Posted on November 22,2021 in Divorce

A divorce will affect the finances of spouses in multiple ways. During the divorce process, spouses will need to identify all of the marital assets they own and determine how these assets will be divided. The property division process can become especially complex if either spouse owns a family business. Because a business may be one of the most valuable assets a couple owns, and it may serve as a source of income for one or both spouses, a couple will need to determine how ownership of a business will be handled going forward.

Options for Ownership of a Marital Business

A family business will be considered a marital asset if it was founded or acquired while a couple was married. If one spouse owned a business before getting married, it will usually be considered separate property. However, any increase in value for a non-marital business during a couple’s marriage may need to be addressed during the divorce process, especially if these increases may be partially attributed to efforts by the non-owner spouse or investments in the business using marital funds.

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 Posted on November 09,2021 in Divorce

Parents who choose to get a divorce will need to address multiple issues related to their children, and the decisions they make will be set down in a parenting plan that will be incorporated into their divorce decree. These issues include the allocation of parental responsibilities, which will determine how the parents will make child-related decisions going forward, as well as the child support obligations that will apply to both parents. Parents will also need to create a parenting time schedule that details when children will spend time with each parent. By understanding the options available for dividing parenting time, parents can make sure they create a schedule that will provide for the best interests of their children.

Options for Parenting Time Schedules

The amount of time that children will spend with each parent may depend on a variety of factors, including how each parent participated in child-related duties and activities during their marriage, each parent’s work schedules and availability, children’s schedules for school and activities, the needs and desires of the parents and the children, and each parent’s ability to provide for their children’s needs. A parenting plan will include a workable schedule that fully details the days and times that children will spend with each parent, as well as how children will be transported to and from each parent’s home.

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 Posted on October 13,2021 in Divorce

When a married couple decides to divorce, they will need to make decisions about multiple types of financial issues. In many cases, couples will be able to negotiate a divorce settlement that details how they will divide their marital property. However, there may be some situations where a couple will be unable to reach an agreement on these issues, and if their case proceeds to litigation, a judge will make the final decisions about how their assets will be divided. While couples can usually benefit by working together to reach a settlement and avoiding litigation, there are times when a trial may be necessary, including in cases where one party has committed asset dissipation.

What Is Asset Dissipation?

When a couple is married, they may both be involved in managing their family’s financial affairs, and they may both make purchases or use money or property in a way that benefits the family. However, there are some situations where a spouse may use marital funds or other property that is jointly owned by the spouses for their own benefit and for non-marital purposes. If a person can show that their spouse dissipated assets during their marriage or during the divorce process, they may ask that the court require the other spouse to repay the marital estate for the dissipated assets. If this will not be possible, other marital property may be divided in a way that addresses the dissipation, such as by granting the non-dissipating spouse a larger share of the marital estate.

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 Posted on October 05,2021 in Family Law

The divorce rate in the United States is high, and after ending their marriage, former spouses will often begin new relationships or get remarried. Blended families are common, and stepparents will often build strong relationships with their stepchildren. A stepparent adoption may be used to solidify these bonds, making a stepparent the child’s legal parent who will have obligations to provide for the child’s needs and the right to maintain a close relationship with them. However, even when a stepparent adoption may seem like the best solution for everyone involved, some obstacles may arise during the adoption process, and parents will need to understand the best ways to resolve these issues.

Issues That Can Affect a Step-Parent Adoption

One of the primary challenges in a stepparent adoption is obtaining consent from the child’s other biological parent. In Illinois, a child can only have two legal parents, and before a stepparent can adopt the child, the other parent’s parental rights must be terminated. A parent can voluntarily agree to terminate their parental rights by signing a consent form, but in some cases, they may refuse to give consent, or it may be difficult to locate them to obtain consent.

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 Posted on September 28,2021 in Divorce

When parents get a divorce, under the law both parties will be expected to contribute toward the financial costs involved in raising their children, and child support will usually be ordered. These payments will usually last until a child reaches the age of 18 or graduates from high school, whichever occurs later. However, the parents may still have financial obligations after a child reaches legal adulthood - they may be required to pay non-minor support that will provide their children with financial assistance as they attend college and seek an education. To ensure that this issue is addressed correctly, divorcing parents will want to understand the types of non-minor support that may apply in their situation, the amount they will need to pay, and how long these payments will last.

Parents’ Contributions to Children’s College Expenses

Parents may agree on the amounts that they will each contribute toward the costs of their children’s college education, or a parent may petition the court to ask that the other parent be required to provide financial assistance. When determining an appropriate amount that a parent may be required to pay, the court will look at the income and financial resources of both parents, as well as the resources available to the child, such as college savings or scholarships.

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 Posted on September 16,2021 in Post-Decree Matters

When a divorce is finalized, the decisions that are made are intended to be permanent. However, there may be some cases when a divorce decree may be modified, especially if it contains provisions that affect the parties’ ongoing financial situation or their relationships with their children. When addressing post-decree matters, divorced spouses should be sure to understand the types of changes that can be made and the circumstances that may warrant a modification.

Terms of a Divorce Decree That May Be Modified

After a couple’s marriage has been legally dissolved, an ex-spouse usually will not be able to request changes to decisions about the division of marital property. However, a person may be able to petition the court for modifications to address the following:

• Spousal maintenance - If spousal support was not awarded to either party in a divorce decree, neither party will usually be able to go back to court to ask for this form of support. However, if one spouse has been ordered to pay support to the other, either party may ask for modifications to the order based on changes in their financial circumstances. For example, someone who is required to pay maintenance to their ex-spouse may ask for support payments to be reduced or terminated because they have experienced health issues or financial difficulties that have affected their ability to continue making these payments.

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 Posted on August 25,2021 in Divorce

If you are going through a divorce, you may be concerned about your ability to provide for yourself financially once your marriage has been legally dissolved. If you have relied on your spouse during the marriage to earn the majority of the income needed to meet your family’s needs, you may be able to receive financial support (known as spousal maintenance) following your divorce. On the other hand, if you earn more than your spouse, you may be concerned about your ability to cover your own expenses if you are also required to pay spousal support. By understanding how spousal maintenance is calculated, you can determine the amount you may pay or receive, allowing you to plan for how you will meet your financial needs once your divorce is complete.

Guidelines for Calculating Spousal Maintenance

Illinois law provides a formula for calculating spousal support obligations based on the income earned by divorcing spouses. Under this formula, 25 percent of the recipient’s gross annual income is subtracted from 33⅓ percent of the paying spouse’s gross annual income. The result will be the amount that will be paid on an annual basis, although this amount will usually be divided into 12 monthly installments. However, when the amount of maintenance is added to the recipient’s income, the total cannot be more than 40 percent of the spouses’ combined gross annual income.

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 Posted on August 09,2021 in Family Law

There are many reasons why couples who are planning to get married may wish to enter into a prenuptial agreement. A “prenup” can protect the ownership of assets that each party will be bringing into the marriage, ensuring that a person will continue to own certain assets if they end up getting a divorce. This can be especially beneficial for business owners, people with large incomes or family wealth, or those who have children from a previous relationship. However, spouses will need to meet certain requirements to ensure that their prenup will be valid. If an agreement is not drafted correctly, and one spouse challenges the agreement during the divorce process, some or all of the terms of the agreement may be found to be unenforceable.

Reasons a Prenup May Be Unenforceable

Most of the time, a prenuptial agreement may only be challenged based on the grounds that it was either not signed voluntarily, or that it was unconscionable.

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 Posted on July 22,2021 in Divorce

If you and your spouse have not been happy for a long time, getting a divorce may be able to give you the relief you need. However, getting a divorce is not a walk in the park. Resolving matters like the division of marital property can be complicated, and if your spouse is reluctant to provide you information about his or her finances, you may need to take advantage of the discovery process to get the information you need to make well-informed decisions.

What Is the Discovery Process?

The discovery process allows divorcing couples to gather important information and documents, usually related to each other’s finances, after the filing of the initial divorce petition. Sometimes, spouses willingly share such information, but it is often necessary to use a more formal legal process to better ensure all relevant information is exchanged. Through discovery, each spouse gets access to the same information when coming to decisions regarding their divorce. If you and your divorce attorney gather this information, you may have an easier time reaching a fair agreement.

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 Posted on July 08,2021 in Allocation of Parental Responsibilities

During the Illinois divorce process, parents have an important responsibility to fill out a “Parenting Plan” document which states the details of parenting time and the allocation of parental responsibilities between the two parties. Parents may cooperate in the creation of a single parenting plan, or each parent may feel the need to draw up their own plan during the divorce case. With either approach, once the divorce is finalized and a plan is approved by the judge, it becomes legally binding. However, if your circumstances change after the divorce, you may be able to modify the parenting plan.

When It May Be Necessary to Modify a Parenting Plan

A parenting plan is not necessarily set in stone. If you, your former spouse, or your children go through major life changes after your divorce, a judge may agree to modify the plan. Here are a few situations that may warrant a modification.

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