Articles

NAPERVILLE 630-780-1034

Facebook Twitter Google+ LinkedIn Youtube
Facebook Twitter Google+ LinkedIn Youtube
Search

Grey Divorces: Separations of Elderly Couples

Will County Divorce and Martimonial Attorneys

Once considered extremely unusual, many attorneys have begun to notice a rise in the amount of divorce clients who are retirement age. These separations, nicknamed “grey divorces” are still somewhat uncommon, but the recent increase has caused several attorneys, including the Robertson Legal Group, to begin to look at the unique and complex issues that surround the separation of elderly couples. Robertson Legal Group, LLC helps baby boomers and individuals in their 50’s and older in Joliet, Will County with Grey divorces

What issues arise in a Grey Divorce?

When most people think of a divorce they think of three things, in particular, parenting time with their children, child support payments, and the allocation of maintenance (formerly known as alimony). With elderly couples, the children are usually grown and emancipated and the payment of maintenance is all but a certainty and is generally accepted. There are, of course, instances where all of these issues are still considered, particularly the finer details of maintenance allocations, but most grey divorces tend to center around other issues. The issues of maintenance allocations and other issues in divorce matters are handled with care and experience at Robertson Legal Group, LLC. Our attorneys focus on divorce, retirement planning, and spousal maintenance among other issues in Crest Hill and Shorewood, Will County, Illinois.

Grey divorces tend to predominately center around the division of marital property. In all divorces, there are two types of property: non-marital property and marital property. Under Illinois law non-marital property that was acquired by a party before the marriage or property that was acquired by a spouse subsequent to the marriage that:

Can You Leave Illinois with Children in the Event of Abuse

Joliet and Shorewood Child Relocation and Divorce Attorneys

Divorces tend to be complicated for a variety of issues, the allocation of maintenance from one spouse to another, parental responsibilities of minor children, the payment of child support, and the division of the marital estate are generally seen as the heated issues in most marital dissolutions. One of the points rarely heard of is abuse and the potential need to leave the state and/or go into hiding during the divorce proceedings. The issue raised is that one court normally will have jurisdiction over the parties and the minor children after a Petition for Dissolution of Marriage is filed and leaving with the minor children will remove critical parties from the “home courts” jurisdiction.

Will County Family and Divorce Lawyers

What is Jurisdiction and What Does it Mean for my Ability to Leave

Jurisdiction means that the court has the authority to make a ruling on the case before it. With regards to children, the court has jurisdiction in the area the kids are domiciled in when the divorce began. One party removing themselves or their minor children from the court’s jurisdiction during the divorce proceedings is relatively uncommon. Generally, if it’s a temporary leave, the court will allow it if both parents approve and proper notice is given and the whereabouts of the parent and children are known. In more contested cases, the court can issue an injunction (meaning an order not to do something) forbidding anyone from taking oneself or one’s children out of state. The penalties can be extremely harsh for leaving with children without the court’s permission ranging from monetary sanctions, prejudice against your case, and even possible prison time. Regardless of whether there is an injunction or not, permanent leave is not allowed by the court in most circumstances until the divorce process is completed.

Is it Ethical to Pay or Reduce Child Support?

Joliet and Will County Child Support and Matrimonial Attorneys

Perhaps the most frequent question potential clients ask our office is whether or not they can stop paying or reduce child support. The answer is one lawyers give all too often, “it depends.” Child support is one of the most contested aspects of a divorce and many people feel that they pay too much child or should not have to pay at all.

Will County Modification of Child Support Attorneys

What determines how much child support I pay?

Interestingly, for how contested child support is, it is actually one of the most uniform parts of the Illinois Marriage and Dissolution of Marriage Act. With regards to paying child support, there is little room for denial, if a party has children that are living with the other parent, they almost certainly will be required to pay child support. The statute is similarly strict when it comes to the calculation of how much support will be paid. While there is some wiggle room for extraneous factors most child support calculations are done according to a simple formula, the supporting spouse’s gross income less certain deductions, like federal and state taxes, is plugged into a statutory table depending on how many children the parties have. If there is only one child the supporting spouse will pay 20% of his net income, 28% for two, 32% for three, 40% for four, etc. There is a helpful calculator to get an estimate as to what one’s obligations would be which can be found at http://www.illinoischildsupportcalculator.com/

Holding and Subsidiary Companies in Real Estate

When most people think of real estate investment they look mainly at the acquisition and the sale of real estate and the profits and tax consequences that come from the exchanges of property. Unfortunately, this means that what occurs for the majority of an investor’s time in the real estate industry, simply holding the property, is not as scrutinized as it could be. This is unfortunate as the investor bares a lot of risk when holding onto real estate. Many investors look to the creation of holding companies to minimize liability during this static time period.

Joliet Real Estate and Corporate Attorneys

What is a Holding Company?

A Holding Company is an incorporated structure that owns the titles and deeds to real estate on behalf of an investor. This minimizes the investor’s potential legal liabilities as well as being used as leverage when the investor is looking for financing for property acquisition. It is always a good idea to have a separate legal entity holding onto properties for your behalf as the real estate business is both inherently volatile and there are numerous issues affecting houses that the investor does not want to be personally liable for. (http://www.jwbrealestatecapital.com/real-estate-holding-company/)

Is a Revocable Living Trust Only for The Wealthy?

Joliet and Plainfield Revocable Living Trust Attorneys

People often assume that a Revocable Living Trust is only meant for those with millions of dollars. Unfortunately, many ill-informed financial advisors and others have spread false rumors that are categorically false. A Revocable Living Trust is a legal instrument which is like a Will because it outlines your wishes upon your death with respect to the distribution of your assets.

In the last week, I spoke with a person who has a Father that is ill with Cancer. This person who I will refer to as “Janet” has three siblings and her parents own a home in the suburbs of Illinois. Her parents are like a lot of parents where their house is paid for or at least almost paid for and they have insurance proceeds and retirement assets. They are a typical middle-class family in the suburbs of Chicago such as Joliet, Plainfield, Homer Glen, Frankfort, Shorewood or Mokena, Illinois. Janet was ill informed because she thought a will was the appropriate legal instrument for her parents.

Last Will and Testament Attorneys in Joliet, Crest Hill, and Plainfield, Illinois

Now, we will examine the benefits of a Revocable Living Trust in contrasts to a Last Will and Testament for residents of Will and DuPage County, Illinois. Let’s examine Janet’s assumption that a Revocable Living Trust or as otherwise known as a “Living Trust” is for millionaires. Middle-class families receive many benefits from a Revocable Living Trust such as the following:

Back to Top