Posted on July 19, 2024 in Illinois Divorce

Divorce is more than just the dissolution of a marriage; it is the untangling of two lives deeply intertwined both emotionally and financially. When significant financial assets are involved, divorce becomes incredibly complex. This is where hiring an Illinois divorce attorney who is also a Certified Financial Litigator (CFL) can be a game-changer. Here is why the knowledge of a CFL can make a significant difference in your divorce proceedings.

Deep Understanding of Financial Valuation

One of the biggest challenges in a high-stakes divorce is the accurate valuation of assets. CFLs possess enhanced knowledge in financial analysis and valuation. CFLs are adept at identifying, valuing, and categorizing marital assets, including businesses, real estate, investments, and retirement accounts. This enhanced knowledge ensures assets are fairly and accurately valued, preventing any potential undervaluation or overvaluation that could affect the settlement.

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 Posted on July 15, 2024 in Illinois Divorce

Children often feel a range of emotions when it comes to divorce, such as confusion, sadness, anger, or despair. That is why it is so important for parents to prioritize the well-being of the children involved in the situation. To learn and implement strategies to keep your children happy and emotionally healthy post-divorce, discuss with your Illinois divorce lawyer regarding what decisions you should make to ensure the well-being of your children stays intact.

Manage Your Emotions for Your Children’s Sake

Managing your emotions effectively is one of the most important things in supporting your children post-divorce. Children are highly perceptive, meaning that they can easily pick up on your stress, anger, or sadness. This perceptiveness can worsen children’s levels of insecurity.

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 Posted on July 09, 2024 in Illinois Divorce

Marriage is built on trust and communication, but sometimes, issues arise that lead one partner to consider divorce. It is difficult and often painful to face the possibility that your spouse might be thinking about ending the marriage. If you suspect your spouse is serious about getting a divorce, there are a few important indicators that can help you understand his or her intentions. 

Remember, if you think your spouse is serious about divorce, strongly consider contacting an attorney. Your Illinois attorney will make sure your rights stay protected if you and your spouse move forward with dissolving your marriage.  Here are three signs that may indicate your spouse is seriously considering divorce.

Your Spouse Has Begun Speaking About Divorce Openly

One of the most apparent signs that your spouse is serious about divorce is if they begin to talk about it openly. This might include statements about feeling unhappy in the marriage, mentioning divorce during arguments, or expressing a desire to separate. These kinds of conversations can be direct or subtle, but if divorce is a recurring topic, it is a significant indicator that your spouse is considering it seriously.

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 Posted on June 26, 2024 in Illinois Divorce

Divorce proceedings can get even more complicated when a business is involved. Valuing a business can be a challenging task, and Illinois courts recognize several methods to do this properly. While the income approach is one way to determine a business’s worth, asset and market approaches tend to be more common. If you need assistance in matters related to your divorce, attorneys in Illinois are ready to assist you.

Understanding the Asset Approach

The asset approach, also known as the book value approach, involves calculating the net value of the business by considering its total assets and subtracting liabilities. This method gives a snapshot of what the business is worth if it were to be liquidated.

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 Posted on June 18, 2024 in Illinois Divorce

Divorce is rarely an easy journey, and it becomes even more complex when power imbalances exist between the spouses. Whether it is financial disparities, emotional control, or distinct differences in negotiation skills, power imbalances can significantly affect the fairness of the divorce process.

In Illinois, mediation offers a valuable tool that can help level the playing field, ensuring that both parties have a fair chance at reaching an equitable settlement. To learn more about the divorce mediation process, ask your attorney whether he or she thinks the process may be beneficial to your circumstances.

Identifying Power Imbalances in Divorce

Power imbalances come in various forms and can have numerous origins. For example, financial power imbalances are common when one spouse controls the couple’s financial resources significantly more. This can put the less financially stable spouse at a disadvantage, making them feel pressured to accept unfavorable terms.

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 Posted on June 13, 2024 in Family Law

One of the most significant and complex decisions you will face during a divorce in Illinois is what to do with the marital home. The house often represents not just a valuable asset but also a place filled with memories and emotional ties. Whether you decide to keep or sell it, several crucial factors should guide your decision-making process. Talk with your attorney to weigh your options.

Financial Implications When Deciding to Keep or Sell the Marital Home

First, you will want to assess the financial implications of keeping or selling the marital home. Keeping the home means you will need to be able to afford the mortgage payments, property taxes, insurance, and maintenance costs while living on a single income. Calculate a budget to determine if staying in the home is feasible without causing financial strain.

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 Posted on June 07, 2024 in Child Custody & Allocation of Parental Responsibility

When it comes to fulfilling child support obligations in Illinois, various methods are available to ensure timely and consistent payments. Among these, an income withholding notice, as it is known under Illinois law, stands out as perhaps the most reliable and efficient option, especially for those who receive regular paychecks from his or her employer. To learn more about child support payment options or anything related to Illinois divorce, contact a qualified attorney to protect your rights and understand your options.

Understanding Income Withholding in Illinois

Income withholding is a legal directive that requires an employer to deduct child support payments directly from an employee’s paycheck. The employer withholds a specific amount from the employee’s wages and sends it directly to the Illinois State Disbursement Unit, which then distributes the funds to the custodial parent. 

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 Posted on May 30, 2024 in Illinois Divorce

Divorce for stay-at-home parents is often overwhelming. There is child custody to work out, living arrangements to make, and a child to support. For many stay-at-home parents, sorting out financial support is the most difficult part. It is not easy to break into the workforce after having been out of it for so long, and options can seem few and far between.

This is where spousal support, or alimony, comes in. Alimony and child support are financial tools that are meant to help stay-at-home parents, but they are not guaranteed. An experienced divorce attorney will be able to clarify whether you can expect spousal support.

When Do Courts Order Alimony?

Courts order spouses to pay alimony based on several factors, such as:

• Whether one spouse has significantly more money than the other

• The financial needs of each spouse

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 Posted on May 21, 2024 in Illinois Divorce

The legal process for divorce in Illinois is complex, but it is even more so for high-net-worth divorces. A high-net-worth divorce is one where at least one spouse has a significant amount of wealth. Illinois law does not specify a number, but a divorce involving assets totaling $1 million or more is generally considered to be a high-net-worth divorce.

When it comes to this kind of divorce, it is best to seek out an Illinois divorce lawyer who understands the financial issues that a high-net-worth couple will need to address. This article will discuss four such issues.

Property Division

In any divorce, both spouses are entitled to what Illinois law calls marital property. This refers to assets that were acquired by either spouse during a marriage, with certain exceptions. If a spouse earned something or bought something during the marriage, the other spouse is entitled to their fair share of it. 

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 Posted on May 16, 2024 in Family Law

A prenuptial agreement is a document signed before marriage that outlines what will happen with certain issues in the event of a divorce. Because of this, some couples find the subject of a prenuptial agreement to be uncomfortable. Many people avoid even suggesting it for fear of offending their partners. Others feel they do not need one because they think they will never get divorced.

If your partner has reacted uncomfortably to the idea of signing a prenuptial agreement but you feel strongly that a prenup is a good idea, your best move would be to consult a family lawyer. An Illinois family law attorney who has experience with prenuptial agreements will also have experience dealing with couples who are struggling to agree about the subject.

What Does a Prenuptial Agreement Contain?

A prenuptial agreement is a legal document that contains provisions for what will happen if the couple gets a divorce. This premarital agreement can specify, for example:

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