Posted on June 18, 2019 in Division of Assets

It is an unfortunate reality that divorce can sometimes bring out the worst in people. When a marriage is ending, spouses can sometimes act in ways which deplete the martial estate. They may purposely waste marital funds so that the other spouse does not have access to them or they may have an expensive drug, alcohol, gambling, or shopping addiction which drains the estate. If you are getting divorced and your spouse has squandered shared assets, you may be able to recover these assets through a dissipation claim.

Illinois Law Regarding Dissipation of Assets

The term “dissipation” generally means to waste or spend resources frivolously or recklessly. With regard to divorce law, dissipation occurs when a spouse uses marital funds for a purpose not benefiting the marriage after the marriage has suffered an “irretrievable breakdown.” There is some ambiguity about what exactly constitutes this breakdown, but it is generally defined as the moment that a married couple ceases attempts at reconciliation. In other words, an irretrievable breakdown occurs when divorce is imminent.

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 Posted on June 12, 2019 in Division of Assets

One of the most complicated parts of the divorce process is often the division of martial property. We generally think of marital property as physical items like fine art, collectables, or vehicles. However, these are not the only assets which must be divided. Retirement assets like pensions and 401(k) accounts must also be addressed during an Illinois divorce. Due to their nature, these assets cannot simply be sold and the proceeds split between divorcing spouses. According to Illinois law, there are certain steps that must be taken to ensure that retirement accounts are divided fairly during a divorce.

Valuing a Pension for the Purposes of Divorce

There are two major factors which influence how a pension is handled during a divorce. First, a determination must be made about whether the pension is marital property or separate property. In Illinois, only marital property, or shared property, is divided between divorcing spouses. Marital property generally includes property which is acquired by either spouse during the course of the marriage. However, it can also include comingled assets which started out as separate property but then became mixed with marital property. Often, the value of the pension that accrued throughout the marriage is deemed marital property and the portion of the pension present before the marriage is considered separate property.

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 Posted on June 04, 2019 in Child Support

Child support payments can be a great way for unmarried or divorced parents to share the costs of raising a child. Child support in Illinois is calculated by the courts using the “income shares” model. This means that both parents’ income, property, and financial circumstances are taken into account in order to arrive at a child support amount which is fair and reasonable for both parties. Of course, life can sometimes be less than predictable, and situations can arise when a parent needs to change the amount of child support he or she is paying or receiving. If you are struggling to pay your court-ordered child support in Illinois, you may be able to reduce your payment by requesting a child support order modification.

When Can Child Support Be Modified?

There are only certain circumstances which warrant a child support modification. One way to change your child support payment amount is through a mutual agreement with your child’s other parent. If you and the other parent are able to agree on a new payment amount, you can draft your own written agreement, sign it, and submit it to the court for approval. If the court approves the new child support arrangement, the terms in your signed agreement are legally binding. If your child’s other parent does not agree to a modification, you will need to petition the court for a child support modification. The court will only grant a modification if there is a substantial circumstantial change. Circumstances that may lead to a modification request being approved include but are not limited to:

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 Posted on May 21, 2019 in Divorce

When Amazon founder and “world’s richest man” Jeff Bezos announced his divorce from his wife MacKenzie Bezos, the media called it the most expensive divorce in history. Jeff Bezos’s estimated net worth is an astounding $131 billion. When wealthy individuals or business owners get divorced there are many additional factors which must be considered. Because there is so much at stake, it is crucial that divorcing high-net worth individuals seek counsel from a knowledgeable divorce attorney with experience handling high asset or high net worth divorces. If you own a business or have complex investments and a high net worth, make sure to avoid these common mistakes during divorce.

Rushing the Divorce Process

When a marriage ends because of an affair or other hurtful scenario, the couple often wants the divorce to be finalized as soon as possible. Even couples who have not had a dramatic end to the marriage may want to get the divorce over with quickly so that they can move on with their lives. Unfortunately, high-net worth divorces are rarely speedy. Business valuations or asset valuations could take months or even longer to complete. In addition to your attorney, you may require help from a financial advisor, forensic accountant, or other professional in order to sort out your finances during a high net worth divorce. When divorcing couples rush, they can make hasty decisions which end up costing much more in the long run. While it is understandable that you want your divorce to reach a resolution as quickly as possible, rushing or skipping important steps in the divorce process can lead to more trouble than it is worth.

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 Posted on May 15, 2019 in Divorce

If you are a parent who is considering divorce, you are probably worried about how the divorce will affect your children. While having divorced parents is not unusual these days, the transition from a one-house family to a two-house family can be rough on children. There is no perfect way to share custody of children as divorced parents. Some divorced parents choose to stay highly involved in each other’s lives and even take family vacations all together after the divorce. Other divorced parents choose to lead completely separate lives and only communicate when absolutely necessary. Your personal co-parenting strategy will depend on your unique circumstances and what you believe is best for your children.

Create a Detailed Parenting Agreement

Anyone getting divorced in Illinois who wishes to share parental responsibility with their child’s other parent must create a parenting agreement. Illinois law requires that certain items be included in this agreement. For example, parents must include a schedule for sharing parenting time (formerly called visitation) and parental responsibility (custody) as well as provisions for how the children will be transported between the households. Of course, there is no need to only include the minimum requirements in your parenting agreement. In fact, being more detailed and including agreements specific to your family is a great way to make sure you and your soon-to-be-ex spouse are on the same page. Including these agreements in writing helps ensure that they are followed by all parties after the divorce.

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 Posted on April 23, 2019 in Prenuptial Agreements

More and more people are beginning to understand the vast benefits a prenuptial or premarital agreement can offer an engaged couple. Prenuptial agreements, or prenups, are not just for celebrity couples or the rich. Just as a person who buys car insurance does not intend to get into an accident, signing a prenup does not mean that either party intends for the marriage to end. Prenuptial agreements protect both parties’ property rights in the event that the marriage does end in divorce, but can also provide other benefits aside from those gained during divorce. It is very important, however, that individuals creating a prenuptial agreement abide by the criteria set forth by Illinois law. A prenup that does not meet these criteria can become invalidated and essentially worthless at the time of divorce.

Soon-to-Be-Spouses Must Be Honest About Finances

One of the most essential elements of a valid prenuptial agreement is a full disclosure of property and assets from both parties. Couples must list all of their property and debt as part of the prenup before decisions can be made about how that property and debt should be divided if the marriage ends. If one or both spouses were dishonest in their financial reporting during the creation of the agreement, it is possible that the prenup could be thrown out during divorce.

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 Posted on April 16, 2019 in Divorce

According to government data, approximately 23.5 million Americans have drug and alcohol addictions. That works out to roughly one in 10 individuals in the United States over the age of 12. Alcoholism and drug addiction can rob a person of everything they hold dear in life, including their marriage. Of course, drugs and alcohol are not the only types of addictions that occur. Compulsive shopping, gambling addiction, and even sex and pornography addictions can also wreak havoc on a couple’s marriage. If you are considering divorcing your spouse who suffers from an addiction, there are several things you should keep in mind.

Consider a Legal Separation

If you are planning to divorce a spouse suffering from addiction, it is crucial that you take steps to protect your property and assets. Consider placing your money in separate bank accounts instead of a joint account. You may also want to remove your spouse as an authorized user on your credit cards. Generally, any debt which is accumulated after a couple has filed for divorce is not included in the marital estate and subject to property division during divorce, especially debts that were entered into for the benefit of just one spouse.

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 Posted on April 10, 2019 in Child Support

The purpose of child support is to help a child of unmarried or divorced parents enjoy the same quality of life as they would if their parents were together. If a noncustodial parent does not pay his or her court-ordered child support, the custodial parent can seek help from Illinois' Division of Child Support Services.

Not paying child support can result in wage garnishment, revocation of licenses, property liens, interception of tax refunds, and, in the most severe cases, criminal prosecution. If you are the primary caregiver to a child and the child’s other parent is not paying child support, read on to learn about your options under Illinois law.

Paternity Must Be Established Before Child Support Can Be Collected

Because there is seldom any question as to a child’s biological mother, most parentage issues stem from the father not establishing paternity. In Illinois, there are several ways that a father can establish paternity and become the child’s legal parent, including:

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 Posted on April 02, 2019 in Division of Assets

One of the most challenging aspects of a divorce can often be determining how property will be divided. Illinois law dictates that only marital, or shared, property should be divided during a divorce and that non-marital, or separate, property is not. However, it can be hard to determine what property is considered marital and what property is considered separate.

Untangling two individuals’ finances and assets during divorce can be a complicated endeavor – especially if the couple is not able or willing to negotiate. In some situations, property decisions are left up to the judge assigned to the case. The judge will then use a method of property division called “equitable distribution” in order to assign property to each spouse.

What Is Considered Non-Marital Property?

Separate property is not subject to equitable division and will be assigned to the spouse who owns it during divorce. Separate property generally includes:

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 Posted on March 26, 2019 in Divorce

Getting divorced is always a challenging endeavor, but for those facing a divorce after not working outside the home, it can seem impossible. If you have been a stay-at-home parent or homemaker and are considering divorce, you may have many concerns about what will happen after your marriage ends. How will you get a job and support yourself with so little work experience? Will your non-financial contributions to the home and family be taken into consideration by Illinois courts during divorce? Fortunately, Illinois law does recognize the issues homemakers and stay-at-home parents face when they get divorced, and there are several legal options available to make the transition to single life more manageable.

Non-Financial Contributions Matter Too

The sacrifices a parent or spouse makes for his or her family should be accounted for during divorce. Illinois law considers marriage to be a “joint enterprise” meaning it recognizes the contributions that a stay-at-home mother or father and/or homemaker made to the marriage. A parent who sacrificed his or her professional career for caretaking responsibilities is at a significant financial disadvantage after divorce. Illinois courts therefore consider both party’s’ future employability and contributions to the marriage – both financial and non-financial – during decisions about property and spousal maintenance.

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