Blog Authors

Latest from Michael C. Craven

Any divorce can be painful, but a high-net-worth divorce can be more costly and time-consuming. Below are common reasons why. If you have high net worth and are considering divorce, speak to our divorce lawyers in Chicago at the office of Michael C. Craven.
More Assets To Divide
Marital property must be divided equitably during an Illinois divorce, which may or may not be 50/50. When you and/or your spouse have a lot of assets and income, it often takes longer to identify, characterize and value the asset or income. As a result, these types of cases may take longer
Continue Reading Why High Net Worth Divorce Can Be Costly And Time-Consuming

Couples who marry today are more than three times more likely to have a prenuptial agreement than a decade ago. People understand that a prenuptial agreement is not just for people with high incomes and extensive property holdings. Couples in every income bracket use prenups to help with property division in divorce. If you have questions about a prenuptial agreement, talk to our Chicago prenuptial agreement attorney Michael C. Craven.
Prenuptial Agreement Overview
A prenup in Illinois is a legal agreement between a couple before marriage. A prenuptial agreement usually details how the couple will deal with assets, debts, and
Continue Reading Prenuptial Agreements Are Often Present In Illinois Divorce Cases

Child custody is one of the most challenging issues in a divorce. When the court addresses child custody, it will consider how major parenting decisions involve education, healthcare, extracurricular activities, and religion. It also will decide how much parenting time each partner receives. If you have questions after reading this article, Chicago child custody lawyer Michael C. Craven can help you with child custody issues.
The Old Illinois Child Custody Law
Previously, child custody law in Illinois was divided into sole custody and joint custody. The differences in these types of child custody were based on which person would make
Continue Reading 4 Main Areas Used To Decide Child Custody in Illinois

States have various methods to address property division during a divorce. For example, community property states generally divide the property 50/50, but Illinois does not do this. Instead, Illinois is an equitable distribution state. This means the divorce court decides which spouse gets what based on an equitable standard. Property division issues can be contentious, so talk to Chicago property division lawyer Michael C. Craven for assistance.
Illinois Is A No Fault Divorce State
Illinois has a no-fault standard in divorces. This means no matter how bad your spouse may have been, the state will not determine fault for
Continue Reading How Illinois Deals With Property Division As An Equitable Distribution State

So, you are marrying in Chicago at the Hilton Chicago or The Langham, Chicago. Couples who get married today are up to three times more likely to sign a prenuptial agreement than a decade ago. Prenuptial agreements used to be mainly for the wealthy, but couples in many tax brackets now use them.
If you are thinking about a prenup, below is critical information. Questions? Ask a prenuptial agreement lawyer in Chicago at the law office of Michael C. Craven.
What Is A Prenup?
A prenuptial agreement is a document signed by two potential spouses before they marry. A prenup
Continue Reading Major Goals Of Prenups And Who Benefits From Them

If you are getting divorced in Chicago, you may need to get familiar with spousal maintenance, which is more commonly called alimony. This is financial support that you may pay or receive from the other during or after a divorce. Learn more about spousal maintenance statutory guidelines below, then talk to our Chicago spousal maintenance lawyers for assistance.
How Spousal Maintenance Is Calculated In Illinois
Statutory guidelines for determining spousal maintenance are usually applied when your combined gross incomes are under $500,000. Also, the guidelines typically apply when the payor does not have other maintenance obligations.
To determine the amount
Continue Reading Illinois Spousal Maintenance Statutory Guidelines That Apply To The Majority Of People

Many parts of a divorce can get complicated. For example, dividing property can be contentious. In Illinois, there is an equitable-division law, meaning the assets accumulated during marriage are equitably divided.
However, what happens when assets are outside the US or held in trust? If you are dealing with this issue in your divorce, talk to a Chicago asset division attorney at the law office of Michael. C. Craven.
Foreign Assets And Properties In A Divorce
Married couples have many reasons for holding overseas properties. For example, you bought a condominium in the Cayman Islands that you visit every
Continue Reading Divorce With Difficulties In Discovery With Assets Outside U.S. Or Held In Trust

Of the many issues that crop up during a divorce, alimony and spousal maintenance can be the most contentious. Most parents accept they need to provide child support, but the idea of making payments to their ex in alimony and maintenance is upsetting. Conversely, the spouse seeking support may require it to pay for necessary ongoing living expenses. If you have a question about this complex and contentious subject, Michael C. Craven and the Chicago maintenance lawyers at his firm can help.
When Is Spousal Support Necessary?
Alimony, also called maintenance or spousal support, is not designed to punish the
Continue Reading Illinois Alimony And Maintenance Guidelines Often Do Not Apply

In a divorce, there are many questions. Who will get the house? What about child support? Will I need to pay spousal maintenance, also known as alimony?
Below are some critical things about divorce and spousal maintenance in Illinois. Have questions about divorce and spousal maintenance? Then, contact Cook County spousal maintenance attorney Michael C. Craven for assistance with your situation.
Spousal Maintenance Rules Are Gender Neutral
In Illinois, maintenance is the term usually used for alimony. Spousal maintenance is the money your ex must pay you when there is a divorce. The idea behind maintenance is to help
Continue Reading Spousal Maintenance Guidelines Are Gender Neutral In Illinois

Whatever the reason for your divorce, most breakups follow the same legal process in Illinois. First, one spouse files the divorce petition, then there is a discovery and negotiation phase. Then, a settlement is entered in the divorce court as a final decree of divorce. Divorces are almost always painful and difficult experiences for married couples.
However, divorce can be even more challenging when there is a lot of money involved. There are considerable differences when divorce involves people with high net worth. The discovery and negotiation process can be more contentious in these complex cases. Contact Chicago high
Continue Reading How High Net Worth Divorce Cases are Different

Divorce is a deeply personal event in a person’s life, but divorce cases are still official court proceedings that are subject to procedural requirements and court rules. One important factor is how the process gets started, and divorce cases are initiated by one spouse filing a petition for dissolution of marriage.
The petition submitted to the court states facts to establish that the court has authority over the spouses and their marriage, and it includes the petitioning spouse’s general requests to the court for the relief he or she seeks. It is then necessary to serve the documents on
Continue Reading A Default Divorce Judgment in Illinois

Parental decision-making, parenting time, and child support are among the key considerations you expect when addressing Illinois child custody. Taxes are probably not top of mind when working out these details. Illinois uses the term allocation of parental responsibilities to refer to custody, so you are focusing on how co-parents determine the important issues involved with raising the child.
However, a key issue that is closely tied to child custody is the residential arrangement, and this is where taxes enter the picture. Parents may share in decision making, but the child will probably primarily reside with one; the other pays
Continue Reading Child Custody and Tax Exemptions

Many divorced parents will admit that co-parenting and dealing with Illinois child custody issues are among the biggest challenges they face after the case concludes. You can probably guess that positive outcomes are possible with a solid co-parenting arrangement, and a Psychology Today article covers this topic. Children better understand the concepts of conscience and morality and are more likely to develop an easygoing personality, when co-parents work together. Conflicts often lead to higher levels of misbehavior.
Still, even when you agree on the need for positive co-parenting, it is not always clear how to get there. You should
Continue Reading Making Co-Parenting Work

Divorce can be complicated and emotionally exhausting, so parties understandably want to move through it as quickly as possible. Unfortunately, delays can impact the proceedings, making it feel like your case is mired in the legal process. You should be aware that some are an unavoidable product of the law. Meeting the detailed requirements of the Illinois Dissolution of Marriage Act can take time as the parties address property division, alimony, and issues related to minor children.
However, there are also disruptions that can affect your individual divorce case. By working with divorce lawyers in Chicago, you are in
Continue Reading Common Causes for Divorce Delays

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?