Burr Ridge divorce lawyer

Illinois Child Support Considerations for High-Income Individuals

Posted on October 16, 2020 in Divorce

Burr Ridge divorce attorney child support

Child support is an important source of financial support for divorced and unmarried parents. It can also be significant financial responsibility on the part of the paying parent or “obligor.” If you have a high income and are planning to divorce, you may have questions about how your financial status may affect your child support order. Illinois uses the “Income Shares” model to determine child support. The amount an obligor pays in child support is mostly based on the discrepancy between the two parents’ net incomes, but other factors may also play a role in child support calculations.

Statutory Guidelines for Child Support Payments

Considerable modifications and updates to the Illinois Marriage and Dissolution of Marriage Act (IMDMA) went into effect in 2017. Child support payments in Illinois used to be based solely on the obligor parent’s income and the number of children requiring support. Illinois now uses a child support calculation method that takes both parents’ net incomes into account. The parent with the majority of parenting time, previously called the custodial parent, receives child support while the parent with less parenting time is the payor. Child support payment amounts based on statutory guidelines are determined by the following main steps:

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Tips for Divorcing a Compulsive Shopper or Spendthrift Spouse

Posted on September 16, 2020 in Divorce

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When we hear the word “addiction,” most of us assume the addiction is a substance abuse problem. However, many people suffer from addictions that are not related to drugs and alcohol in any way. A shopping addiction, also called compulsive shopping or compulsive buying, can be a major problem that has significant implications on a person’s life as well as the lives of family members. If your spouse is a compulsive shopper or simply spends too much money on unneeded items, you may have concerns about how this excessive spending will influence your divorce.

Protecting Your Financial Future

Most individuals with a shopping addiction are not simply greedy or consumeristic. Many use shopping as a means of coping with low self-esteem, depression, anxiety, or other personal struggles. Although their excessive spending may not be malicious, it can have devastating effects on a couple’s finances. If you are planning to divorce your spouse and he or she has a problem with overspending, there are several steps that may help you protect your financial future:

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How Can I Modify My Illinois Spousal Maintenance Order?

Posted on August 06, 2020 in Divorce

Spousal maintenance, also called spousal support or alimony, can be a valuable source of financial support following a divorce. However, the order for spousal maintenance may become inappropriate if either party’s financial circumstances change dramatically. If you are currently paying spousal support to your ex-spouse or you are the recipient of maintenance payments, you may have questions about how and when a spousal maintenance order can be changed. Illinois courts only grant spousal support modifications if certain qualifying criteria are met.

Alimony May Be Modified if There is a Substantial Change in Circumstances

A spousal maintenance obligation typically terminates if the party receiving maintenance remarries or if either party passes away. If the receiving party is cohabitating with a romantic partner in a marriage-like relationship, the paying party may petition the court to have his or her maintenance obligation terminated. Illinois courts may modify the amount or duration of spousal maintenance if there is a “substantial change in circumstances.” When determining whether or not to grant a spousal maintenance modification, courts will consider factors such as:

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How Is the Value of a Business Calculated During an Illinois Divorce?

Posted on July 02, 2020 in Divorce

Western Springs divorce attorney business valuation

Illinois is an equitable distribution state when it comes to the division of assets in a divorce. This means that marital assets are divided fairly, but not necessarily equally, based on the spouse’s financial circumstances, employability, health, and more. Whether a couple is determining their own asset and property division arrangement or the court is issuing a property division judgment, a complete and accurate inventory of the couple's assets must be taken. If a spouse owns complex assets such as a business, the value of those assets must be determined before the property can be equitably distributed.

A Forensic Accountant Is Often Necessary

If you and your spouse agree to do so, you have the option to figure out the business’s value on your own. However, most people do not have the skills needed to accurately value a business. Mistakes made during the valuation of your business can lead to arguments between you and your spouse, an unfair divorce settlement, and unnecessary headaches during an already stressful time. Hiring a business valuator may be the best way to ensure that the estimated value of your business is as accurate as possible. If a more in-depth analysis of the business’s finances is necessary, you may want to hire a forensic accountant. A forensic accountant has special investigative and auditing skills, which he or she can use to thoroughly examine the business. The forensic accountant, if he or she is not also qualified to conduct business valuations, will provide vital information to the valuation professional. If you suspect that your spouse may be lying about business revenue or assets, a forensic accountant is essential to make sure you receive your fair share of the marital estate.

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How Are Retirement Accounts Addressed in an Illinois Divorce?

Posted on June 30, 2020 in Divorce

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You may be surprised to learn that the divorce rate for adults over 50 has more than doubled in the last several decades. Called “gray divorce,” divorce involving older adults often presents unique challenges. One of these challenges involves the division of retirement funds. If you have been out of the workforce for many years, you may be worried about making ends meet without your spouse’s retirement benefits. If you were the main income earner during the marriage, you may have concerns about how much of your hard-earned retirement funds will be awarded to your spouse. Read on to learn about how retirement accounts are divided in an Illinois divorce and how you can obtain the legal support that you need.

Marital Assets Versus Non-Marital Assets

Only marital assets are divided in an Illinois divorce. Non-marital assets, including assets acquired by the spouses before getting married, are not divided. Before a retirement account can be divided, a determination must be made about the account’s identity. Retirement accounts are different from other types of assets because they can be classified as both marital and non-marital. Typically, the portion of the retirement account that a spouse earned before getting married is considered non-marital. The non-marital portion of the account is assigned to the original owner. However, the portion of the retirement account that was earned while the spouses were married is part of the marital estate and therefore subject to division.

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Illinois Child Custody Concerns That Divorcing Parents Often Overlook

Posted on April 03, 2020 in Divorce

DuPage County child custody attorney

Going through a divorce when you and your spouse have a child together is often much more complicated than a divorce that does not involve a minor child. There are many questions that divorcing parents will need to address as part of the legal process of ending your marriage, including whether you will share custody of your child or assign the majority of the parental responsibilities to one parent. If you plan to have a co-parenting arrangement, you will need to determine which parent the child will spend the majority of his or her time with, how the child will be transported between households, and a number of other issues, such as parenting time during the holidays.

Parental Responsibilities and Parenting Time

Illinois replaced the terms “child custody” and “visitation” with the terms “allocation of parental responsibilities” and “parenting time” in 2016 as part of a major overhaul of the Illinois Marriage and Dissolution of Marriage Act (IMDMA). Divorcing parents in Illinois must decide how they will distribute parental responsibilities and parenting time, and these decisions will be formalized in their official parenting plan or parenting agreement.

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Can My Adult Child Receive Child Support if He or She Is Disabled?

Posted on February 25, 2020 in Divorce

Burr Ridge child support attorney

According to Illinois divorce laws, child support obligations are calculated using a method called the “Income Shares” model. In order to determine a child support order that is feasible and adequately provides for the child’s needs, this model takes each parent’s net income, parenting time, and other factors into consideration. Most child support orders terminate when the child turns 18 years old and graduates high school. However, sometimes a child has special needs that require non-minor child support well into adulthood.

Child Support for an Adult With a Disability

Once a child is able to become financially independent and start his or her adult life, child support payments are typically no longer necessary. However, if a child has a disability, he or she may need the financial assistance provided through child support as an adult. Either parent may petition the court for non-minor child support if a child has any type of mental, physical, or intellectual disability. When determining a child support order for a disabled adult child, the court will consider a variety of factors, including:

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Warning Signs That Your Spouse May Be Hiding Assets During Your Divorce

Posted on January 15, 2020 in Divorce

Burr Ridge high-asset divorce attorney

As a general rule, the more wealth and property a married couple has, the more complicated their divorce will be. Divorces involving a family business, multiple real estate properties, 401ks, pensions, royalties, offshore accounts, deferred compensation, investments, stocks, trusts, and other complex assets are often especially hard to navigate. One issue that anyone undergoing a high asset divorce should watch out for is hidden assets. If you have reason to suspect that your spouse may be lying about financial information during divorce, speak with a knowledgeable divorce lawyer as soon as possible.

Red Flags of Financial Fraud

In order for a couple to reach a fair divorce settlement, each spouse must be fully transparent regarding his or her income, property, and debt. Decisions regarding property division, child support, spousal maintenance, and other issues are heavily influenced by the spouses’ financial circumstances. When a spouse does not fully disclose his or her assets and income for the purposes of skewing the divorce settlement in his or her favor, this is considered financial fraud. A spouse engaging in financial fraud may undervalue or fail to report certain assets or revenue streams, overstate debts, or claim that his or her expenses are much higher than they actually are.

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How Should I Handle Disputes Regarding My Illinois Parenting Plan?

Posted on December 24, 2019 in Divorce

DuPage County divorce parenting plan attorney

If you and your spouse have children together, and you are going to get divorced in Illinois, you will be required to create a parenting plan or agreement. A parenting plan outlines the way the allocation of parental responsibilities and parenting time will be managed after the divorce. In some cases, one parent may have all of the parenting time, often referred to as having “sole custody,” but many divorced couples have a shared parenting arrangement. Coming to an agreement about the required provisions in a parenting plan is not always easy, but with an experienced attorney’s help, you can resolve many of these issues.

Key Elements of a Shared Parenting Arrangement

There are several issues that must be addressed in your parenting plan. You will need to list your child’s official address for school enrollment purposes as well as each parent’s address and contact information. You will need to decide which parent will have the majority of parenting time as well as how important child-related decision-making responsibilities should be divided or shared between the parents. You will also be required to create a plan for how the child will be transported between the two households. An Illinois parenting plan must also include information about how any future proposed changes to the parenting plan or future parental relocations should be handled. There are also provisions describing other parental rights and responsibilities.

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