Posted on November 03,2023 in Divorce

While most people are familiar with the concept of divorce, the vast majority are not aware of what is actually involved. It is natural to be unfamiliar with all the aspects of a divorce if you have never actually been through one yourself. You may have concluded that divorce makes the most sense for you, but probably have many questions about the next steps. One thing is certain: preparing yourself for the process is a great way to understand your rights and how to advocate for them. If you are considering divorce and want to make sure you are doing proper planning to be prepared for what will come, a Naperville, IL, divorce lawyer can walk you through the process and describe what you can expect to deal with.

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 Posted on October 26,2023 in Spousal Maintenance

Divorce can be complicated. Before a couple can legally end their marriage, they need to figure out how their formerly merged life will transition into two mostly separate lives. Every divorced couple’s settlement is different, each with conditions that are unique to the people involved. One major issue that comes up in a divorce settlement is alimony. It is not a clear “yes or no” issue because it depends on many factors. If you are headed toward divorce and feel confused about whether you might qualify for alimony, a knowledgeable Naperville, IL divorce lawyer can clear things up and set you on the right path to ensure your rights are protected.

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 Posted on October 16,2023 in Divorce

Annual holidays are a time for family togetherness and a chance to make meaningful memories with loved ones. If the parents of a family have been through a divorce, this can change the holiday dynamic drastically. 

In some families, one parent is religious and offers a religiously-based holiday experience while the other parent is not religious and offers a secular holiday experience, which could make exes feel offended by the way their children are experiencing the holiday. In some families, one parent might have limited means and offer a modest celebration at home, and their ex could have exotic travel plans. In some cases, one of the parents might have a new significant other that they want to introduce to their children over a holiday, but the other parent might feel it is inappropriate to bring other people into their children’s holiday celebrations.

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 Posted on October 10,2023 in Divorce

Divorce can be an arduous process. There are so many things that can potentially be the cause for an acrimonious fight with your spouse, from custody settlements to alimony payments to living arrangements. Once all of these and more issues that a divorcing couple needs to figure out have been discussed and agreed upon, the two spouses have a divorce decree, which describes what is expected of both sides emotionally, physically, and financially. But if a spouse refuses to follow this divorce decree, it can make everything problematic. If you are divorced and your ex is not complying with your divorce decree, a DuPage County, IL divorce attorney will be able to guide you through the options at your disposal and may be able to help enforce the decree through court proceedings.

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 Posted on October 06,2023 in Division of Assets

The process of getting a divorce can be extremely complicated for several reasons. You could be feeling a lot of different emotions all at the same time. If you have young children, you will need to decide which parent takes care of which responsibility on which day. If you were in a two-income household, you will now need to get used to managing a single-income household. And if you owned a home together, the future of that home is a major decision that needs to be made. If you are about to go through a divorce and not sure what you want to do about your home, a Naperville, IL divorce lawyer can provide you with important guidance about this.

Deciding Who Gets the Family Home Is Complicated

If divorcing parents are the owners of their home, what happens to that home becomes a major issue to deal with during the divorce. Sometimes both spouses want to move away from the home that might hold painful memories for them, but sometimes the memories are of better times in the past that they think of fondly. Unlike a sum of money, a home cannot simply be split down the middle, and that is why property distribution decisions can be quite complicated. 

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 Posted on September 26,2023 in Divorce

Hiding assets in a divorce is a serious offense that can have negative consequences, both financial and legal. If you are caught hiding assets, you could face financial penalties, lose credibility in court, and even face criminal charges.

It should not typically be a struggle to disclose all of your assets. However, in the case you may be having difficulties, you should talk to your attorney. They can help you to identify and disclose all of your assets, and they can help you to develop a plan for dividing your assets fairly with your spouse. The more information you can provide to your attorney, the better equipped they will be to help you through your divorce.

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 Posted on September 19,2023 in Spousal Maintenance

Spousal maintenance is an important financial consideration for many divorcing couples. The amount of spousal maintenance awarded, if any, will vary depending on the specific circumstances of the case. The court will consider many factors, including the length of the marriage, the income and assets of each spouse, and the needs of each spouse.

Seek the help of a knowledgeable spousal maintenance attorney to help calculate a payment estimate. An attorney can be invaluable throughout the property division process and aggressively represent you and your best interests if necessary.

Factors That Determine Spousal Maintenance Amounts

Spousal maintenance is not awarded automatically; spouses can agree on a maintenance award together, or the court must determine that one spouse needs financial assistance from the other spouse to maintain a reasonable standard of living.

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 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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