Child support is a legal obligation that parents have to support their children financially. When unmarried parents have a child together or married parents get divorced, the court may require one of the parents to pay child support to the other. Money from child support can be used to cover housing expenses, educational costs such as private school tuition, extracurricular fees, groceries, and everyday expenses. Whether you are planning to divorce soon or you are an unmarried parent, it is important to know your rights and responsibilities regarding child support.

How Is The Amount Of Child Support Determined In Illinois?

The amount of child support that a parent is required to pay is determined by the state's guidelines. These guidelines take into account the income of both parents, the number of children, and other factors. Income is determined by looking at the net income of both parents, which includes salary, wages, bonuses, commissions, and other forms of income. The guidelines also take into account any other children from a previous relationship that the parents are responsible for supporting.

What Happens If A Parent Does Not Pay Child Support?

If a parent does not pay child support, the other parent can take legal action to enforce the child support judgment. Penalties for failure to pay child support can include wage garnishment, seizure of tax refunds, suspension of driver's licenses and professional licenses, and even jail time.

Two motivated, ambitious, and hardworking partners are often found in high net worth relationships. These couples can amass sizable fortunes both before and throughout the years of their marriage if they combine prudent spending and great investing habits. And although this might be advantageous in many ways, a high net-worth couple's financial portfolio may cause more issues than it solves if they decide to get a divorce. 

Here are some obstacles to be aware of if you are thinking about divorcing and are concerned about how it could affect your financial situation.

High Net-Worth Divorces Take Longer

Due to the careful, thorough treatment required by a vast asset portfolio, high net-worth divorces typically take longer to conclude. As a general rule, any property bought during a marriage with marital monies is marital. However, couples must first evaluate how much of any particular item is personal and how much is marital. Even private assets, nevertheless, might become mixed up with marital assets, occasionally necessitating the need for intricate asset tracking and appraisal.

An amount of money defined as spousal maintenance, spousal support, or alimony is paid by one spouse to the other after a legal separation or divorce. In the state of Illinois, a court may order spousal maintenance or the decision to provide spousal support may be agreed upon by the parties. The duration of a marriage, the respective wages of each spouse, and the contribution of each spouse to the marriage are all important considerations in coming to a conclusion on the issue.

Negotiated Agreements for Spousal Support

Spousal maintenance conditions can be negotiated by each party in a marriage agreement or throughout the divorce process, much like other divorce-related issues. The court will normally respect a postnuptial or prenuptial agreement that the couple had previously reached for maintenance during a divorce.

If no prior agreements between the previously married parties has been made, the spousal support’s duration and amount may be negotiated by the parties throughout the process of divorce.

Starting the divorce process might feel like an insurmountable challenge. Everyone engaged in a divorce suffers greatly emotionally, but navigating the process's legal steps and administrative details may also be stressful. Starting might be the hardest part, as it is with many things in life. The Andrew Cores Family Law Group has years of experience to assist you in taking that initial step and starting your new life.

Determine Your Own Divorce Situation

There are numerous factors to take into account while starting the divorce procedure, but the marriage itself must be evaluated first to decide where to start.

Many factors will determine how to approach ending the marriage. Think about it:

Going through a divorce can be a difficult and emotional time, and one of the major areas of concern is often the division of assets. If you or your spouse owns a business, the valuation of that business can be a complex and contentious issue. Here are some key things to consider when it comes to business valuation during a divorce in DuPage County, Illinois.

Why Is Business Valuation Important In A Divorce?

When a couple gets divorced, their assets must be divided between them. This includes any businesses that either spouse owns. In order to determine how to divide the business, it must first be valued. The valuation of the business will help determine what each spouse's share of the business is worth, and therefore how it should be divided.