Category Archives: Division of Assets

How Do Mothers’ Rights Impact an Illinois Divorce?

Wheaton divorce attorneyIn recent years, a lot of emphasis has been placed on fathers’ rights during and after a divorce. This is partly due to a trend in which many dads have taken more active roles in parenting compared to fathers in previous generations. In divorces that took place in the past, mothers were typically awarded what was called “sole custody” of the children, as well as alimony, child support, the marital home, and other assets. However, things often turn out differently in today’s divorces, since many mothers and fathers share in earning household income and raising children.

In modern divorce cases, mothers’ rights regarding child custody should not be automatically assumed like they often were in the past. During divorce, both parents should be sure to understand their rights and the ways they can reach a favorable outcome.

Protecting the Best Interests of the Child

In Illinois, the court is instructed to consider what is in the best interests of the child when it comes to the “allocation of parental responsibilities” (formerly known as child custody) and “parenting time” (formerly known as visitation). According to Illinois law, if married parents reside in the state, then a family court will decide on these matters as a part of their divorce proceedings. For an unmarried couple, paternity must be established before a court can address matters of parental responsibility and parenting time.

Many factors play a part in deciding parental rights. While the court will not necessarily address which parent is “better” or “worse,” it will consider how the decisions made will affect the child’s well-being. Some of these factors a judge will consider when determining what is in a child’s best interests include:

  • The wishes of the child’s parents regarding who will have parental responsibilities

  • The wishes of the child

  • The child’s relationship with parents, siblings, and other relatives

  • The child’s adjustment to their home, school, and community

  • The mental and physical health of all family members who are involved in the child’s life

  • The occurrence or threat of physical violence against the child by either parent

  • Any domestic abuse against the child or others in the household

  • The willingness of each parent to promote a continuing relationship between the child and the other parent

  • Whether either parent is a sex offender

Mothers play pivotal roles in the nurturing and development of their children. Therefore, they should have equal rights and a say in the outcome of a divorce, especially when it comes to future parenting.

Contact a Wheaton Family Law Attorney

There are many aspects to consider during a divorce, and decisions about parenting time and the allocation of parental responsibilities are often some of the most important issues to resolve. If you are a mother who is concerned about your rights as a divorcee, the compassionate legal team at Andrew Cores Family Law Group will explain your rights and work with you to reach a positive outcome to your case. Call a compassionate DuPage County divorce lawyer at 630-871-1002 to schedule a free consultation.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59

 

How Can a Business Owner Hide Assets During Divorce?

Wheaton divorce and hidden assets lawyerThere are many ways that spouses attempt to hide marital assets from their wives or husbands. Methods can be as simple as stashing cash in a secret safe deposit box or transferring funds to family members or friends with the intent to recover them once the divorce is finalized. Other methods are somewhat more complex, such as creating offshore bank accounts or asking an employer to delay a large bonus or salary increase until after divorce.

Not only does hiding assets affect the division of property during divorce, but it can also affect child support payments and alimony. A husband or wife that successfully conceals marital property can end up getting away with tens of thousands or even hundreds of thousands of dollars that would have otherwise been distributed to their spouse or used for child support.

Business owners are at a great advantage when it comes to hiding assets during divorce, because there are dozens of ways that significant assets can be concealed. In many cases, a person may attempt to devalue the business, which is the same as stealing money from their spouse.

Unlawful Methods of Devaluing a Business

Small businesses do not always have small profits. In fact, 49 percent of full-time business owners have sales between $100,000 and $1 million per year. Some methods that business owners may use to attempt to reduce the value of their business include:

  • Failing to Report Cash Payments—A business owner that receives cash may hide these unreported earnings in a safety deposit box or a secret bank account.

  • Creating a Fake Employee—A spouse may pay a salary to an employee that does not exist, with plans to void those paychecks at a later time.

  • Prepaying Expenses—A business owner may make payments in advance for certain expenses, such as employee benefits, office supplies or furniture, or raw materials, with the intent of reducing the business’s bottom line.

  • Overpaying Taxes—A spouse may pay more in taxes than is actually owed, in hopes of receiving a large refund after the divorce has been finalized.

  • Welcoming Debts—A business owner may allow clients to defer payments until after the divorce is finalized in order to reduce the income earned by the business.

Reach Out to a DuPage County Hidden Asset Attorney

Do not let your spouse cheat you out of your fair share of marital property or use unlawful methods to reduce their child support or spousal maintenance payments. Hold them accountable by hiring an experienced divorce attorney. Here at the Andrew Cores Family Law Group, our attorneys are skilled at uncovering hidden assets, and we will ensure that you receive the marital property and financial support you deserve. Call our Wheaton divorce attorneys today at 630-871-1002 to schedule a free consultation.

Sources:

https://www.forbes.com/sites/jefflanders/2012/11/14/what-are-the-consequences-of-hiding-assets-during-divorce/#7bde61b7190c

https://www.businessknowhow.com/money/earn.htm

 

How Is Student Loan Debt Handled During Divorce?

DuPage County debt division attorneyIn 2017, the average student loan debt for graduates was over $37,000, which would amount to more than $45,000 when paid over 10 years with an average interest rate. This is a considerable amount of money. Graduate degrees are even more costly; the average student with a graduate degree has over $84,000 in debt, while the average medical school student has an astounding sum of $246,000 of debt. Many spouses may wonder what happens to this debt during divorce. This is a good question, because these debts can have a profound impact on a person’s life after finalizing the divorce process.

When the Loans Were Taken Out Before Marriage

If a student loan was procured before a couple was married, it will not be classified as marital property. Only marital property is divided during divorce. Non-marital property, such as bank accounts, real estate property, and debt, which was acquired before marriage remains the property and responsibility of that individual spouse. This means that if your wife took out $100,000 in law school loans before you were married, that debt will not become your responsibility after divorce.

Student Debt Acquired During Marriage

Everything changes when student loans are acquired during a marriage. However, simply because the debt is considered marital property does not mean that both spouses will be responsible for the debt. Many factors are taken into account when determining how to divide student debt, such as the following questions:

  • Which spouse profited from the education?

  • Did the non-debtor contribute to paying for the education or provide assistance in other ways, such as taking care of children while the debtor went to school?

  • How were the loans used? For example, did they cover housing as well as class fees?

  • What is the earning capacity of each spouse?

The spouse who went to school may end up being responsible for paying for all of their student loan debt after divorce based on how the above questions are answered. Depending on the circumstances and the decisions made during the divorce process, the other spouse may end up being responsible for paying off the debt as well.

A Wheaton Debt Division Attorney Can Help With Your Divorce

Distributing student loan debt during divorce can be exceedingly complicated. To ensure that your best interests are put at the forefront, you need an experienced DuPage County divorce attorney on your side. Call the Andrew Cores Family Law Group today at 630-871-1002 to schedule a free consultation.

Sources:

https://www.debt.org/students/

https://www.credible.com/blog/statistics/average-grad-school-debt-statistics/

https://www.cnbc.com/2019/05/20/how-much-the-average-student-loan-borrower-owes-when-they-graduate.html