Posted on February 10, 2022 in Divorce

Couples in Illinois frequently get divorced because of arguments about finances. While differences in financial behaviors may not come out for many years, ultimately these problems can destroy a couple's savings and hopes of retirement. Unfortunately, just because spouses initiate divorce does not mean that reckless spending automatically stops. If you are divorcing a spouse who is likely to continue harming your assets during the divorce process, you may want to consider a financial restraining order for the following reasons.

You Want to Protect Your Assets

Spouses in Illinois who are worried about financial waste or misuse can get a temporary restraining order until a couple's marital assets can be divided fairly. While financial restraining orders cannot completely stop a spouse's spending, they can prohibit a spouse from hiding, giving away, or spending money or property that is not necessary for everyday living.

Continue Reading ››

 Posted on February 08, 2022 in Family Law

After an Illinois divorce involving children under the age of 18, one parent is usually ordered to pay the other parent child support. While both parents' incomes are taken into consideration for the purposes of determining child support payments, it is generally the parent with the majority of parenting time who receives child support payments.

Life with children changes frequently and the parent receiving child support may be sensitive to the idea of receiving more support when it would benefit the children. He or she may want to keep track of their ex-spouse's income and petition the court for an increase in child support if the ex gets a raise. But not every raise is an automatic guarantee of increased payments. If you are receiving child support in DuPage County and believe your child's other parent got a raise and should be paying more, this blog may be helpful to you.

Does a Small Raise Justify a Small Increase in Child Support?

Continue Reading ››

 Posted on February 03, 2022 in Divorce

Spousal maintenance, also known as alimony or spousal support, is an essential part of many Illinois divorce decrees. When married spouses shared a standard of living, especially when a spouse forewent career opportunities to provide a family's childcare and housekeeping, one spouse will frequently have to pay the other spousal maintenance.

As with child support, spousal maintenance payments are generally determined by state guidelines that depend on both spouses' income. Some situations, however, allow judges more leeway in terms of how much payments will be and how they will be allocated. Before 2019, there was one particular type of maintenance available: Unallocated maintenance. While unallocated maintenance is no longer granted in divorces, some people in Illinois are still making or receiving unallocated maintenance and may wonder if the change in the law has implications for them.

Continue Reading ››

 Posted on January 27, 2022 in Divorce

Divorcing parents in Illinois have to manage a myriad of complex issues: Child support, asset division, spousal support, and more. While every divorce is different, many parents will agree that designing a parenting plan is one of the most challenging aspects of divorce. If you have children under the age of 18 and are pursuing divorce in Illinois, here are five things you will need in your parenting plan.

Basic Details About You and Your Children

Every parenting plan must describe specifically to whom the plan applies. You will need information about your children, including their dates of birth and primary address. You must also include your and your spouse's information, such as work and home contact numbers. If you cannot find your spouse or do not know their contact information, seek assistance from a divorce attorney.

Continue Reading ››

 Posted on January 25, 2022 in Divorce

In many cases, Illinois divorce courts treat stock options as marital property for the purposes of dividing assets in a divorce. The Illinois Marriage and Dissolution of Marriage Act explicitly states that when stock options have been given to a spouse during the marriage, they are marital property - whether they are unrealized or whether their value is even knowable.

If stock options are marital property, they must be divided equitably in a divorce. This presents some complications, not only because of the difficulty in ascertaining stock option value but because the proceeds of the stock options must be allocated to each spouse when they are exercised. If you anticipate dividing stock options in your Illinois divorce, read on.

Options for Dividing Unrealized Stock Options

There are essentially two options for dividing the value of unrealized stock options. First, the court can wait to divide the stock options until they are exercised in the future; or, the court can divide the option during the divorce and make spouses wait to receive their portion until the option is exercised. Courts and spouses may also want to receive some other marital property of equal estimated value, although this can be something of a gamble as the value of an unrealized stock option is difficult to estimate.

Continue Reading ››

 Posted on January 20, 2022 in Divorce

Parents often feel strong negative emotions towards each other after a divorce or separation. Even if parents were never married, co-parenting is a stressful endeavor and one parent will sometimes try to keep a child away from their other parent. Illinois law has strict guidelines prescribing when a parent can move out of state with a child, but what if a parent simply decides not to follow the rules and moves out of Illinois without asking permission from the court or the child's other parent? Is it technically possible for one parent to kidnap their child with an improper child relocation?

Violating a Parenting Plan Can Lead to Legal Consequences in Illinois

No matter what the violation entails, parents who violate the terms of their parenting plan can be held in contempt of court. Parenting plans are intended to be enforceable so parents cannot simply do whatever they want, especially if it would be bad for the child.

Continue Reading ››

 Posted on January 18, 2022 in Divorce

Child support provides crucial financial assistance to Illinois parents who are raising children, often with very little help from their child's other parent. When one parent refuses to pay child support or hides income to try to lower the amount of support they owe, it can cause enormous difficulties. The parent who needs to make up the financial difference suffers, but, perhaps more importantly, the child can suffer a diminished quality of life through no fault of her own.

If you are getting divorced and have a hunch that your spouse may be hiding or manipulating their income to avoid paying child support, an experienced Illinois family law attorney may be able to help. Here are some signs to watch out for that may indicate warning signs of hidden income, as well as steps you may be able to take to find hidden income.

How Do Spouses Hide Income to Avoid Paying Child Support?

Many parents have a suspicion that their child's other parent is hiding income because of a trend of financial deception during the relationship. If a person is willing to be manipulative about finances in the past, he or she is likely to do so in the future if it might benefit them. Here are some other signs a parent may be hiding income:

Continue Reading ››

 Posted on January 13, 2022 in Divorce

Teaching public school is one of the most difficult jobs someone can make a career out of. Fortunately, government employees have excellent benefits, and one of these is a generous pension that is meant to last a hard-working educator throughout their retirement.

Because pensions are considered marital assets and must be divided in a divorce, many teachers rightfully fear the consequences that getting divorced could have on their retirement plan. Does the whole thing get divided, even if you were teaching before you got married? How is the value of a fund determined? For answers to these questions, read on.

How Will the Value of My Pension Be Determined?

Knowing your pension's exact value can be challenging, but there are several common methods used for determining a pension's present worth. These include:

• The PBGC Actuarial and Mortality Tables Appraisal Method

  Continue Reading ››

 Posted on January 11, 2022 in Divorce

One of the most important things divorcing parents must do is arrange a suitable parenting agreement. Although it can be challenging to make the necessary compromises, a good parenting agreement can serve the entire family for many years.

Of course, if a child is ever in danger or a parent passes away, there will necessarily be a change in arrangements. But most parenting plans are modified for more innocuous reasons - children get older, people remarry, and parents sometimes have to move to a new home or change their work schedule. When there is a significant change in circumstances, it may be time to update the parenting agreement. Here are three common reasons a parenting plan may be modified in Illinois.

Physical Relocation

Illinois sets strict limitations around when a parent with majority parenting time can relocate with a child. Depending on the area he or she lives in, if the new home is more than 25 or 50 miles away from their current home, the relocating parent will need to get permission from the child's other parent or the court. Moving may also necessitate a rearrangement in parenting time because a greater or lesser distance could change the effort it takes to move a child between households.

Continue Reading ››

 Posted on January 06, 2022 in Divorce

Even when both spouses are employed during a marriage, it is not uncommon for only one spouse to manage the family finances. Although this can make things more streamlined while the marriage lasts, it can also make it easier for the spouse who manages the money to hide marital assets that should be divided in a divorce.

Hiding marital assets is illegal and unethical, and fundamentally violates the principles of the Illinois Marriage and Dissolution of Marriage Act, which places great importance on ensuring marital assets are divided fairly. If you are worried that your spouse may be trying to hide assets in your Illinois divorce, here are five places you might want to look.

Common Methods of Hiding Assets During Divorce

Although the strategies that people come up with are seemingly endless, here are some of the most common places hidden marital assets are found:

• Separate personal accounts - Many people mistakenly believe that their personal bank accounts are not subject to scrutiny during divorce. Funds are often transferred slowly over time and spouses may lie about the location of the money, hoping to avoid detection.

  Continue Reading ››