Tag Archives: alimony

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

 

What Factors Are Considered When Determining Alimony in Illinois?

DuPage County spousal support lawyerAlimony, also called spousal support or maintenance, is a payment from the higher-earning spouse to the lower-earning spouse during divorce or after the divorce has been finalized. There are various forms of spousal support, and these may be awarded based on the needs of the lower-earning spouse and the means of the higher-earning spouse to pay. A few examples of types of spousal support include reimbursement alimony, lump-sum alimony, rehabilitative alimony for vocational training or education, temporary alimony paid during the divorce, and permanent alimony.

In most cases, alimony is not permanent; instead, it is set for a specified length of time and, after that time period ends, the payments will cease. As a potential paying spouse or receiving spouse, you likely have questions about how the court makes a decision about alimony, or how both parties may reach a mutual decision about alimony outside of the courtroom. A skilled DuPage County spousal support attorney can provide all the details you need to know and assist you in reaching an outcome that provides for your financial needs.

How The Court Awards Alimony

According to Illinois statute 750 ILCS 5/504, the following factors are used to determine whether maintenance is appropriate:

  • The income and property of each party
  • The needs of each party
  • The future earning capacity of each party
  • Any potential impairment of the spouse seeking alimony
  • The time necessary for the alimony-seeking spouse to acquire training, education, employment, etc.
  • The standard of living established during the marriage
  • The length of the marriage
  • The age, health, occupation, vocational skills, etc. of each party
  • Other forms of income earned by each party, such as disability
  • The tax consequences of alimony payments for each party
  • Any contributions and services made by the spouse seeking alimony on behalf of the higher earning spouse, such as career advancement and homemaking
  • Any other relevant factors

If the court determines that an alimony award is appropriate, statutory guidelines will be used to determine the amount and duration of spousal maintenance payments. The amount of payments will be based on the income earned by both parties, and the length of time payments will be made will be based on the length of the marriage. However, if the spouses earn a combined gross annual income of $500,000 or more, the court may deviate from these guidelines and award maintenance that it believes is appropriate.

Does the Spouses’ Sex Have Anything to Do With Alimony?

Alimony should never be awarded based on the sex of divorcing spouses. However, middle-aged, married men with at least a high school diploma earn, on average, over $80,000 per year. Married women of the same age earn, on average, roughly $50,000 per year, which is a 40 percent difference. As such, men are more likely to pay spousal support than women. This is a generalization, not a rule; 38 percent of wives earn more than their husbands. In these cases, alimony may be awarded to the husband.

Our DuPage County Alimony Lawyers Can Help

Spousal support is a powerful tool that can provide a lower-earning spouse with a means to education and allow them to maintain the standard of living they have grown accustomed to. On the other hand, as a paying spouse, you likely want to limit the impact that alimony payments will have on your own financial well-being. In either case, the skilled Wheaton spousal support attorneys at Andrew Cores Family Law Group can advocate for your interests and help you reach a positive outcome to your divorce. Call us today at 630-871-1002 to schedule a free consultation.

Sources:

http://www.ilga.gov/legislation/ilcs/documents/075000050k504.htm

https://www.marketwatch.com/story/married-men-earn-more-than-single-or-married-women-and-single-men-2018-09-19

Who is Considered an “Expert” in a Family Law Case?

DuPage County family law attorneyThe more complex a divorce is, the more likely there will be experts utilized to provide information to the case. These professionals are often called in by one side to help sway the court’s decisions on various elements. Attorneys can rely on an expert to help prove their client’s parenting skills, disprove the other’s parenting abilities, reveal hidden bank accounts, or prove through bank statements that the other spouse was spending marital money on an affair. Below we outline a few different types of family law experts that could play a role in your own divorce case.

Child Psychologist or Child Expert

A child expert is a psychologist who meets with parents, children, and other family members and relevant parties in order to make recommendations on a parenting plan and custody.

Forensic Accountant

Much of divorce is about asset division, alimony, and child support. A forensic accountant may be called in to assess tax issues, provide insight into a spouse’s standard of living, place value on a business, or provide information about credit card statements or cash-flow.

Property Appraisers

These experts can produce an accurate value on jewelry, artwork, vehicles, furniture, and other assets as part of marital property division. Additionally, real estate appraisers may be necessary to assess the value of a home or other property.

Vocational Rehabilitation Expert

Spousal support, often referred to as alimony, is often awarded on the basis of the receiving spouse’s ability to earn an income in the future. This income sometimes depends on that spouse’s ability to attain the necessary education or job training. A vocational rehabilitation expert may give testimony about a spouse’s potential for vocational training or education. For example, the paying spouse may use such an expert to show the court that vocational rehabilitation is possible and that alimony should be minimal or temporary, and the receiving spouse may use such an expert for the opposite reason.

Call a Wheaton, IL Divorce Attorney

If you are going through a complex or contested divorce, you need to work with an experienced attorney, who may use additional experts to help secure a favorable outcome. To get the results you want in child custody, child support, and asset division, call the dedicated DuPage County family law attorneys at Andrew Cores Family Law Group today at 630-871-1002 to schedule a free consultation.

Sources:

http://edahngolan.com/Docs/Edahn_Golan-2015_US_State_of_the_Jewelry_Market.pdf

https://www.forbes.com/sites/davidkiley5/2018/05/30/average-new-vehicle-cost-is-36000-and-loan-delinquencies-are-up/#7223848b1e84