Posted on January 24, 2017 in Divorce

Divorce is more than just an emotionally complex situation; it is a process that can financially devastate anyone, including those with a high net worth. On one hand, those that have built a fortune could stand to lose more than half of their marital estate. This is because Illinois is considered an equitable distribution state, so assets are distributed "fairly" in divorce, not equally. On the other hand, you could have a spouse that tries to hide or deplete assets to keep a disadvantaged spouse in the dark. Either situation could have a significant impact on the financial future of one or both parties. Reduce your risk of experiencing such a fate and learn how to protect your assets in divorce with help from the following tips.

Collect Documentation and Store it Safely

Regardless of which side of the divorce you are on, it is critical that you gather as much documentation as you possibly can. Search for credit card bills, any information on retirement accounts, bank statements on any joint or individual accounts, and any other financial paperwork you can find. Make copies and then store them in a safe place. Oftentimes, these documents can disappear during divorce proceedings, and that can make for complications in your case. Alternatively, if you are struggling to obtain paperwork, talk to your attorney about doing a Discovery on your marital assets.

Continue Reading ››

 Posted on January 16, 2017 in Divorce

Divorce can be an expensive undertaking for anyone, but entrepreneurs and business owners are at an especially high risk for financial complications. Thankfully, divorce planning can (and often does) help mitigate this risk. Learn more about how you can effectively prepare for your divorce, and why an experienced divorce lawyer is critical in this process.

The Sooner the Better

Perhaps the most critical thing to know about preparing for divorce is that sooner is almost always better. Time is literally everything. You will need to track your finances, living expenses, and determine the overall value of your assets so you can plan appropriately for your potentially scaled-down lifestyle. The extra time also gives you and your attorney a bit longer to work on developing a strategy. That might mean waiting until the "right" time to file or knowing which assets you should keep and which ones you should sell.

Time can also be used to protect your assets. For example, your attorney will likely advise you to change your passwords, logins, and financial data. They can also help you understand the difference between asset protection and asset hiding/depreciation, which is illegal. Unfortunately, such situations are easy to fall into if you do not understand them - even more so if you happen to be desperate to save a business or your assets.

Continue Reading ››

 Posted on January 12, 2017 in Divorce

Before a couple's assets can be divided during divorce, every asset, debt, and financial obligation must be valued. Of course, if you are like most divorcees, you will automatically consider the larger things, such as your home, vehicle, businesses and bank accounts. Have you thought of everything, though? The following covers some of the most commonly forgotten assets, and explains how you can ensure you receive an accurate valuation of your marital estate.

Intellectual Property

Artists, inventors, authors, entrepreneurs, and other creative individuals do not typically consider their ideas assets. Yet they can be calculated into the marital estate. This may be especially important for ideas, inventions, or artwork that may increase in value. Unfortunately, determining the actual value of such assets can be difficult. As such, it is critical that divorcees with intellectual property seek experienced legal assistance.

Monies or Property Loaned to Others

Continue Reading ››

 Posted on January 10, 2017 in Mediation

Though couples do not need an attorney for mediation, many divorcees do choose to secure legal representation through the process. Why might you need one, and what benefits can they offer in your case? The following information explains, and provides you with some key details on how to select the right lawyer for your Illinois divorce mediation.

The Role of an Attorney in Mediation

Unlike litigated divorces, where parties are pitted against one another on opposing sides, those that employ mediation are encouraged to work through their problems using negotiation tactics and compromise. As such, the role of an attorney in mediation is quite different from the more "traditional" role they play during the litigated divorce. Further, the extent of an attorney's involvement during mediation is largely determined by the hiring party.

Some choose only to use an attorney before mediation. In this situation, the lawyer would explain the mediation process to the client. Typically, the attorney will also screen to client to ensure that mediation is a viable option for their situation. The lawyer may also review a list of available mediators to ensure the client finds one that is suitable for their particular case.

Continue Reading ››

 Posted on January 05, 2017 in Family Law

There are many ways to talk to children about divorce, and no one way is necessary "right." However, there are some things that parents can do to help improve their child's reaction to the conversation. This positive start can also improve a child's overall adjustment during the divorce process. Show your child that your family will survive and use the following considerations when talking to your child about the impending divorce.

Plan Your Conversation Before Anyone Leaves

One of the biggest mistakes parents can make during divorce is not talking to their children prior to the actual split. It can make adjustment even more difficult, and some children may even perceive it as a betrayal of trust. So make sure you take to your children before anyone leaves the home. For younger children, you do not have to give it more than just a few days. School-aged children may need a little longer, possibly a one to three weeks.

Time Your Conversation Carefully

Continue Reading ››

 Posted on December 29, 2016 in Divorce

Deciding whether or not to file for divorce can be a difficult, confusing, and even painful. This can be especially true for couples that still care about one another, or that have been together for a long time. Yet, even in these situations, divorce can be a positive thing. In fact, some couples who have spent years either unhappy, distant, or simply out-of-touch with one another have found a fresh, new start in life once the divorce is final. So, if you suspect that your marriage might be on the path to divorce, learn how to take that next step, and discover how to ensure your rights and interests are protected throughout the process.

Should You Proceed with Divorce?

Of all the decisions you will have to make, the one over whether or not to divorce is probably the most difficult. After all, you have invested time and energy into your marriage, and it can be difficult to let go. Yet, if you find yourself feeling as though your marriage is the lesser of two evils, are staying together for the children, find yourself on a different path than your spouse, or spend the majority of your time arguing, you may be better off taking the next step.

Continue Reading ››

 Posted on December 27, 2016 in Domestic Violence

Domestic violence can impact people from any social class, gender, race, or income level. It can also complicate divorces far beyond that of debt and asset distribution, the allocation of parental responsibilities, and child support or alimony determination. It can place the lives of victims and their children in danger. For this reason, it is critical that every domestic violence victim seek experienced legal assistance with their divorce case. The following explains where to find this help, and how it may improve the safety of you and your children during the divorce process.

Safety First - Always Have a Plan

Not all victims know they want to divorce. Some may fear the risk that it could pose to their safety. However, all victims should have a safety plan - one that gives them direction in the event that their life does become endangered while they are with their abuser. This should include knowing where you will go, whom you will call, and where you will stay to ensure your safety. Once you are away, seek support from family, friends, colleagues, and domestic violence advocates. With their help, you may begin to realize that divorce can be an option, even in situations that involve domestic violence.

Continue Reading ››

 Posted on December 21, 2016 in Divorce

Divorce can be an emotionally difficult process, full of contention, stress, and heartbreak. It is also a process full of financial obstacles that can place your way of life at risk. Thankfully, a little perspective can help reduce this risk. More specifically, viewing your divorce as a business transaction, rather than an emotional situation, can minimize the financial strain that often accompanies divorce. This is not easy, of course, so the following provides some specific information that can help.

Setting Healthy Boundaries with Your Spouse

The first thing you need to do during divorce is develop healthy boundaries with your spouse. Know when and how to separate yourself from situations that are stressful. Discuss matters through your attorney, rather than face-to-face and avoid arguments that are both unproductive and unnecessary. Most of all, remind yourself that this phase in life is only temporary. It shall pass, and the stress you feel now will not always be there. Hold onto this whenever you feel overwhelmed, stressed, or confused.

Continue Reading ››

 Posted on December 19, 2016 in Family Law

Raising children can be a difficult job, even in the best of situations. When parents live in different homes, have different beliefs or ideals, or disagree on how a child should be raised, parenting can become a contentious situation. To make matters worse, children can feel as though they are caught in the middle. As a result, they may lash out, become withdrawn, or suffer severe emotional trauma. Protect your child, save your sanity, and learn how you can reduce the stress of co-parenting with help from the following information.

Accountability and Boundaries

While most parents do want what is best for their child, there is a small fraction that seem to struggle with the accountability aspect of parenting. They may not understand the pain they cause when they do not show up for a scheduled visit or event. Some fail to recognize how not paying child support impacts their child's overall quality of life. Still others may behave in ways that create a cause for concern.

Continue Reading ››

 Posted on December 17, 2016 in Divorce

When two people decide to get divorced, often they already live in different places. However, both spouses may still live in the family home after a divorce has been filed. Who has to leave the home once the divorce process is underway?

Issues of Property Ownership

Under the law of Illinois, generally, no one is required to leave the family home while the divorce is still underway. In Illinois, the family home is most likely marital property.

Until the court makes a final decision about the division of the assets, each spouse has an equal right to live in the house.

Petition for Exclusive Possession

One side can ask the court for exclusive possession of the home. This would mean that he or she has the legal right to require that the other spouse leave the house and live somewhere else. However, the petition for exclusive possession requires that the petitioning spouse submit evidence of domestic violence or abuse.

Continue Reading ››