Many parents going through divorce in Chicago already know that it won't be easy. For couples with kids though, know the proceedings will be that much more difficult. But in a recent study done by a university professor, research is suggesting that tensions could be eased if both parents take a more kid friendly approach.
We all know the statistics surrounding divorce rates. About half of marriages end in divorce, and that number goes up with second and third marriages. We aren't reminding you of this to put a damper on the outlook of your marriage, but rather to point out that there are ways to protect yourself if you are about to get married.
In 2004, appraisers were busy raising the prices of homes Americans paid based on demand. The "flip market" reached its height and probably culminated in 2006. Then the media spoke daily of the "bubble" in the real estate market until markets in Nevada, Arizona, and Florida, which had appreciated the most nationwide, collapsed. These were the "second home" dreams of Americans contemplating their retirement, and those real estate speculators taking the "if they build it, they will come" approach. In 2010, so many newly constructed units remain empty and their underlying values in many communities have dropped by as much as fifty (50%) percent or more, due to the growing impact of foreclosures and short sales.
529 Plans serve a purpose in saving for college education for our children. In the family law arena, these funds are often designated as the first funds to be applied toward the child's college education before the assets and income of each parent and child are considered under 750 ILCS 5/513.