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.

Continue Reading ››

 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.

What Are Some of the Financial Penalties I Could Face?

One of the most immediate consequences of hiding assets in a divorce is that you could be ordered to pay financial penalties. These penalties can be significant, and they can include:

Continue Reading ››

 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.

Continue Reading ››

 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.

Continue Reading ››

 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.

What Makes a Parent Unsuitable for Child Custody?

Child custody in Illinois is split into two distinct areas that together are called “parental responsibilities.” The two areas are decision-making authority and parenting time (formerly known as visitation).

Continue Reading ››

 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.

Couples will also need to decide whether to file taxes jointly or separately after a divorce. If they are not yet legally separated or divorced, the IRS considers them married for filing purposes. However, if they are legally separated or divorced at the end of the year, they must file for single status unless eligible to file as head of household. This can significantly impact the overall tax liability of each spouse.

Continue Reading ››

 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.

Couples with children from previous relationships may opt for prenuptial agreements to ensure their children's assets are protected. Furthermore, as people marry later in life with more assets and debts, prenuptial agreements offer a sense of security by safeguarding these assets in the event of a divorce.

Continue Reading ››

 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.

Continue Reading ››

 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.

Grounds for Modification

Continue Reading ››

 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.

Continue Reading ››