Posted on October 14, 2021 in Divorce

Getting divorced touches nearly every part of someone’s life: their finances, their relationships, and their children. It is natural for individuals in Illinois who are considering divorce, especially at a later age, to feel nervous about what could happen to their retirement prospects if they get divorced. Will everything I ever worked for be divided? Does this mean I will never be able to retire? 

Although many retirement benefits, such as pension plans and 401(k) accounts will need to be part of the asset division process, social security benefits are uniquely protected by federal law. Illinois divorce courts do not have the authority to handle social security payments. Fortunately, the federal government has clear and established provisions concerning social security benefits following a divorce. 

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 Posted on October 06, 2021 in Divorce

High net worth couples getting divorced in Illinois face a particularly challenging marital asset division process. In addition to determining what is and is not considered a marital asset, unique or high-value assets must be valued and divided. One asset, in particular, can be difficult to value and divide: Stock options. Understanding how stock options are typically handled by Illinois law will make it easier for spouses to ensure they get an equitable share of their marital assets. 

What Are Stock Options? 

Stock options are sophisticated financial instruments that give an investor the right to buy or sell a stock at an agreed-upon price and date. Stock options are often given to employees as part of their overall compensation package. This allows the employee to buy stock in their company after a set period of time, incentivizing employees to remain at a particular company longer and help the company become successful. 

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 Posted on September 29, 2021 in Business and Divorce

Nobody knows the value of hard work like an Illinois business owner. Businesses require so much investment of time, money, and personal sacrifice that the prospect of dividing your business in a divorce can be gut-wrenching.

Unfortunately, most business owners face the complications of addressing their business in divorce including assessing its value and determining whether it is necessary or even possible to “buy out” their spouse’s share. Here we will try to answer some of the most common questions by small business owners in divorce. It is important to remember that a qualified Illinois divorce attorney is the best source for information about your divorce.

How Do I Know How Much My Business Is Worth?

Valuing a business is one of the trickiest parts of the divorce process. There are three common methods that are used to determine a business’s value, and a business valuation specialist can help you determine which method is best suited to your situation.

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 Posted on September 24, 2021 in Division of Assets

Even under the best of circumstances, asset division is one of the most difficult and complex aspects of the Illinois divorce process. This is especially true when a couple has a high net worth and has money invested in complex assets that may be difficult to value. Sometimes, one spouse will take advantage of this and hide marital property in an effort to reduce their spousal maintenance or child support payments and to reduce the amount of marital property they have to split during the asset division process. This is unethical and illegal.

Fortunately, there are effective measures available for discovering hidden marital property. Financial experts such as forensic accountants can assist an experienced divorce attorney in the process of finding and valuing marital assets so the asset division process can be done equitably. If you believe your spouse may be trying to hide assets, here are some things you can do.

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 Posted on September 17, 2021 in Child Custody / Allocation of Parental Responsibilities

Illinois courts and judges are very concerned with the well-being of children, and Illinois family law reflects that fact. Recent changes have been made to the law to encourage both parents to have an equal role in their relationship with their child whenever possible. As a result, it is rare for a court to decide to terminate a parent’s rights to see, care for, and have a relationship with their child.

However, termination of parental rights can happen when courts find it is in the best interest of the child. Termination happens when a parent is deemed unfit by the state and/or when another adult, such as a grandparent or stepparent, seeks to adopt a child.

When Is a Parent Considered Unfit?

The Illinois Department of Children and Family Services (DCFS) is the governmental division responsible for overseeing the wellbeing of children who have problems at home serious enough to require state intervention. There are three primary reasons that DCFS may consider a parent unfit for parental rights:

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 Posted on September 10, 2021 in Divorce

Handling inheritance is often a contentious issue for divorcing couples in Illinois. Although the events that allow for an inheritance to occur can be tragic, the truth is that inheritances often provide much-needed financial security. A couple may have counted on receiving an inheritance during periods of their relationship when they got along and were planning for the future.

But once a couple begins talking about divorce, they may be unsure how an inheritance is handled. Does it belong to one spouse or both spouses? What if the funds from the inheritance were placed in a joint bank account and spent on household expenses? In this article, we will address some common questions about how inheritances are handled in an Illinois divorce.

Marital Vs. Non-Marital Property

During the asset division process, all assets must be analyzed to determine whether they are marital or non-marital. This process can be quite complicated, but generally, assets that either spouse acquired during the marriage are considered part of the marital estate and will be subject to division.

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 Posted on August 24, 2021 in Divorce

For many couples, using mediation during their divorce saves them time, money, and stress. In traditional divorce court litigation, spouses must present their arguments to a judge and then rely on him or her to decide crucial things such as the allocation of parental responsibilities, parenting time, child support, and spousal support. In contrast, mediation allows spouses to directly negotiate the terms of their divorce agreement, resulting in an outcome that is far more likely to be mutually satisfying.

Although mediation has its advantages, it is not right for every couple. In this article, we will dispel some common myths about divorce mediation so readers can have a clearer picture of whether mediation is likely to be helpful. Keep in mind that this article is not meant to replace the valuable advice of an Illinois divorce attorney.

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 Posted on August 16, 2021 in Child Custody / Allocation of Parental Responsibilities

Two and a half years ago, Governor J.B. Pritzker signed a bill into law that changed the way marijuana is treated in Illinois. The Illinois Cannabis Regulation and Tax Act (ICRTA) decriminalized the use and possession of recreational marijuana and opened the door to private businesses selling it to citizens. Although marijuana remains illegal on the federal level, the ICRTA halted criminal punishment of marijuana users and even allowed Governor Pritzker to pardon thousands of previous marijuana convictions.

The ICRTA also included provisions that prevent marijuana use, by itself, to be considered as a factor when judges make decisions about the allocation of parental responsibilities and parenting time. No employee of an Illinois court - including child representatives like guardians ad litem - may discriminate against a parent based on the fact that they use marijuana. However, this does not mean that parents in Illinois can use marijuana however they please.

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 Posted on August 12, 2021 in Child Custody / Allocation of Parental Responsibilities

Married parents can claim their child as a dependent exemption on their joint tax return. After divorce, however, only one parent can claim a child as a dependent for tax purposes. Because the ability to claim dependent exemptions can make a major difference in a parent’s finances, being able to claim your child as an exemption is often as good as money itself. Understandably, the tax implications of divorce can be a topic of contention.

Include Child Tax Exemptions in Your Divorce Decree

In the midst of divorce negotiations, who gets to claim a child as a dependent exemption is often forgotten until after the divorce is finalized. This could be a costly mistake. Illinois no longer uses the terms “custodial parent” or “child custody,” but the IRS still does. The IRS sees the parent who spends the most time with the child as the custodial parent, and unless parents specify another arrangement, the IRS default is that the custodial parent gets to claim the child as a dependent on their taxes.

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 Posted on August 05, 2021 in Child Custody / Allocation of Parental Responsibilities

The end of the summer holidays can be bittersweet. Children are torn between sadness that school is starting again and excitement to see their friends; parents are sorry to be spending less time with their children, but relieved to get back on a regimented schedule. For parents who are recently divorced or separated, navigating the back-to-school experience can be hectic.

Deciding who will buy school supplies, who will provide after-school childcare, and who will monitor homework and attend parent-teacher conferences are all things to be considered. Each family’s situation is different, but there are some steps you can take that will make the transition easier for everyone.

• Do your best to cooperate with your ex – Former spouses often have hard feelings towards each other, but getting your child ready for school is a crucial time to put those differences aside and work as a team. Prioritize the things that really matter, and try to let the rest go. Using shared calendars and an email address that is exclusively for child-related communication can help you and your ex avoid hostile face-to-face conversations.

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