Emotional factors play a significant role in an Illinois divorce case, but with asset division, ending your marriage is similar to dissolving a business. Though Illinois’ statute on the disposition of property and debts is much more detailed than this short description, the basic principles still apply:
Everything acquired by the couple during the marriage is presumed to be subject to equitable distribution. The asset division process starts by classifying marital versus separate property (also known as non-marital property), and then the marital items and/or value is divided up between the parties according to the interests of fairness.
Therefore, the…
Continue Reading Signs Your Spouse May be Concealing Assets During Your Divorce

Parenting is a rewarding experience, and you will learn just as much as you teach while raising your child. However, it can also be challenging as you try to balance your responsibilities to raise a well-rounded individual and maintain a solid parent-child relationship.
These challenges are compounded for parents who do not live under the same roof. Custody will be a key issue in divorce, but the issue involves more than where the child lives and who gets visitation. Illinois law uses the term allocation of parental responsibilities to refer to making the important decisions about how to raise the…
Continue Reading Are Your Parenting Arrangements Promoting Positive Effects?

Getting divorced in Illinois is a challenging proposition without having to worry about divvying up assets. Even in the most amicable situations, when it comes to dividing wealth, there can be much contention that comes about. And, the acquisition of assets during a marriage can be substantial. It can take many years to replace such wealth. It is critical, therefore, to keep some of your assets when getting divorced and be able to secure the most favorable financial outcome for your life after divorce.
For more help through each step of the divorce process, residents of Illinois can call on…
Continue Reading Dividing Retirement Assets In An Illinois Divorce Case

Divorce is a word that seldom brings a sense of happiness or joy. In fact, divorce can be the low point of people’s lives and can be extremely challenging both emotionally and logistically. For many divorcees, their focus lies solely on the emotional part, and they spend little to no time considering the financial effects. Those effects can be devastating and must be carefully considered before agreeing to any divorce arrangement.
 
There are numerous issues to consider when thinking about divorce. Do you have kids? Do you own a home? What type of savings, if any, are present? What…
Continue Reading Avoiding Financial Pitfalls In a Divorce

In this post, we will discuss why parenting agreements are so important during the divorce process.
Divorce can go one of two ways:

Typically, when two parties are more agreeable the process of divorce can resolve sooner than when there is animosity and a lack of cooperation. Although many couples will focus their energy fighting for their split of…
Continue Reading Importance of Formalizing Parenting Agreements

If you are considering divorce or already a party to a dissolution of marriage case in Illinois, you might already know that division of property will be one of the key issues in the proceedings. State law on the topic requires equitable distribution of marital assets, basically describing a two-step process. You first classify real estate and personal property as being marital or separate. Assets owned by a spouse before the wedding are generally his or hers to keep. Marital assets acquired during the marriage are subject to equitable distribution, which means dividing them fairly instead of an exact…
Continue Reading Illinois Divorce and How It Affects My Spouse’s Inheritance

At the outset, you should keep one key point in mind about divorce in Illinois. The Illinois statute on the dissolution of marriage is no-fault, which means nothing can stop you if you want a divorce. There are some basic procedural requirements, however. When filing the petition for divorce, at least one of the spouses must be a resident of Illinois or be stationed in the state for at least 90 days via military service. The petition must also state that irreconcilable differences have caused the irretrievable breakdown of the marital relationship, and reconciliation is not practical. This requirement…
Continue Reading I Want a Divorce but My Spouse is Hiding Assets

In an ideal world, parents who are not involved in a relationship can still work out and comply with their parenting plan that covers child custody and visitation. The reality is that you could encounter a situation where your ex violates the arrangement, potentially putting strains on your schedule, employment, and other aspects of your personal life. Fortunately, Illinois’ statute on the allocation of parental responsibilities and parenting time also provides you with tools when your child’s other parent is not following the plan. You can bring the issue back before the court by seeking enforcement, though there may be…
Continue Reading My Ex is Not Following the Parenting Plan – Now What?

The financial and legal interests of spouses are closely intertwined during their marriage, so one of the most critical aspects of the proceedings will be separating these bonds. Illinois’ property division statute covers this part of the process, providing that all marital assets are subject to equitable distribution between the parties. Therefore, the initial inquiry is whether the item was acquired during the marriage or became jointly owned under certain circumstances. Then, all marital property is divvied up between the parties according to the interests of fairness.
 
However, when a marital asset involves ownership interests in a business, the…
Continue Reading Business Valuation and Calculating Goodwill as Part of it

There are almost limitless opportunities for investors of all types and budgets, and stock options are one option that enables you to derive value from the underlying asset at a later date. The basic definition of a stock option is a contract between the buyer and seller to complete a stock purchase transaction in the future at a designated price.
 
From the date of the contract to finalize the transaction, stock options have some qualities of property because there is value down the road. At the same time, before the option is exercised, the current value is fleeting.
 …
Continue Reading Illinois Divorce and Dividing Stock Options

The ultimate goal of divorce in Chicago is to end the marriage and wrap up the legal implications of the marital relationship, so you can expect that fiscal issues will be at the forefront of the proceedings.
 
The Illinois Marriage and Dissolution of Marriage Act includes a section on three key financial considerations: alimony, child support, and property division. You might not have to address all of these matters but, when you do, they could impact your divorce case during the proceedings and after the final decree is entered.
 
Financial factors are among the most hotly disputed issues…
Continue Reading Important Financial Considerations to Think About During and After Your Divorce

Of all the tasks and activities involved with planning your perfect wedding, you may not focus on the one that only matters if things go south, creating a prenuptial agreement. Few couples want their nuptials to be preceded by signing a contract that anticipates divorce, but it may be wise to consider.
 
The Illinois Uniform Prenuptial Agreement Act allows soon-to-be spouses to hash out the details of property division and alimony, and there are numerous benefits for doing so. At the core of a prenup is certainty over what happens if the marital relationship breaks down, as well as…
Continue Reading Could a Prenuptial Agreement be Right for You?