Posted on November 28, 2024 in Divorce

Divorce is rarely an easy process, but high-asset cases bring additional layers of complexity. Couples with significant wealth often have to navigate dividing business interests, multiple real estate holdings, or intricate financial portfolios. The way these issues are resolved can profoundly impact both parties’ financial futures. 

Two common divorce resolution strategies for high-asset cases are mediation and litigation. Each has advantages and drawbacks, and the right choice depends on the couple's unique circumstances. A DuPage County, IL divorce lawyer can help you determine whether a collaborative resolution through mediation or going to trial is the best legal strategy for your case.

When Does Mediation Work Best?

In mediation, divorcing spouses work with a neutral third party, known as a mediator, to resolve disputes and reach a mutually acceptable agreement. Mediation can be useful in high-asset divorces because it can provide: 

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 Posted on November 18, 2024 in Child Custody

The holidays are a time for family, joy, and togetherness. However, for parents navigating a shared custody arrangement, it can also be a time of stress and tension. They may wonder how they can create a holiday schedule within their parenting plan that works for everyone and is fair to their children.

With the right approach, it is possible to make the holidays a positive experience for your family, even in a co-parenting situation. An experienced Illinois family law attorney can help you create a balanced holiday schedule that prioritizes your children’s needs while respecting each parent's right to quality time.

How Should You Decide Which Holidays Each Parent Will Have?

The ideal way to divide holiday time is through open, respectful communication. Parents can discuss their preferred holidays and make adjustments based on family traditions, religious observances, and other personal priorities. Events like family reunions or annual celebrations that hold particular significance could influence the scheduling decisions.

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 Posted on November 14, 2024 in Divorce

Life after divorce often brings a range of adjustments, especially when managing finances independently. In some cases, however, these financial circumstances can shift unexpectedly, creating new burdens that impact your ability to comply with the terms of your divorce decree. 

Events like sudden job loss, a medical emergency, or a considerable pay decrease can strain your resources, making it difficult to maintain agreed-upon financial obligations. An experienced Illinois family law attorney can help guide you through your options if you need to modify your divorce decree due to a significant financial change.

Can I Modify My Divorce Decree After a Financial Change?

To seek modification, you must demonstrate that the change impacts your ability to meet the financial obligations outlined in your original divorce decree. Illinois law allows for modifications to divorce decrees if there has been a substantial change in circumstances such as: 

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 Posted on November 06, 2024 in Child Custody

When parents go through a divorce, one of the most challenging aspects is deciding custody arrangements for their children. In some cases, a child may express a preference about which parent they want to live with, which can raise questions about whether the child’s opinion will influence the court’s decision. The court will consider many factors when determining custody, and the child’s preference is just one part of a broader analysis. An Illinois family law attorney can guide you through the custody process and help protect your child’s well-being. 

Does a Child’s Preference Play a Role in Custody Decisions?

A child’s preference can be a factor in custody decisions, but it is not the only consideration. Under Illinois law, the court prioritizes the child’s best interests, examining several other factors in addition to the child’s preferences. Section 750 ILCS 5/602.5 of the Illinois Marriage and Dissolution of Marriage Act outlines key elements that courts must evaluate when deciding custody, referred to as the "allocation of parental responsibilities." 

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 Posted on October 29, 2024 in Asset Division

Dividing property during a divorce can be complicated, especially when high-value assets like real estate are involved. The couple’s home is often one of their most valuable assets, and determining who keeps the house in a high-asset divorce requires careful deliberation. 

Without proper guidance, it is easy for one spouse to feel they are losing more than just a home — he or she could be left with an unfair portion of a couple’s shared financial security. An experienced Illinois divorce attorney can help you navigate the difficulties of property division and ensure that your assets are properly distributed.

How Is Real Estate Divided in a High-Asset Divorce?

In a high-asset divorce, Illinois law follows the principle of equitable distribution. This means that property is not necessarily divided equally, but instead, fairly based on several factors. When it comes to real estate, such as the marital home, the court considers:

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 Posted on October 17, 2024 in Family Law

When a marriage reaches a point where a couple can no longer live together, they may consider two options: legal separation or divorce. While both processes involve living apart, they have important legal differences that can impact finances, responsibilities, and personal status. Understanding the distinctions between the two is essential in order to make an informed decision. If you have questions about legal separation and divorce, an Illinois divorce attorney can help you understand the differences and determine which option works best for your situation.

What Is Legal Separation?

Legal separation allows couples to live apart while remaining legally married. Couples may choose this option due to religious beliefs or personal reasons or to maintain certain marital benefits, such as health insurance and tax advantages. The critical difference is that legal separation does not end the marriage.

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 Posted on October 10, 2024 in Asset Division

Dividing assets during a divorce is a complicated process, especially when spouses share ownership of a business. The business is often more than just an asset; it is a product of both partners' time, energy, and ambition. As a result, questions about what will happen to the business can bring both practical and emotional challenges. If you need guidance on properly handling your shared business ownership, an Illinois divorce attorney can help you understand your options.

What Are the Options for Dividing a Shared Business?

When both spouses have a stake in a business, there are a few choices to consider during the divorce process:

• Buyout: One spouse may buy the other's share of the business, allowing the buyer to retain full control.

• Co-Ownership: After their divorce, the couple can decide to continue co-owning the business. This arrangement requires a solid partnership agreement and the ability to effectively work together.

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 Posted on October 07, 2024 in Divorce

When finalizing a divorce and child custody arrangements, parents often have questions about how child support affects their taxes. They may wonder whether child support payments are tax-deductible or how child-related tax benefits are divided between parents. These tax benefits can be a significant source of confusion during divorce proceedings, especially because of their impact on each parent’s financial situation. If you are navigating divorce and taxes, a skilled Illinois family law attorney can assist you in managing these financial considerations.

Are Child Support Payments Tax-Deductible in Illinois?

Child support payments are not tax-deductible for the paying parent, nor are they considered taxable income for the receiving parent. According to the IRS, these payments are intended solely for the child’s needs and do not serve as income for the receiving parent. As a result, the paying parent cannot deduct child support payments from their taxable income, and the receiving parent does not have to report them on their federal or state tax return. This rule ensures that child support remains focused on the child’s financial support without impacting the tax liability of either parent.

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 Posted on September 30, 2024 in Child Custody

Awareness of mental health issues has been slowly increasing in America over the past few years. While some parents involved in a tense divorce might throw terms around like "he’s crazy" or "she’s insane," data shows that the number of people receiving mental health treatment has been steadily on the rise in recent years. 

This also means there is an increased understanding of what it means to live with mental illness, making those insults much less effective. Yet it can still be extremely distressing if you are accused of being mentally unfit to raise your children. If your ex is doing this to try to reduce your parenting time, speak with an experienced DuPage County, IL family law attorney who can explain your options and guide you forward.

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 Posted on September 20, 2024 in Divorce

While the concept of divorce is familiar to most people, there is a lack of knowledge about the various options available. Many people, especially those who have never been through a divorce themselves, have seen a high-conflict divorce play out in a movie or TV show. In these stereotypical scenes, the spouses do everything in their power to punish and hurt each other. They try to keep as much property, assets, and parenting time for themselves in an attempt to leave the other with nothing or as little as possible.

You might be surprised to learn that many couples manage to end their marriage without this dynamic playing any part. While there are several options for lower-conflict divorce, including collaborative divorce and mediation, this article will explore an interesting alternative known as uncontested divorce. Speak with a knowledgeable DuPage County, IL divorce lawyer to learn more.

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