Tag Archives: child support

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

 

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

Do You Pay Child Support with Joint Custody in Illinois?

child-support-illinoisIn Illinois, parents no longer have “custody” of minor children. Instead, parents claim “parenting time” and “decision-making authority” for their kids. These terms replaced custody in 2016 when Illinois made drastic changes to the Illinois Marriage and Dissolution of Marriage Act (IMDMA).

Some parents believe if they share an equal amount of parenting time, the estimated child-related expenses should be the same, and that neither party should pay child support payments. However, Illinois court disagree.

Let’s explore the influential factors for determining child support payment amounts,
and why equal parenting time may not negate its necessity.

Child Support Calculator in Illinois

During the legal overhaul in 2016, Illinois shifted focus away from what was most comfortable for the parents to what is in “the best interests of the child.” This verbiage repeats itself continually throughout the new laws, including in the determination of child support payments. The law holds both parents accountable for the support of the child, rather than the formerly-titled “non-custodial parent.” Now, calculations include how much each parent financially contributed to the household during the marriage, which allows children to enjoy the same amount of financial support as when the parties were married and living in the same home. Factors a judge will consider include:

  • Income of each parent;
  • The number of overnight visits with each parent; and
  • Extraordinary care expenses.

Equal Parenting Time Requires Financial Support

The intention of child support is to allow children to enjoy the same lifestyle in their two separate homes as they experienced when their parents lived together. However, in the majority of situations, both parents do not have the same income, and after divorce, any income they shared becomes distributed between running two households rather than one. Therefore, even in situations in which parenting time is split equally, a support payment becomes required from the higher-earning parent to the other.

Contact a Wheaton, IL Family Attorney

If you and your ex-spouse have questions regarding child support requirements, you are not alone. The recent change to the income-shares model requires some adjustment. A DuPage County child support attorney can help answer any questions and assist you in creating a payment agreement that fits your situation. The experienced attorneys at Andrew Cores Family Law Group are ready to assist you today. Schedule your complimentary consultation with our office at 630-871-1002 to find out we can serve you.

Sources:

https://www.illinois.gov/hfs/ChildSupport/parents/Pages/ChildSupportEstimator.aspx