Posted on September 27, 2022 in Child Support

Illinois law requires both parents to financially support their children. Generally, when parents are not divorced, separated, or never married, this means that one parent pays the other child support. The financial burden of raising children is high and is only expected to get higher, and families rely on child support payments to make essentials such as housing, clothing, and healthcare possible.

If a parent stops paying child support, the financial burden on the receiving parent and the children can be immediate and overwhelming. It may be tempting to withhold parenting time or make other threats to try to obtain child support, but these strategies may ultimately backfire. Instead, read on to learn about your options for recovering unpaid child support and then contact an Illinois child support recovery attorney for help.

When is the Law on My Side for Recovering Child Support?

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 Posted on September 22, 2022 in Divorce

Private equity partners, venture capitalists, and hedge fund managers and employees deal with intricately detailed financial transactions every day. These employees are typically very well compensated for their skills and knowledge, and their divorces can end up being more complicated than a typical divorce by orders of magnitude.

Just one of the areas of compensation that may need to be handled in such a divorce is carried interest. Carried interest is a complex area of finance that usually needs to be viewed as part of a spouse's overall income. Its involvement in divorce often makes necessary the help of financial experts and accountants in asset division negotiations.

What is Carried Interest?

Carried interest is compensation paid to general partners of private equity, venture capital, and hedge funds and is tied to a fund's performance. It is a share of profits and is usually only paid if the fund performs at a specific minimum rate; it can therefore take many years to earn and may be paid out at once or as part of an ongoing return. Because general partners have usually invested in a fund, carried interest is taxed similarly to a return on investment rather than regular income. General partners may also charge a management fee, which is paid in addition to carried interest but without the performance conditions.

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 Posted on September 20, 2022 in Child Support

Anyone who is a parent knows that to care for a child is to expect the unexpected. Children are constantly growing, learning, and making mistakes, and their needs are constantly in flux. While child support payments are ordered after a divorce or separation and are meant to cover a child's basic needs, a sudden change in circumstances can make caring for a child become much more expensive. If you are wondering whether you can petition a court to modify your child support payments to cover new expenses, read this brief overview and contact an Illinois child support attorney.

Can I Ask for More Child Support if My Child's Needs Change?

A child's needs can suddenly or unexpectedly change for many different reasons. These include, but are not limited to:

• The child developing a chronic illness

• The child developing or being diagnosed with a learning disability

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 Posted on September 15, 2022 in Divorce

Some couples want to separate from each other but know for sure they do not want to get divorced. Other times, couples are unsure whether their separation will be permanent but may know that their marriage cannot succeed if they continue living together as-is. Whatever the reasons may be, a legal separation might be a better alternative for some couples than a permanent divorce. If you and your spouse are considering going your separate ways, it is important to talk to an Illinois family law attorney who can help you make the best decision for you.

Why Get a Legal Separation Instead of a Divorce?

Many people are surprised to learn that a legal separation is closer to a light version of divorce than it is to moving out and taking some space. Legal separation is a formal legal process that allows a couple to resolve issues of finances, child support, and child custody without actually ending a marriage.

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 Posted on September 13, 2022 in Property Division

Couples with a high net worth often have a broad portfolio of assets they use to diversify their investments and ensure their risk is spread out across both high-risk and low-risk areas. Rented real estate presents a prime opportunity for couples who can afford the down payments to have an asset that is all but guaranteed to increase in value while also providing rental income.

Jointly owned investment properties are considered part of the marital estate and must be divided in an Illinois divorce. A couple may strongly disagree about how they want to manage both the value and the liability of an investment property, which can present significant challenges.

How Much Is the Rental Property Worth?

Before an asset of any kind can be divided in a divorce, its value must be assessed. Sometimes spouses prefer to sell an investment property and split the proceeds. In these cases, a property will simply be put on the market, and, once a suitable buyer is found, a couple will decide how to split the proceeds from the property's sale minus whatever money a couple still owes on the mortgage.

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 Posted on September 08, 2022 in Domestic Violence

Domestic violence is a poison that infects every area of a victim's life. Victims often live in fear for many years before they feel prepared to take action, frequently due to a legitimate belief that domestic violence will escalate or worsen if the abuser discovers the victim is trying to leave.

Sadly, divorce is usually a heated affair, and false accusations of domestic violence are easily leveled by spouses trying to get the upper hand in matters of child custody. This makes it essential to ensure accusations of domestic violence are backed up with proof. Collecting this proof, however, can be difficult and may require careful strategizing. To learn more about how to prove domestic violence in a divorce case, read on and then contact an Illinois divorce attorney for help.

Ways of Proving Domestic Violence in a Divorce Case

The most convincing proof for showing someone is a violent abuser is a criminal conviction. If your spouse has ever been arrested and convicted for acts of domestic violence, especially in the recent past, this may be sufficient evidence that such abuse occurred.

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 Posted on September 06, 2022 in Divorce

The vast majority of married couples know that differences in financial decision-making have the potential to be a source of conflict. Even when financial differences are not the main source of conflict in a relationship, divorce is well known for the devastating impact it can have on both spouses' finances as they transition to life beyond marriage.

For all couples, and perhaps especially high-net-worth couples, managing finances responsibly during divorce is of utmost importance. Although assets will need to be divided, they can still be managed in a way that allows couples to maximize their portfolio's potential before, during, and after asset division. For couples who are divorcing in their later years, when retirement is approaching or is already a reality, careful financial management is even more important. Here are five tips for staying in control of your investments during a divorce.

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 Posted on August 25, 2022 in Family Law

Many divorced parents of minor children remarry before their children reach adulthood and move out of the home. And while stepparents, stepsiblings, and the half-brothers and -sisters that come later are a very common feature of American family life, blended families are not without their problems. One of the most difficult parts of putting together children from different families is the inherent differences in opinion between the newly married parents, as well as the children's parents from previous marriages, regarding how discipline should be handled.

Nearly all parents agree that children need structure and discipline, but there are widely varied philosophies about what discipline intended to correct unwanted behavior should look like. Some parents spank liberally, while others consider any form of corporal punishment tantamount to child abuse. So what can you do if your ex has remarried and you disagree with your ex's new partner's method of disciplining your child when she is at their home?

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 Posted on August 23, 2022 in Divorce

One of the most important parts of filing for divorce is separating your marital assets. While this obviously involves major assets like real estate and vehicle value, it also applies to bank accounts. But if you will eventually be using separate bank accounts anyway, can you simply open a bank account during divorce and transfer money into it from your current joint account? When can you start claiming that your income actually belongs to you, and not your marriage? Read a brief overview of how to begin separating your finances during divorce and then contact an experienced Illinois divorce attorney for more tailored advice.

Do We Need to Wait for a Court to Start Separating Assets?

You do not need to wait for a judge's approval to begin separating your belongings. In fact, you can begin this process well before you even file for divorce. Many couples prefer to resolve all of their issues before even opening a divorce case so they can file for a faster, cheaper uncontested divorce. While it may require the help of a mediator or divorce attorneys to help you negotiate your asset division, you can start whenever you are ready.

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 Posted on August 18, 2022 in Family Law

While fiercely litigated divorces and heated child custody disputes were more common in the past, Illinois family courts today try to ensure all children are provided with opportunities to have warm relationships with both parents. Unless there is a good reason to do otherwise, the assumption is that both parents will be involved in a child's life. While parents are encouraged to resolve parenting disputes on their own or with the help of a mediator, when a judge does have to get involved, one of the factors she can use to determine whether a parent is suitable to spend time with a child is the nature of the relationship between the child and parent and whether it is psychologically healthy for the child.

What judges do not want to see is one parent going out of their way to psychologically alienate a child from their other parent. This phenomenon, known as “parental alienation,” is known to cause lasting harm to children and has the potential to permanently damage the relationship between a child and her parent. If you are concerned that your spouse is doing this to your child, it is important to take action as soon as possible.

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