Divorce is rarely an easy or simple process, but it can become even more complicated and difficult when children are involved. When parents address child custody (now called parental responsibilities in Illinois) issues during divorce proceedings, they will need to create a “Parenting Plan” document which outlines how child-related issues will be handled by the parents going forward. A well-crafted “Parenting Plan” document can help avoid conflict and provide stability for children. When negotiating the terms of a parenting agreement, a skilled family law attorney can help protect your parental rights and provide guidance on how to protect your children’s best interests.

The Importance of a “Parenting Plan”

A “Parenting Plan” is a document which constitutes a written agreement between divorcing or separating parents that outlines how they will share responsibilities and make decisions about their children’s upbringing. It covers  subjects such as the allocation of parental responsibilities, parenting time schedules, communication methods, dispute resolution procedures, and more.

Having a detailed “Parenting Plan” in place provides clarity and structure for parents and children. It helps establish expectations and guidelines for co-parenting, while ensuring that children’s best interests are protected. Having an agreed-upon plan can reduce conflict between parents by providing clear instructions on how to deal with different situations.

The process of divorce can be emotionally and financially draining. This is particularly true for couples who have a high net worth, as they often have complex financial situations that need careful consideration as they work to separate their lives from each other and legally dissolve their marriage. If you are in this situation, addressing these vital financial issues will be crucial, since it will ensure that you will be able to move forward and maintain financial stability after terminating your marriage.

Key Financial Issues to Consider During a High Net Worth Divorce

1. Categorizing marital property vs. separate property: An important aspect of any divorce  involves identifying which assets are considered marital property. In high net worth divorce cases, one spouse may have brought significant pre-marital assets into the marriage that should not be subject to division. Clear documentation of the source of different types of assets can be crucial when determining what property will be subject to division. In some cases, the terms of a prenuptial agreement may play a role in determining what types of assets will be considered marital or separate property.

2. Valuing complex assets: High net worth couples often possess diverse investments such as stocks, bonds, real estate holdings, businesses, retirement accounts, and more. Determining an accurate valuation of these complex assets is necessary to ensure a fair division during the divorce process. Certain procedures may need to be followed when dividing these assets, such as using a Qualified Domestic Relations Order (QDRO) to divide retirement accounts and pensions without incurring penalties or being required to pay taxes.

   ...

When you are going through a divorce, you may be concerned about how it will affect a professional practice that you have worked hard to build. As you proceed with the process of ending your marriage, it is essential to take steps to protect your professional practice and ensure its continued success. Here are some important considerations as you address issues related to the division of marital property and other divorce-related concerns:

Hire an Experienced Divorce Attorney

The first step towards protecting your professional practice is to work with a divorce lawyer who understands the complexities of business ownership and how to address financial concerns during divorce proceedings. Your attorney will guide you through the legal procedures that will be followed during your case, advocate for your financial interests, and help safeguard your professional practice.

At Law Office of Vincent C. Machroli, P.C., our divorce attorney has extensive experience helping professionals navigate divorces while protecting their assets. We understand the unique challenges faced by professionals during the divorce process, and we can provide advice on the best ways to safeguard your business.

Divorce can be a difficult and emotional process for both parents and children. When parents decide to separate, it is crucial to have open and honest conversations with children to help them understand and cope with the changes that are about to occur in their lives. Here are some helpful tips for discussing your divorce with your children:

1. Plan Ahead

Before talking to your children about divorce, take some time to plan what you will say and how you will approach the conversation. Choose a calm and quiet setting where everyone can feel comfortable and avoid distractions. If possible, it is often best if you and your spouse speak to your children together and present a united front in which you can explain why your divorce is the best solution for your family.

2. Be Honest and Age-Appropriate

When explaining the situation to your children, be honest about the reasons for the divorce, but discuss matters in an age-appropriate manner. Tailor your explanations based on your children’s understanding of family relationships and their emotional maturity. Avoid blaming each other or burdening your children with adult details that they do not need to know about.

Going through a divorce can be very difficult, regardless of the situation. When children are involved, however, things can become much more complicated, and disagreements between parents can be emotionally charged and difficult to resolve. Many of the most significant concerns for divorcing parents will be related to child custody, including determining how parenting time will be divided. Depending on a family's circumstances, the needs of the children, and other factors, there are a wide variety of different arrangements for sharing physical custody of children. By understanding the options that are available, parents can take steps to make sure they will be able to maintain close, continuing relationships with their children going forward.

Options for Dividing Parenting Time

Parenting time, which is sometimes referred to as physical custody or visitation, refers to any time that children are in the care of either of their parents. These may include days that they stay overnight at a parent's home, or any shorter periods of time that they spend time with parents, such as evenings spent with one parent on school days.

In most cases, parents will be able to share joint custody of their children. When legal custody, which is referred to in Illinois as the allocation of parental responsibilities, is shared, both parents will be able to participate in decisions related to important issues in their children's lives, such as matters pertaining to education and medical care. However, even if legal custody is not shared, and just one parent will be solely or primarily responsible for certain decisions, both parents will usually still have the right to spend a reasonable amount of time with their children on an ongoing basis.