Posted on July 21, 2015 in Division of Assets

Divorce is difficult for couples at any point in life, but when considerable wealth is involved, the process becomes much more complicated. If substantial assets need to be divided, each party wants to guarantee his or her fair share. This is true whether one spouse holds most of the assets or if both spouses worked hard to accumulate this wealth over time. High net worth divorce cases can also be more complicated due to the tax implications resulting from a potential settlement.

High-Asset Divorce Criteria

The main standard for determining “high-asset divorce” is that the couple or client have over $5 million in assets. However, this is not the only determining factor. A divorce is also considered high-asset if one or both parties additionally own a business, are listed as an heir to an inheritance, or purchased (and still own) significant amounts of property before the marriage.

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 Posted on July 21, 2015 in Divorce

In Illinois, judges formerly maintained full discretion regarding spousal maintenance payments in individual divorce cases. Now, due to 2014 legislation that was signed into law by former Governor Pat Quinn, guidelines have been established to streamline the process and make more congruent rulings for all divorcing couples in Illinois. Instead of judges having sole discretion to determine payments, the court must use a standardized formula to decide payment amounts and the length of the order. Before any payments can be established, a judge must determine whether or not a divorcing spouse is eligible for spousal maintenance. Factors that are taken into consideration include, but are not limited to, the following:

• Income and earning potential of each party;
• Living standards established during marriage;
• Length of the marriage; and
• Property ownership and allocation.

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 Posted on July 21, 2015 in Division of Assets

Many couples consider drafting prenuptial agreements that cover the division of marital assets, and property or income that each spouse owned separately before the marriage, but few consider what will happen to any collective debt as a couple, if they decide to divorce. This can present a tricky situation for both parties, as some obligations can be on shared accounts, or may have benefited both parties in a way that both would be responsible for paying off the debt following a divorce.

One of the best ways for a couple to handle debt if they are planning on getting a divorce is to pay off or resolve the debt before filing to have their marriage ended. However, it can be difficult for both sides to come to an agreement on what their fair share of the debt should be. If a family court has to decide how to divide the debt, it will use the state’s guidelines for equitable distribution in order to decide how much debt each party will be responsible for after the divorce. These guidelines do not simply divide the debt down the middle and give half to each party, and the outcome can sometimes be less than favorable for one of the parties.

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 Posted on July 21, 2015 in Child Custody

For parents who need a safe environment for the child to spend time with their other parent, or in cases where a child’s safety with a parent may be at risk, the Illinois family court system may require supervised child visitation. Supervised visitation is time spent between a parent and their child that is monitored by a third-party. This party’s presence is meant to ensure that appropriate behavior, in a safe environment, can occur between a parent and their child.

Supervised visitation offers both the child and the parent an opportunity to get to know one another if the parent has not been in their child’s life previously. It can also give both a chance to build a healthier relationship if they had a less than favorable one before.

Supervisors to Monitor Parent and Child Visitation

A supervisor may be required to be present for the entire visit or interaction between the supervised parent and their child. There are some situations in which a supervisor is only required to be present for the period of time when the child is being transferred from one parent to the other.

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 Posted on July 21, 2015 in Divorce

Just as no two people are alike, no two divorce cases are exactly the same. Finding the best lawyer for an emotionally charged event such as a divorce can be challenging. It is important to remember that not all divorce lawyers (and divorce cases) are similar in nature. To find the divorce lawyer who can best match the personalities and circumstances of the case, it is important to ask the right questions and pay close attention to the personality fit when interviewing potential legal representation.

Not Every Lawyer is a Divorce Lawyer

Before selecting an attorney, be sure to understand their fees and experience handling similar cases. Are they a divorce lawyer or simply an attorney who handles occasional divorce cases? There is a huge variance between these designations. Being represented by a lawyer familiar with divorce laws and local family judges can make a difference in the case.

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 Posted on July 21, 2015 in Divorce

Social media is becoming an increasingly pervasive part of everyday life, making more and more information regarding a person’s life accessible. This is a fact that is becoming more pertinent every day in family law. Electronic activities that show up on social media sites like Facebook can have wider reaching implications during divorce cases than many realize. Photos and other activities posted on social media can be used as evidence during divorce proceedings, making it a powerful tool during such cases. Understanding the potential impact of social media activity can be a complex, but it is important that your divorce attorney understands how to best advise you with regard to your social media accounts.

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 Posted on July 21, 2015 in Child Custody

A recent blog post discussed five common mistakes former spouses and parents may make as they move through the divorce and child custody plan processes. Since obtaining custody is a battle fraught with emotion and tension, mistakes are easy to make, and it is important for parents to understand how best to avoid them. Parents seeking custody of their child(ren) should always be looking out for the best interest of their child(ren) and should avoid the following scenarios during the child custody negotiation process.

Mistake Six: Using Your Children to Spy on Your Spouse

Parents should not coerce or encourage their child(ren) to gather information about their spouse or the happenings in their spouse’s household. This tactic is frowned upon, and if it becomes knows by the judge, the court, or the opposing attorney, the parent engaged in spying can have most or all of their custody privileges denied.

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 Posted on July 21, 2015 in Paternity

For children born to unmarried parents in the State of Illinois, paternity can come into question by the legal system. Paternity rights are automatically granted to married couples, however, if the parents are not married, state authorities or the courts will step in to decide paternity and rule on custody and child support cases. In 1984, the Illinois General Assembly drafted the Illinois Parentage Act to secure and protect rights for unmarried couples and their children. This law recognizes that all children have the right to “physical, mental, emotional, and monetary support of his or her parents.”

Unwed Mothers Automatically Gain Custody under State Law

In cases where paternity may be in question, or a father is not present, unwed mothers are automatically granted full custody of their children. Fathers seeking custody need to file a paternity action, and will have no rights to the child until legal paternity has been determined. Mothers can also file for paternity action.

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 Posted on July 21, 2015 in Child Custody

In the event of a divorce, determining custody of the couple’s child(ren) can be the most emotional part of the process. Gaining custody tends to be the primary focus for each parent, above all other allocations. With the amount of pressure placed on custody hearings, divorcing couples often make mistakes that can negatively impact the court’s determination regarding the child custody plan.

The most important thing to remember during custody negotiations is the priority of the child’s well-being. In order to determine a favorable outcome, parents should be aware of five mistakes that can have a significant impact on the outcome of the proceedings.

Mistake One: The couple’s hostility toward each other is more apparent than their love for their children.

The court will come to a decision based on their determination on what will be best for the child(ren). Divorcing parents should never let negative feelings toward their spouse be made known to their child(ren). Parents should refrain from speaking negatively about the child(ren)’s father or mother if the child(ren) could overhear, and should also avoid posting negative comments on social media or other public platforms.

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 Posted on July 21, 2015 in Division of Assets

It is common during divorce proceedings for one spouse to be more financially prepared than the other. Oftentimes, the spouse with the higher income starts diverting assets to hidden accounts that will not be declared in the event of a divorce. This asset manipulation benefits the prepared individual, while their partner is left with less than their due. These practices are both unethical and illegal, and affect all types of divorcing couples, from the wealthy to lower-income families.

Most Couples Have Only One Money Manager

Even in marriages where both partners are employed, one individual usually has more control over the finances than the other. Paying bills, managing accounts, investing, and saving is handled by the husband or the wife; not by both partners in tandem. As such, the spouse who manages the accounts and the financial resources has an advantage in the opportunity to manipulate assets.

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