Posted on May 05, 2023 in Divorce

Many people move to the Chicago area to fulfill their dreams as creators. Actors, authors, musicians, artists, inventors, designers, and entrepreneurs flock to the Windy City and the surrounding regions, hoping to make a living from their unique creations.

Unsurprisingly, disputes regarding intellectual property are not uncommon in Illinois divorce cases - especially cases involving high-net-worth individuals.

If you are planning to divorce and you or your spouse have copyrights, patents, trademarks, contractual rights, royalties, or other intellectual property rights, make sure you understand how intellectual property is valued and distributed during divorce.

Intellectual Property May Be Considered Marital Property

Most people assume that a creator’s work is his or her property alone. However, Illinois law is clear regarding the classification of property: Any assets acquired during the marriage are marital property save for assets acquired through gift or inheritance. Assets acquired before the marriage or after legal separation are non-marital property. These rules apply to tangible assets such as real estate and bank accounts as well as intangible assets such as intellectual property rights.

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 Posted on April 28, 2023 in Divorce

High-asset divorce cases often involve significant financial intricacies not present in typical divorce cases. Financial issues can be relatively straightforward to sort out when both spouses are open and forthcoming about financial information. However, when a spouse undervalues their property, fails to disclose all sources of income, or otherwise withholds financial information, the case gets much more complicated.

Forensic accounting is a process during which financial information is analyzed to identify, appraise, and locate assets. If you or your spouse own high-value real estate, investments, business interests, or other complex assets and you plan to divorce, forensic accounting can be a useful tool during your divorce process.

Identifying Marital and Non-Marital Assets with Forensic Accounting

Marital assets are assets that were accumulated during the marriage. Non-marital assets include gifts, inheritances, and assets accumulated before the marriage.

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 Posted on April 26, 2023 in Divorce

The division of marital property is a crucial aspect of the divorce process. Most of the assets acquired by either spouse during the course of the marriage are considered marital property. This can include bank accounts, retirement funds, real estate, investment income, and household items such as clothes and furniture.

Most divorcing couples negotiate a property division settlement. However, if the spouses are unable to determine a property division arrangement they can both agree to, the court makes a decision based on Illinois equitable distribution laws.

The dissipation of assets occurs when a spouse destroys, wastes, or misuses assets immediately prior to or during a divorce. A dissipation of assets claim may be used to recover reimbursement for assets that are squandered by the other spouse.

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 Posted on April 21, 2023 in Family Law

If you are planning to divorce and you or your spouse has significant financial assets, it is important to know how this wealth can influence the divorce process. Not only are financial issues such as property division more complicated, wealth can also influence child support calculations. 

In Illinois, child support is typically based on a standard formula. However, Illinois courts may deviate from the typical formula and use other means of calculating child support in high-income divorce cases.

Child Support Guidelines and Deviations

Each state handles child support slightly differently. Until a few years ago, Illinois determined child support solely using the paying parent’s income. The amount a parent paid in child support was based on a simple percentage of his or her net income. In order to create a more equitable situation for both parents, child support is now based on both parents’ income.

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 Posted on April 14, 2023 in Divorce

It is hard to know when a marriage is truly over. Many couples go through rough times but are able to reconcile and work out their differences. For other couples, the differences are too great to overcome. Determining when reconciliation is possible and when it is time to end the marriage is not easy. In some divorce cases, the court may require the couple to attend a conciliation conference. The purpose of this meeting is to determine whether it is possible to salvage the marriage or whether it is better to continue with the divorce.

Determining Whether the Marriage Can Be Saved

Divorce is final so it is crucial that the couple is certain of the decision before proceeding. If there is a question as to whether the couple truly wants a divorce, a conciliation conference may be needed.

Conciliation conferences are often used when one spouse believes that the marriage can be revived. Either spouse may petition the court for a conciliation conference or the court may require the couple to attend a conciliation conference. The conference is essentially one last chance to save the marriage.

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 Posted on April 07, 2023 in Divorce

For business owners, the last few years have been some of the most challenging they have ever faced. COVID-19 lockdowns, supply chain interruptions, record-high inflation, and worker shortages have all had a ripple effect on small businesses.

Divorce is not just hard on couples, but also on the business they own together. When two married business owners decide to get divorced, deciding what to do with the family business is often a top concern. Many divorcing spouses wonder whether they can continue to run the business together after their divorce.

Legal, Financial, and Emotional Implications of Co-Owning a Business with an Ex-Spouse

Business owners have the right to enter into a business partnership with anyone they choose. The question of whether ex-spouses can co-own a business is not the primary question in a situation like this. The main question is whether the spouses should co-run a business.

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 Posted on March 29, 2023 in Divorce

Divorce is never easy. However, some people experience significant challenges when initiating a divorce. For some spouses, simply finding their spouse and serving the divorce petition is the hardest aspect of the split. If your spouse has gone missing or you do not know their whereabouts, how do you get divorced? In this blog, we will discuss divorce by publication and when you may be granted a divorce without your spouse’s participation.

Ending Your Marriage When You Cannot Locate Your Spouse

The spouse who initiates a divorce is called the petitioner. Typically, the petitioner “serves” or delivers the divorce petition to the other spouse, called the respondent. The petitioner may also hire a sheriff or special process server to serve notice of the divorce to their spouse. However, if the spouse cannot be located the situation becomes more complicated.

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 Posted on March 22, 2023 in Divorce

For art lovers, an art collection is much more than an assemblage of art. It is an emotional connection, a source of pride and joy, and a representation of their investment in the world of art. Fine art may also be one of the most valuable assets a person owns. If you or your spouse have an expensive art collection and you plan to divorce, it is important that you understand how the artwork will be handled during the property division phase of the divorce process.

Classification and Ownership of Fine Art in a Divorce

Fine art may be classified as marital property or non-marital property in a divorce. If a spouse owned a piece of art before getting married, the artwork is typically non-marital property. Art may also be classified as non-marital property if it is excluded from the marital estate through a prenuptial agreement. If a spouse purchased or received a piece of art during the marriage, it may be classified as marital property in an Illinois divorce. If artwork is a marital asset, both spouses have an ownership interest in it, and the spouses will need to divide the value of the asset between themselves during the divorce.

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 Posted on March 15, 2023 in Divorce

Divorce cases vary significantly in complexity. When spouses own few assets and are willing to cooperate with each other and comply with the divorce process, the marriage can be dissolved with relative ease. However, high-asset divorce cases and high-conflict divorce cases are rarely this straightforward.

Divorce lawyers have many different legal tools at their disposal during a divorce case. One such tool is a subpoena. Subpoenas are court orders requiring individuals to appear in court and provide testimony or documents related to the case. In a divorce setting, they can be used to compel a spouse to turn over financial records, produce emails and text messages, or give statements about their marital assets.

When and How Are Subpoenas Used in a Divorce?

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 Posted on March 08, 2023 in Divorce

Most people have bank accounts in the country in which they primarily reside. However, it is not uncommon for high-income individuals to have “offshore accounts” in the Cayman Islands, Switzerland, Belize, or other countries. Although we often hear the term “offshore account” in conjunction with illegal activity in news stories, having bank accounts in other countries is perfectly legal. However, overseas accounts are sometimes used to hide assets during a divorce case.

Overseas Bank Accounts in Your Illinois Divorce Case

An offshore bank account may be used to reduce an individual's tax burden or make international business transactions easier. However, offshore accounts are also sometimes used to hide money from the Internal Revenue Service (IRS). Similarly, some divorcing spouses hide money in an offshore account to avoid dividing the funds during a divorce.

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