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Recent Blog Posts
Tips for Dividing Assets and Debts in a Divorce
Divorces that involve major assets and debts can be especially challenging. Couples with real estate, investments, retirement accounts, and other high-value assets must carefully navigate the division process. In any case, it is crucial to have a clear understanding of the laws and regulations surrounding property division in Illinois to ensure a fair and equitable settlement. This blog will provide tips and insights on approaching asset and debt division during a divorce. Read on to learn more.
Understanding Illinois Law for Assets and Debt Distribution
If a couple can agree on how to divide their assets and liabilities, they are free to distribute property and debt however they see fit. However, if the parties to a divorce are unable to reach an agreement, the case may proceed to court, where a judge makes the decision.
Child Custody Battles: Understand Your Options
In 2016, the Illinois legislature struck the term ‘custody’ from the Marriage and Dissolution of Marriage Act and replaced it with ‘parenting time and parental responsibilities.’ Parenting time refers to a schedule of how each parent spends their time with their children, which is approved by a family court judge. The court makes the schedule per the 'best interests of the child' if the parents cannot agree.
What Are Parenting Responsibilities?
A parent's decision-making responsibilities are called 'parenting responsibilities’ in Illinois. The parents can agree to share these responsibilities or one parent may have all decision-making authority. Parental responsibilities refer to major decisions about a child’s:
- Religion
- Health
- Education
- Extracurricular activities
As mentioned, an Illinois family court will allocate these responsibilities if the parents cannot decide or agree on them.
Tax Implications to Consider During a Divorce in Illinois
There are so many factors to consider during a divorce that certain issues can get overlooked. Divorcing spouses often fail to consider the tax implications of their divorce in Illinois. In this blog, we will discuss some of the tax issues associated with divorce. For personalized guidance, contact a Kane County divorce attorney.
Child Support
Illinois courts calculate child support payments based on the parents’ income after taxes. According to current laws, child support payments are not deductible by the payee and not taxable to the receiving parent.
So if you receive child support in Illinois, you do not have to worry about those payments being taxed.
Claiming Eligible Children
Clients who claim eligible children on income tax returns receive greater tax refunds, which makes this a serious point of contention in many Illinois divorces. However, it is not always as beneficial as divorcing parents may think.
How Retirement Assets Are Divided During a Divorce in Illinois
There can be many points of contention during a divorce. However, retirement assets are often a significant source of disagreement, especially for those who have worked hard to save for their golden years.
In Illinois, the retirement assets earned during the marriage are subject to equitable distribution during a divorce. Equitable distribution means that assets must be divided fairly among both parties, but not necessarily equally.
Of course, a skilled St. Charles divorce attorney can help you better understand your rights, and how your particular retirement assets may get divided during a divorce in Illinois.
Identification & Evaluation of Retirement Assets
The first step in dividing retirement assets during a divorce is to identify them, along with all of the assets that are considered part of the marital estate. In Illinois, any assets acquired by either spouse during the marriage is considered marital property and subject to equitable distribution.
How Much Child Support You Pay in Illinois
Child support is a key aspect of any Illinois divorce that involves children. It is designed to ensure the best interests of children, and that both parents contribute financially to the care and upbringing of their children.
If you are going through a divorce in Illinois, it is important to understand how child support is calculated and how much you or the other parent may be required to pay.
The Income Shares Model
Illinois child support payments are determined based on a calculation model known as the Income Shares Model. It takes into account key things like the income of both parents and the number of children involved.
The model or formula is based on the idea that each parent should contribute financially to the child's care in proportion to their income. Every case is different and your St. Charles divorce attorney can better guide you regarding the exact numbers of your case.
Do I Need a Divorce Attorney if My Divorce is Uncontested?
An uncontested divorce in Illinois is one where both parties agree on all aspects of their separation, including property division, child custody, and spousal maintenance. It might seem straightforward, but hiring a divorce attorney can still make a significant difference in navigating the legal complexities and ensuring your best interests are protected. Today, we will discuss why you should still hire an attorney regardless of whether your divorce is uncontested.
Reasons to Hire an Attorney During an Uncontested Divorce
The following are reasons why it is a best practice to hire a lawyer for an uncontested divorce, including:
- While an uncontested divorce may appear simple, it still requires a thorough understanding of Illinois divorce laws. A divorce attorney is well-versed in the legal intricacies of Illinois laws and can guide you through the process to ensure your rights do not become infringed. They can also help you avoid the common pitfalls and ensure that you comply with all necessary requirements, ultimately saving you time and stress.
Common Complexities of High Asset Divorces in Illinois
The process of divorce in Illinois is a complicated one, but it becomes even more complex when high-value assets are involved. High-asset divorce cases require the knowledge and skills of an experienced attorney who understands the unique challenges and complexities of such cases.
Equitable Division of Property
The Illinois Marriage and Dissolution of Marriage Act (IMDMA) governs high-asset divorce cases in Illinois, providing guidelines for property division, spousal maintenance, and child support.
Under the IMDMA, marital property is divided equitably or fairly, but this does not necessarily mean that it is divided equally. Such a division can be a complex process, as it requires determining which assets are considered marital property and which are separate property.
Marital property includes any property acquired by either spouse during the marriage, regardless of whose name is on the title. This can include real estate, investments, retirement accounts, and businesses. Separate property, on the other hand, includes any property that was acquired by either spouse prior to the marriage or by gift or inheritance during the marriage.
What Happens if Someone Does Not Pay Child Support?
Child support helps parents cover child-related costs including housing, education costs, daycare, and much more. In Illinois, child support is considered the child’s right. The court will typically require the parent with less parenting time to pay child support payments to the parent with the majority of the parenting time. This support helps distribute child-related costs between the parents. But what happens if a parent fails to pay child support?
In this blog, we will discuss the consequences of child support nonpayment and what parents should do if they are not receiving child support.
Penalties for Not Making Child Support Payments
It should be noted that Illinois courts only have the authority to enforce formal child support orders. If your child’s other parent had a causal agreement and the other parent has suddenly stopped paying, there is little the court can do to enforce the agreement. You need to have an official child support order through the court or the Illinois Health and Family Services Division of Child Support Services. For some parents, this will require establishing parentage or paternity first.
Red Flags That Could Mean Your Spouse Is Hiding Assets or Income During Your Divorce
Financial issues are often the main source of conflict in a relationship, and that conflict can intensify during a divorce. Divorcing spouses are required to disclose their assets, all sources of income, and other financial information during a divorce. Financial disclosure is needed to ensure that any settlements or verdicts are based on accurate financial information. However, some spouses lie about their income and property during the divorce process. If you are considering or going through a divorce, it's important to be aware of the signs that your spouse may be hiding assets or income.
Common Ways Spouses Fabricate or Falsify Financial Information During a Divorce
Some spouses try to sway the division of marital property in their favor by lying about their assets and debts. They may also lie about income in order to increase the amount of child support or spousal support they receive or decrease their support obligations. Spouses may hide income or falsify income by:
Mediation for Child Relocation Disputes
When divorced or unmarried parents share custody of a child, moving to a new residence can present a significant challenge. Courts typically approve parental relocations if both parents agree to the move and the move is in the child's best interests. However, the situation becomes much more complicated legally and personally if one of the parents disagrees with the move.
If you or your child's other parent intend to move and you disagree with their intention, family law mediation may help you and the other parent negotiate a mutually-agreeable arrangement.
Illinois Law Regarding Child Relocation
"Relocation" describes moving to a new residence that is a significant distance away from the old residence. For parents in the collar counties of Illinois, a move is considered a relocation if the new residence is 25 miles away or more. For Illinois residents outside the collar counties, the cut-off is 50 miles.
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