Posts By: MICHAEL C CRAVEN

How the New Tax Laws Might Impact Divorce Settlements

In January, the new federal tax laws went into effect. These laws include changes that will impact how the tax code treats a divorce settlement.   As it relates to divorce settlements, the most significant change to the tax code involves maintenance (alimony) payments. Since 1942, spouses paying alimony have been able to write-off those payments as a tax deduction and the spouses receiving the payments have had to report the alimony as income. However, the new tax code changes how alimony i...   Read more ...  

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Financial Areas to Address During Divorce Proceedings

There are many areas to consider when going through divorce proceedings, but one of the most important – and often most complicated – is dealing with the various financial implications involved in a divorce. Every couple’s assets are different, which is why it is important to consult an attorney when going through a divorce. However, there are some common financial areas that are addressed in most divorces. Unlike states such as California, Illinois is not a community property state when i...   Read more ...  

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How Do I Change a Parenting Time Schedule?

When couples with children finalize a divorce, one of the biggest components of the divorce settlement is the parenting plan, which includes an agreement on the parenting time schedule for each parent. This schedule, which must be reviewed and approved by the court, spells out exactly when each parent is to have primary care responsibilities for the children. Over time, it’s not unusual for a parent to need to make a change to a parenting time schedule.   So, how does one go about making ...   Read more ...  

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Marketing to millennials: How to bridge the generational gap

  Published in the February 9, 2018 edition of the Chicago Daily Law Bulletin   It’s a tale as old as time: An older generation complains about the work ethic and working style of a younger generation.   That divide has never been more prevalent than the separation between the millennial generation and those that preceded it. When looking to recruit millennials as employees or woo them as clients, it is best to look past the typical stereotypes and use the differences between t...   Read more ...  

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How to Develop a Parenting Plan that Benefits your Children

For divorcing couples with children, it is essential that you and your soon-to-be ex-spouse author and agree to a written parenting plan, often referred to as a parenting plan or allocation judgment, during the course of finalizing a divorce. This plan should clearly articulate how much time the children will spend with each parent and how decisions will be made regarding the health, education, religious studies and extracurricular activities of the children. Even if you and your soon-to-be ex-s...   Read more ...  

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How Do I Divorce My Spouse Who is Deployed?

The military divorce rate is significantly lower than the national average. According to an article in Military.com, the overall military divorce rate was recently at a decade-long low at 3.1 percent. That figure suggests that the overall military divorce rate is declining, but it nonetheless suggests that married couples have to deal with significant stress in the marriage, especially when one of the spouses is deployed. Notably, the divorce rate for male military service members is markedly lo...   Read more ...  

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