Posted on January 30, 2023 in Child Support

Child support is a crucial aspect of raising a child whose parents are not married, and it is the responsibility of both parents to support their child financially. However, in some cases, one parent may not fulfill their obligation to pay child support. This can create financial difficulties for the parent responsible for the child’s primary care. In Illinois, various strategies are in place for securing unpaid child support and enforcing court orders.

Strategies for Collecting Unpaid Child Support

Several strategies can be used to collect unpaid support when a parent is not paying child support.

• Wage Garnishment- This is a legal process in which a portion of a person’s wages is withheld from their paycheck. This can be done through the court system with an experienced attorney who knows the process.

• Withholding of State and Federal Income Tax Refunds- State and federal income tax refunds for child support payments can be garnished. If you are not receiving your payments, the other parent is at jeopardy of losing their state and federal returns.

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 Posted on January 23, 2023 in High Asset Divorce

High asset divorce is a complex and challenging process that requires a unique approach. In Illinois, high asset divorce cases involve significant financial assets and require expertise to navigate the legal system. This is why it is crucial to seek the help of an experienced attorney who can help you protect your financial interests as much as possible.

Dividing Assets

One of the main challenges is identifying and valuing assets. This includes everything from real estate and investments to retirement accounts and pensions. It is important to clearly understand the financial assets involved in the divorce to ensure that they are divided equitably. Businesses can be an essential asset in high asset divorce. Business owners will need to consider the value of the business and how they are willing to divide it or negotiate over it in a divorce.

Protecting Your Financial Interests

Another important aspect is protecting one’s financial interests. Pre- and postnuptial agreements can play an important role in high asset divorce, as they can provide a clear understanding of the assets and debts that each party is bringing into the marriage. Strategies such as setting up trusts or transferring assets to family members can help protect assets. Without these in place, during divorce, forensic accountants may be necessary to identify and value assets.

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 Posted on January 18, 2023 in Divorce

The process of filing for a divorce can be hard to navigate. It can be stressful and emotionally challenging, so it is essential to understand the process before you begin. Knowing what to expect can help you mentally and emotionally prepare for the journey ahead. 

This blog post breaks down the steps in filing for divorce and what you should expect at each stage. 

Grounds for Divorce in Illinois

When getting a divorce in Illinois, it is important to understand that this state is a little different than others. With some other states, you have grounds for divorce, such as adultery and similar circumstances. However, Illinois will not allow a divorce based on that.

The only valid grounds for a no-fault divorce are “irreconcilable differences.” This implies that after attempts to find common ground have been exhausted, further efforts at finding reconciliation would be futile. Therefore, it is not necessary to prove any wrongdoing on either party’s part.

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 Posted on January 12, 2023 in Division of Assets

Divorce can be a complex and emotional process. It can be even more challenging when retirement accounts are involved. In Illinois, retirement accounts are considered marital property, which means that they are subject to division during a divorce. It is essential to understand the laws and regulations surrounding retirement account division to protect your financial future.

Understanding The Division of Retirement Accounts

When dividing retirement accounts in Illinois, there are a few key factors to consider. First, it is essential to identify all the retirement accounts subject to division. This includes 401(k)s, pensions, IRAs, and other retirement savings plans. Once the accounts have been identified, the next step is determining how they will be divided.

The Role of Qualified Illinois Domestic Relations Orders (QILDROs)

In Illinois, one of the methods of dividing retirement accounts is using a Qualified Illinois Domestic Relations Order (QILDRO). A QILDRO is a legal document used to divide retirement accounts between spouses in Illinois. A court order directs the plan administrator to divide the account and pay a portion to the non-employee spouse. 

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 Posted on December 23, 2022 in Divorce

If you own a business but are considering divorce, you may wonder how the divorce will affect your business. Illinois is an equitable distribution state, which means that most assets gained during the marriage are subject to division in a divorce. This includes businesses.

Here are a few things you should know when navigating a divorce with a business involved.

Businesses as Marital Property 

In Illinois, a business that was owned or operated by either spouse before the marriage is usually separate property and not subject to division during the divorce. A business that was started or purchased during the marriage is treated as marital property and will be subject to division between spouses. Spouses may be able to negotiate a property division arrangement during divorce that both parties agree to. Sometimes, one spouse keeps all of the business assets and the other spouse keeps other assets such as vehicles or real estate. Others spouses divide business assets among themselves. Divorcing spouses may also decide to sell the business during divorce and split the profit or use the proceeds to pay off shared debt. 

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 Posted on December 22, 2022 in Divorce

In some instances, guardianship can be a critical step in protecting the rights of individuals who cannot take care of themselves or make crucial decisions. Guardianship gives authority over a person’s life to another individual, often a family member or close loved one. It is essential to understand when and why guardianship may be necessary so that you can provide proper care and protection for your loved ones. 

Health Conditions

If an individual has a medical condition that affects their ability to care for themselves, guardianship may be a good option to ensure their safety and well-being. For example, if someone has extremely poor health and cannot get out of bed, move around, or manage daily care and tasks by themselves, a guardian may be helpful.

Mental Impairment

A condition causing mental impairment, such as dementia or Alzheimer’s disease, can hinder someone’s ability to make decisions about their care and finances. This may require a legal guardian to be appointed to act on their behalf. Someone with severe, poor mental health may also require a guardian to make sound decisions for them.

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 Posted on December 16, 2022 in Business and Divorce

 Divorce is never easy, but things can get even more complicated when your business is involved. Many businesses are considered martial property. This means that the business needs to be addressed during the asset division portion of the divorce. Valuing and dividing business assets is often complex and contentious. Here are four tips to keep in mind when going through a divorce in DuPage County with a business:

1. Understand the Tax Implications

Understanding how your taxes may be affected by your divorce, especially if you own a business, is essential. You may want to speak with an accountant or tax advisor to ensure you take all the necessary steps to minimize your tax burden. 

2. Create a Financial Plan 

Divorce brings along financial stress, and it is vital to make sure that your finances are in order. Before making any decisions, create a comprehensive financial plan and assess what assets need to be divided. This should include any investments or business interests you share with your spouse. Typically, property that a spouse acquired during a marriage is marital property. Businesses established during the marriage are considered part of the marital estate unless they are excluded through a valid premarital agreement or postnuptial agreement. 

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 Posted on December 07, 2022 in High Asset Divorce

Divorce is hard enough, but the process can get even more complicated when high-value assets are involved. If you are getting ready to go through a high-asset divorce, there are some steps you can take to make sure that your rights and assets are protected throughout the proceedings. 

Working with a high-asset divorce lawyer is vital to help you navigate the process and the legal jargon. However, you can benefit from preparing on your end, too.

Hire An Experienced Attorney

High-asset divorces can be highly complex, and the rules surrounding them vary from state to state, so you need a lawyer who is well-versed in your local laws. Additionally, having a legal expert on your side will help ensure that any property settlements or alimony payments are fair. 

Start Gathering Documents and Records Related To Your Assets

If there are any investments, businesses, real estate, or hard-to-value assets involved in the divorce, it is a good idea to get an independent financial evaluation done. Gather income tax returns, bank statements, real estate appraisals, pension plans, and any other financial information that will help the courts determine what should be divided between both spouses. 

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 Posted on November 30, 2022 in Divorce

The prenuptial agreement, more commonly known as just a prenup, is a contract between spouses that both parties sign before a marriage that decides how assets will be distributed in the event of a divorce. Many people are reluctant to sign prenuptial agreements because they believe that doing so creates an impression that divorce will be more likely, but prenuptial agreements can serve many important purposes.

The biggest benefit to having a prenuptial agreement is that property division in a divorce can be much more streamlined and involve far less dispute. People could have many other reasons for signing prenuptial agreements, including concerns about children’s inheritance or businesses owned by one spouse.

How Prenuptial Agreements Work in Illinois

Prenuptial agreements in Illinois can cover many issues, but they cannot cover everything. A prenup can determine ownership of various forms of property, possible spousal support payments, and property ownership rights in cases of death.

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 Posted on November 21, 2022 in Divorce

Illinois is an equitable division state when it comes to property division in a divorce, but not all assets are necessarily easy to split. When one spouse begins a business during a marriage, the company typically becomes marital property. Both spouses have a right to an equitable share of marital property.

Even when a spouse starts a business before getting married, the company can still become marital property if both parties’ funds were used in the company or the non-owning partner makes any contributions to a business. There are steps people can take to protect their businesses in a divorce.

How Businesses Get Handled in Divorces

There are multiple steps people can take to protect their business interests when they are getting married, and the best move can often be to put an agreement in writing. Prenuptial agreements are one of the clearest ways to stipulate that a business will not be considered marital property.

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