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Peoria Illinois Family Law Blog

Valuing investment real estate is a tricky prospect

A previous post on this blog talked about how, in reality, it was a rather amazing thing that the divorce of two well-known real estate moguls ended with an out-of-court settlement. The reason this was remarkable is that investment real estate, especially when the property is used for commerce, is difficult to put a precise value on. Beyond just the possible sale price, one has to also consider whether and to what extent the property can bring in rental income.

Getting an estimate on the value of investment property often takes the help of a qualified expert who may have to testify in court. Moreover, because the stakes are high, one side may find fault with the other side's estimate of a property's value and may offer his or her own estimate.The complexity of this type of property division is only compounded when a couple has more than one property, and it is even more difficult if, for example, one of the parties own some of the real estate prior to the marriage.

Divorce is coming: Red flags you can see

If you ask anyone who has been through a divorce, they will tell you that it's important to learn all you can about the process and prepare in advance. What this means is that you do not want that divorce filing to be a surprise. You want to see it on the horizon and get yourself in the best possible position for your future.

With that goal in mind, here are some red flags to look out for that could mean your marriage will end:

What can I do if my self-employed ex isn't paying support?

As this blog has discussed on previous occasions, many Illinois parents make their living through self-employment. For instance, many service professionals and consultants from a range of industries are in business for themselves and make their money by selling their goods or services directly to customers.

These people, of course, still have an obligation to pay child support in proportion to their income and according to Illinois law. Unfortunately, though, collecting support from a Peoria resident who is self-employed isn't always as simple as garnishing a paycheck. Sadly, some parents may even use their status as self-employed to try to hide their money or otherwise avoid meeting their obligations to their children.

Some parenting issues related to school

With school starting up again soon, early August may be a great time for Peoria, parents who are subject to an allocation of parental responsibilities order to review that order. They can also re-acquaint themselves with what Illinois law says about custody, decision-making and parenting time when it comes to school.

The first place parents should look to do so is their court-ordered parenting plan. This document sets out the allocation of parental responsibilities in detail, and it is supposed to be tailored to each family's unique needs and circumstances.

Legal separation in Illinois

There are reasons why many people in the Peoria area may not want to go through the process of a ending a marriage even though they recognize the need to live separately from their spouses. For some people, moral or religious convictions make them reluctant to divorce, while in other cases, financial considerations, the good of their children or even personal emotional concerns may be paramount.

In still other cases, an Illinois couple may opt for a legal separation because they do not need to establish residency in this state or undergo a waiting period before getting one. A couple will, however, actually have to be living separately at the time the request for legal separation is filed.

Dads can be single custodial parents as well

Although some people may not realize it, single Illinois dads doing their best to raise their children are a fairly common occurrence. Across the country, there are roughly around 2 million single dads. This is according to relatively recent statistics from the government. In terms of percentages, this means that over 15% of all single parents in the nation are fathers.

Many of these dads have huge responsibilities on their plates. Almost 10% of these single dads had at least three minor children in their home. Moreover, the vast majority, 96%, were either divorced, separated or had never been married to their child's mother.

Don’t let divorce ruin your retirement plans

Saving enough money for retirement is difficult enough without any unsuspected issues coming to light. If you decide to divorce, you can expect your retirement plans to change in some ways.

Your biggest concern will be your ability to retain enough money to keep the same retirement plan in place. This is why it's imperative to understand how to divide retirement assets in divorce, while protecting your rights at every turn.

What should I include in an agreed parenting plan?

Many times, a Peoria couple will decide to negotiate an allocation of parental responsibilities, which will include child custody and parenting time, before going to court. Once they do so, they will need to file their parenting agreement with the court for approval.

An Illinois court will usually approve an agreement so long as it appears to be voluntary and that, when negotiating it, the couple put the best interests of their children first. Sometimes, negotiations about a parenting plan can be so informal that the couple works out their issues themselves. However, in most cases, the parties will use attorneys to help them with their negotiations.

Child support orders for special needs children

Many children in the Peoria area have special medical and educational needs. Any one of these needs, from asthma to a profound physical disability, can cost parents a lot in terms of both time and money.

In addition to medical and other bills, parents may also have to incur extra costs finding opportunities and activities for that their special needs children can enjoy.

Split between two real estate giants ends quietly

It recently became public that the 12-year marriage between two people who are giants in the commercial real estate market in another state legally ended.

Both of the parties are well-connected to the world of big real estate deals, and they both have accomplished a lot in their own right. Each of them is likely worth tens of millions of dollars, as both have interests in sought-after commercial real estate in busy urban markets.

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