Wrapping up the Year

As you are wrapping gifts, this is the best time to wrap up the details associated with your divorce.

• Have a conversation with your former spouse for your annual review of the parenting plan to make sure that the judgment corresponds to the reality of your lives. I highly recommend entering an agreed order if actual practice differs from the Judgment.
  
• Communicate with each other about upcoming weddings, anniversaries and other celebrations that may change the schedule for the next year.
  
• Review the extracurricular activities for the kids and make sure everyone is on the same page for 2023 activities.
  
• Verify health insurance coverage, premiums and deductibles hopefully before the current open enrollment closes.
  
• Exchange verification of life insurance coverage and premiums paid.
  
• Gather your documents to verify your income for the year, particularly the end of the year pay stubs. Sometimes, it may be prudent to exchange this information even if it is not required in the Judgment to avoid disputes before they begin.
  
• Review college plans and complete FAFSA forms.
  
• Confirm that your retirement plans have been divided and review your investment choices.
  
• If you are behind in child support, bring it current by the end of the year or you may lose your dependency exemption.
  
• With the new law regarding child support that went into effect in July, 2017, the actual time spent with each parent is critically important to the calculation of child support. As a result, it is very important to make note of what parenting time actually took place and what was missed in 2022 and start a calendar for that purpose for 2023. The addition of a few nights for either party can have an impact on how much child support is owed.
  

Happy holidays and best wishes for a peaceful 2023!

Wakeman Law Group

741 S. McHenry Avenue

Crystal Lake, IL 60014

815.893.6800

https://wakemanlaw.net/