Posted on September 15, 2023 in Divorce

The prospect of dividing assets in a divorce can be seriously daunting. You may have spent a lifetime building up your business, or you may have decades of investments and savings with your spouse. Despite this success, your marriage has fallen apart and now you are wondering what happens next. 

While this worry is understandable, we assure you that you are not alone. An experienced lawyer can assist you through this process. Here at Pesce Family Law, we are available to assist you on your path and guide you along the way.

What is Considered a High-Asset Divorce?

In order for a divorce to qualify as a "high-asset divorce," a couple must have a considerable amount of money. A couple is typically included in this category if they have a net worth that is over one million dollars, although it can depend on whether assets are liquid. 

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 Posted on September 08, 2023 in Child Custody

While in a perfect society all parents are loving and present, in reality, this is not always the case. Unfortunately, there are some parents who not only neglect or abandon their children, they also actively abuse them. 

 As a parent, you might be concerned that either you or your former spouse will not be considered fit to care for your child. However, there are professionals who can help you. Here at Pesce Law Group, we have experienced Illinois lawyers who can assist you in clarifying what your rights are under Illinois state law. It is our hope that your journey through child custody issues will be made easier with our assistance.     

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 Posted on August 23, 2023 in Divorce

Divorce can be a complex and costly process, especially for couples with a lot of money. For those with high net worth, it is important to be mindful of the tax implications of divorce.

In a high-asset divorce, couples must take into account the division of assets. How assets are divided can greatly impact the tax liability of each spouse. For instance, if one spouse receives a highly appreciated asset, they may have to pay capital gains taxes when they sell it.

Minimizing Tax Liability

Child support is not taxable income for the recipient or a deductible expense for the payer. However, in some cases, special rules may apply. For example, if child support is paid as a lump sum, it might be taxable to the recipient.

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 Posted on August 17, 2023 in Family Law

A prenuptial agreement, also known as a prenup or premarital agreement, is a contract that couples can choose to sign before marriage. The contract is meant to outline how their assets and debts will be divided in the event of a divorce. Many couples consider prenuptial agreements for various reasons that depend on their individual circumstances.

Reasons For a Prenuptial Agreement

One common reason is when one spouse has more assets than the other, especially if significant wealth is involved, such as from a family business or inheritance. Prenuptial agreements help protect these assets in case of a divorce. Financial differences between partners, such as one being a saver and the other a spender, can also prompt couples to consider prenuptial agreements to safeguard the saver's assets.

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 Posted on August 13, 2023 in Divorce

Divorce can be hard on children, and their mental well-being requires close attention and assistance from responsible parents and caregivers. Recognizing the symptoms that a child is suffering from the stress of divorce is critical for providing the necessary emotional support and comfort during this time of transition.

Signs Your Child May Be Struggling with Divorce

Changes in behavior, such as becoming more withdrawn or unusually violent, may occur in children. They might have trouble sleeping or experience nightmares, bedwetting, or loss of appetite. Some may begin struggling with schoolwork or have a sudden decline in academic performance.

As they try to process their thoughts about the divorce, children may experience frequent emotional outbursts such as increased sobbing, tantrums, or furious outbursts. Younger children may exhibit regressive behavior, reverting to that typical of a younger age, such as baby talk or clinging to parents, and seek comfort in familiar objects or toys they once relied on for security.

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 Posted on August 06, 2023 in Child Support

Life is full of changes, and sometimes circumstances can shift to the point where a child support order needs modification. Whether it is due to a significant change in income, relocation, or other life events, parents may discover a need to adjust the existing child support arrangement. However, the length of the child support order modification process can vary depending on several factors.

Initiating the Request

The first step in modifying a child support order is to submit a request for modification. The parent seeking the modification must file the appropriate paperwork with the family court or child support agency that issued the original order. The timeline for initiating the request can vary, but it is crucial to do so as soon as the need for modification arises to avoid missed payments.

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 Posted on July 28, 2023 in Divorce

The divorce process can be difficult and painful, even under the best circumstances. Having to navigate the complicated legal process, plus the emotional and financial challenges, can be hard to manage on your own. While no two divorce proceedings are alike, most follow the same general format. Knowing and understanding the basics of the divorce process will help ensure your divorce goes as smoothly as possible. 

How Do I Start the Divorce Process? 

All divorces start with something called a “petition.” Even if both spouses want a divorce, one of them must file a petition asking a court to end their marriage. However, before you can file a petition, you have to make sure you have lived in Illinois for 90 days or more. If you just moved to Illinois, a court cannot take on your case until you have lived here long enough.

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 Posted on July 21, 2023 in Divorce

There are many different reasons why a couple would consider divorce; however, in many cases, the reason revolves around addiction. If one partner is addicted to drugs, alcohol, gambling, or even pornography, this can lead to the deterioration of a marriage. Regardless of how a person behaves at the beginning of a marriage, addiction can drastically change their personality, ability to keep a job, and even how they take care of their children. Living with someone who is an addict can negatively affect a family, which is one of the many reasons why this is a common reason for divorce. If you are in the process of getting a divorce from someone who is an addict, it is essential that you clearly understand your rights, especially if there are children involved. 

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 Posted on July 13, 2023 in Family Law

Paternity determines the legal acknowledgment of a relationship between a child and their father. This can be established either voluntarily or through a petition to establish paternity. If the child's mother is married when the child is born, her husband will be presumed father, and his name can go onto the birth certificate. If the couple is not married at the time of the child's birth, then paternity will not be assumed. The father is then exempted from any immediate child support until the establishment of paternity. 

Establishing Paternity Voluntarily

The first way to establish paternity is through the consent of both parents. This is through an In-Hospital Paternity Affidavit or a Voluntary Acknowledgment of Paternity Form. These will be signed by both mother and father either at the hospital after the child is born or later at a local health department. This document states that the person signing recognizes that he is the child's father. After paternity is determined, the child's mother can file a petition seeking a child support order. 

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 Posted on July 06, 2023 in Prenuptial Agreements

Divorce can be a complex topic, especially during the beginning of a new marriage. However, if you have assets you want to protect if the marriage does end in divorce, then putting together a postnuptial agreement might be in your best interest. If a postnuptial agreement is something you are considering when entering a new marriage, then knowing the best way to put it together is essential. 

It is also important first to know the difference between a prenuptial and a postnuptial agreement. A prenuptial agreement refers to agreements made before a couple is officially married. A postnuptial agreement is any agreement made after the couple is married. Other than when these agreements are executed, they are the same.

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