Tag Archives: property division

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

 

Is Pet Custody Treated Like Child Custody in an Illinois Divorce?

Wheaton divorce pet custody attorneyNumerous studies have shown that pets have a profoundly beneficial impact on our lives. In fact, the bonds that we create with dogs, cats, and other companion animals can be just as strong as the ones we create with other humans. Pets can even provide a variety of physical and mental health benefits for their owners, including lower blood pressure, reduced stress, lower levels of loneliness, and stronger immune systems for babies. Pets can also provide support for children with disabilities and autism, and they often help create an overall higher degree of happiness.

Because dogs, cats, and other pets quickly become irreplaceable members of our households, it can be difficult for both owners and the pets themselves when a divorce rips them away from us. However, by working with a skilled attorney, you can determine your best options for addressing ownership of your pets during your divorce.

A Pet’s Well-Being Is Taken Into Account During Pet “Custody” Disputes

There is good news for divorcing pet owners: Illinois recently passed a law that requires courts to take into consideration the well-being of pets when making decisions about pet custody, or, more accurately, pet ownership. While pets are still considered to be part of the marital property that should be divided between spouses, in many cases, spouses are able to come to an agreement regarding pet ownership, which can be sole or joint, just like child custody.

If a couple is unable to compromise, a judge’s decision will take into account what is best for the “companion animal.” This can include such factors as the following:

  • The living accommodations for the pet.
  • The work schedule of each party. For example, a spouse that travels constantly may not be able to provide quality care and attention.
  • The presence of children in the household that would enrich the pet’s life.
  • The presence of another non-maritally owned pet living with one of the parties that the pet has created an emotional bond with.
  • The financial ability of each party to care for the pet.
  • Which party has, in the past, demonstrated better caregiving qualities for the pet, such as taking the pet to the vet, grooming, talking the pet on walks, feeding the pet, purchasing food and toys, playing with the pet, etc.

A Wheaton Pet Custody Lawyer Can Help You Win Sole Ownership of Your Beloved Dog, Cat, or Other Pet

There is no way around it. Pets are part of the family, and Illinois law is finally catching up to reflect the importance that dogs, cats, and other animals have on our lives, as well as the impact that good owners have on animals’ lives. The skilled DuPage County divorce attorneys at the Andrew Cores Family Law Group can help you receive ownership of your pet. Give us a call at 630-871-1002 to schedule a free consultation today.

Sources:

http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=100-0422&GA=100

https://www.webmd.com/hypertension-high-blood-pressure/features/6-ways-pets-improve-your-health#2