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Wakenight & Associates, P.C.

707 N. York Street, Suite 201, Elmhurst, IL 60126

Elmhurst | 630-528-0734

Mokena | 815-458-5660   Oak Park | 708-480-9651

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Recent blog posts

Americans collectively owe nearly $1.5 trillion in student loan debts.Statistically, this means that 1 out of every 4 adults nationwide are currently part of a college debt repayment plan. The standard federal repayment plan takes at least 10 years to complete, and it's not uncommon for people with student loan debts to marry and divorce with in that same time period. But what happens to student loan debts during a divorce ?

Debt division is a vital aspect of the divorce process. Typically, only debts incurred during the marriage are included in the marital estate. Illinois is an equitable distribution state, which means that debt is divided “fairly” and per the will of the court. Fairly, however, does not mean “equally.” the court must evaluate several factors before determining if one spouse's student loan debts should be part of the distributable marital estate.

the court makes its determination based on the following:

...

Before the divorce process can be finalized, all financial matters relating to spousal maintenance, or “alimony, ” must be agreed upon by both spouses or determined by the court. The purpose of alimony is to offer financial support to a lower earning spouse as they adapt to being single and self-sufficient. Typically, alimony is paid in monthly installments to benefit the financial situations of both former spouses.However, the paying spouse or the court can decide that submitting a lump sum amount is an acceptable alternative to an on-going payment plan.

Lump sum payment options include:

  • Cash
  • Check
  • Marital property division

By choosing to pay through marital property division, the paying spouse essentially agrees to forfeit a portion of the assets there are entitled to in lieu of paying alimony.

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For some married couples, timeshares are a vacation paradise and a romantic home away from home. For many others, however, timeshares represent a misguided purchase that is notoriously difficult to sell. Typically, a timeshare allows multiple people to own the same property and utilize it for established periods of time during the year. While the idea is sound, the reality is a little less grand. In fact, most owners complain about the strict usage schedules and excessive taxes.

Unfortunately, when spouses decide to divorce , the timeshare becomes part of their marital estate. In other words, it's time to decide if you want to share it, sell it, or have one spouse outright own it.

Share It

If both spouses have an amicable relationship, they might be able to share the property and split the usage schedule. By sharing the timeshare, both spouses can take advantage of inexpensive vacation opportunities. Also, they aren't forced to cut their losses by trying to sell the time share on the open market. Again, this option is only appropriate for former spouses who are capable of cordial communication and mutual respect. In fact, most attorney s discourage this option because of the long-term pressure it places on both spouses. If you're interested in splitting the timeshare, your lawyer can help you include it in the divorce settlement agreement.

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the primary purpose of child support is to provide minors with financially-stable living environments that encompass their basic living needs. Calculating and establishing the guidelines of child support payments is an important facet of many divorce settlement s.

Basic living expenses include:

  • Clothing
  • Shelter
  • Food
  • Educational expenses
  • Health care (circumstantially)

the Illinois Marriage and Dissolution of Marriage Act (IMDMA) makes special provisions regarding the education of children . For example, the court has the option of awarding payments that support a child through high school and college. However, child support doesn't necessarily cover extracurricular activities or clubs that could help a child enter college.Likewise, there is no provision stating that child support payments are intended to cover private school tuition.

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Summer is a great season for families to vacation together. However, summer plans can get complicated after a divorce . this is particularly true for children who split their time between two households.

In 2016, Illinois replaced “child custody arrangements” with “parenting plans.” These are legal documents that list the rights and obligations each parent has regarding their children . One important aspect of a parenting plan is establishing a “ parenting time schedule.” In Illinois, these schedules can be flexible so long as both parents are in agreement. A family lawyer can help you develop or legally modify your parenting plan to benefit your relationship with your child.

A parenting time schedule should include the following:

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