Posted on November 08, 2021 in Divorce

Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have become increasingly popular investment tools. Studies show that about 13 percent of Americans bought cryptocurrency during the past year and many experts expect that number to increase. Like stocks, digital currency fluctuates considerably in value. This can make it especially difficult to value and divide in a divorce case. Furthermore, because Bitcoin and other cryptocurrencies are not held in a bank account like traditional currency, crypto is a popular vehicle for hiding assets during divorce. If you or your spouse have invested in cryptocurrency and you plan to divorce, an experienced divorce lawyer can help.

Determining the Value of Crypto

One of the most important aspects of a divorce is the division of marital assets and debts. Before spouses can negotiate a property division arrangement, they must take stock of what they own and owe. Valuing cryptocurrency for the purposes of asset division during a divorce is tricky. The value of a crypto investment when a spouse initially filed for divorce may differ dramatically from the crypto’s value several months into the divorce process. One option is to include a volatility formula into the property division agreement. Couples must also consider the tax consequences associated with the distribution of cryptocurrency and other assets during divorce.

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 Posted on October 13, 2021 in Divorce

Studies show that cheating is quite common – even among married couples. Marital infidelity is regularly named as a top instigator of divorce. If your marriage is ending because of an extramarital affair, you may have questions about how it will impact your divorce case. Is a spouse entitled to more of the marital estate if they were cheated on? Will a spouse be at a disadvantage during divorce if they committed adultery? Divorce laws vary from state to state, especially with regard to marital misconduct. Read on to learn about how infidelity can potentially impact a divorce case in Illinois.

Understanding Illinois Divorce Laws and Fault

Illinois law is constantly being updated. In 2016, the Illinois Marriage and Dissolution of Marriage Act (IMDMA), was modified to eliminate all fault-based grounds for divorce. When you seek a divorce in Illinois, you will only have one “ground” or reason available: Irreconcilable differences. Even if the divorce is a direct result of infidelity or another form of marital misconduct, this will not be stated anywhere in your divorce petition. Furthermore, marital misconduct is not typically a factor considered by courts when determining property division, spousal maintenance, child custody, or other divorce issues. That being said, there is still a chance that an affair could impact the divorce proceedings – especially if a spouse spent considerable money during the affair.

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 Posted on September 09, 2021 in Divorce

Child support payments are a major source of assistance for single parents. However, they can also represent a significant expense for the parent who is paying the child support. Illinois child support payments are calculated using a method that incorporates each parent’s financial instances. The payments are intended to be reasonably affordable while still providing the financial assistance the child needs. However, circumstances change and sometimes a parent needs to modify his or her child support order.

Child Support Modification

Every three years, the Illinois Department of Healthcare and Family Services Division of Child Support Services (DCSS) offers modification reviews to parents with child support orders. A modification review may also be granted if either parent’s financial circumstances have changed considerably, the current child support order does not address healthcare for the child, or either parent requests a modification review.

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 Posted on August 06, 2021 in Child Custody

When parents are divorced or unmarried, having a court specifying the allocation of parental responsibilities and parenting time is essential. Not only does a parenting plan ensure that parents understand their rights and expectations regarding parenting duties, it also provides valuable stability in the life of the child. If parents cannot agree on the terms of their parenting plan, the court will step in and make a decision on the unresolved issues for the parents. Whether parents reach a parenting plan agreement on their own or the court hands down a decision for them, parents are required by law to adhere to the plan. Failure to do so can result in charges for parental abduction.

What Is Parental Abduction?

From time to time, parents may mistakenly fail to comply with the provisions set forth in the parenting plan. A parent may forget to drop off their child for the other parent’s allotted parenting time or lose track of time. Minor instances like these do not constitute parental abduction.

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 Posted on July 09, 2021 in Divorce

One of the most consequential aspects of divorce is property distribution. The division of assets and debts can range dramatically in complexity. Younger couples who own little property will have a much easier time dividing their property during divorce. Asset division will be much more complicated for couples who own complex assets including businesses and professional practices. If your spouse owns a business or has business interests, the value of the business will likely be factored into any decisions you make about property division. Therefore, it is important to understand your rights.

Is the Business Part of the Marital Estate?

In Illinois, property in a divorce is classified as either marital property or non-marital property. Nearly every asset obtained by a spouse during the marriage is marital property. Assets acquired by inheritance or gift are the main exceptions. Property acquired before the marriage is typically classified as non-marital property. Both spouses have a right to an equitable share of marital property. Only the spouse who originally owned a non-marital asset has a right to that asset during divorce.

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 Posted on June 03, 2021 in Divorce

Most people go into their marriage thinking it will be their one and only time down the aisle. Nobody plans to get a divorce, but statistics show that is exactly what happens to anywhere from 40 to 50 percent of couples who get married. For some people, divorce can come as a shock. However, divorce often does not just happen overnight; it takes months or even years of cumulative unhappiness and disharmony for most people to move toward getting a divorce. If you are unsure of whether or not it is time for a divorce, there are certain signs that you can look for that may mean a divorce is your best option.

Look for These Signs of Divorce

If you have been unhappy or distressed for some time, it may be time to look into how you can better your life and the lives of those around you. For many people who are unhappy with their marriages and have tried every effort to reconcile, a divorce may be the answer. If you are unsure of the right time for a divorce, here are a few of the most common signs that your marriage may be over:

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 Posted on May 26, 2021 in Child Custody

When you get a divorce in Illinois, the state requires you and your spouse to submit a parenting plan for any minor children you may have. The ideal option is to come to an agreement with your spouse about how you will handle child-related issues, like parenting time and decision-making responsibilities. However, if you cannot come to an agreement, the court will be forced to make certain decisions about parenting time and decision-making responsibilities for you.

Elements Considered to Determine Your Child’s “Best Interests”

If the court determines that the judge must make certain decisions for you and your spouse concerning your parenting plan, the judge will do so based upon the best interests of your child. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), the elements that are involved when making a determination on the child’s best interests include:

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 Posted on April 13, 2021 in Child Custody

Parents filing for divorce in Illinois are required to complete additional steps throughout the divorce process. Not only do they create arrangements as a couple, such as dividing their marital assets and determining spousal maintenance, but they must also decide how they will continue to care for their children after the end of their marriage. When creating a parenting plan, divorcing parents consider all aspects of their children’s lives, such as their physical and emotional needs, academic and extracurricular schedules, and more. But what about the changes that are bound to happen in the child’s life? How can a parenting plan be prepared for the unexpected?

Parenting Plan Modifications

The Illinois court system recognizes that divorce agreements do not always last the tests of time, especially when it comes to parenting plans. Within a parenting plan, divorcing parents will designate parenting time, the allocation of parental responsibilities, and child support. Parenting time outlines where and when the child will be living with each parent while the allocation of parental responsibilities states what decision-making capabilities each parent has. All of these decisions are made in the best interests of the child and should reflect that moving forward. If you find that certain parts of your parenting plan are not working, you are able to update your plan in a process known as post-decree modifications. For those who completed their divorce outside of a courtroom, you and your co-parent will need to reconvene with the help of your attorneys to make these adjustments. For those who had a trial divorce, a judge will need to listen to your requests and make decisions on your behalf.

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 Posted on March 05, 2021 in Child Custody

In most cases, children’s parents who are not married try to live near each other to remain in their child’s life and maintain a good relationship. Some families, however, do not have both parents living in the same state. Maybe one parent had to relocate for their job or perhaps the parent moved out of state before realizing that they were having a child at all. Regardless of the reason behind the state spread, both parents continue to have rights and responsibilities over their child. Parents who are unmarried should have a parenting agreement created to ensure that these rights and responsibilities are outlined and have legal backing by a court of law. In cases like these, which state takes on the role of creating and enforcing child custody arrangements and parenting plans?

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 Posted on February 15, 2021 in Divorce

For some couples, the process of dividing marital assets during a divorce may not require much consideration. Families with only a few large assets, such as the marital home and family cars, can divide their marital property by allocating the family home to one spouse and giving the remaining large assets to the other. But what about families who have a bit more in the bank? The property division process requires additional consideration when the financial stakes are higher. Despite Illinois law requiring the equitable distribution of assets, many divorcing couples with a large portfolio of assets can, unfortunately, attempt to conceal a portion of their property and set it aside for themselves.

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