Posted on October 22, 2021 in Premarital Agreement

Divorce often creates an opportunity for a second chance at love. If you are engaged to be married, and the union is your second or third marriage, you are likely excited and enthusiastic about the upcoming wedding. However, it is important to remember that marriage is a legal partnership. Consequently, you should be aware of the legal concerns you may face.

Your Marriage Can Influence Spousal Support and Child Support

Spousal support or spousal maintenance is usually ordered for a specific length of time. However, spousal maintenance almost always terminates when a recipient gets remarried – even if the original spousal maintenance order was intended to last longer. You are obligated to notify the paying party, your former spouse, at least 30 days before the marriage. This gives him or her time to file a motion to terminate spousal maintenance.

Child support payments are dependent on the parents' net income. Your new spouse's income is not included in child support calculations. However, your new spouse's financial situation may influence your own financial situation that can impact child support.

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 Posted on October 18, 2021 in Divorce

For many, divorce marks the beginning of a new adventure. Unhappy spouses who finally decide to end their marriages may be excited and anxious to start their new post-divorce lives. If you are like many people getting divorced, you may wonder, “When is it a good time to start dating?” You may worry that dating before the divorce is final could count as adultery or negatively impact your divorce case. While the decision to date during divorce is completely up to you, you must consider how dating before the divorce is finalized may influence the divorce's outcome.

Dating Before Finances are Separated Could Lead to Dissipation of Assets

There is no rule that says you cannot date before your divorce is completed. However, you should know that Illinois law allows spouses to file “dissipation of assets” claims if their spouse wastes or misuses marital funds prior to the divorce. One way to ensure that you do not accidentally commit dissipation of assets is to separate your finances and file for divorce before you spend any money on a new boyfriend or girlfriend.

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 Posted on October 04, 2021 in Divorce

Many people assume that having money makes everything easier. However, owning high-value assets can actually make your divorce case much more complicated. If you or your spouse have a high income or own substantial assets, you must understand how this wealth will impact your divorce case. The division of property and debts, child support, spousal support, and other divorce issues are largely determined by the parties' financial circumstances. Consequently, it is important for high-net-worth spouses to work with a divorce lawyer familiar with the types of challenges commonly encountered in high net worth divorce cases.

You Will Need to Properly Value Assets

In Illinois, both spouses are entitled to a portion of property held by the marital estate. However, before spouses can negotiate a property division settlement, they must value the property. Determining the value of property like stocks, stock options, investments, digital currency, real estate, business interests, and professional practices is complex and typically requires input from a professional appraiser.

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 Posted on September 30, 2021 in Divorce

Digital currency or “cryptocurrency” has skyrocketed in popularity in the last few years. Cryptocurrencies like Bitcoin, Cardano, Ethereum, and Tether rely on cryptography to secure and verify transactions. The currency is not regulated by the government or tied to any bank. Unfortunately, these features make cryptocurrency a popular choice for spouses who wish to hide assets in a divorce.

Financial Fraud in an Illinois Divorce

Nearly every part of a divorce case is affected by finances – especially in a high net worth divorce. Even if spouses reach an out-of-court property division settlement, the agreement they come to is dependent on each spouse's income, assets, and liabilities. Child support and spousal support are also calculated using each spouse's financial circumstances. A spouse who wishes to sway the divorce outcome in his or her favor may underreport assets or “hide” assets by transferring the assets to another party. Because cryptocurrency does not show up on a bank statement, it is increasingly used to conceal wealth in divorce cases.

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 Posted on September 20, 2021 in Child Custody

As a parent, you want the absolute best for your child. This includes the best possible child custody arrangement after a divorce. However, many divorcing parents disagree about what is best for their children. This blog explores some of the most popular dispute resolution methods for parents who disagree about parental responsibilities and parenting time. There is no one-size-fits-all solution for child custody disputes. The right approach will depend on your relationship with your soon-to-be-ex, your child's needs, and a variety of other factors.

Family Law Mediation May Help You Resolve Child Custody Disagreements

A family law mediator is trained in conflict resolution, de-escalation tactics, and communication skills. During a child custody dispute, the mediator's job is to help parents discuss child custody issues, find common ground, and reach compromises. Understandably, many parents have strong opinions about their children and can sometimes let their emotions cloud their judgment. The mediator helps parents avoid contention and stay focused on finding a solution.

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 Posted on September 15, 2021 in Annulments

Getting married is a major decision that should not be taken lightly. However, even the most cautious individuals can find themselves in a marriage that they regret. Whether you were pressured into marrying by a well-meaning relative, you misjudged the situation, or you were just acting impulsively, regretting a marriage is an unfortunate situation to find yourself in.

If you recently wed and you regret it, you may wonder if you can get the marriage annulled instead of ending the marriage through divorce. Perhaps you have heard a rumor that a marriage can be annulled as long as it is not “consummated,” meaning the couple has not had sexual intercourse yet. Read on to learn about the criteria for annulments in Illinois and what you should do if you regret saying “I do.”

How Can You Get Your Marriage Annulled in Illinois?

Annulments are only available in very specific situations. In Illinois, a marriage may only be annulled if it is invalid – regardless of whether the couple has had sexual relations or not. In fact, annulment is technically called a “Declaration of Invalidity of Marriage” in Illinois.

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 Posted on August 24, 2021 in Divorce

Divorce cases vary dramatically in complexity. A couple who rents their home, owns few assets, and does not have children can typically expect a relatively simple, straightforward divorce. The more high-value assets a couple owns, the more complicated the divorce process becomes. If you or your spouse have a high net worth, own a business or professional practice, or have substantial investments, you should know that your financial success will likely complicate your divorce. The good news is that there are several different ways to get divorced in Illinois. For many high-net-worth couples, a collaborative divorce is the right approach.

Working Together to Resolve Divorce Issues

If you are like many divorcing spouses, you may want the divorce to be as non-adversarial as possible. Fortunately, as the name implies, collaborative divorce is designed to be collaborative. The spouses and their attorneys are focused on reaching solutions that both parties walk away from feeling good about. Attorneys trained in collaborative law understand that it is possible to protect their clients' rights and advocate on their behalf without hostility or contention.

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 Posted on August 18, 2021 in Divorce

Getting divorced is as much a legal and financial process as it is an emotional process. Undoing the financial entanglement characteristic of a marriage relationship can be confusing, complicated, and often, exhausting. Spouses' financial circumstances play a massive role in the division of marital property and debt, child support, and spousal maintenance determinations.

So, what happens if a spouse lies about his or her assets and income during divorce? If the other spouse does nothing to assert his or her rights, the answer may be that the deceptive spouse gains an unfair financial advantage during the divorce. This is why it is important for divorcing spouses to be vigilant for signs of financial deception.

Hiding Assets to Shield Them from Division During Divorce

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 Posted on August 16, 2021 in Spousal Support

If you are getting divorced in Illinois, you may be interested in learning about alimony laws. Alimony, also called spousal support or spousal maintenance, is financial support a spouse is ordered to pay the other spouse after the divorce. For many spouses, divorce creates a serious financial burden. This is especially true when a spouse has limited employability because he or she is disabled or was a homemaker or stay-at-home parent prior to the divorce. If you are worried about your ability to make ends meet without your soon-to-be ex-spouse's income, you may want to seek financial assistance in the form of spousal support.

Three Main Legal Avenues for Receiving Spousal Maintenance in Illinois

Alimony is not guaranteed. In fact, most divorce cases do not involve a spousal maintenance award. There are three main ways that a divorcing spouse receives alimony:

• A valid marital agreement – Prenuptial agreements often specify the terms of spousal maintenance. Spouses may also reach a spousal maintenance agreement in a postnuptial agreement or an agreement after the marriage has taken place.

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 Posted on August 09, 2021 in Child Support

Child support is a means of splitting child-related costs between unmarried and divorced parents. If you or your child's other parent already has a child support obligation, you may wonder how this obligation will affect any future child support obligations. You may be worried about your ability to afford two child support payments each month. Conversely, you may worry that you will not receive the child support you and your child need. Read on to learn about Illinois child support laws and how child support payments are handled when a parent has children from more than one relationship.

Understanding Illinois Child Support Calculations

Illinois changed the way the state calculates child support in 2016. Presently, Illinois uses the Income Shares Model to determine how much a parent pays in child support. The parent with less parenting time is the payer or “obligor,” and the parent with the majority of parenting time receives child support. The amount of money a parent must pay is calculated using both parent's net incomes.

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