Recent Blog Posts
What is Involved in a Business Valuation During Divorce?
Posted on October 31,2024 in Asset Valuation
When a married couple decides to divorce in Illinois, their marital assets are split under the rules of equitable distribution. A handful of states still operate under community property laws, which means the marital assets are split right down the middle. In equitable distribution states like Illinois, marital assets are split fairly but not necessarily equally. If either spouse owns a business, or if the couple owns a business together, there must be a business valuation in order to determine how it should be split as a marital asset.
While a business is an asset, like a home or a vehicle, it is also a source of income. If the business structure is complex, the value of the business is significant, or there is a dispute regarding the worth of the business, a professional appraisal will be necessary. A neutral appraiser must be chosen, the valuation done, and then division can occur. If you or your spouse own a business, it is important to speak to a knowledgeable Wheaton, IL complex asset division attorney from Andrew Cores Family Law Group.
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Prenuptial vs. Postnuptial Agreement – Which is Better?
Posted on October 24,2024 in Prenuptial Agreement in Illinois
Both prenuptial and postnuptial agreements are legal, binding contracts that are meant to protect the interests of both spouses in the event of divorce, separation, or even death. While both agreements serve a similar purpose, depending on your specific situation, one might have benefits over the other.
Both types of agreements can help set expectations as well as prevent asset disputes between the spouses. If you and your soon-to-be spouse are considering a premarital agreement, speaking to a knowledgeable Wheaton, IL family law attorney from Andrew Cores Family Law Group is beneficial. The same holds true for a postnuptial agreement.
What is a Premarital or Prenuptial Agreement, and What Are the Benefits?
A prenuptial agreement is drawn up and signed by both parties before the marriage takes place. The couple determines how their assets will be divided if their marriage ends. While a prenuptial agreement is accepted in all 50 states, each state may vary in its requirements and interpretation.
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Could You and Your Family Benefit from Reunification Therapy?
Posted on October 18,2024 in Divorce
Divorce is rarely easy, and the aftermath of divorce can be challenging for all those involved. Family ties can be strained to the breaking point, including the relationship between parents and children and the relationship between divorced spouses who must cooperate for the good of the children. Issues like parental alienation, high conflict divorce, or situations where the bond between a parent and child has been seriously strained may benefit from a type of therapy known as reunification therapy.
In some instances, the court may order reunification therapy when a child refuses to spend time with one parent. If you believe reunification therapy could help your family get past some of the challenges the divorce has produced, speak to a Wheaton, IL family law attorney from Andrew Cores Family Law Group. Your attorney can help you find a legitimate therapist who is skilled in reunification therapy to help your family get back on track.
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Could a Demanding or Irregular Work Schedule Impact Custody?
Posted on October 15,2024 in Child Support
If your job requires a demanding or irregular work schedule, could your spouse use this against you during the allocation of parental responsibilities? Could your work schedule harm your ability to obtain parenting time? At least 10 percent of the workforce is assigned to irregular or on-call work shift times, and another 7 percent work split or rotating shift schedules.
Irregular work schedules impact those in professional positions, such as doctors and nurses, as well as those in low-income jobs like agricultural workers. Workers with irregular or demanding work schedules often report experiencing work-family conflict. Those who are required to work regular overtime hours can also experience work-family conflict, particularly those with very young children and single parents.
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How is a Professional Practice Split During a Divorce?
Posted on October 08,2024 in Division of Assets
Dividing assets, including one spouse’s professional practice, can further complicate an already complex divorce. Although Illinois is an equitable distribution state, a professional practice that existed before the marriage may be considered a separate asset. If it was created during the marriage, then at least a portion of it will likely be considered a marital asset.
The difficulty lies in the fact that professional practices are often an extension of the professional practitioner – making it difficult to calculate a monetary value. If you or your spouse has a professional practice, a knowledgeable Wheaton, IL divorce lawyer with significant experience in valuing and protecting professional practices can be crucial.
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Is Using Secret Trusts and LLCs to Hide Marital Assets Legal?
Posted on October 03,2024 in Marital Property
A recent article in the Wall Street Journal may be causing concern for some spouses. The article discusses a super-wealthy couple going through a divorce. The wife - intending to remain in the couple’s 50,000-square-foot property during the divorce - was shocked to find that the house and virtually all of the couple’s assets were part of a network of secret trusts and LLCs. Since the wife was not listed as a beneficiary of the trust the house was in, she was not entitled to live there, and the property was not a part of the marital estate.
During the divorce, the husband went on a high-end shopping spree, buying up millions of dollars of real estate that he then placed in LLCs – out of the reach of his wife. He also bought million-dollar homes to "gift" to his adult son. This situation reflects a growing trend in which those with financial means use secret trusts, prenuptial agreements, gift strategies, and LLCs to shield high-end real estate in the event of a divorce.
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If Abuse, Adultery, or Addiction Exist, Is Divorce Inevitable? | IL
Posted on September 30,2024 in Divorce
Divorce and what causes it are highly personal issues for most people. In some cases, it is not one big event that leads to divorce; rather, as the years pass, a couple grows apart, finding they have little in common. For some, money is the issue. Perhaps there is never enough money, or the spouses have vastly different ideas on how to spend marital money. In other marriages, arguments over in-laws or how to raise the children eventually occur so often that divorce seems to be the only path forward.
Many couples will face at least one of the three "A"s – abuse, adultery, and addiction. These issues are often so serious that divorce can seem inevitable. Whatever the reason you and your spouse no longer choose to be married, having an experienced Wheaton, IL divorce attorney as your legal advocate can make the process much less stressful. When you know you have someone watching your back who cares about your future, the path forward seems much more attainable.
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How Do I Know Whether I Need a Financial Restraining Order?
Posted on September 24,2024 in Divorce Finances
Divorce can be especially challenging when you are concerned about your financial future and suspect your spouse may be hiding or dissipating assets. In the state of Illinois, a temporary financial restraining order can be a vital tool in protecting your assets if you are in this situation. Since obtaining a temporary financial restraining order requires careful navigation of the legal system, having a Wheaton, IL, dissipation of assets lawyer from Andrew Cores Family Law Group can be extremely beneficial.
How Do You Know if Your Spouse is Hiding or Dissipating Assets?
If you feel uneasy about your marital finances, you should pay attention. An unexplained, sudden shift in your spouse's financial behavior is one of the first indicators that he or she may be dissipating or hiding assets. Your feeling is probably spot on if you see substantial cash withdrawals or money transfers.
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2016 Changes in Illinois Family Law That Govern Today’s Issues
Posted on September 19,2024 in Illinois Law
Eight years ago, Illinois made significant changes to laws surrounding family law issues, including divorce, spousal support, child custody, and so-called "heart balm" laws. Heart balm laws might be the most entertaining changes to family court laws, as they allowed jilted lovers to seek financial compensation for their "anguish." These laws covered a broad range of circumstances that might result in a failed relationship.
The heart balm laws were in effect in Illinois for more than 160 years, allowing those with a broken heart to sue for their heartache. The defendant in these civil suits was usually the "other" man or woman rather than the spouse. While a settlement was the end result, the ultimate goal of these lovelorn lawsuits was to humiliate and seek revenge. Although a major push across the U.S. was made in 1935 to outlaw heart balm laws, they remained on the books in Illinois until 2016.
Other important changes were also made in 2016, most notably changes in the language that governs child custody. Whatever your family law issue, it is always beneficial to have an experienced Wheaton, IL family law attorney from Andrew Cores Family Law Group to guide you through the process with empathy and skill.
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Can a Dad’s Rights Suffer from "Necessary" Child Engagements?
Posted on September 16,2024 in Child Custody
Divorce is tough on everyone involved, most particularly for the children who may feel "torn" between their parents. This is especially true when divorce is particularly contentious, and the parents have nothing nice to say about one another. In some cases, after the divorce, the situation between the parents can be just as antagonistic when the parenting plan kicks in. One parent may feel as though he or she is missing out on the important issues of the child, particularly the parent who has less time with the child under the allocation of parental responsibilities.
Consider the case of a Chicago father whose ex-wife used the daughter’s therapy to cut the dad’s parenting time short. The parents shared custody of their ten-year-old daughter; both parents enjoyed a generous parenting schedule and a close relationship with the girl. When it became necessary for the daughter to engage in extensive at-home therapy sessions, those sessions always took place at the mother’s home. The dad soon realized that these therapy sessions were cutting out a large portion of his court-ordered parenting time.
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