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4 Important Tips for Individuals Facing a High-Asset Divorce
Anyone who has been through a divorce or is currently in the middle of divorce proceedings would likely agree that finalizing a divorce can be a complicated and contentious feat. When substantial assets and high net worth are involved, the complexities and conflicting opinions can increase exponentially. If you are facing a high-asset divorce in Illinois, there are steps you can take to make the process as smooth as possible and help you to achieve a successful settlement in the end.
Identify and Organize All Assets
While building a comprehensive list of all of your assets may not be the first thing that comes to mind at the onset of a divorce, identifying and organizing all assets as soon as possible is incredibly important. It is also important that you are completely transparent when creating this list. If it is discovered that assets are being hidden, it can have a detrimental impact on the determined settlement that one receives. This includes attempting to liquidate, devalue, or transfer ownership of any assets.
Advantages and Disadvantages of an Illinois Post-Nuptial Agreement
In the state of Illinois, in the event of a divorce, the equitable distribution law divides the assets fairly, not equally. However, when individuals desire to manage specific assets or property in a particular manner, they may choose to pursue one of the two available nuptial agreements. In the event of a divorce, both pre-and post-nuptial agreements establish how to properly handle assets and property. While pre-nuptial agreements are formed prior to marriage, post-nuptial agreements are initiated during the marriage. If having such direct control over your assets provides you peace of mind, you may want to correspond with a family law attorney to better understand your options.
When Can Post-Nuptial Agreements Be Advantageous?
If the individuals are already married, it is too late for them to form a pre-nuptial agreement. If they still wish to seek this type of asset control during the marriage, they would enter into a post-nuptial agreement. Post-nuptial agreements can be valuable and provide benefits to the couple whether they face divorce or stay together. Oftentimes, the couple may have originally wanted a pre-nuptial agreement but waited too long to make this feasible.
What Should Be Included in a Parenting Plan for Divorcing Parents?
Parents who decide to end their marriage and get a divorce will need to make decisions about a variety of issues related to child custody. In many cases, parents may be able to agree on how to handle these issues either by negotiating a settlement or participating in mediation. If an agreement cannot be reached, litigation may be necessary, and the final decisions will be made by the judge in their case. Matters related to child custody will be addressed in a document called a parenting plan that will be incorporated into the couple’s final divorce decree.
Terms of a Parenting Plan
The two main components of child custody that will be addressed in a parenting plan are the allocation of parental responsibilities and parenting time. Parental responsibilities, which are commonly known as legal custody, refer to the parents’ rights to make decisions for their children. A parenting plan will describe whether parents will share some or all of the areas of responsibility equally or whether one parent will have primary or sole responsibility in certain areas. The types of responsibility that will be addressed include decisions related to children’s healthcare and medical treatment, educational matters, choice of religion, and children’s participation in religious services and training, and extracurricular activities.
Will Spousal Maintenance Be a Factor in My Divorce?
Most people are familiar with the concept of alimony, in which one spouse makes payments to the other after a couple gets a divorce. However, the purpose of these types of payments is often misunderstood. Spousal support, which is known as spousal maintenance in Illinois, is not meant to punish or reward either spouse. In fact, the reason a couple’s marriage ended will usually not be considered when determining whether maintenance is appropriate. Instead, spousal maintenance is meant to address any disparity between the parties’ incomes and financial resources. It can help a spouse who earns a lower income maintain their accustomed standard of living and begin taking steps to support themselves.
Factors Considered When Determining Eligibility for Spousal Maintenance
Spousal maintenance will not be awarded in every divorce, and it is usually only appropriate if one party requires financial support to be able to meet their ongoing needs. Spouses may agree that spousal maintenance will be paid as part of their divorce settlement, or a prenuptial agreement may specify that spousal support will or will not be awarded. If the spouses disagree about whether spousal support would be appropriate, the judge in their case will decide whether to award maintenance after considering factors such as:
Has COVID-19 Led to an Increase in Domestic Violence Cases?
After a trying year due to COVID-19, many people are looking forward to 2021 with a vaccine being distributed throughout the country. However, there is growing concern that there could be a pandemic within the pandemic. Reports of domestic abuse have increased during the months of 2020. With much of the country’s workforce laid off or working remotely from home, and the uncertainty of the virus, tensions in many households have run high. Although stay-at-home orders issued at the start of the health crisis were intended to protect the public and prevent widespread infection, they left many victims of intimate partner violence (IPV) trapped with their abusers. However, they do have options for protecting themselves and their children.
Illinois Orders of Protection
Those who are subjected to abuse or harassment can take legal action against their abusers. Orders of protection, also known as restraining orders, are typically sought by domestic violence victims. Under Illinois law, emergency orders can be obtained immediately and may last up to 21 days. Plenary orders can last up to two years but may be extended in certain situations. If someone fears for their safety or that of their children, then it is critical to seek help and take steps to get out of the dangerous situation.
Can an Illinois Child Support Order Be Modified Due to COVID-19?
As this year draws to a close, Illinois residents and people throughout the world are no doubt looking forward to a healthier and happier new year. The coronavirus pandemic changed our way of life in 2020, and we all did our best to adjust to a “new normal.” In a concerted effort to slow the spread of the highly contagious virus, federal, state, and local officials issued orders to limit in-person gatherings and require that face masks be worn indoors. Many non-essential Illinois businesses were closed, and those that were allowed to stay open have reduced their staff and hours of operation. As a result, numerous individuals lost their jobs and filed for unemployment over the past nine months. This economic downturn has led some parents who are divorced or who were never married to worry about how they are going to pay their bills, including meeting their child support obligations.
What Are the Benefits of Parallel Parenting in an Illinois Divorce?
A divorce can be one of the most stressful experiences of your life, regardless of whether you were married for a few years or a few decades. When you and your spouse have children together, adapting to life after the marriage ends can be very difficult. You will have to learn how to co-parent your children, even if you do not see eye-to-eye on everything. However, the most important thing to remember in a high-conflict divorce is to keep your children’s best interests in mind. “Parallel parenting” is an arrangement in which divorced spouses can co-parent by disengaging from each other, with limited direct contact, while remaining fully connected to their children. This version of co-parenting can be appropriate for ex-spouses who are unable to communicate with each other in a healthy or civil manner.
Co-Parenting With Your Children’s Best Interests in Mind
One of the obstacles that divorced parents often face is determining how to resolve disputes over child-related issues, such as the allocation of parental responsibilities (child custody) and parenting time (visitation). In some cases, parents can agree who will be granted the majority of the decision-making authority, including decisions regarding medical care, education, and religious upbringing. If they cannot reach a mutual arrangement, then the court will decide for them based on factors that affect the children’s best interests. For example, one parent may assume the decision-making responsibility for medical decisions, while the other parent handles anything related to educational goals. While both parents may agree on major decisions regarding their children’s upbringing, they may separately decide the logistics of day-to-day parenting when the children are in each parent’s care. That means each household might have a different set of rules related to discipline or other issues.
How Can I Get Divorced During COVID-19 in Illinois?
Although the coronavirus health crisis has impacted day-to-day living, everything is moving forward in the family law court system. In Illinois, non-essential businesses such as restaurants and shopping malls were closed temporarily but not the judiciary. While many changes have been implemented, the courts have remained open to the public. In light of the stress of being quarantined at home or the loss of income, COVID-19 has placed an enormous strain on relationships, leading many couples to consider filing for divorce. Therefore, if you are wondering if you can obtain a divorce at this time, the answer is absolutely yes.
Virtual Meeting Options
In order to protect the safety of their clients, many law firms are offering digital services to meet their clients’ legal needs. In the practice area of divorce and family law, this may include consultations with couples over the phone or by video chat. For those firms such as The Law Offices of Douglas B. Warlick & Associates. that offer mediation as an alternative dispute resolution (ADR), spouses may speak with their third-party mediator through various electronic means. This may include video conferencing apps such as Zoom, Go-to Meetings, or FaceTime. However, at The Law Offices of Douglas B. Warlick & Associates, we also continue to offer face-to-face meetings and personal mediation services, including Collaborative Law.
How Is Marital Debt Divided in an Illinois Divorce?
The end of a marriage involves several legal steps and decisions. Determinations need to be made about many issues, including how property will be divided, if spousal support is appropriate, as well as child-related issues if a couple has a family. During the divorce proceedings, spouses may come to agreements on all of these matters. However, they may also argue over who gets what. In such cases, the court will intervene and make decisions on their behalf. When determining how a couple’s assets will be divided, Illinois follows the equitable distribution method. This also means that any marital debt will have to be split fairly. If you are concerned about what will happen to your debt once you are divorced, a knowledgeable divorce attorney can help navigate this complex issue.
What Are the Signs of Parental Alienation in an Illinois Divorce?
The decision to end a marriage can be difficult for many reasons. In many cases, spouses may be unhappy for a long time but hesitant to end the relationship if they have a family. Studies show that the stress of a divorce can significantly impact a couple’s children. This can manifest itself in various ways, such as manipulative behavior by one or both parents. The concept of parental alienation syndrome (PAS) was first introduced by psychiatrist Richard Gardner in the 1980s. This typically occurs during or after a divorce when one parent psychologically manipulates a child into exhibiting unwarranted fear, disrespect, or hostility toward the other parent. In some cases, the manipulative parent’s ultimate goal is that the child will reject the other parent and want nothing to do with him or her. After your divorce, it is important to recognize signals that indicate PAS might be occurring to protect your child’s well-being as well as your rights to custody and parenting time.
