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How Long Can Spousal Maintenance Last After an Illinois Divorce?
When two people decide to legally end their marriage, it can dramatically change their lifestyle. If one spouse earned a high salary and the other partner stayed home to raise their children, for example, this can impact the divorce settlement. In Illinois, maintenance or spousal support, which was previously called alimony, refers to payments made by one spouse to the other after a divorce to allow both spouses to live at a standard similar to what they enjoyed while married. Typically, spousal support is awarded in cases where there is a significant difference between the spouses’ incomes. If a couple cannot come to an agreement on their own regarding spousal maintenance, the court may intervene. A judge will look at several factors when determining if this type of financial support is appropriate.
COVID-19 Update
Below is a brief summary of the various COVID-19 programs available to individuals and businesses during this difficult time. This is simply to assist you in determining which program might apply to you. All of the information was gathered from other second-hand sources, so I did the best that I could to make it easier to wade through the vast amount of information out there. I hope this is some help to you.
Sincerely,
Colleen G. Thomas
U.S. Small Business Administration Economic Injury Disaster Loan
- Up to $2 million loan amount
- Only when determined by SBA that cannot qualify for a private loan
- Up to 4% annual interest rate (3.75% small businesses)
- Up to 30-year loan term
CARES Act Paycheck Protection Program
- Loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program
- Keep on the payroll for 8 weeks
- Money used for payroll (75% of the loan amount), rent, mortgage interest, or utilities
Am I Eligible for a Loan Modification in Illinois?
You may take out loans to purchase various items throughout your lifetime, such as a car, a house, or to pay for your child’s college tuition. A loan modification involves modifying the terms of an existing loan, typically to make it more affordable for you as a borrower who might be in danger of defaulting, sometimes due to a scheduled rate increase or a job loss. For instance, you might want to pursue this route to avoid foreclosure on your house. It is important to note that a loan modification is not the same as refinancing a mortgage. In certain situations, you may also be allowed to file for bankruptcy. By combining these efforts, or by simply electing one of these options, you may be able to keep your home by lowering mortgage payments, avoiding default, and obtaining a way out of debilitating debt. A skilled lawyer can help ensure you take the correct legal steps to secure a promising financial future.
What Is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
There are many ways a person can build up debt that he is unable to repay. An individual may accumulate multiple high-balance debts, such as a mortgage, auto loans, medical bills, or credit cards. Whether it is due to poor luck or decisions that did not work out as planned, when a person gets in over his head, he has the option to file for bankruptcy.
Bankruptcy allows a person to have a second chance if he no longer has the resources to repay his debts. While there are benefits to bankruptcy, such as the forgiveness of some debts, it will negatively affect a person’s credit score and his ability to borrow money in the future.
There are two common types of bankruptcy available to individuals, and each one has different requirements and regulations:
- Chapter 7 Bankruptcy: This method of bankruptcy will discharge most outstanding debts. Some debts, such as student loans or obligations to pay child support or spousal maintenance, cannot be discharged. When filing for Chapter 7, a person’s non-exempt assets will be liquidated by the bankruptcy trustee to pay off some of his debts. Some examples of assets which are exempt are tax-exempt retirement accounts, necessary clothing, educational texts, and prescribed health aids. In some cases, a filer may be able to maintain ownership of a home and/or a car that is below a certain value. This method provides a clean slate and fresh start by eliminating most debts.
How to Obtain Guardianship of a Child in Illinois
When a baby is born, the parent of that child has the immediate authority to make decisions on behalf of that child. Formal adoption of a child will also grant the same parental ability. However, unfortunate circumstances sometimes require the child to be cared for by someone who is not a biological parent, such as the death of both parents. In these cases, a guardian is appointed to care for and make parental decisions on the child’s behalf.
What Is a Guardian?
When both parents are unable to care for their child, a guardian will be appointed to step into the parental role. A guardian does not have to be related to the child, but the guardian must be 18 years or older and a resident of the United States. A potential guardian must not have any legal disability preventing the ability to care for the child or a felony conviction that would endanger the child. In most cases, the circuit court appoints a guardian. The difference between adoption and guardianship is that guardianship ends when the child turns 18 years old.
What Steps Are Followed During the Foreclosure Process?
If you are struggling to make your mortgage payments, the threat of losing your home can be a terrifying thought. After a mortgage is in default, the lender can sue to have the right to sell the property in what is known as a foreclosure sale. Throughout the United States, more than four million people have lost their homes to foreclosure since 2007. If you are facing the potential foreclosure of your home, you should be sure to understand the procedures that will be followed and the legal options available to you.
The Foreclosure Process
When a mortgage has not been paid, a lawyer from the lending institution may begin a lawsuit by filing a complaint in court. After that, a summons and complaint are delivered by a process server or a sheriff. The summons is a notification of the case being filed. Within 30 days of receiving the summons, you must either file an answer and court appearance or a motion of your own.
Benefits of Creating a Prenuptial or Postnuptial Agreement
Although prenuptial and postnuptial agreements are often associated with the benefits they may provide during the divorce process, not all of their perks are related to divorce, or even legal separation. While you are blissfully planning your upcoming nuptials or are happily married, you may find the idea of a prenup or postnup unromantic or unappealing. However, these types of contracts do not doom your marriage to failure. Marriages that begin with such contracts often have a more open and honest beginning, which can create a stronger foundation for a long-lasting union.
These are some of the primary benefits that many couples enjoy when they create a prenuptial or postnuptial agreement:
Open Communication Before You Say "I Do"
Finances are often a hot topic during divorce cases, especially when it comes to hidden debts or assets. Many people enter into marriage only to discover that their new spouse has thousands of dollars in student loan debt. When you add that to the price of a potential mortgage and the wedding expenses themselves, there may be little left with which to begin a family. A discovery of this magnitude can put a strain on any union and alter the dynamic of a family, forcing spouses to adjust their goals and expectations for their marriage.
Divorce and Bankruptcy: Which to File First
For many families today, divorce and bankruptcy tend to go hand-in-hand. Every situation is different, but divorce may occur as a result of financial strain, or a separation may result in economic pressure for both spouses. Regardless of what starts the struggle, both divorce and bankruptcy can be emotionally complicated. However, if you plan ahead and understand the legal issues you must address, this will help the process proceed more smoothly and result in less of a strain overall. Typically, couples choose one of two options:
Option 1: File for Bankruptcy First
Filing for bankruptcy first offers many benefits. For instance, you and your spouse can file for bankruptcy jointly, which saves money and may increase the number of exemptions you are allowed to take. Additionally, if one spouse is the sole breadwinner of the household, you have a higher likelihood of qualifying for Chapter 7 bankruptcy, which eliminates most unsecured debts, will help you get out of high car payments, and can reduce the fight over finances during divorce.
Can You Discharge Child Support or Maintenance (Alimony) in Bankruptcy?
When finances get tight, most people take an in-depth look at each of their monthly expenses and consider cutting out what they do not need. If, after making adjustments to your budget, you still cannot make ends meet, you may begin researching and considering the option of bankruptcy.
On payday, the first bill paid often covers housing. Next come all of the other expenses necessary to make the house run, such as electricity, water, and other utility bills. The phone bill, car note, and insurance payments rank next in the order of importance. If there is anything left of the paycheck, many people who are experiencing financial hardship must decide between paying their court-ordered maintenance (formerly known as alimony) or child support payments and buying food for themselves.
When times get tough, many find that bankruptcy is a prime solution to make a fresh financial start. Unfortunately, many people wait months or until there are looming legal repercussions to seek help. At this point, a significant number of bills may be months past due, and outstanding debts and interest (known as "arrears") can add up quickly. When your domestic support payments (child support and maintenance) are past due, the punishments can also be damaging to your future, and worse, result in a jail sentence. If you are considering filing for bankruptcy, you may wonder if your past-due child support and maintenance payments are dischargeable.
Tips to Help Older Children and Young Adults Deal with Divorce
Younger children undoubtedly need more hands-on attention in all areas of life. In addition to learning how the world works, their psyche needs development. Negative experiences can leave a lasting impact on infants, toddlers, and young children. Although older children and young adults are more capable of understanding situations and are generally self-reliant, coping with the divorce of their parents has a dramatic impact on their lives as well. Whether they are a pre-teen or an adult, your children still need you to help them through your divorce.
Show Them They Are Loved
While younger children often need to hear that your divorce was not because they did anything wrong and that both parents still love them, older children and young adults also need to witness that they are loved. Older kids likely already know that the divorce is not their fault; their concern is how this will impact the future. Will you both be able to attend their graduation? Will you be civilized at their wedding? Who will attend family events? Older children need to know that your love for them is greater than the anger you and your spouse have toward each other.
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