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Recent Blog Posts
The Most Hard-to-Divide Assets in Divorce
When a couple gets divorced, their assets must be equitably divided between both spouses. Some types of assets are easier to divide than others. Simpler assets that are easily valued, such as the cash in a married couple’s joint bank account, can usually be divided with minimal complication. However, other types of assets can be more challenging to split, often due to difficulty in valuation and the potential for each spouse to receive different valuations.
If your divorce involves multiple complex assets, it is particularly important to be well-represented. Dividing complex assets often takes the legal skill of an experienced attorney and sometimes the help of other professionals, like forensic accountants or valuators. Mediation can be a valuable tool for achieving compromise, but contesting the divorce may become necessary to preserve equitability.
How is Child Support Handled in Illinois?
In a divorce with children, child support is one of the most important subjects that must be addressed. Child support is meant to ensure that children’s basic needs are met and that one parent does not have to pay to raise a child by themselves. If you are getting divorced or pursuing a paternity case, it is important to work with an experienced child support attorney to ensure the process is fair.
How Is Child Support Calculated in Illinois?
The Income Shares model is used in Illinois to determine child support. This model aims to give children the same financial support they would have had if their parents had stayed together. It does this by accounting for the combined net income of both parents and considering the amount of time each child spends with each parent, and then distributes the cost of child support accordingly.
How Should Illinois Real Estate Be Handled in Divorce?
Divorce does not just call for the dissolution of a marriage. It also calls for a complete separation of two lives. This separation includes all things financial, such as real estate assets. Managing real estate during a divorce proceeding can be difficult. Fortunately, a divorce attorney can provide information to assist you throughout the process.
What Are My Options for Handling Real Estate in a Divorce?
An important part of divorce and real estate is the accurate valuation of real estate assets. The value of a property can impact the distribution of assets as a whole. Real estate values are calculated using market analyses, expert judgments, and assessments. Here are a few options that you can use to handle the division of your real estate in the middle of a divorce.
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Sell and divide the money between spouses
What Are the Pros and Cons of Shared Parental Responsibilities?
Joint custody is now known as parental responsibility. It is often associated with co-parenting, where both parents have an active role in the child's life. Divorce and a separation between two people is hard for everyone, but it is especially hard for the children involved.
Parental responsibilities and parenting time ensure the child's well-being. Knowing the pros and cons of shared parental responsibilities is important. The help of an experienced family law attorney can help you navigate this process and keep you knowledgeable about what is going on.
What Are the Advantages and Disadvantages of Shared Parental Responsibilities?
Shared parental responsibilities can benefit the mental health of all parties involved. It also helps develop a balanced environment for everyone. Here are a few other key advantages of shared parental responsibilities for the child and both parents:
What Will Happen to My Business After a Divorce?
There is a lot to consider in the face of divorce, especially if you are a business owner or own a business with your spouse. Filing for a divorce is complex enough, and business ownership adds another complicated layer to the divorce pie. With the help of a knowledgeable divorce attorney, you can protect your business interests and assets better.
How Will My Business Be Divided in a Divorce?
The state of Illinois follows the concept of equitable distribution when it comes to dividing marital assets in a divorce. A business built and created during the marriage falls under the marital assets umbrella. Depending on your unique circumstances, valuing your business may be an essential step to knowing where you stand.
Prenuptial Agreement vs. Postnuptial Agreement
Marriage is a beautiful union between two people, but for some, “happily ever after” is short-lived. Many couples face the practical decision of establishing a prenuptial or postnuptial agreement. Both agreements are customizable to you and your concerns about the future. With such an intricate process, it is imperative to consider all the details to protect your rights and assets beforehand.
Which Is Better: Prenup or Postnup?
There is no “better” choice when it comes to selecting between a prenup or a postnup. Both of these agreements come down to timing. In light of this, couples must understand the key differences and similarities.
A prenuptial agreement, or a prenup, specifies the division of properties and assets after a divorce or separation. This agreement is signed before the wedding by both parties. This agreement helps partners know their financial future before a breakup even occurs.
Debunking the Top Five Myths of Contested Divorce
Contested divorces can be emotionally and financially draining, often leading to misconceptions about the process. These myths can create unnecessary stress and uncertainty for individuals considering or going through a contested divorce. Today, we will discredit the top five myths surrounding contested divorces and provide a clearer understanding of the reality. Regardless of whether your divorce is contested or uncontested, hire a divorce lawyer to represent you in the proceedings.
Myth #1 – A Contested Divorce is Always a Lengthy and Expensive Process
While contested divorce can indeed be complex and time-consuming, its duration and cost will vary depending on the specific circumstances of each case. Some factors that influence the length and expenses of a contested divorce include the level of disagreement between spouses, the complexity of financial assets, and the willingness to negotiate. Engaging in mediation and maintaining clear communication channels can help streamline the process and thus reduce costs.
Top Five Myths Regarding Uncontested Divorce
An uncontested divorce is a legal process that offers a civilized and cost-effective approach for spouses to end their marriage amicably. However, many misconceptions surrounding this type of divorce often discourage couples from considering it a viable option. Today, we aim to debunk the top five myths regarding uncontested divorce and shed light on the truth behind this misunderstood process and how a divorce attorney can be hugely beneficial, even in cases where the divorce is uncontested.
Here Are the Uncontested Divorce Myths that Require Debunking
Myth #1 – Uncontested divorce is only for couples who readily agree on everything.
Reality: While it is true that uncontested divorces require both parties to reach a comprehensive agreement, it does not mean they must see eye to eye on every issue from the start. Skilled mediators and experienced attorneys can help facilitate discussions and guide couples toward mutually beneficial solutions, even in more complex cases.
Do All Divorces That Begin as Uncontested Stay That Way Throughout Proceedings?
Most people associate divorce with long-drawn-out court battles often filled with intensely contentious disputes derived from strong emotions on both sides. However, not all divorces follow this pattern. Uncontested divorces offer an alternative approach, focusing on cooperation and mutual agreement between both parties. While uncontested divorces begin amicably, they may not always stay that way. Today, we will dive into the factors that can influence the trajectory of an uncontested divorce and explore what happens when complications arise.
Regardless of whether your divorce begins uncontested or otherwise, contact a divorce attorney to represent you and your interests as you move through this process.
First, What is Meant by an Uncontested Divorce?
Essentially, an uncontested divorce means that the many issues that are involved during a divorce are mutually agreed upon prior to the divorce beginning, thus eliminating the need for contentious proceedings. Issues that may be agreed upon at the outset of an uncontested divorce include spousal support, child custody, and child support, amongst others. Couples can minimize stress, control costs, and efficiently navigate the marriage dissolution process by opting for an uncontested divorce.
What You Need to Know About Protecting Retirement Accounts in Illinois Divorces
When going through a divorce, protecting your financial and emotional well-being is essential. Retirement accounts are one such asset that may be a key source of long-term financial security for you and your spouse. As a result, you may be concerned about what will happen to your retirement accounts now that you are getting divorced. If this sounds like you, contact a divorce lawyer to learn how you can protect your financial future as you move through your divorce.
Property Division and Retirement Accounts
If you live in Illinois, here is what you must know about protecting retirement accounts during the divorce and property division process, including:
- Illinois is an equitable distribution state – As such, Illinois courts aim to distribute marital property reasonably and fairly. Retirement accounts that each spouse owns usually fall within this property division process. Marital property is typically any property accumulated during the marriage, which includes retirement accounts that each spouse contributed to during the marriage. The court assesses the contributions of each party in arriving at this determination.
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