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Early Warning Signs a Spouse is Concealing Assets in a High Net Worth Divorce
High net worth divorces share the same legal process as non-high net worth divorces, but the legal steps require a much more polished approach. With so much at stake, your spouse may go to greater lengths in an attempt to conceal finances and dividable assets. In the weeks and months leading up to a high net worth divorce, someone with a well thought out plan on how to conceal those assets may display some early warning signs to keep an eye out for, such as:
Early Warning Signs:
Financial fraud in a divorce can take many forms; however, the following may be signs that a spouse plans to hide assets or manipulate the divorce's outcome by lying about money.
- Atypical financial transactions - Was there an increase in unusual activity with investments or finances being moved around? If so, it could mean your spouse is trying to hide something. A higher volume of transactions or more movement than usual should be a red flag because that will make it more difficult to determine where assets are located and the purpose of every withdrawal.
3 Reasons to Consider Illinois Collaborative Divorce if You Have Kids
When divorcing couples share children, they have a much greater number of decisions to make than couples without children. Furthermore, the consequences of these decisions can impact their families for years after the split. Deciding how to distribute parental responsibilities and parenting time can quickly become contentious – especially if the parents disagree about what is best for the children. Collaborative divorce is an alternative resolution method that may help divorcing parents make informed choices about child custody issues, property division, and other divorce concerns without needing to go to Court.
Collaborative Law is a Cooperative Process
Understandably, many divorcing spouses struggle to communicate effectively during the divorce process. Many harbor resentments and hurts from the past that inhibit their ability to discuss divorce issues in a productive manner. During a collaborative divorce, the spouses sign an agreement promising to negotiate in good faith and freely provide any necessary documentation or information. They agree to put resentments aside, cooperate, and find practical solutions to the unresolved divorce issues. Learning how to cooperate during the divorce can help parents learn the skills needed to cooperate in their post-divorce, co-parenting relationship.
What Does a Mediator Do During Divorce Mediation in Illinois?
If you are ending your marriage, you may be exploring the various divorce options available in Illinois. There are many routes to divorce, and the path you choose will depend on your unique circumstances and needs. Mediation is an alternative resolution method that may help you and your spouse end your marriage without Court intervention. Mediation can be a cost-effective means of resolving disagreements about child custody, the division of marital assets, spousal maintenance, and other divorce issues. However, many people are unfamiliar with the mediation process and how mediation can help them during a divorce. They ask, “What does a mediator actually do?”
Understanding the Role of a Mediator in an Illinois Divorce
Before we discuss what a mediator does, it is useful to explore what a mediator does not do. A mediator does not make a decision for the couple or provide legal representation. He or she does not choose sides. The mediator's job is to help the couple reach their own conclusions about divorce issues. To do so, the mediator may:
Does an Unemployed Parent Still Have to Pay Child Support?
Whether due to COVID-19 shutdowns or another reason, many people are finding themselves out of work. Unemployment can make it difficult for parents to cover child-related costs, including child support payments. However, a child's financial needs do not change simply because a parent loses his or her job. Consequently, unemployment can create a challenging situation for both parents.
If you are a payer or recipient of child support in Illinois, you may have questions about how unemployment affects your child support obligation. You may wonder if you or the other parent are still required to pay if you have zero income. The answer, like many answers in family law, depends on several factors.
Child Support Payments Are Based on Both Parents' Incomes
In 2021, Illinois child support payment amounts are calculated using a method that takes both parents' net incomes into account. The parent who spends the majority of the time caring for the child is the recipient of child support and the parent with less parenting time is the obligor or payer. When a parent has zero income, however, this does not mean that they are automatically absolved of child support obligations.
How to Meet the Challenges of a High Conflict Divorce
When a divorce involves a greater degree of disagreement than typical divorce cases, we often refer to this as a “high conflict divorce.” Spouses in a high conflict divorce face unique challenges both personally and legally. When spouses cannot cooperate, reaching an out-of-court agreement about divorce issues like property division or child custody can seem nearly impossible. Each situation is different and there is no perfect way to handle a contentious divorce. However, the following actions may help.
Do Not Try to Face This Alone
Many spouses underestimate just how complicated and frustrating a high-conflict divorce can be. They assume that they can handle the situation with little help from others. However, building a support team is one of the best things you can do to help you get through a contentious divorce. An experienced divorce lawyer can represent your best interests and provide legal guidance throughout the divorce process. However, in a high-conflict divorce, you may also want to work with additional professionals who can address the financial, personal, and psychological aspects of the split. A divorce coach or counselor can provide an outlet for you to vent frustrations and cope with difficult emotions. Accountants and other financial professionals can help you make sound financial decisions that benefit you both during and after the divorce.
Unique Spousal Maintenance Concerns in an Illinois Divorce
Alimony, called spousal maintenance in Illinois, can be a crucial form of financial assistance after divorce. If you are getting divorced, you may have questions and concerns about spousal maintenance. Unique financial situations, including variable income, can make the process of calculating a reasonable spousal maintenance award much more complicated. If you or your spouse are pursuing spousal maintenance in your divorce case, an experienced lawyer can provide personalized guidance.
Calculating Net Income to Determine Spousal Maintenance
Illinois law sets forth a statutory formula for calculating alimony. The amount of alimony paid is equal to 33 percent of the payer's net income minus 25 percent of the receiver's net income. A spouse's net income is calculated by taking his or her gross pay and subtracting state and federal taxes, social security, certain retirement contributions, certain business expenses, and any spousal support or child support obligations from a previous marriage.
How Are Pensions Addressed in an Illinois Divorce?
One of the most consequential factors in any divorce case is the division of marital assets and debts. Dividing the funds in a checking account or deciding which spouse will keep the furniture may be accomplished with relatively little complication. However, complex assets like pensions and other retirement accounts are much harder to deal with during a divorce. One reason pensions are especially hard to divide is that the final value of the pension is often unknown at the time of divorce. If you or your spouse have a pension, a skilled divorce lawyer can help you decide how to divide this important asset.
Determining Property Rights in an Illinois Divorce
Illinois law divides property into two categories in a divorce. Marital assets are those assets that were accumulated during the marriage by either spouse. Non-marital property is property that was obtained by a spouse before the marriage. Both spouses have a right to a fair share of the marital property.
Legal Considerations To Be Aware of in a Second Marriage
Divorce often creates an opportunity for a second chance at love. If you are engaged to be married, and the union is your second or third marriage, you are likely excited and enthusiastic about the upcoming wedding. However, it is important to remember that marriage is a legal partnership. Consequently, you should be aware of the legal concerns you may face.
Your Marriage Can Influence Spousal Support and Child Support
Spousal support or spousal maintenance is usually ordered for a specific length of time. However, spousal maintenance almost always terminates when a recipient gets remarried – even if the original spousal maintenance order was intended to last longer. You are obligated to notify the paying party, your former spouse, at least 30 days before the marriage. This gives him or her time to file a motion to terminate spousal maintenance.
Child support payments are dependent on the parents' net income. Your new spouse's income is not included in child support calculations. However, your new spouse's financial situation may influence your own financial situation that can impact child support.
Can I Date Others While I Am Going Through a Divorce?
For many, divorce marks the beginning of a new adventure. Unhappy spouses who finally decide to end their marriages may be excited and anxious to start their new post-divorce lives. If you are like many people getting divorced, you may wonder, “When is it a good time to start dating?” You may worry that dating before the divorce is final could count as adultery or negatively impact your divorce case. While the decision to date during divorce is completely up to you, you must consider how dating before the divorce is finalized may influence the divorce's outcome.
Dating Before Finances are Separated Could Lead to Dissipation of Assets
There is no rule that says you cannot date before your divorce is completed. However, you should know that Illinois law allows spouses to file “dissipation of assets” claims if their spouse wastes or misuses marital funds prior to the divorce. One way to ensure that you do not accidentally commit dissipation of assets is to separate your finances and file for divorce before you spend any money on a new boyfriend or girlfriend.
How Does Wealth Impact an Illinois Divorce Case?
Many people assume that having money makes everything easier. However, owning high-value assets can actually make your divorce case much more complicated. If you or your spouse have a high income or own substantial assets, you must understand how this wealth will impact your divorce case. The division of property and debts, child support, spousal support, and other divorce issues are largely determined by the parties' financial circumstances. Consequently, it is important for high-net-worth spouses to work with a divorce lawyer familiar with the types of challenges commonly encountered in high net worth divorce cases.
You Will Need to Properly Value Assets
In Illinois, both spouses are entitled to a portion of property held by the marital estate. However, before spouses can negotiate a property division settlement, they must value the property. Determining the value of property like stocks, stock options, investments, digital currency, real estate, business interests, and professional practices is complex and typically requires input from a professional appraiser.
Introducing The Law Office of Nicholas W. Richardson
Nicholas W. Richardson is an experienced divorce lawyer and mediator whose comprehensive legal knowledge, commitment to clients and reputation for results bring lasting solutions to your problems.
The Law Office of Nicholas W. Richardson, P.C. serves clients in Illinois cities such as Palatine, Schaumburg, Inverness, Arlington Heights, Rolling Meadows, Glenview, Hoffman Estates, Bartlett, Des Plaines, Elk Grove Village, Mt. Prospect, Niles, Prospect Heights, Skokie, Streamwood, Barrington, Buffalo Grove, Wheeling, and others throughout Cook County, DuPage County, McHenry County, and Kane County.
Results listed are not a guarantee or indication of future case results.
110 N. Brockway Street, Suite 220, Palatine, IL 60067
847.873.6741
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