Posted on July 21, 2022 in Divorce

Funds from a retirement account are often marital assets and subject to equitable marital complex property division. Each retirement account, including private, public, and military, vary in its distribution and division. Illinois law recognizes that retirement accounts have contributions that are either economic or non-economic. This law is especially essential for the non-contributing spouse, known as the alternate payee. Some retirement accounts may be worth more value in the future.

A Qualified Domestic Relations Order (QDRO) is a court order that recognizes retirement funds are marital property. A retirement account and QDRO attorney can help with this type of complex property division.

Two Types of Retirement Accounts

Retirement plans have a Plan Administrator who manages the funds for the beneficiaries and contributors. Although there are many kinds of retirement accounts, each can be categorized into the following two.

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 Posted on July 14, 2022 in Divorce

Loyalty programs are popular marketing strategies that businesses use to lure customers. The incentives of reward points, which are often exchanged for products and services, help companies retain customers. These intangible reward points are considered currency and can include frequent flyer miles, credit card points, as well as hotel, restaurant, and retail rewards. As trivial as it may seem, reward points are often contested during divorce proceedings.

Identifying ownership of reward points can be challenging. A divorce attorney who understands the complexities of equitable property division can determine if reward points are marital or non-marital property.

Two Ways Reward Points are Marital Property

Timeline of accrual – Reward points earned during the marriage are deemed marital property. The credit card account holder’s name is inconsequential as long as the accrued reward points occurred during the marriage. Even if the accrued reward points were through business travel or expenses, points from a corporate credit card are marital assets. Although some credit card reward points are not transferable, some offer cash-back benefits. The value of reward points exchanged for goods and services could be estimated and included in the settlement.

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 Posted on July 07, 2022 in Divorce

Life circumstances sometimes change, and a divorced parent may need to petition the court for a parental relocation. The relocating parent may argue the move will improve the child's quality of life with opportunities such as a better school system or the parent's career advancement. The other parent may dispute the relocation for legitimate reasons, like economic or health challenges. Or, there could be a spiteful reason, such as the parent contesting the relocation to sabotage the ex-spouse's new life. Parental relocation disputes can be complex, especially when a child custody order needs a modification.

How the child will acclimate to the new environment is a significant concern. Luckily, protecting the child's best interests is a fundamental principle of the court. A family law attorney can help with the challenges of petitioning for a relocation.

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 Posted on June 27, 2022 in Divorce

Enduring a divorce can be agonizing, but the seemingly never-ending trauma could be amplified when a spouse refuses to comply with the divorce decree. A divorce decree could include determinations about the division of marital property, spousal support, child support, and parenting time. Sometimes, as stipulated in the divorce decree, an ex-spouse’s main source of income is spousal maintenance. Non-compliance with upholding the financial agreement of the decree could be catastrophic for the contesting spouse and perhaps even lead to destitution. Noncompliance with parental responsibilities and parenting time detrminations could also be detrimental to the child. A divorce attorney can help enforce the court-binding decree through a contempt proceeding.

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 Posted on June 17, 2022 in Divorce

Divorce is a life-changing ordeal, but it can be even more emotionally harrowing when it involves a family business. Sometimes the family business is inherited and dates back many years, intensifying the emotional value of the company. Or a family business could be equally, or partially, established by divorcing spouses. For some, family businesses are the sole source of family income. Business goodwill and business valuation need to be determined to decide how to proceed with allocating the property of a family business.

A divorce attorney proficient in business law can appraise a family business and propose solutions. Whether to dissolve the family business, remain business partners, or sell to a third party, divorcing spouses should know their options and rights.

Determining the Property of the Family Business

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 Posted on June 10, 2022 in Child Custody

Harboring a different set of values is sometimes the primary cause of divorce. With those different sets of values, parenting styles are likely to conflict. One parent may be more of the disciplinarian while the other may be more indulgent. Issues not addressed in the parenting plan, such as the child’s cell phone or social media use, could result in further discord between the parents. Situations like these could sometimes escalate to litigation for a modification to the parenting plan.

Consistent and harmonious co-parenting help create a home life that is in the child's best interest; however, achieving that ideal is sometimes complex. A child custody attorney could offer alternative dispute resolution, like mediation, to assist in finding agreeable solutions.

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 Posted on June 03, 2022 in Divorce

Divorce and child custody disputes can be overwhelming and transformative for a child. Change can be stressful for all, especially for a child with living arrangements divided between two households. When a child's parent begins to date, that can further intensify the child's stress. If the parent wants to introduce the child to the new partner, that can also cause a contentious rift with the other parent. However, if not stipulated in the parenting plan, a disputing parent may have little recourse in dictating whether an ex-spouse's associates become acquainted with the child.

A parenting plan is predicated on the best interest of the child. A child custody attorney can help find a viable solution for disputes through mediation or post-decree modifications.

Six Prevailing Concerns

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 Posted on May 23, 2022 in Divorce

Property division during divorce proceedings can be contentious and complex. Illinois law recognizes inherited assets as non-marital property. However, identifying the initial inherited asset can be difficult once an inheritance inadvertently or purposely is mixed with marital property. Commingling and transmutation can make property classification and division much more complicated during divorce.

Two Ways Non-Marital Inheritance Becomes Marital Property

Illinois law states that inheritance is non-marital property. The spouse who received the inheritance is the sole owner of the inheritance assets. However, inheritance can become marital property through commingling and transmutation.

• Commingling – Mixing inherited assets with marital property is considered commingling. If a spouse can prove the commingling of assets was intended for temporary convenience and can still identify the inherited asset, the inheritance may remain non-marital. However, if the inherited property is no longer identifiable, it may be considered marital property. For instance, if a spouse deposits inherited money into a joint spousal account, this commingling converts the inheritance to marital property.

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 Posted on May 17, 2022 in Division of Assets

All divorces can be difficult, but high-net-worth divorces are inclined to be more complicated, laborious, expensive, and lengthy because of the division of high-valued assets. A high-net-worth divorce attorney will uncover any hidden and devalued assets possessed by the opposing party. Once discovered and classified, a high-net-worth divorce attorney will advocate for the equitable division of marital and non-marital property. A high-net-worth divorce lawyer will also tackle the more commonplace disputes, such as alimony, child support, child custody, and parenting time.

Although marital agreements can mitigate the complexities of high-net-worth divorces, they can sometimes be deemed invalid. For instance, a spouse can claim the signing of a marital agreement was under coercion. So, a high-net-worth divorce attorney will scrupulously evaluate all assets and agreements.

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 Posted on May 11, 2022 in Divorce

Public Act 99-90 (SB 57) amended the Illinois Marriage and Dissolution of Marriage Act and related statutes, eliminating fault-based divorce. Effective January 1, 2016, Illinois became a no-fault state, meaning that a spouse cannot be blamed for a divorce even if the spouse committed infidelity or mental abuse. A no-fault divorce denotes an irretrievably broken marriage. As opposed to at-fault divorces, no-fault grounds allege irreconcilable differences, which may diminish the emotional strife related to the dissolution of a family.

Illinois divorces are either contested or uncontested. When spouses who cannot agree on one or more divorce issues, this is called a contested divorce. Iin an uncontested divorce, both spouses agree on the divorce terms. Obliviously, divorces without disputes are cost-effective because, unlike a contested divorce, an uncontested divorce can promptly proceed. Unfortunately, agreement on all issues is not always possible.

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