Posted on December 07, 2015 in High Asset Divorce

When a divorcing couple has a high net worth, their divorce may be considered to be a high asset divorce. Couples going through high asset divorces can sometimes face issues that other couples do not face because of their wealth. For example, a couple who owns multiple pieces of real estate has much more to consider than a couple that rents a house or apartment. Other issues, like dividing stock portfolios and savings accounts, can also be more difficult to divide at higher values.

If you are part of a high net worth couple, work with an attorney who has experience handling high asset divorces. Because high asset divorces can involve certain unique considerations, it is important to work with an attorney who understands these considerations and can work with you to address them properly.

Handling Your Business Division

Many high asset divorces involve business ownership. If you, your spouse, or the two of you own a small business, the business needs to be properly valued in order to be divided among you and your spouse. This can be done through a number of methods, depending on your plans for the business after your divorce and whether there are other owners involved in the company as well.

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 Posted on November 27, 2015 in Family Law

Contempt of court refers to any instance where a court order is not obeyed. When the court makes a ruling, it is legally binding. Even if you do not agree with a court ruling, you are required to abide by it unless and until you can have it modified or overturned. When a ruling has to do with a family or divorce issue, this is something that you need to work with an experienced family attorney to reverse.

Do not, under any circumstance, deliberately disobey a court order. This can result in civil or even criminal penalties for you. When a court order is made regarding your children, such as an order for child support or a child custody schedule, acting in contempt of court can have a negative impact on your future interactions with the court. This means that if you do choose to seek a child support or custody modification later, having an instance of contempt of court on your record can actively work against you and prevent you from having your request fulfilled.

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 Posted on November 24, 2015 in Property Division

If you are a business owner, you will not necessarily lose your business in your divorce. But you will most likely be required to divide the business' interests with your spouse or buy out his or her interest in the company. What will happen to your small business in your divorce depends on a number of factors, including your future plans for the business and the extent to which both you and your spouse are invested in its daily operation. When you are going through a divorce, it is important that you work with an attorney who knows how to handle the division of a small business between divorcing spouses.

Businesses That Are Developed during a Marriage Are Marital Property

Just like your home and joint bank accounts, a business is considered to be a marital asset and thus subject to Illinois' laws of equitable distribution. If you built your business before entering your marriage, it is not necessarily protected from being divided between you and your spouse in your divorce. This is because your business likely comprised a significant portion of your income, possibly even all of it. Your spouse might also have helped it grow in some way after your marriage. The only exception to the equitable distribution rule is if you have a prenuptial agreement in place that states that your spouse is not entitled to any portion of your business in a divorce.

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 Posted on November 20, 2015 in Annulments

When one or both spouses want to end their marriage, they can seek a divorce. Legally, a divorce is a legal declaration that a valid marriage is over. A common misconception is that an annulment is a quicker or easier way to get divorced. In reality, an annulment is a legal order stating a marriage is not valid. In other words, it is a legal order that a legal marriage never actually existed. State law sets out very specific requirements for annulments, which can make it difficult to pursue. However, an annulment may be appropriate in some cases, and could benefit you if applicable.

Requirements for Annulment

Formally known as a declaration of invalidity, a legal order of annulment is rarely granted because of the strict legal limitations. Illinois law states that an annulment can be granted for one of the following reasons:

• One party could not consent to be married (due to fraud, impairment, mental disorder, or force);

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 Posted on November 18, 2015 in Alimony / Maintenance

Traditionally, wives stayed at home to manage their households and devote themselves to raising their children full-time while husbands worked outside the home, providing all the financial support the family needed. As our attitudes toward gender roles and economic circumstances changed, it became more common for both parents to work outside the home to provide for their children. Today, opting out of the workforce to devote oneself to full-time homemaking is a luxury for many Illinois parents of both genders. When a couple decides to divorce, the fact that one of the parties spent a considerable amount of time out of the workforce can have a significant impact on the couple's divorce settlement. In Illinois, marital property is divided according to the principle of equitable distribution, which means that each spouse receives a portion of the couple's property according to his or her financial need following the divorce and economic and non-economic contributions to the household during their marriage. If you spent most or all of your married life as a stay-at-home spouse, talk to an experienced divorce attorney about how this can affect your settlement.

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 Posted on November 13, 2015 in Divorce

When you and your spouse have reached the point that you decide to end your marriage, you could feel like your entire world has spun out of control. You might know intellectually what to expect, such as meeting with attorneys and the court to determine the terms of your divorce settlement, but feel emotionally frozen and unable to mentally tackle these issues. Getting yourself into the right mindset to proceed with your divorce is key to moving through the process efficiently.

It is important to take certain steps to make the divorce process easier for you. Because every couple's circumstances are unique, every divorce is unique. Work with an experienced divorce attorney to determine how the circumstances present in your divorce case can make certain preparation steps more urgent or not applicable to your case.

Gather All of your Financial Records

A big part of the divorce process is dividing a couple's assets among the divorcing parties. Scrambling to locate your pay stubs, stock and bond certificates, and outstanding loan information can be stressful when you are balancing it with attorney meetings and managing your daily routine, so make it a point to gather these documents early in the divorce process so you have them ready to view at all times.

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 Posted on November 11, 2015 in Child Custody

When the court determines an appropriate custody arrangement for your child, it does so with your child's best interest in mind. However, your child's best interests do not necessarily remain static over the years. In fact, as he or she matures, it is most likely that the right custody arrangement will change along with your child. If this is the case, consider modifying your child's custody arrangement. Seeking a modification of the custody schedule does not mean that you or your former spouse is a bad parent or a better parent than the other. It means that your child's needs have changed and you are working together to create a custody arrangement that best meets those needs.

If you feel a modified child custody arrangement is in your child's best interest, the first person to speak to about a potential change is your former spouse. After all, this modification will involve him or her and his or her relationship with your child. The next party to speak with is your attorney to discuss the legal process of altering a child custody arrangement. Do not be casual about changing your arrangement – even if you and your partner agree to a modified schedule and can follow it now without a problem, following a custody schedule that deviates from your court order is technically contempt of court. Do not put yourself in this position by failing to take the correct steps to alter your child custody arrangement.

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 Posted on November 06, 2015 in Property Division

In a divorce, one of the most important aspects is the division of the couple's marital property. This is done to ensure that each partner exits the marriage with an appropriate share of the body of assets that he or she worked to build while the couple was married. In Illinois, this is done according to the principle of equitable distribution, meaning that a couple's property is not divided 50/50, but according to a set of factors, such as each partner's income and the length of the couple's marriage. In nearly all marriages, the couple's home is the most valuable piece of property they own. However, a home's value is more than just its market price. The amount of money the couple still owes on their mortgage and the house's projected appreciation factor into its value in the property division process. To determine a fair appraisal of a couple's home, a third party appraiser might be brought in to examine all relevant factors to find its value. If a real estate appraisal is a necessary part of your divorce, your attorney can help make sure you receive a fair appraisal quote.

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 Posted on November 04, 2015 in Divorce and Finances

When your divorce is pending, it is easy to feel overwhelmed. Day-to-day concerns, like balancing your checkbook and remembering to take your car for its scheduled maintenance, can fall to the wayside as you focus on working out the details of your divorce settlement. One of the things you can easily lose track of is paying your taxes. In addition to being busy with your divorce, you might also feel confused about how to file them this year. Discuss your tax responsibilities with your divorce attorney. It is important that you know how you will handle your taxes ahead of time. Issues like your property division, child custody, and spousal maintenance can all have specific tax implications.

You Can Still File as a Married Couple

While your divorce is pending, you are still technically married. This means that you are still entitled to file your taxes jointly with your spouse. This comes with certain benefits for you, such as a large standard deduction.

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 Posted on October 29, 2015 in Child Custody

During the divorce process, the divorcing couple could be required to complete a deposition as part of the case's discovery. When the couple divorces through litigation rather than mediation or a collaborative divorce, a deposition is a guaranteed part of the process. A deposition is a meeting between the divorcing parties, their attorneys, and a court reporter to document all necessary information for the divorce, such as the partners' assets, income, and their child's needs.

The prospect of going to a deposition can be intimidating. You will be required to answer questions under oath, some of which might not have immediately obvious answers. It is important that you fully prepare yourself for your deposition by going over the questions you might face with an experienced divorce attorney.

It Is Like a Job Interview

Essentially, you will be interviewed by your spouse's attorney. Dress and speak like you are going to a job interview. First impressions are important, so make it a priority to look and sound your best at your deposition.

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