Posted on January 08, 2020 in Divorce

Divorce is a long and demanding process, but can get even more complex for high net worth couples. Unlike traditional divorces, high net worth couples must resolve issues dealing with complex taxation, support obligations, tracing of assets including offshore and international accounts, and valuation of businesses and other properties.

The following factors will help you prepare for what you might experience within your high net worth divorce:

1.    More assets, more to divide. Prior to your divorce, it is important to gather all tax (tax returns, W-9's, I-9's), financial, and property/asset documentation regardless of your knowledge on the subject. Documents tend to get lost after the divorce has already been filed, making this process more difficult and could put you at a disadvantage in divorce negotiations.

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 Posted on December 30, 2019 in Child Custody

Although your divorce is between you and your spouse, your child will experience the before and after effects as well. Divorce brings massive changes in a child's life through child custody and/or relocation at any age. Between witnessing an unstable marriage to adjusting to a new life at “Mom's” and “Dad's” house, the influence the divorce has on the child can be tough to deal with.

Under the Illinois Marriage and Dissolution of Marriage Act, custody and visitation are now known as parental responsibilities. If you and/or your spouse are granted parental responsibilities, you two are in charge of making decisions regarding education, health, religion, and extra-curricular activities on behalf of your child(ren).

Here are a few pointers to keep in mind that will help contribute to successful parenting time:

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 Posted on December 27, 2019 in Division of Assets

Illinois is an equitable distribution state, meaning that when you get a divorce, not everything you and your spouse acquired, such as property and assets, will be divided equally.

If you and your spouse cannot come to an agreement on how to divide your property and assets and decide to take your divorce to court, the judge will consider certain marital circumstances on how to divide your property, such as:

• Income
• Employment status
• Length of the marriage
• Whether a spouse is receiving spousal support/maintenance

However, if your spouse is hiding assets from you in hopes they will not have to split it with you, things can get even more complicated.

When You Should be Worried

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 Posted on December 24, 2019 in Child Custody

According to the National Survey on Drug Use and Health (NSDUH), almost 20 million American adults (age 12 and older) are battling a substance use disorder. When deciding child custody matters during a divorce, your child or children's best interest comes first in the eyes of the judge. If the judge believes your former spouse would be unable to make sound of mind decisions on behalf of your child because of their drug addiction, the judge may decide against allowing parental responsibilities and parenting time.

However, if your spouse is in recovery or taking steps towards addressing their addiction, the judge may allow your spouse to see and interact with your child.

Parental Responsibilities and Parenting Time

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 Posted on December 19, 2019 in Family Law

An order of protection, also known as a restraining order, is filed when one individual feels threatened by the other and/or has experienced abuse. They are meant to keep you safe and out of harm's way.

According to the 750 Illinois Compiled Statute 60/, Orders of Protection, an order of protection may be filed by:

• An individual who has been abused by a family or household member, or by an individual on behalf of a minor child or adult who has been abused by a family or household member and because of age, health, or mental or physical disability cannot file.
• A foster parent, legal guardian, or adoptive parent of that child if the child has been placed in the foster parents' home by the Department of Children and Family Services or by another foster child agency.

Orders of protection are often issued during or just prior to the filing of a divorce, a child custody dispute, or as a result of domestic battery charges.

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 Posted on December 17, 2019 in Spousal Maintenance/Alimony

Spousal support, also known as maintenance, is court-ordered payments one spouse pays to the other spouse after a divorce.

The 750 Illinois Compiled Statute 5/504, titled ‘maintenance' states that  “the court may grant a maintenance award for either spouse in amounts and for periods of time as the court deems just, without regard to marital misconduct, and the maintenance may be paid from the income or property of the other spouse.”

Ordered Maintenance

When deciding whether to establish spousal support, the court will use the following information to determine whether one spouse should pay the other maintenance payments:

• Income and property (of both parties; includes marital and non-marital property and financial responsibilities)
• Current and future financial earnings
• Needs of the spouses
• Time spent on marital tasks and/or education, training, employment or professional opportunities

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 Posted on December 11, 2019 in Divorce

A couple experiencing issues may agree to separate for a period of time rather than make the decision permanent by filing for divorce. Although legal separation and divorce are two very different things, they both affect you, your spouse, and your future.

The Illinois Marriage and Dissolution of Marriage Act - Legal Separation

According to Illinois law, any person living separate and apart from his or her spouse may have a remedy for reasonable support and maintenance while they so live apart. This is known as legal separation. Even though you and your spouse are separated, you are still married and can remain married until either of you see fit.

Couples file for separation for reasons such as:

• You and/or your spouse object getting a divorce because of religious beliefs or moral reasons.
• One spouse will become eligible for government benefits such as Social Security or Medicare.

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 Posted on December 10, 2019 in Divorce

According to the National Institute of Mental Health, nearly one in five U.S. adults live with a mental illness, and approximately one in 25 adults in the U.S. (11.2 million) experiences a serious mental illness in a given year that substantially interferes with or limits one or more major life activities. One of these major life activities may be divorce, adding to the complication of the situation.

The Illinois Marriage and Dissolution of Marriage Act

Filing for divorce is not an easy process. When filing, you may take one of two options: filing with “grounds for divorce” or “no-fault.” However, unlike most other states, a spouse's mental illness isn't grounds for divorce in Illinois.

As of the change in 2016, The Illinois Marriage and Dissolution of Marriage Act, Illinois is now a no-fault divorce only state, meaning that all fault-based grounds have been eliminated, and a claim of irreconcilable differences (an irretrievable breakdown of the marriage) is the only way to legally file. Although a mental illness issue or impairment cannot be the reason to file for divorce, it may affect the outcome of the divorce.

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 Posted on December 04, 2019 in Mediation

When you and your spouse are in the midst of a divorce, it can be hard for the two of you to come together and make an agreement. Rather than having a judge divide aspects of your life, such as your property, businesses, and parental responsibilities, you and your spouse can explore different options. Divorce mediation is an alternative dispute resolution (ADR) technique that allows a third-party to help you and your spouse create a settlement plan. If you are interested in a more neutral approach to handling your dissolution of marriage, you should contact an experienced attorney.

How Does Divorce Mediation Work?

Mediation can only be successful if you and your spouse are willing to work together. Keeping in mind that a mediator does not have any legal authority, there cannot be any ultimatums put in place. Once the process begins, the mediator will act as an impartial, third-party moderator. By explaining laws to each party, the mediator will help both sides understand the gravity of the situation. A mediator will not provide legal advice to either party throughout the process, he or she will only moderate the session. For example, if you and your spouse cannot agree on who gets your marital home, the mediator cannot advocate for either side. Outside legal counsel may attend a mediation hearing, however, your spouse may not be willing to participate if that route is taken.

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 Posted on November 18, 2019 in Divorce

It is well-known that divorce is extremely common in today's society. The phrase “50% of marriages end in divorce” can make many people hesitant to say “I do”. For a period of time, divorce rates were on the rise. However, CDC data comparing divorce rates from 2000 to 2017 reveal that the divorce and annulment rate has reduced from 4.0 per 1,000 people in 2000 to 2.9 per 1,000 people by 2017. One of the best ways to keep this trend on the decline is to be aware of the common causes of divorce and avoid these triggers.

Financial Difficulties

Feeling financially unstable can add stress to a relationship and cause unrest, making it difficult to “enjoy the little things”. Couples that struggle with finances can struggle to think of anything other than the impending bills. This is often more common with younger couples struggling to get by on small paychecks. Ensuring financial stability is impossible for any couple, but remaining conscious of what is coming in and how much is going out can be beneficial for your stress-level and your relationship.

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