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Recent Blog Posts
Cryptocurrency Like Bitcoin May Be Used to Hide Assets in a Divorce
Digital currency or “cryptocurrency” has skyrocketed in popularity in the last few years. Cryptocurrencies like Bitcoin, Cardano, Ethereum, and Tether rely on cryptography to secure and verify transactions. The currency is not regulated by the government or tied to any bank. Unfortunately, these features make cryptocurrency a popular choice for spouses who wish to hide assets in a divorce.
Financial Fraud in an Illinois Divorce
Nearly every part of a divorce case is affected by finances – especially in a high net worth divorce. Even if spouses reach an out-of-court property division settlement, the agreement they come to is dependent on each spouse's income, assets, and liabilities. Child support and spousal support are also calculated using each spouse's financial circumstances. A spouse who wishes to sway the divorce outcome in his or her favor may underreport assets or “hide” assets by transferring the assets to another party. Because cryptocurrency does not show up on a bank statement, it is increasingly used to conceal wealth in divorce cases.
How Can Divorcing Parents Resolve Custody Disputes in Illinois?
As a parent, you want the absolute best for your child. This includes the best possible child custody arrangement after a divorce. However, many divorcing parents disagree about what is best for their children. This blog explores some of the most popular dispute resolution methods for parents who disagree about parental responsibilities and parenting time. There is no one-size-fits-all solution for child custody disputes. The right approach will depend on your relationship with your soon-to-be-ex, your child's needs, and a variety of other factors.
Family Law Mediation May Help You Resolve Child Custody Disagreements
A family law mediator is trained in conflict resolution, de-escalation tactics, and communication skills. During a child custody dispute, the mediator's job is to help parents discuss child custody issues, find common ground, and reach compromises. Understandably, many parents have strong opinions about their children and can sometimes let their emotions cloud their judgment. The mediator helps parents avoid contention and stay focused on finding a solution.
Can I Get an Annulment If the Marriage Has Not Been Consummated?
Getting married is a major decision that should not be taken lightly. However, even the most cautious individuals can find themselves in a marriage that they regret. Whether you were pressured into marrying by a well-meaning relative, you misjudged the situation, or you were just acting impulsively, regretting a marriage is an unfortunate situation to find yourself in.
If you recently wed and you regret it, you may wonder if you can get the marriage annulled instead of ending the marriage through divorce. Perhaps you have heard a rumor that a marriage can be annulled as long as it is not “consummated,” meaning the couple has not had sexual intercourse yet. Read on to learn about the criteria for annulments in Illinois and what you should do if you regret saying “I do.”
How Can You Get Your Marriage Annulled in Illinois?
Annulments are only available in very specific situations. In Illinois, a marriage may only be annulled if it is invalid – regardless of whether the couple has had sexual relations or not. In fact, annulment is technically called a “Declaration of Invalidity of Marriage” in Illinois.
The Benefits of Collaborative Divorce for High-Income Couples
Divorce cases vary dramatically in complexity. A couple who rents their home, owns few assets, and does not have children can typically expect a relatively simple, straightforward divorce. The more high-value assets a couple owns, the more complicated the divorce process becomes. If you or your spouse have a high net worth, own a business or professional practice, or have substantial investments, you should know that your financial success will likely complicate your divorce. The good news is that there are several different ways to get divorced in Illinois. For many high-net-worth couples, a collaborative divorce is the right approach.
Working Together to Resolve Divorce Issues
If you are like many divorcing spouses, you may want the divorce to be as non-adversarial as possible. Fortunately, as the name implies, collaborative divorce is designed to be collaborative. The spouses and their attorneys are focused on reaching solutions that both parties walk away from feeling good about. Attorneys trained in collaborative law understand that it is possible to protect their clients' rights and advocate on their behalf without hostility or contention.
Signs Your Spouse is Lying About Money During Your Divorce
Getting divorced is as much a legal and financial process as it is an emotional process. Undoing the financial entanglement characteristic of a marriage relationship can be confusing, complicated, and often, exhausting. Spouses' financial circumstances play a massive role in the division of marital property and debt, child support, and spousal maintenance determinations.
So, what happens if a spouse lies about his or her assets and income during divorce? If the other spouse does nothing to assert his or her rights, the answer may be that the deceptive spouse gains an unfair financial advantage during the divorce. This is why it is important for divorcing spouses to be vigilant for signs of financial deception.
Hiding Assets to Shield Them from Division During Divorce
How Can You Get Alimony in an Illinois Divorce?
If you are getting divorced in Illinois, you may be interested in learning about alimony laws. Alimony, also called spousal support or spousal maintenance, is financial support a spouse is ordered to pay the other spouse after the divorce. For many spouses, divorce creates a serious financial burden. This is especially true when a spouse has limited employability because he or she is disabled or was a homemaker or stay-at-home parent prior to the divorce. If you are worried about your ability to make ends meet without your soon-to-be ex-spouse's income, you may want to seek financial assistance in the form of spousal support.
Three Main Legal Avenues for Receiving Spousal Maintenance in Illinois
Alimony is not guaranteed. In fact, most divorce cases do not involve a spousal maintenance award. There are three main ways that a divorcing spouse receives alimony:
- A valid marital agreement – Prenuptial agreements often specify the terms of spousal maintenance. Spouses may also reach a spousal maintenance agreement in a postnuptial agreement or an agreement after the marriage has taken place.
What Happens If a Parent Has More than One Child Support Obligation?
Child support is a means of splitting child-related costs between unmarried and divorced parents. If you or your child's other parent already has a child support obligation, you may wonder how this obligation will affect any future child support obligations. You may be worried about your ability to afford two child support payments each month. Conversely, you may worry that you will not receive the child support you and your child need. Read on to learn about Illinois child support laws and how child support payments are handled when a parent has children from more than one relationship.
Understanding Illinois Child Support Calculations
Illinois changed the way the state calculates child support in 2016. Presently, Illinois uses the Income Shares Model to determine how much a parent pays in child support. The parent with less parenting time is the payer or “obligor,” and the parent with the majority of parenting time receives child support. The amount of money a parent must pay is calculated using both parent's net incomes.
When Can a Grandparent Request Visitation Rights for a Child in Illinois?
Divorce may seem like an isolated family issue, but it can also affect extended members of the family, such as grandparents. It has been a trend in the United States for grandparents to contribute significantly to child care and helping parents raise their children. In many cases, a retired grandparent may act as daytime child care for a child whose parents work during the day. Especially in these relationships, the bond between a grandparent and grandchild can be strong and essential to the child's well-being. In some cases, grandparents in Illinois may be able to request visitation with a child after the child's parents divorce or split up.
Requesting Visitation for a Grandchild
When it comes to family matters such as these, things can be sticky when parents disagree with grandparents. Illinois law states that grandparents are only allowed to request visitation if the child's parent has “unreasonably” denied the grandparent the right to spend time with the child, and the denial has caused the child physical, emotional, or mental harm. The law does not define what “unreasonable” denial is, but it does state that all parents who are deemed fit are presumed to be acting in the child's best interests if they refuse to allow a grandparent or other family member to spend time with the child. Unfortunately, this is not always true. Sometimes, a parent may use their child as a pawn against a grandparent or have some other bad faith reason to deny visitation.
How Can a Lifestyle Analysis Benefit Me During My Illinois Divorce?
The property division process can be one of the most important aspects of a divorce for many people. Many of the decisions you make while dividing your assets can affect your life for years to come. This is why it is so important for you to have an accurate understanding of your financial situation. Before you start dividing your property, your attorney will typically conduct discovery, which means he or she will request any and all financial information from your spouse. However, this does not mean that your spouse will comply or be truthful about their assets and debts. One of the things you can do to ensure that you receive a fair share of the marital assets is to create a lifestyle analysis.
Understanding a Lifestyle Analysis
When you and your spouse begin your divorce, you will both be asked to fill out a financial affidavit, which contains information about your finances, such as your income and expenses. However, many people simply use estimates on these forms, which does not really give a person an accurate picture of their financial situation. A lifestyle analysis helps to paint that picture. The analysis will contain extensive information about your income, expenditures, tax obligations, and other financial information. A divorce financial analyst will use the lifestyle analysis to build a monthly budget for you that takes all relevant factors into consideration.
How to Let Your Child's Other Parent Know About Your Vacation
With summer in full swing, you may be thinking about taking a fun trip with your kids. However, if you recently got divorced and have a child custody order to follow, it can make things a little more complicated. To avoid mishaps, be sure to plan ahead and keep your child's co-parent in the loop.
Reviewing Your Parenting Agreement
If you share custody of your kids with your ex, it is a good idea to look at the parenting agreement before taking your children on vacation. Look for information regarding holidays and taking trips with your kids. The document may address important questions, such as how much notice you have to give the other parent and how long of a trip you can take. If you are having difficulty understanding some of the terms in your parental agreement, do not hesitate to talk to your Illinois family lawyer.
Discussing Your Travel Plans with Your Ex
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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