Posted on March 22, 2023 in DuPage County Divorce Attorneys

The legal and financial aspects of a marriage are often overlooked. Finances, however, are an essential element during a marriage and a divorce. The division of complex assets can be especially difficult, especially if those assets have a high value. Assets such as security funds, bonds, and small-cap stocks can frequently change in value, making them difficult to address during a divorce.

Continue Reading ››

 Posted on March 15, 2023 in spousal maintenance

Alimony, also known as spousal maintenance, is financial support that can be granted to a spouse in a divorce. This is meant to help spouses unable to care for themselves financially after a divorce. For the court to decide to award spousal maintenance to a spouse, the court considers both parties' income and the marriage's length. The Illinois Marrige and Dissolution of Marrige Act describes three different types of alimony: fixed-term, reviewable, and indefinite. 

Fixed-Term Spousal Maintenance 

Fixed-term alimony involves payments that are provided by one spouse to the other for a set amount of time. The termination date for these payments is decided in advance. This type of alimony is appropriate for people who, after a divorce, have the potential for future employment with an income that allows them financial stability. The goal of fixed-term alimony is to give a person the time to become dependent on themself. 

Continue Reading ››

 Posted on March 10, 2023 in DuPage County Divorce Attorneys

A prenuptial agreement is an agreement that two spouses make before marriage. The agreement details how the spouses will handle their assets, debts, or other finances if the couple divorces or a spouse passes away and will go into effect when the couple gets married. 

While many people assume that prenuptial agreements can lead to complications within their marriage, they actually can do the opposite, creating an arrangement that removes any potential doubt parties may have regarding their financial interests in the case of a divorce.

There are several reasons why a couple may decide to get a prenuptial agreement. Some examples are children from a past marriage or just wanting to protect their personal assets or future inheritance. The prenuptial agreement must be in writing, agreed upon, and signed by both spouses. A court will typically enforce most prenuptial agreements, except for the few exceptions under certain circumstances, especially if the agreement seems grossly unfair or assets are distributed unjustly. 

Continue Reading ››

 Posted on March 06, 2023 in Postnuptial Agreements

 Postnuptial agreements are voluntary agreements made during an existing marriage laying out financial agreements that a couple may want to establish in the case of a divorce. If the agreements are fair and agreed upon by both parties, then the postnuptial agreement will be enforced in the event of the death or divorce of a spouse. However, if the agreement is found to be unconscionable, or extremely unfair,  then it could be thrown out.

A few other scenarios that may invalidate a postnuptial agreement include coercion, a spouse misrepresenting themself, or incomplete financial disclosure. If the postnuptial agreement is one-sided, the court may change certain aspects of the contract to ensure that both parties get a fair deal. 

Is a Postnuptial Agreement Right For You? 

There are several reasons why a couple may consider entering a postnuptial agreement. The primary role of a postnuptial agreement is to protect the spouses’ assets and ensure that assets are split relatively in the case of a divorce.  

Continue Reading ››

 Posted on February 27, 2023 in Division of Assets

When it comes to owning a business, whether it be a startup, a franchise, a family business, or an established company, having an accurate business valuation is essential when going through an Illinois divorce. An accurate valuation can help to ensure that each of the parties within the divorce can receive fair settlements and a fair split of any debt sustained during the marriage. 

Valuation Paves the Way for Asset Division in Divorce 

Illinois is an equitable distribution state, meaning that any marital assets will be split fairly. If the business in question was started before the marriage, then it would likely be considered a non-marital asset. If the business was acquired during the marriage, then it will be considered a marital asset. However, determining ownership is rarely this straightforward. 

Continue Reading ››

 Posted on February 23, 2023 in DuPage County Divorce Attorneys

According to Illinois law regarding relocation with a child, divorced and unmarried parents who share parental responsibilities and parenting time may need to get court approval to relocate with their child. If a parent has most or an equal amount of parenting time and wishes to move, there are certain requirements and procedures to follow. 

When Is Court Approval Not Necessary? 

If a parent wants to relocate their child and has no interest in getting the court involved, there are a few certain situations where they will not need to:

• The parent lives in a collar county in Illinois and wishes to move less than 25 miles away

• The parent is outside the collar counties and wishes to move less than 50 miles away

• Both parents agree to the relocation 

  Continue Reading ››

 Posted on February 22, 2023 in DuPage County Divorce Attorneys

If any debt was taken at any point within the marriage, then that is considered shared between the parties. All marital debts and assets will need to be addressed during an Illinois divorce. Typically, any debt a party incurred before the two were married is considered non-marital property and will be the party's sole debt and responsibility. However, there are exceptions to this. 

If the parties are unable to agree on how their debts should be divided, then the court will step in and decide how to divide debt. Illinois is an equitable distribution state, meaning that debts and assets will be split fairly during an Illinois divorce,

Divorcing Spouses are Encouraged to Pay Off Debt 

Many divorce lawyers encourage divorcing spouses to pay off jointly held debt. Creditors are not required to absolve someone of their debt just because they got divorced. It is possible for a spouse to be pursued for repayment of debts that the other spouse amassed months or years after the divorce. If you are getting divorced and you and your spouse share debts, you may want to consider selling assets such as the marital home to pay down these debts. 

Continue Reading ››

 Posted on February 13, 2023 in DuPage County Divorce Attorneys

During a divorce, an ideal situation is that both parties can negotiate and settle on terms on their own. If both parties agree on how to divide assets, parenting time, and finances, they can save time, money, and stress. Divorce mediation can be an effective tool for parties to find a resolution that works for everyone. 

During divorce mediation,  couples can use the help of a third-party mediator to facilitate communication, negotiate and resolve conflicts between them. The mediator helps the couple understand their own interests, explore options for settlement, create a mutual agreement, and prepare the necessary paperwork.

Divorce mediation is often faster and less expensive than traditional divorce proceedings. It also helps both parties avoid the stress and bitterness of a court battle. 

How Does It Work? 

Divorce mediation allows for an unbiased voice when working through the parties’ negotiation. The mediator is knowledgeable regarding issues commonly involved in divorce and is trained in amicable dispute-resolution techniques. The spouses will discuss the various divorce issues and work on finding a solution they can both agree to. Mediation is often especially helpful for parents because it is less antagonistic than litigation. Resolving disagreements through mediation may help the parents remain on good terms throughout the divorce, which can greatly benefit their future co-parenting relationship. 

Continue Reading ››

 Posted on February 09, 2023 in DuPage County Divorce Attorneys

 Divorce can be taxing and complicated. With all the different elements that go into getting a divorce, many people may feel overwhelmed at the thought of navigating through all these complexities. Divorce is not a fun process to go through, but if you can understand the basics of Illinois divorce law, you will be in a better position to steer your way through the twists and turns that can go into a divorce. Working with an experienced divorce lawyer can also significantly reduce your stress and provide you with the legal guidance you need. 

Grounds For Divorce 

Illinois is a no-fault divorce state. This means that parties do not need to prove that there was a fault for the end of the marriage. Since the law changed in 2016, the only grounds for a divorce in Illinois are irreconcilable differences. There are however a few elements that parties must prove to get a no-fault divorce in Illinois: 

Continue Reading ››

 Posted on February 06, 2023 in DuPage County Divorce Attorneys

Do grandparents have visitation rights in the state of Illinois? While it is recognized that extended family members play important roles in children's lives, their right to see their grandchildren are more complicated than one may think. 

Visitation occurs when a person who is not a parent of the child spends time with the child. While visitation used to also encompass parents spending time with their child, now that is referred to as parenting time.

Granting Visitation Rights 

The parents of the child are the ones  in charge of how they raise their children and who their children spend time with. Parents have the right to keep their children away from grandparents. However, in Illinois, a grandparent can petition the court for visitation. Grandparents must meet the following requirements to qualify for grandparent visitation rights: 

Continue Reading ››