Posted on March 10, 2022 in Divorce

While a spousal maintenance award will not be made in every divorce case, such an award may be appropriate in cases where one party will require financial support in order to maintain their standard of living. For example, if one spouse is a stay-at-home parent, they may ask for their ex-spouse to provide them with ongoing support payments to ensure that they will be able to meet their financial needs as well as maintain a residence where they can continue to provide care for their children at home during the day. While arrangements for spousal support may address a person’s needs as they move forward following their divorce, the circumstances of both parties may change in the future. If these changes would affect a person’s ability to continue making maintenance payments, or if the recipient of support will no longer need financial assistance, post-divorce modification of a spousal maintenance order may be necessary.

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 Posted on February 25, 2022 in Divorce

Over the past several years, more and more people have begun to invest in virtual currencies, which are also commonly known as cryptocurrencies. Bitcoin, Ethereum, and a multitude of other cryptocurrencies may be bought, sold, and transferred, and since these transactions take place online, they can sometimes be hard to track. Since virtual currencies can be valuable, they may need to be considered in a divorce case. In some cases, spouses have attempted to use cryptocurrency to hide money from their partners and avoid dividing these assets during the divorce process. 

Addressing Cryptocurrency When Dividing Marital Property

When a couple gets divorced, they will need to divide all of their marital property. This includes any assets that either spouse acquired during the couple’s marriage. Cryptocurrency purchased by one spouse during the marriage will usually be considered marital property, unless that spouse used only their separately-owned assets to make these types of purchases. Any increase in value of virtual currencies will also be considered marital property, and in some cases, these assets may be worth tens of thousands, or even hundreds of thousands of dollars.

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 Posted on February 18, 2022 in Family Law

When a child’s parents split up, family law courts which address issues related to child custody will be looking to protect the child’s best interests. In addition to making decisions about where a child will primarily live, how involved each parent will be in raising the child, and when the child will spend time with each parent, the court will also ensure that the child’s financial needs will be properly addressed. Child support obligations will apply to both parents, and these obligations will be determined based on the amounts of income the parents earn. The parents may also be required to divide certain child-related expenses, such as the costs of daycare, medical treatment and extracurricular activities. However, the parents’ income may change in the years after the court makes its decision, and in such situations, it is important to understand when and how child support may be modified according to Illinois law.

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 Posted on January 24, 2022 in Divorce

A divorce case will involve a number of different types of financial issues. Depending on the complexity of a couple’s finances and the marital and separate assets they own, determining how to divide marital property can be a complicated process. Retirement accounts are one type of property that may need to be addressed during the divorce process, and couples will need to make sure they understand the issues that may affect how these accounts will be divided. 

Division of 401(k) Accounts, IRAs, and Pensions

Retirement savings accounts may be valuable assets that a person will rely on to provide for their financial needs in the future. When an account in one spouse’s name was created or contributed to during a couple’s marriage, it will usually be considered a marital asset that will need to be addressed during the divorce process. Couples may take a few different approaches when dividing these accounts, such as splitting the funds in an account equally, or allocating a certain percentage of an account to each spouse, or having each spouse keep accounts in their names while ensuring that other assets are divided in a manner that is fair and equitable.

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 Posted on January 17, 2022 in Family Law

Most people are familiar with the concept of a prenuptial agreement, or prenup. These types of agreements are signed by couples before getting married, and they may address issues related to the ownership of property and decide how certain matters will be handled if the marriage ends in divorce. What some people may not realize is that a couple can also create a similar type of agreement after they are already married. These agreements are known as postnuptial agreements, or postnups. By understanding the situations where a postnup may be beneficial, a couple can determine whether creating this type of agreement will be a good idea.

Situations Where Postnuptial Agreements Can Provide Protections for Spouses

A postnuptial agreement can address certain types of financial or property-related issues, detailing how these matters will be addressed if a couple chooses to end their marriage and pursue a divorce or legal separation. Spouses may decide how their marital property will be divided, or whether one spouse will pay spousal maintenance (a.k.a. alimony or spousal support) to the other. Some reasons why it may be a good idea to make these decisions ahead of time through a postnup include:

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 Posted on December 16, 2021 in Family Law

After getting a divorce, you may be looking for a fresh start, or you may be considering a new direction in your life. This may include plans to relocate to a new home in a different community. While this can be a beneficial change that may allow you to cut down on expenses, pursue new career opportunities, or live closer to members of your family, you will want to be aware of any legal issues that may affect your ability to move. If you share custody of your children with your ex-spouse, you will need to follow certain steps during the parental relocation process. By working with an attorney who is experienced in post-decree matters, you can make sure you meet all of your legal requirements while addressing any disputes with your ex-spouse or other issues that may arise.

The Parental Relocation Process

When you are making plans to move, you will want to determine whether this change will need to be addressed through the legal system. Illinois law details when a move is considered a parental relocation. If you live in DuPage, Kane, Cook, Lake Will, or McHenry County, and you are planning to move at least 25 miles away from your current home to a new home either inside or outside of Illinois, you may need to receive permission from the court.

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 Posted on December 09, 2021 in Divorce

If you are planning to get a divorce, your ability to support yourself financially will likely be one of your primary concerns, especially if you earn a lower income than your spouse or are a stay-at-home parent. As you make plans to address your living situation and determine how you will cover your ongoing expenses, you will want to determine whether you will be able to receive financial support from your spouse. Spousal maintenance, which is also known as spousal support or alimony, may be available, but to receive this form of support, you will usually need to demonstrate that it is needed.

Factors Considered When Addressing Spousal Maintenance

When addressing issues related to spousal maintenance, it is important to understand the purpose of this form of support. When a couple gets divorced, they should be able to continue living at the standard they enjoyed while they were married. Spousal support may address a disparity between spouses’ incomes and ensure that a lower-earning spouse can maintain their standard of living. Maintenance is based solely on spouses’ economic circumstances and needs rather than the reasons they are getting divorced. In fact, Illinois law states that “marital misconduct” will not affect the decisions about whether to award spousal support, so maintenance cannot be used as a penalty for infidelity or other actions or behavior by a spouse.

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 Posted on November 22, 2021 in Divorce

A divorce will affect the finances of spouses in multiple ways. During the divorce process, spouses will need to identify all of the marital assets they own and determine how these assets will be divided. The property division process can become especially complex if either spouse owns a family business. Because a business may be one of the most valuable assets a couple owns, and it may serve as a source of income for one or both spouses, a couple will need to determine how ownership of a business will be handled going forward.

Options for Ownership of a Marital Business

A family business will be considered a marital asset if it was founded or acquired while a couple was married. If one spouse owned a business before getting married, it will usually be considered separate property. However, any increase in value for a non-marital business during a couple’s marriage may need to be addressed during the divorce process, especially if these increases may be partially attributed to efforts by the non-owner spouse or investments in the business using marital funds.

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 Posted on November 09, 2021 in Divorce

Parents who choose to get a divorce will need to address multiple issues related to their children, and the decisions they make will be set down in a parenting plan that will be incorporated into their divorce decree. These issues include the allocation of parental responsibilities, which will determine how the parents will make child-related decisions going forward, as well as the child support obligations that will apply to both parents. Parents will also need to create a parenting time schedule that details when children will spend time with each parent. By understanding the options available for dividing parenting time, parents can make sure they create a schedule that will provide for the best interests of their children.

Options for Parenting Time Schedules

The amount of time that children will spend with each parent may depend on a variety of factors, including how each parent participated in child-related duties and activities during their marriage, each parent’s work schedules and availability, children’s schedules for school and activities, the needs and desires of the parents and the children, and each parent’s ability to provide for their children’s needs. A parenting plan will include a workable schedule that fully details the days and times that children will spend with each parent, as well as how children will be transported to and from each parent’s home.

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 Posted on October 13, 2021 in Divorce

When a married couple decides to divorce, they will need to make decisions about multiple types of financial issues. In many cases, couples will be able to negotiate a divorce settlement that details how they will divide their marital property. However, there may be some situations where a couple will be unable to reach an agreement on these issues, and if their case proceeds to litigation, a judge will make the final decisions about how their assets will be divided. While couples can usually benefit by working together to reach a settlement and avoiding litigation, there are times when a trial may be necessary, including in cases where one party has committed asset dissipation.

What Is Asset Dissipation?

When a couple is married, they may both be involved in managing their family’s financial affairs, and they may both make purchases or use money or property in a way that benefits the family. However, there are some situations where a spouse may use marital funds or other property that is jointly owned by the spouses for their own benefit and for non-marital purposes. If a person can show that their spouse dissipated assets during their marriage or during the divorce process, they may ask that the court require the other spouse to repay the marital estate for the dissipated assets. If this will not be possible, other marital property may be divided in a way that addresses the dissipation, such as by granting the non-dissipating spouse a larger share of the marital estate.

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