Posted on October 13,2021 in Divorce Finances

Couples in Illinois who have worked hard to develop notable careers have also often accumulated substantial assets together. When a couple has liquid financial assets that are worth a million dollars or more, a couple can be considered high net worth. Spouses with a net worth of five million dollars are considered very high net worth while having over $30 million in assets earns a couple the distinction of being considered ultra-high net worth.

Whatever the exact value of a high-net-worth couple’s assets, there is no question that divorce becomes substantially more complicated when such a couple decides to separate. This blog discusses some of the unique challenges that these couples face during divorce.

A Longer Divorce Process

Unsurprisingly, larger and more complex financial assets contribute to a longer and more complex asset division process. The division of assets is notorious for being one of the toughest parts of a divorce, and especially when assets are difficult to value or when spouses cannot agree about how an asset should be divided. Inheritance, and the commingling of individually owned inheritance monies, can compound these problems. The same is true of spouses who attempt to hide marital assets.

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 Posted on October 12,2021 in Divorce Finances

While the marital asset division process in an Illinois divorce is fundamentally the same for everyone, couples or individuals with a high net worth have special considerations. Because high net worth assets are often complex, unique, or otherwise difficult to value, it is important to have the knowledge and assistance of a qualified Illinois divorce attorney and other financial professionals to help you throughout this process.

Are We Considered High Net Worth?

A person or couple’s “net worth” is the value of the assets they own, minus any debts or liabilities. The Securities Exchange Commission (SEC) is a governmental agency with the responsibility of ensuring fair market practices in the United States and the SEC defines a couple as being high net worth if their net worth exceeds one million dollars. A couple must also make over $300,000 a year in combined income.

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 Posted on October 09,2021 in Divorce Finances

One of the greatest mistakes people make during their Illinois divorce is not planning for life after the divorce is over. Because many spouses are covered under their husband or wife’s employee health insurance, they may forget about dealing with health insurance and find themselves scrambling for coverage.

This is especially true for spouses who have been out of the workforce for many years because they are stay-at-home parents or homemakers. Private health insurance coverage can cost hundreds of dollars a month and divorcees may struggle to find a plan they can afford. Fortunately, Illinois has a law that allows individuals to continue receiving health insurance coverage from their former spouse’s plan following the divorce. Although this option does not last forever, it can be a good option for someone who would otherwise be uninsured.

How Can I Stay on My Spouse’s Insurance Plan?

Someone who wishes to remain on their former spouse’s insurance plan following a divorce must notify the spouse’s employer within 30 days of the final divorce decree. The insurance company will then send the non-employee spouse notification of continued coverage and other appropriate forms.

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 Posted on October 05,2021 in Child Custody

Life after divorce presents a unique set of challenges. Sharing parenting time with an ex-spouse can be very challenging, especially if that spouse refuses to follow the terms of the court-approved parenting agreement.

Illinois always considers the best interests of children when approving or making decisions about parenting agreements, and decades of research supports the idea that children do best when both parents can be involved in their lives. Illinois law, therefore, prohibits parents who share parenting time from moving children a long distance away without obtaining the consent of the other parent. It is important to understand Illinois child relocation laws and what your options are if your ex violates them.

When Can a Divorced Parent Move a Child Out of Illinois?

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 Posted on October 01,2021 in Divorce Procedure

The process of getting a divorce can seem monumental. Besides the emotional upheaval of separating from your spouse, getting divorced can be a long process that requires extensive paperwork and negotiation over complicated topics like assets and parenting time.

However, there are things that you can do before the divorce begins to speed up the process and make it less complex. Doing a little work now to organize and prepare yourself for divorce can save you significant time and money in the future. Here are some great tips for people in Illinois who are preparing for or considering divorce.

Check Out Different Lawyers

Finding an attorney that meets your needs and style is important - you will be working closely together and the attorney-client relationship should be one that makes you feel respected and heard. Have an initial consultation with a few different attorneys and get a sense of your options. A responsible attorney should be honest about your realistic options, respect your priorities, and have an eye towards saving you time and money.

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 Posted on September 27,2021 in Family Law

Couples based in Illinois often decide to live together before, or instead of, getting married. There are many reasons for this, and each couple’s circumstances are unique. Regardless of why a couple decides not to get married, living together for a long period of time presents challenges that are commonly dealt with by married couples or couples in civil unions. However, couples who are legally bound together have certain protections provided to them by law while couples who are only living together generally do not.

That is why many couples choose to create a cohabitation agreement. Cohabitation agreements are legally binding and address issues regarding property rights, including how individual and shared assets will be handled if the couple breaks up. Although everybody has high hopes when they move in with their partner, the truth is that not all relationships last forever. A cohabitation agreement created now protects both partners in the future.

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 Posted on September 23,2021 in Family Law

Parents are the most important people in a young child’s life, but they are often supported by others who also care deeply about a child. Uncles, aunts, stepparents, and grandparents are all important family members who can develop strong bonds with a child and support him or her throughout their development.

Unfortunately, divorce often has an isolating impact between children and extended family members. This is especially true when one parent is only given partial or limited parenting time, and the parent with parental responsibilities and majority parenting time seeks to restrict the other parent’s access to the child. The limited parenting time can result in little or no contact between the child and extended family members.

In situations like this, grandparents and other relatives may wonder if they can take legal action to ensure they can stay involved in the child’s life. If you have been unable to visit your grandchild and wonder if you have grandparents’ rights, a qualified family law attorney may be able to help you.

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 Posted on September 17,2021 in Civil Union

In 2015, the Supreme Court of the United States ruled that same-sex couples all over the nation had the legal right to marry. Illinois was ahead of the curve - in 2011, the Illinois legislature signed the Religious Freedom Protection and Civil Union Act, allowing couples of any sex to enter into a civil union.

Although civil unions were originally a way for same-sex couples to enter into a legally recognized partnership, they may be used for other reasons as well. Civil unions provide couples in Illinois the same legal rights as married couples, but they are not the same as a marriage. In this article, we will discuss the difference between marriages and civil unions, and why people might choose one or the other rather than simply living together.

Why Get a Civil Union Instead of a Marriage?

If couples who enter into a civil union have the same rights as married couples in Illinois, why not just get married? The primary difference between these two options is that civil unions are not recognized by the federal government. This mostly impacts a couple’s finances - a couple with a civil union can enjoy the same rights as a married couple on the state level, but retain the ability to file their federal taxes individually and potentially remain in a lower tax bracket. However, this means that couples in civil unions will also give up the financial benefits that can come from federal recognition of a marriage.

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 Posted on September 14,2021 in Annulment

Nobody enters a marriage anticipating an eventual divorce, especially shortly after beginning your lives together. Unfortunately, some people begin experiencing substantial and irresolvable problems with their spouses immediately after getting married. Perhaps your spouse is not who you thought they were; maybe living together has given you a new perspective on what an entire life spent with your spouse would really be like.

Whatever the reason you want to separate from your partner, you may be wondering whether an annulment is an option for you. Many people believe all marriages can be annulled if only they are short enough. However, Illinois law sets forth very specific provisions for when an annulment can take place. In this article, we will answer some common questions about marriage annulments.

What Is a Marriage Annulment in Illinois?

Annulment is no longer a term used in Illinois law. Now, the law refers to whether a marriage can be declared “invalid” - and there are only certain circumstances when this term applies. A marriage can be declared invalid only if it meets one of the following conditions:

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 Posted on September 02,2021 in Divorce

If you have made up your mind to get a divorce, the first thing you think of may be to get out of a situation where there is so much resentment and hostility. The prospect of freedom is enticing, and you may be tempted to move out right away. But before you pack your bags and head for the door, there are some things you should consider before you leave the family home.

Once You Leave the Family Home, You May Not Be Able to Come Back

When you leave the family home, you leave your spouse in possession of the house and everything inside. While you may have packed your clothes and other necessities, there are likely valuable items such as furniture or items of sentimental value that are still in the home.

Although there are consequences in the property division process for spouses who destroy, hide, or sell furniture and other valuables without their spouse’s permission, this is not unheard of, especially in divorces where spouses are fighting constantly. If you leave and your spouse changes the locks, you may have lost a valuable opportunity to protect your belongings.

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