Posted on December 27, 2017 in High Asset Divorce

Divorcees with high-value assets follow the same laws as everyone else getting a divorce. The difference is that wealthy individuals have more at stake in terms of finances. The process of dividing up their assets is often more complicated because the assets are numerous and diverse. Whether because of miscalculation or emotion, making a mistake can cost thousands or millions of dollars. Individuals in a high asset divorce must take care to avoid these mistakes when dividing up their marital properties:

1. Hiding Assets: With the prospect of losing several valuable marital properties, a divorcee may try to protect them by purposely hiding them or failing to disclose them. Common tactics include creating hidden accounts or temporarily transferring properties to a friend. A divorce court may penalize a party who has been caught trying to deceive a spouse. The guilty party may be forced to compensate the other spouse by giving up marital assets or money.

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 Posted on December 21, 2017 in Divorce

When you begin the divorce process, you are entering a prolonged working relationship with your divorce attorney. Your attorney is your go-to person for discussing all of the technical aspects of divorce, including property division and allocation of parental responsibilities. You select an attorney based on his or her ability to help you obtain a favorable outcome from divorce. However, a good attorney is at his or her best when the client is helpful. Here are four tips for being a good client during your divorce:

1. Showing Interest: Your attorney has extensive knowledge about divorce, but you are the expert on all matters concerning your life and your marriage. You must be willing to be an active part of the divorce by being available to answer questions and provide information. Anticipate that your attorney will need to know detailed information about your finances and property. Try to promptly answer any questions he or she asks.

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 Posted on December 14, 2017 in Divorce

It is understandable and in many cases expected that you will date new people after your divorce. The tricky part is when and how to introduce your new romantic interest to your family – most significantly your children. You want to include your significant other in all aspects of your life, but you also must consider how others will react. This conflict becomes heightened during the holiday season. You can spend time with your new partner, but including him or her in family events may create uncomfortable situations. There are circumstances in which it is a bad idea to invite a new significant other to a family holiday gathering.

During the Divorce

Openly dating someone while your divorce is ongoing can be damaging to your case. Besides making you look selfish, your divorcing spouse may bring up legal questions of whether:

• You have been spending marital assets on your new romantic partner;

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 Posted on December 05, 2017 in Child Support

The amount of money needed to raise a child is neither static nor uniform. Different children have different needs, and any of those needs can change as they get older. Yet, child support payments created during a divorce only reflect the financial needs at that time. They cannot predict what the future child support needs will be or any emergency expenses in the present. Divorced parents must be willing to re-examine their child support payments to determine whether the payments are still meeting their children’s needs. They should also have an understanding of how they will pay for unusual expenses that occur.

Child Support Model

Determining the required amount that one parent must pay for child support starts with calculating the parents’ combined financial obligation to the children. The initial amount is based on the parents’ combined incomes and the number of children. Illinois has a table that uses both factors to suggest a combined monthly child support amount from both parents. Parents can add other regular child-related expenses to that monthly total, such as:

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 Posted on November 28, 2017 in Business and Divorce

A business’ value extends beyond the earnings that can be attributed to its tangible assets. Factors such as reputation amongst customers can increase its value in ways that are harder to calculate. These intangible assets are known as goodwill and are commonly included in business valuations. When a divorcing couple is assessing a business during the division of property, goodwill should be part of the valuation. However, it can be tricky to put a monetary value on goodwill, and not all forms of goodwill are treated equally in a divorce. An experienced business assessor is needed to understand the true value of goodwill.

What Creates Goodwill?

When competing businesses offer similar products or services, it is a business’ goodwill that may make a difference in a customer’s choice. Goodwill can create greater economic returns by attracting new customers and bringing old customers back. Several factors can add to a business’ goodwill, including:

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 Posted on November 21, 2017 in Parenting Time (Visitation)

Statistical studies have calculated that people who are divorced are more than twice as likely to commit suicide than their married counterparts. While that number is concerning, the statistics become more alarming when comparing suicide rates between divorced men and divorced women. According to one study, divorced men are nearly 10 times more likely to commit suicide than divorced women. Researchers have searched for a reason for the disparity between men and women. One logical conclusion is that divorced fathers feel more anger and depression because they often have less parenting time than mothers.

Health Risks

Suicide is the most extreme consequence of post-divorce depression. Divorced men and fathers tend to lead more unhealthy lifestyles and make poorer choices. This may include:

• No longer attending doctor’s appointments;
• Not following through on medical instructions;

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 Posted on November 14, 2017 in Divorce

Divorce is an emotionally trying time during which you will turn to friends and family for support. However, some friends may surprise you with their reaction to your divorce. If you are looking for an affirmation of your decisions, you risk being disappointed and hurt when a friend makes a critical or insensitive comment. To harden yourself against this, you should understand that:

• People have varying beliefs about divorce;
• Some people choose poor words when trying to express support; and
• Other people’s opinions should not weaken your resolve in regards to your divorce.

There are various reasons why your friends or family may react negatively to your divorce. Each reason requires a different response:

1. Personal Beliefs: The concept of divorce is unacceptable to some people, regardless of your reasons. Religion often dictates this belief, though for others it is a personal conviction. You are not going to change this person’s mind, so you should agree to disagree and drop the subject. If this person continues to criticize your decision, you should distance yourself from him or her.

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 Posted on November 02, 2017 in Guardianship

In broad terms, guardianship can be differentiated by cases involving minors and cases involving disabled adults. Both are similar in that they require a court ruling to determine whether a responsible adult should have decision power over the ward’s:

• Personal care and health; and/or
• Financial estate.

However, guardianship of a disabled adult has many fundamental differences from guardianship of a minor. Obtaining guardianship of a child is already a difficult process because the court must determine what is in the best interest of the child. Obtaining guardianship of a disabled adult can be more complicated because the court must also consider the rights of the adult. Here are four key differences between guardianship of a minor and guardianship of a disabled adult:

1. Assumed Need for Guardian: Children must have an adult who is responsible for their safety and personal decisions. If the parents are incapable of doing that, a guardian will be appointed, whether it is another adult or the state. For disabled adults, courts prefer to give them as much independence as they can handle. The person requesting guardianship must explain why he or she should have power over the adult.

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 Posted on October 25, 2017 in Child Custody / Allocation of Parental Responsibilities

Separation anxiety applies to parents and children after a divorce. As a parent, you have developed a bond with your children and are not used to extended time apart. With a post-divorce parenting plan, you will likely not see your children for days at a time. The change can be jarring. While your children will always be with one of their parents, you are suddenly alone when your children are staying with their other parent. This can be depressing if your life has centered around taking care of your children. However, you can also think of your free time as a chance to find a purpose and structure that is not reliant on being a parent. There are several actions you can take to help you towards this:

1. Rediscovering Personal Passions: When you became a parent, you may have put aside some of your favorite hobbies and activities. Taking care of your child came before your personal interests. You now have the free time to continue those interests. Participating in fun activities gives you something enjoyable to do while keeping your mind off your children's absence.

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 Posted on October 19, 2017 in Division of Assets

Divorce can upend your carefully made plans for your future, including your retirement. If you are approaching retirement age, you may have already figured out:

• How much money you will need to support yourself and your spouse during retirement;
• What lifestyle you will be able to live; and
• How much you need to contribute to your retirement accounts in order to reach your goal.

However, your retirement plan assumed that you would be married. Having a spouse allows you to pool your retirement money together and share in your expenses. As a single retiree, you may have less financial resources to work with. There are a couple of ways that divorce can drain your retirement accounts.

Marital Property

In Illinois, retirement benefits are considered marital property subject to division in a divorce. Your spouse can claim an equitable share of any retirement benefits that you have accumulated since being married. Divorcees typically settle the division of retirement benefits in one of three ways:

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