Posted on May 06, 2021 in Illinois Divorce

Earlier this week, Bill and Melinda Gates, widely known for their work at Microsoft and the Bill and Melinda Gates Foundation, announced that they were ending their marriage. This marks the second divorce of one of the world’s most wealthy individuals in recent years after Amazon CEO Jeff Bezos and philanthropist MacKenzie Scott ended their marriage in 2019. Very few divorces will match the Gates divorce in terms of the assets to be addressed, but other high-asset couples considering divorce may be able to learn something from the Gates’s situation.

Preparing for a High-Asset Divorce in Illinois

Though the Gates divorce is being resolved in the State of Washington, some of the issues at hand offer possible lessons for divorcing couples with significant assets in Illinois. For example:

• Property division can be resolved through an agreement between spouses. When filing for divorce, the Gateses noted that they have reached a separation agreement regarding their property and assets. In a high-asset divorce in Illinois, it may be possible to reach a similar resolution with your spouse, rather than leaving the division of assets in the hands of the court. However, it is usually a good idea to consult with financial experts who can help you understand the full implications of your decisions.

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 Posted on April 30, 2021 in Illinois Divorce

When a couple is going through a divorce, they are both required to provide the other with details of their individual finances. Each party is required to fill out a financial affidavit – under the penalty of perjury – that is also filed with the court.

It is not uncommon in these situations for one or both spouses to be resentful about sharing this information with the other spouse and may decide not to disclose all of their assets. However, if a person is caught hiding assets in a divorce, the penalties could be far more costly than if they had just told the truth.

Financial Cheating

While you may think that most married couples share everything about their finances with each other, the reality is that there are many spouses who may not be entirely truthful with their partner about money. In fact, one major study that was conducted a few years ago, showed one in three people admitted to lying to their spouse about money, whether it was outright lying or hiding money, or “coloring” the truth a little bit.

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 Posted on April 23, 2021 in Uncategorized

While there is usually no question regarding the identity of a child’s mother, the same is not always true of the father. Whether the biological father is unknown at the time of pregnancy, or the father shows up years later, a mother may wish to have a DNA test performed to legally determine who the father of her child is. Genetic paternity testing of a man’s DNA and the child’s DNA can reveal if the two are father and child.

Paternity Testing

Half of a child’s DNA comes from their mother, and half comes from the father. A DNA test can reveal whether the father in question is truly the father or not. The process begins with a cheek swab from the inside of the alleged father’s mouth, as well as the child’s mouth. The DNA fingerprint of each is then profiled, with an accuracy of 99.99 percent. A paternity test can also be done while the mother is still pregnant with the child through blood analysis or more invasive measures by sampling the placental tissue.

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 Posted on April 16, 2021 in Child Custody

Not all divorces and separations are amicable and they do not always result in the desired outcome. In fact, when children are involved, few do. The allocation of parental responsibilities and parenting time (previously referred to as child custody and visitation) is a contentious and emotional issue, as the court’s decision will affect the child and both parents for years to come.   Co-parenting requires a couple to find some grounds for cooperation and mutual understanding when, in reality, neither of those two factors was strong enough in the relationship to make it last in the first place. So how do you deal with it now? 

For some parents, the task of entrusting their child to a partner they do not believe is fit to be a guardian is too much to bear, and they may wonder if they can simply refuse to allow parenting time to continue. If you are heading down this path or need legal counsel to re-address custody or visitation rights, contact the family law attorneys at our office as soon as possible, we can help guide you in the right direction.

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 Posted on April 09, 2021 in Child Support

It is no surprise that a person’s financial health is often subject to ups and downs, depending on what is going on in society and what is going on in their own personal life. The current COVID-19 pandemic is a perfect example of how significant our finances can be impacted due to circumstances beyond our control. It is situations such as this, where a parent may seek modifications to an existing child support order. Under Illinois law, there are unforeseen circumstances that arise and these can bring forth a need to modify the court-ordered child support that is in place.

When Is an Appropriate Time to Ask for a Child Support Modification?

Under current Illinois law, child support may be reviewed for modification every three years or if there has been a significant change in either the child’s needs or in one of the parent’s income. Child support cannot be retroactively changed, so if you think your child support orders need to be modified, it is in your best interest to act sooner versus later. Other reasons to consider a child support modification is if either parent has: 

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 Posted on March 30, 2021 in Child Custody

One of the greatest challenges that parents face during divorce and child custody battle is keeping their feelings under control and not discussing their feelings about the other parent in front of their children. Children are smarter and more intuitive than we often give them credit for. Even a young toddler still learning to speak can sense the hostility that is being directed toward a parent when the other is talking about them behind their back. Multiple studies have shown that alienating a parent has life-long implications for children, with the potential to cause low self-esteem, self-hatred, depression, substance abuse, lack of trust, and more. The following are a few tips to follow if you are involved in a child custody battle. For more details that may apply to your particular situation, an experienced family attorney can assist you.

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 Posted on March 24, 2021 in Illinois Divorce

When a couple is going through a divorce, property and asset division is often one of the most important concerns. It can also be a very difficult one, especially if the couple has amassed significant assets and/or property during their marriage. The first step your divorce attorney will take is assessing what should be deemed marital property and what should be deemed nonmarital property. While this may seem fairly straightforward, it is not uncommon for spouses to disagree on what is and is not marital property.

Marital Property Versus Premarital Property

Under Illinois divorce law, property that is acquired and owned during the marriage is considered marital property. However, property that you acquired and owned prior to marriage is considered your premarital property. This property is not considered part of the divorce and should be immediately transferred to the person who originally owned the property. There is one caveat, however, and that is if there was an increase in the value of the premarital property during the marriage, that increase may then be considered a marital possession.

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 Posted on March 17, 2021 in Child Custody

Of all the issues that a divorcing couple must contend with, child custody is often the most contentious issue they face. Even the friendliest of divorces can quickly turn adversarial when discussions about the allocation of parental responsibilities and developing a parenting plan come into the picture. These strong emotions can make custody disputes difficult, and they can also prompt parents to make mistakes. In some situations, these mistakes can end up being the deciding factor in where the judge decides the child should live. Consequently, it is important for parents in these disputes to stay civil, stay honest, and stay persistent, so that they can have their best chance at the custody arrangement that is best for their child.

Stay Civil

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 Posted on March 08, 2021 in Family Law

Over the past several years, the divorce rate in the United States has been decreasing. In 2019, the rate was a record low, with only 15 out of every 1,000 marriages ending in divorce. This was the lowest rate of divorce this country has seen since 1970. Not only has the divorce rate been dropping, but the median duration of marriages has also increased by almost one year in the past decade. In 2010, the median length of a marriage in the United States was 19 years. In 2019, the length was up to 19.8 years. Below is a look at some of the reasons for these statistics.

Rates of Marriages and Divorces

It is projected that the divorce rate will continue to drop, despite the ongoing COVID-19 pandemic. Last March, when the pandemic first hit this country and states shut down, early projections were that that stress caused by couples and families being locked down together would cause divorce rates to spike. And while there were couples whose marriages did not survive this forced “together” time, data collected reveals that the pandemic actually resulted in many couples becoming closer. In fact, in one major survey, more than half of the 3,000 people surveyed said that the pandemic had strengthened their relationships with their spouse, they had found their commitment to their marriage had deepened and made them appreciate their spouse more than they had before.

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 Posted on February 24, 2021 in Illinois Divorce

One of the most crucial parts of an Illinois divorce is the submission of each spouse’s financial affidavit. The financial affidavit is where you will list your income, assets, debts, and expenses. It is often the first divorce-related document on which a deceptive spouse may lie. Divorcing spouses have many reasons to fabricate financial information during a divorce. Some are hoping to lower the amount their spouse receives in a property division settlement. Others are hoping to reduce the amount they pay in spousal support or child support. If you are getting divorced in Illinois, it is important to be watchful for signs of hidden assets and other financial deception.

Manipulating the Outcome of the Divorce by Hiding Assets  

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