the 3-3-4-4 schedule sometimes work better as your child spends a few days with each parent and alternates the time weekly.
When you create the best co-parenting plan for your family, everyone will benefit.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=486452022-03-22T22:12:14Z2022-03-22T22:12:14ZBuying out your spouse's interest in the property
If you are the sole owner of a property, then your spouse may not be able to claim an ownership stake in it during a divorce. However, if you own the property jointly with your spouse, then they may be entitled to half of its value. To protect yourself, you can buy out your spouse's interest in the property before filing for divorce. This way, you can keep the property entirely for yourself.
Putting the property in a trust
This can be a revocable trust, which means that you can still change the terms of the trust or even dissolve it entirely if you want to. Doing this can give you more control over the property during a divorce. For example, you can specify that your spouse cannot sell or borrow against the property without your permission. On the other hand, an irrevocable trust is more permanent and can be a good way to protect your property if you are sure that you want to keep it.
Forming an LLC
If you own rental property, you can form a limited liability company (LLC) to hold the property. This can help to shield your other assets from being divided in a divorce. For example, if your LLC owns a rental property, then your personal assets such as your bank account and your house will not be at risk if the property is sold during a divorce.
Whether or not you are facing the possibility of divorce, then it is important to take steps to protect your real estate portfolio. This is especially true if you own joint property with your spouse or if you have significant assets. By taking the time to do this now, you can save yourself a lot of stress in the future.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=470172022-03-25T22:54:52Z2021-12-28T16:11:26ZWhat is co-parenting?
Co-parenting is a term that describes equality between both parents after they have gotten a divorce. First and foremost, it allows parents to focus on their children. Both parents continue to raise the kids and tend to their physical and emotional needs while sharing parenting time. They work together to co-parent to ensure that their relationships with the children continue to be strong, loving and supportive.
If the divorce was contentious, a co-parenting situation can significantly benefit the children. It shows the kids that even though their parents are no longer together, they’re still both there for them. This is especially the case if there’s a joint custody order in place.
How does co-parenting and joint custody benefit children?
After a divorce, deciding on a co-parenting plan is essential for children. It shows them in spite of the differences between their parents, they are still the most important priorities to them. Children can feel happier when both parents are still equally in their lives, sharing the parenting duties and quality time with them.
Co-parenting gives kids a sense of normalcy. Even if their parents no longer live together, the children get to enjoy a feeling of consistency as they get a normal routine from each parent’s household.
Kids are taught that even after a divorce, it’s still possible to maintain a healthy relationship with your children. It can even show them that former spouses can work together in a way that’s civil to give their kids some consistency.
Co-parenting allows the children to have a healthier outlook on life. They can feel better emotionally, which can benefit their health as a whole. By contrast, when kids are put in the middle of their parents’ divorce, it can cause a slew of problems, such as behavioral issues and depression.]]>On Behalf of O'Connor Family Law, P.C.https://www.oconnorfamilylaw.com/?p=469952022-03-25T22:56:05Z2021-10-28T21:22:00ZPsychology Today, it is not just occurring in the U.S. as statistics reveal: The same trends are happening around the globe. This includes countries such as Canada, Japan, Australia, and India.
Why is this happening?
Since the 1960s and 1970s, personal fulfillment and happiness have taken on much more importance in marriage. Divorce is now more socially acceptable for people who don't find happiness in their marital relationship. Couples who married years ago may now be facing differences in the following:
• Money matters
• Interests
• Emotional fulfillment
The empty-nest syndrome opens eyes
With children grown up and no longer at home, partners sometimes wonder what they have in common. In some cases, addiction and infidelity may play a role in gray divorce. The toll of mental, emotional, and physical abuse may be contributing factors as well.
Satisfaction in relationships moves to the forefront of health
Studies from 1938 show little interest regarding marital factors such as empathy or attachment. Now, it has become evident that relationships are a key factor in healthy aging and maintaining life satisfaction. Some of the recent studies done reveal several features of self-care that include the following:
• Social connections help while loneliness kills.
• Conflicted living situations are very bad for health.
• Good relationships protect the brain.
The quest for personal happiness and fulfillment in the later years has had a profound influence on the gray divorce rate. People no longer want to stay in a marriage that offers little in the way of happiness. They hope to attain, through a divorce, the joy, contentment, and pleasure that they hope await them in retirement. Fulfilling relationships have become an important part of this desire, so it's not surprising that more couples are divorcing in their senior years.]]>