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Recent Blog Posts
What Are the Benefits of Creating a Living Trust?
During the estate planning process, there are a number of documents that can be obtained to protect one’s assets and reflect one’s decisions about how matters will be handled at the end of a person’s life, as well as after their death. Living trusts are some of the most powerful estate planning documents, as they offer numerous benefits to both the trustee and the beneficiaries.
Understanding how a revocable living trust works and the advantages it provides can help families make informed decisions about estate planning topics. An experienced estate planning attorney can provide guidance on the available options, the best solutions, and the steps that will need to be followed when creating trusts or other estate planning documents.
What Is a Revocable Living Trust?
A trust is a legal document that places assets under the control of a trustee, who usually is the person that obtains the trust, and provides instructions for how assets should be distributed to specific beneficiaries. With a living trust, a person may serve as the trustee and maintain control of his or her own assets. Since the trust will be revocable, its terms can be modified at any time.
How Is a Business Valuation Performed During a Divorce?
There are numerous financial topics that will need to be addressed during the divorce process. If either spouse is a business owner, or if both spouses founded or acquired a family business together, business assets may be some of the most significant financial matters to address.
Determining the value of a business is crucial to ensure that all marital property can be divided fairly and equitably. An experienced divorce attorney can provide valuable assistance during the business valuation process, while at the same time advocating for solutions that will protect their client’s financial interests.
The Importance of Business Valuation
In Illinois, marital property must be divided equitably between divorcing spouses. To ensure a fair and equitable division, all assets acquired during the marriage, including businesses, must be properly valued. Valuing a business accurately is essential for several reasons:
How to Deal With Intentional Financial Harm During a Divorce
Divorce can sometimes bring out the worst in people. Due to the strong emotions that spouses might experience due to the breakdown of their marriage, they may lash out at each other in various ways, and in some of these ways, actions taken by one spouse can cause serious harm to the other.
In some cases, this behavior can affect a spouse financially, and they will need to determine what steps they can take to protect themselves. A skilled family law attorney can provide valuable legal help in these situations, providing guidance on the remedies that may be available to address the dissipation of marital assets.
Ways a Spouse Can Intentionally Cause Financial Harm
Intentional harm during a divorce can manifest itself in various ways, including:
Destroying Property
One spouse may damage or destroy marital property out of spite. They may intentionally destroy items that they know have a sentimental value for the other spouse, or they may damage property such as a vehicle, with the intent of making life more difficult for their former partner.
In Illinois, What Expenses Are Covered by Child Support?
When parents choose to end their relationship through a divorce or a legal separation, a child support Court Order will often need to be obtained to ensure that children’s financial needs are being met. In Illinois, the law provides clear guidelines on how child support will be calculated. However, these guidelines provide for what is known as a “basic child support obligation,” and additional expenses may also need to be addressed.
An experienced family law attorney can provide a parent with the necessary information about how an appropriate amount of child support will be determined, while also offering legal expertise to ensure that divorce and family law topics will be handled correctly.
What Does Basic Child Support Cover?
In Illinois, the basic child support obligation is designed to cover the essential needs of the child. This obligation is calculated based on the incomes of both parents and the number of children being supported. In cases involving “shared parenting,” when children will have near-equal amounts of time with each parent, the specific division of parenting time may also be factored into these calculations.
What Topics Will Be Addressed in an Illinois Parenting Plan?
When going through a divorce or legal separation, parents of minor children will need to consider a variety of topics related to child custody (now called “parental responsibilities” under Illinois law).. It is important to make sure these matters are addressed correctly, since the decisions made can affect parents and children for years to come.
During the legal process, one of the most crucial tasks will involve producing a parenting plan that addresses the well-being of a couple’s children. An experienced family law attorney can ensure that a divorcing couple’s parenting plan aligns with Illinois law, while also safeguarding the best interests of the children.
What Is a Parenting Plan?
Divorcing spouses will frequently negotiate a divorce settlement, which will include a parenting plan that addresses various child custody issues. For unmarried parents who are separated, a parenting plan will be created during their child custody case. In Illinois, such parenting plans are mandatory, and must be submitted for court approval to ensure that the children's best interests are prioritized.
How to Create a Valid and Enforceable Prenuptial Agreement
There are some situations in life where personal relationships and the law will intersect. This is true with marriage, which is not just a romantic relationship, but also a legal partnership. Married spouses’ lives will be linked together, and, as a result, the 2 parties will have certain rights and obligations. A prenuptial agreement can serve as a pragmatic foundation for a marriage, ensuring clarity and fairness for both parties right from the beginning.
While a prenuptial agreement (commonly known as a “prenup”) can provide a legal framework for a couple’s partnership, it may not necessarily affect a couple unless they choose to get a divorce in the future. Creating a prenuptial agreement that is legally valid and enforceable can ensure that the interests of both spouses will be protected if their relationship ever breaks down. An attorney with experience in divorce and family law can help ensure that the terms of a prenup accurately apply to a couple’s situation, and will be enforceable should the need arise.
Benefits of Creating a Prenuptial Agreement Before Marriage in Illinois
When couples are swept up in the romance of engagement and wedding planning, the idea of discussing financial matters and considering the prospect of a possible future divorce may seem far from appealing. However, entering into a prenuptial agreement before marriage can provide both parties with a sense of security and clarity. This legal document, crafted with the assistance of an experienced family law attorney, can help couples address financial matters and other important issues proactively, setting a foundation for open communication and mutual understanding in their marriage.
Understanding Prenuptial Agreements
A prenuptial agreement, often referred to as a "prenup," is actually a type of contract that a couple may enter into before they get married. It can outline the ownership of their respective assets, as well as how they will be divided in the event of a divorce or the death of one partner. Working with an experienced family law attorney to create this agreement ensures that both parties' rights and interests will be protected. A skilled family law lawyer can help ensure that the agreement is fair and legally enforceable, while also addressing any concerns that either spouse may have and providing clarity on how different matters will be handled in the event of a divorce.
Can Spousal Support Be Permanently Payable After an Illinois Divorce?
Getting a divorce can not only be difficult from an emotional standpoint, but it can also involve multiple financial issues. Among the many subjects that may arise, spousal support— also referred to as alimony or maintenance—may be a crucial aspect of post-divorce financial stability for both spouses. For those who are getting divorced in Illinois, understanding the nuances of the subject of spousal support is vital. In cases where spousal maintenance may be awarded by the court, spouses may be unsure whether this support will be paid on a temporary or permanent basis. An experienced family law attorney can help ensure that all issues related to spousal support will be dealt with correctly, while also addressing any other divorce-related concerns.
Understanding Spousal Support in Illinois
Spousal maintenance is designed to mitigate the economic impact of a divorce by providing financial assistance to a spouse who earns less, or who might not be financially self-sufficient after the end of their marriage. Spousal support is not ever automatically granted. Eligibility for maintenance will be determined based on a careful review of all of the circumstances relevant to each case.
What Role Can a Forensic Accountant Play in a High Asset Divorce?
For couples that have a high net worth, the divorce process can get complicated. When a couple owns many different types of assets, determining the value of those assets, identifying whether assets are marital property or non-marital property, and making decisions about how assets should be divided, can be difficult. In these situations, a forensic accountant can play a vital role in ensuring that financial subjects will be addressed correctly. An attorney with experience in high-asset divorce cases can work alongside a forensic accountant and provide skilled representation during legal proceedings, advocating for their client’s rights and protecting their financial interests.
What Is a Forensic Accountant?
A forensic accountant is a professional who can investigate financial matters related to legal disputes. They can examine financial records, identify hidden or undervalued assets, trace sources of income and expenses, perform business valuations, and provide expert testimony, if necessary.
Reviewing Our Most Popular Family Law and Divorce Blogs of 2023
Family law encompasses many types of matters. Getting a divorce, addressing issues related to child custody, adopting a child, establishing paternity, or addressing other issues that will be handled in family court will all involve multiple types of legal considerations. Handling these matters can be difficult enough on its own, but the strong emotions that may sometimes be involved in these kinds of cases, and the stress of dealing with unfamiliar legal procedures, can make them seem overwhelming. Fortunately, an experienced family law attorney can be an invaluable guide and source of information during these types of matters. At Law Office of Vincent C. Machroli, P.C., we provide high-quality representation in all matters related to family law, and we also offer information about these cases on our blog. In 2023, we had a number of blogs that people found helpful. Our most-read blogs during the year were the following:
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