Going through a divorce can be stressful, and it can have a significant emotional and financial toll on your life. You may not necessarily consider how ending your marriage can affect your credit score until you see the effects of a decrease when applying for a loan or credit card.

Your credit score refers to a number that is based on an analysis of your credit information, and this number represents your creditworthiness. That is, your credit score reflects the probability that you will repay a debt or loan, such as a mortgage. According to FICO, which calculates credit scores in the United States, the amount of debt you have makes up 30 percent of your credit score. Therefore, the lower your debt, the higher your credit score. Protecting your credit during your divorce is essential for maintaining a secure financial future.

Tips For Protecting Your Credit

During your divorce, it is important to consider all the ways your finances may be affected. For example, if a joint account from your marriage is left open, your ex-spouse may miss a payment, default on the loan, or add to the balance owed. If both of your names are still on the account, you will be held responsible for the debt, even if you did not use this credit card or bank account.

After you have gone through a divorce and are paying or receiving child support, there may come a time when you believe the amount you pay or the child receives should be adjusted. In Illinois, this may be done through a modification review process.

When Can I Have My Child Support Order Modified?

Under Illinois family law, an order for child support is eligible for modification review every three years, or when there is a significant change in either parent’s income or in the needs of the child. In the case of a three-year review, a parent will receive a letter from the agency in charge, informing them of the right to request a review.

Who Conducts the Modification Review?

Modification reviews of child support orders in Illinois are done by the Illinois Department of Healthcare and Family Services (HFS), Division of Child Support Services (DCSS). The agency is tasked with the responsibility to make sure child support orders are consistent with applicable Illinois law and changed circumstances involving all concerned.

For couples who have decided to get a divorce, one issue that may catch them unprepared is how to deal with the family pet, if they have one. In some cases, a pet may be beloved by both spouses, and neither one can imagine life without it. The law, of course, provides guidelines on how to deal with issues involving children of divorcing parents, and decisions about the allocation of parental responsibility and parenting time are made based on what is in children’s best interests. However, pets are often a different story.

Changes to the Laws on Pet Ownership After Divorce

While divorce has been around for a long time, new and increasingly complex issues often arise in divorce cases. As a result, legislatures must pass new laws to address or respond to these new issues. Illinois is no exception, and one area the legislature has recently addressed is pet ownership after divorce.

In the past, pets were treated as property, and therefore, their ownership was determined in the same manner as all other marital property. However, there is no rational way to split ownership of a pet based on a percentage, neither is it humane to treat a pet the same as a piece of furniture. When factoring in the emotional nature of decisions related to family pets, the need for the legislature to act on these matters becomes evident.

After you have gone through divorce and are paying or receiving child support, there may come a time when you believe the amount you pay or the child receives should be adjusted. In Illinois, this may be done through a modification review process.

When Can I Have My Child Support Order Modified?

Under Illinois family law, an order for child support is eligible for modification review every three years, or when there is a significant change in either parent’s income or in the needs of the child. In the case of a three-year review, a parent will receive a letter from the agency in charge, informing them of the right to request a review.

Who Conducts the Modification Review?

Modification reviews of child support orders in Illinois are done by the Illinois Department of Healthcare and Family Services (HFS), Division of Child Support Services (DCSS). The agency is tasked with the responsibility to make sure child support orders are consistent with applicable Illinois law and changed circumstances involving all concerned.

Prenuptial agreements are often associated with very wealthy individuals, and people who seek a prenup may be seen as believing that their marriage will not last. Because of this, a stigma was attached to these agreements, but this has changed over time, and prenuptial agreements are becoming more and more common.

When Is a Prenuptial Agreement Appropriate?

Nowadays, it is routine for marrying couples to discuss, agree to, and sign a prenuptial agreement before they exchange marriage vows and seal their marriage. A prenuptial agreement may be appropriate in a variety of situations, including:

• One spouse has significantly more assets than the other spouse. In this case, it behooves the spouse with significantly more assets to have a prenuptial agreement in place to protect against the incidental or deliberate inclusion of their assets as marital property in a potential divorce. Ordinarily, assets obtained before a couple’s marriage are considered non-marital property and therefore not subject to division or sharing after divorce.

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