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Belleville, Illinois Family Law Blog

Digital currencies a new problem in Illinois divorce settlements

Cryptocurrency has gained popularity in recent years as it has appreciated in value. However, this can be a problem when it comes to time to divide assets in a divorce. A major problem is trying to determine how much of a given currency a person owns. If the currency is held offline, it is almost impossible to find out where it is on a computer or other server.

If the currency was bought on an exchange, there may be a record of the transaction taking place. Of course, there is still the issue of trying to determine how much it is worth for asset division purposes. There is no set rule as to what price to use. In some cases, the price of the asset on the day a person filed for divorce is the anchor price. In others, the price of the asset when it is distributed is the value used in the settlement.

Changing your name after changing your gender

When someone changes gender, he or she typically begins using a different name that matches the preferred gender. However, if you have changed your gender, it is important to make your name change legal so you can use your chosen name on all important documents, such as your driver’s license, Social Security card, birth certificate, passport and others.

When these documents do not accurately reflect your identity, you may encounter difficulties when trying to prove your identity. When these documents appropriately reflect your identity, you can prevent many of the potential difficulties that could arise while applying for jobs, traveling or other circumstances when these documents must be presented as proof of your identity.

Children, divorce, texting and social media

Illinois parents are justified for harboring concerns about how their children use texts and different forms of social media. However, according to a study, parents may come to rely on texting and social media to remain in contact with their children after their marriage has come to an end.

The results of the study also indicated that when children and their parent no longer reside in the same household, the relationship between the divorcing parents was not a factor in the parent-child relationship. Communication between the children and the parent was the most critical element of the relationship.

Making a plan for divorce

Advance preparation before divorce, including research into Illinois law and getting paperwork organized, may help the divorce process move along more smoothly. However, the fact remains that divorce is stressful, and the first step for anyone considering it should be to make sure it is the right choice.

Next, people should get their finances in order. They should order copies of credit reports, close any shared accounts and make a post-divorce budget. They should also gather as many financial records as they can, including information on retirement accounts, bank statements, tax returns and investment information. Thinking about both financial and personal goals for after the divorce, people may be able to make a plan about what assets they want to keep in the divorce. For example, many people may find that a post-divorce budget reveals an inability to afford the family home.

The most common reasons for divorce

There are many different reasons why spouses in Illinois may decide to get a divorce. However, some contributing factors are common among divorcing couples.

Using information obtained from a study conducted by the National Center for Biotechnology Information, researchers compiled a list of the most common reasons for divorce. For the study, 31 women and 21 men who had participated in a premarital program that counseled couples on communication and resolving conflicts were polled. The polling, which focused on the individuals who were divorced 14 years after having participated in the program, posed questions about the reasons for the divorce and if the separation could be attributed to multiple factors or a single, motivating factor.

In both marriage and divorce, challenges can arise for entrepreneurs

Being an entrepreneur can be incredibly rewarding. However, it can also come with its challenges. For married business owners, this can include challenges related to maintaining a strong and healthy relationship. There are certain things about the entrepreneurial life that could put stress on a marriage.

It can be very important for married startup owners to be aware of these pressure points so they can take steps to address them and keep them from weakening their marriage. Some of the things about running a startup that could lead to challenges within a marriage are:

New adoption tax credit in effect

To make the adoption process easier, more affordable and more appealing, a new law is in effect to give adoptive families a tax credit when they adopt a child from Illinois. The expense of adoption is often a deterrent to otherwise good and-very interested-candidates.

Originally passed in the summer of 2018, the new tax credit gives families $5000 for adopting a child at least one-year-old from within the state and $2000 for a child adopted from out of the state.

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Judith Trentman Wilson, Attorney at Law, P.C.

Judith Trentman Wilson, Attorney at Law, P.C.
103A West Main Street
Suite 204
Belleville, IL 62220

Phone: 618-207-4032
Fax: 618-310-1220
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