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Key Insights for High Asset Divorce and Child Custody Battles

 Posted on August 21, 2023 in Divorce

Wheaton Divorce LawyerDivorce and child custody disputes involving high asset parties present unique challenges not found in typical cases. Important insights can help individuals navigate these complicated situations. This article provides key information for those involved in high asset divorce and child custody cases.

Gather Extensive Financial Documentation

Thorough financial records are imperative in high asset divorce cases. Tax returns, bank statements, business financials, property appraisals, and any documentation related to substantial assets should be collected as early as possible. Complete and organized financial information allows for proper analysis and strategy when developing settlement proposals and arguments for equitable distribution. Be sure to gather documentation on all assets, debts, expenses, and any other financial records that may be relevant.

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3 Indicators That Your Spouse is Hiding Assets

 Posted on August 11, 2023 in Divorce

Wheaton Family Law AttorneyMarriage is meant to be a relationship of honesty. When you suspect that your spouse has been hiding something, whether it is an investment account or an affair, it can be upsetting. It is fairly common in high-net-worth divorce for one spouse to be concealing assets from the other. In divorce, this is often because the spouse hiding assets is hoping to avoid providing their spouse with their share of the asset. There is also significant misunderstanding regarding what each spouse may and may not do with marital finances. Just because you were married does not mean that your spouse has the right to do anything they please with your joint finances. If you suspect that your spouse is concealing assets that you should rightfully receive a share of in divorce, it is important to mention your concerns to your divorce attorney. In many cases, you may be entitled to a share of the assets your spouse is trying to hide. 

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3 Reasons Business Owners Need a Valuation During Divorce

 Posted on August 03, 2023 in Divorce

Wheaton Family Law AttorneyDividing a family business during divorce can be complicated. There are often many moving parts required to keep a business running smoothly even as its owners divorce. Your business may own a significant amount of capital or real estate. It may hold valuable contracts with employees - or employees may own shares of the company. All this can make equitably dividing a business among other marital assets challenging. As you begin to consider how your marital assets are to be divided, determining who will keep the business or other property in exchange for the business, it is important to know what your business is actually worth. Often, this is not the only consideration. The business may have been one spouse’s primary trade during the marriage, while the other does not have the experience needed to run it alone. However, in Illinois, both spouses are likely to have been deemed to have contributed to the success of the company even if one spouse was more hands-on. It is important to be represented by an experienced lawyer if your divorce will include a family business. 

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Leveraging the Benefits of Working with a Divorce Coach in Tandem with Your Divorce Attorney

 Posted on July 31, 2023 in Divorce

Wheaton Divorce LawyerDivorce is an emotionally, financially, and legally challenging process that can impact every aspect of your life. Navigating this complex terrain requires a holistic approach in order to pursue and achieve a successful outcome. While most individuals are aware of the importance of a competent divorce attorney, many overlook the unique benefits of also working with a divorce coach. Today, we will explore how the collaborative efforts of a divorce coach and an attorney can lead to a higher chance of favorable results in your divorce case.

Understanding the Role of a Divorce Coach

A divorce coach is a professional who combines emotional and practical support to help individuals effectively navigate the divorce process. While they are not always legal professionals, their skill lies in providing guidance, strategies, and resources to manage the emotional and relational aspects of divorce.

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Divorce Options for Spouses of Substance Abusers

 Posted on July 20, 2023 in Divorce

Wheaton Divorce AttorneySubstance abuse is an enormous social problem almost everywhere in the country. The large proportion of Americans who struggle with substance abuse means that illicit drugs are widely available and easily accessible. Many people are able to recover from addiction and go on to have normal, productive lives. However, if your spouse is addicted to drugs and has not put forth the effort to get clean, you may find that your marriage has become more of a burden than a boon. You are not obligated to stay and continue trying to take care of a person who will not do the work needed to take care of themselves. Divorce may be the best option for protecting yourself and any children involved. Unfortunately, getting a divorce from a substance abuser can be difficult. It is important to have skilled legal representation as you begin the often-difficult task of divorcing your addicted spouse. 

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If I am Already Married, is it Too Late for a Prenuptial Agreement?

 Posted on July 13, 2023 in Family Law

Wheaton Family LawyerMany engaged couples feel that prenuptial agreements are unromantic. It can certainly feel less-than-hopeful when you and the person you are about to marry must discuss who keeps what in the event that you divorce later. During your engagement, you were likely focused on the details of your wedding and your dream of living happily ever after with your soon-to-be spouse. Once you are married, you may begin to think about whether you should have made a prenuptial agreement. Many married people believe that they have missed their chance to reach an agreement governing important issues. Fortunately, it is not too late to create what is called a postnuptial agreement. Both you and your spouse should be represented by an attorney when you begin the process of creating a postnuptial agreement. 

Why Should My Spouse and I Make a Postnuptial Agreement? 

A postnuptial agreement is not a harbinger of divorce. Rather, it may be a good sign for your marriage if you and your spouse are able to communicate and compromise effectively enough to reach an agreement you are both willing to sign. There are many practical reasons why even the happiest of couples should have an agreement in place. Postnuptial agreements cover much more than the possibility of divorce. You can use your postnuptial agreement to require each other to maintain an estate plan naming each other as the primary beneficiary so that you are protected if only death can part you.

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4 Myths About Prenuptial Agreements Debunked

 Posted on July 06, 2023 in Family Law

Wheaton Divorce LawyerWhile most legal sources will strongly recommend using a prenuptial (or postnuptial) agreement in nearly all cases, there are quite a few negative things said about them. When you are engaged or newly married, you are likely to hear a lot of unsolicited advice pertaining to prenuptial agreements. Some of your friends may believe that these agreements are unromantic, while others may tell you that they are absolutely necessary in order to protect your personal assets in the event of a future divorce. It can be difficult to tell what is true about prenuptial agreements and what is misinformation. Before you begin working out an agreement with your soon-to-be spouse, it is best to speak with an attorney. An attorney can answer any questions you have about how prenuptial agreements work and what they should include. 

Common Misinformation About Prenuptial Agreements

If you are trying to decide whether to use a prenuptial agreement, it is helpful to know what is true and what is false about these legal contracts. Common myths include: 

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What Happens in a Divorce Deposition?

 Posted on June 29, 2023 in Divorce

DuPage County Divorce LawyerIn every court case, the parties have the right to discovery, where they can gather evidence that is in the possession of the other party. In addition to document requests, they can also personally question the other party and witnesses in a deposition. This proceeding can be crucial to your case, and it is essential that you are prepared. Your Wheaton divorce attorney would be in the deposition to defend you.

A Deposition Means Answering a Lot of Questions

Opposing counsel have a legal right to ask you questions, and they will pose quite a few of them during the course of the deposition. This proceeding will involve a series of questions, where the other attorney is attempting to gather information. The attorney may show you evidence and ask you questions about it, or they may ask a long series of questions. So long as these questions follow the proper rules (i.e, they are relevant, non-argumentative, non-repetitive, etc), you will need to answer them.

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Can Child Custody Issues Be Included in a Prenuptial Agreement?

 Posted on June 21, 2023 in Family Law

Wheaton Child Custody LawyerWhen couples enter into a prenuptial agreement, they often want to include provisions related to property division and spousal support. However, some couples may also want child custody and visitation provisions. In Illinois, the state’s family law statutes do not allow couples to include child custody provisions in prenuptial agreements. If you need legal assistance in ensuring your prenuptial agreement is legally binding, contact a family lawyer to ensure you can create an ironclad prenup void of costly errors. 

How Are Child Custody Matters Handled in Illinois? 

Under Illinois law, decisions concerning child custody must be made with the best interests of the child in mind. The court has various considerations when making a custody determination, such as the child’s current relationship with their parents, the parent’s ability to care and provide for the child’s needs, and the age and gender of the child, among other things. While prenuptial agreements are designed to allow couples to make their own decisions about property rights and other financial matters when it comes to anything related to children, the law has determined this is an area that needs to be decided on an individual basis and, according to the child’s needs.

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Does Illinois Require Separation Before Divorce?

 Posted on June 16, 2023 in Divorce

Wheaton Divorce LawyerThe divorce process in Illinois is both complex and emotional. Understanding the state's divorce requirements is important to navigate it effectively. Separation is a significant requirement, but it is often misinterpreted.

Requirement for Separation

Illinois law mandates that spouses either live apart for six months in separate homes or declare that their marriage has broken down irretrievably; all reconciliation attempts have failed, and any future attempts would not be in the family's best interest. This rule is intended to allow spouses to reconsider and potentially reconcile before proceeding with the divorce. The six-month rule does not mean that the parties must remain apart for six months before filing for divorce. It means that they must have been living separately for six months before the date of filing.

Grounds for Divorce

In January 2016, Illinois introduced a new law that only accepts "irreconcilable differences" as a reason for divorce. Earlier, fault-based divorces were allowed on grounds like adultery. In Illinois, the only grounds for divorce are irreconcilable differences, which means that the marriage has experienced an irretrievable breakdown. The judge will assume irreconcilable differences have been met if the spouses have lived separately for six consecutive months before the divorce judgment.

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