Frankfort Law Blog

The marriage dissolution process is one that can be fraught with emotions. Property division can leave you feeling stressed out about your financial future, and so, too, can discussions regarding alimony. However, if you have children, then a significant amount of your focus will be on child custody and visitation arrangements. Although some Illinois and Indiana residents are able to resolve these issues in a fair and amicable way, others find themselves butting heads with their child's other parent.

When addressing child custody and visitation issues, it is important to remember that a court will base its decision on the best interests of the child. Therefore, if domestic violence, substance abuse or financial strain have an effect on the child's well-being, then a court may limit or eliminate the amount of time a child can spend in the household where those issues are present. This means that, regardless of which side of the dispute you are on, you need to be prepared to make strong legal arguments to support your position.

Divorce, while sometimes emotionally ravaging, can also be financially devastating when not handled appropriately. This is often because property division and other financial matters, such as child support and alimony, are addressed during the marriage dissolution process. Property division can address a number of matters, too, including a marital home, bank and retirement accounts, pensions and personal property such as vehicles, jewelry and even the family dishes.

Illinois and Indiana attempt to divide marital property equitably, which does not always mean equally. While what constitutes "equitable" is always up for argument based on the circumstances at hand, so, too, can what qualifies as marital property.

Although much of estate planning focuses on the distribution of assets upon an individual's death, part of that process is learning how best to protect those assets during an individual's life so that they can actually be passed down to heirs and beneficiaries. One threat to an estate's financial health is long-term care. The costs associated with long-term care can be exorbitant, leaving an estate severely damaged.

However, there are ways to engage in estate planning that seeks to reduce or even eliminate the damage caused by the need for long-term care. One step an individual can take to address this matter is piece together funding to satisfy the potential for any long-term care needs. Medicaid can help alleviate the financial burden associated with long-term care, but many individuals don't qualify to receive these benefits because their income is too high or their assets are too great. The same can hold true when assets are left to an individual who is currently receiving government benefits. Such an inheritance, if not handled properly, can suddenly render an individual disqualified from receiving the benefits he or she depended upon.

Millions of Americans find themselves saddled with debt, oftentimes due to no fault of their own. Trying to find a way to get ahead of this debt can be an overwhelming task. Realistically, many are unable to do so even though they try for years, sometimes even decades to get caught up on past due payments. By waiting to fully address their financial hardship, individuals put themselves at risk of facing long-term financial difficulties and a significant financial toll that is often associated with the stressors of debt.

Although it is viewed negatively by some, bankruptcy is a very real debt relief option. Depending on which type of bankruptcy is pursued, an individual may be able to retain his or her most prized assets while eliminating debt. In other words, when successfully completed, bankruptcy can provide a once indebted individual with the fresh financial start he or she needs.