Posted on March 30, 2023 in DuPage County Divorce Attorneys

Getting a divorce can put someone under a lot of pressure. This can cause stress and challenges in their day-to-day lives, especially when a child is involved. Children can also be deeply affected by divorce. A child may see a divorce as their family breaking apart, which can be extremely difficult, especially if the child is young. It is in the parent's best interest to look out for their child by deciding on a parenting agreement. This way, they can help ensure their child's divorce transition is as smooth as possible. 

What is a Parenting Agreement? 

A parenting agreement or parenting plan is a written agreement that both parents have agreed upon that allocates decision-making responsibilities and parenting time. The parenting plan can be submitted by each party or jointly. Once submitted, the court will look the plan over and consider it for approval. If the parents cannot agree on a parenting plan, the court may require the parents to attend mediation. During mediation, the parents will work with a mediator to discuss any disagreements, explore possible solutions, and work toward an agreement. 

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 Posted on March 27, 2023 in DuPage County Divorce Attorneys

Planning a divorce can be an extremely taxing and challenging task to do by yourself. It is, unfortunately, extremely common for people to make mistakes during the divorce process that lead to additional stress and avoidable financial loss. An experienced divorce lawyer can help you take the steps needed to make your divorce process as smooth and error-free as possible. Listed below are a few things to avoid when planning a divorce. 

Do Not Hide Assets or Lie About Income and Finances 

During a divorce, the parties must provide full financial disclosure. During a divorce, the parties must provide full financial disclosure. This includes providing a clear and honest accounting of all their assets and liabilities. Hiding or lying about assets is considered fraud, which can result in serious consequences both during the divorce process as well as after it is completed. A qualified divorce attorney can help you understand your obligations under Illinois state law and make sure that you are not making any mistakes while disclosing your financial situation.

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 Posted on March 22, 2023 in DuPage County Divorce Attorneys

The legal and financial aspects of a marriage are often overlooked. Finances, however, are an essential element during a marriage and a divorce. The division of complex assets can be especially difficult, especially if those assets have a high value. Assets such as security funds, bonds, and small-cap stocks can frequently change in value, making them difficult to address during a divorce.

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 Posted on March 15, 2023 in spousal maintenance

Alimony, also known as spousal maintenance, is financial support that can be granted to a spouse in a divorce. This is meant to help spouses unable to care for themselves financially after a divorce. For the court to decide to award spousal maintenance to a spouse, the court considers both parties' income and the marriage's length. The Illinois Marrige and Dissolution of Marrige Act describes three different types of alimony: fixed-term, reviewable, and indefinite. 

Fixed-Term Spousal Maintenance 

Fixed-term alimony involves payments that are provided by one spouse to the other for a set amount of time. The termination date for these payments is decided in advance. This type of alimony is appropriate for people who, after a divorce, have the potential for future employment with an income that allows them financial stability. The goal of fixed-term alimony is to give a person the time to become dependent on themself. 

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 Posted on March 10, 2023 in DuPage County Divorce Attorneys

A prenuptial agreement is an agreement that two spouses make before marriage. The agreement details how the spouses will handle their assets, debts, or other finances if the couple divorces or a spouse passes away and will go into effect when the couple gets married. 

While many people assume that prenuptial agreements can lead to complications within their marriage, they actually can do the opposite, creating an arrangement that removes any potential doubt parties may have regarding their financial interests in the case of a divorce.

There are several reasons why a couple may decide to get a prenuptial agreement. Some examples are children from a past marriage or just wanting to protect their personal assets or future inheritance. The prenuptial agreement must be in writing, agreed upon, and signed by both spouses. A court will typically enforce most prenuptial agreements, except for the few exceptions under certain circumstances, especially if the agreement seems grossly unfair or assets are distributed unjustly. 

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 Posted on March 06, 2023 in Postnuptial Agreements

 Postnuptial agreements are voluntary agreements made during an existing marriage laying out financial agreements that a couple may want to establish in the case of a divorce. If the agreements are fair and agreed upon by both parties, then the postnuptial agreement will be enforced in the event of the death or divorce of a spouse. However, if the agreement is found to be unconscionable, or extremely unfair,  then it could be thrown out.

A few other scenarios that may invalidate a postnuptial agreement include coercion, a spouse misrepresenting themself, or incomplete financial disclosure. If the postnuptial agreement is one-sided, the court may change certain aspects of the contract to ensure that both parties get a fair deal. 

Is a Postnuptial Agreement Right For You? 

There are several reasons why a couple may consider entering a postnuptial agreement. The primary role of a postnuptial agreement is to protect the spouses’ assets and ensure that assets are split relatively in the case of a divorce.  

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 Posted on February 27, 2023 in Division of Assets

When it comes to owning a business, whether it be a startup, a franchise, a family business, or an established company, having an accurate business valuation is essential when going through an Illinois divorce. An accurate valuation can help to ensure that each of the parties within the divorce can receive fair settlements and a fair split of any debt sustained during the marriage. 

Valuation Paves the Way for Asset Division in Divorce 

Illinois is an equitable distribution state, meaning that any marital assets will be split fairly. If the business in question was started before the marriage, then it would likely be considered a non-marital asset. If the business was acquired during the marriage, then it will be considered a marital asset. However, determining ownership is rarely this straightforward. 

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 Posted on February 23, 2023 in DuPage County Divorce Attorneys

According to Illinois law regarding relocation with a child, divorced and unmarried parents who share parental responsibilities and parenting time may need to get court approval to relocate with their child. If a parent has most or an equal amount of parenting time and wishes to move, there are certain requirements and procedures to follow. 

When Is Court Approval Not Necessary? 

If a parent wants to relocate their child and has no interest in getting the court involved, there are a few certain situations where they will not need to:

• The parent lives in a collar county in Illinois and wishes to move less than 25 miles away

• The parent is outside the collar counties and wishes to move less than 50 miles away

• Both parents agree to the relocation 

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 Posted on February 22, 2023 in DuPage County Divorce Attorneys

If any debt was taken at any point within the marriage, then that is considered shared between the parties. All marital debts and assets will need to be addressed during an Illinois divorce. Typically, any debt a party incurred before the two were married is considered non-marital property and will be the party's sole debt and responsibility. However, there are exceptions to this. 

If the parties are unable to agree on how their debts should be divided, then the court will step in and decide how to divide debt. Illinois is an equitable distribution state, meaning that debts and assets will be split fairly during an Illinois divorce,

Divorcing Spouses are Encouraged to Pay Off Debt 

Many divorce lawyers encourage divorcing spouses to pay off jointly held debt. Creditors are not required to absolve someone of their debt just because they got divorced. It is possible for a spouse to be pursued for repayment of debts that the other spouse amassed months or years after the divorce. If you are getting divorced and you and your spouse share debts, you may want to consider selling assets such as the marital home to pay down these debts. 

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 Posted on February 13, 2023 in DuPage County Divorce Attorneys

During a divorce, an ideal situation is that both parties can negotiate and settle on terms on their own. If both parties agree on how to divide assets, parenting time, and finances, they can save time, money, and stress. Divorce mediation can be an effective tool for parties to find a resolution that works for everyone. 

During divorce mediation,  couples can use the help of a third-party mediator to facilitate communication, negotiate and resolve conflicts between them. The mediator helps the couple understand their own interests, explore options for settlement, create a mutual agreement, and prepare the necessary paperwork.

Divorce mediation is often faster and less expensive than traditional divorce proceedings. It also helps both parties avoid the stress and bitterness of a court battle. 

How Does It Work? 

Divorce mediation allows for an unbiased voice when working through the parties’ negotiation. The mediator is knowledgeable regarding issues commonly involved in divorce and is trained in amicable dispute-resolution techniques. The spouses will discuss the various divorce issues and work on finding a solution they can both agree to. Mediation is often especially helpful for parents because it is less antagonistic than litigation. Resolving disagreements through mediation may help the parents remain on good terms throughout the divorce, which can greatly benefit their future co-parenting relationship. 

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