Posted on May 24, 2013 in Main

During the initial stages of a divorce, emotional stress levels are high, and the focus is on custody and visitation rights. Thinking about what assets exist or the value of each asset may be the last thing on a person's mind. Yet, if you're thinking about a divorce, it's very important to protect your assets by having knowledge of what assets exist and to financially plan ahead.

To complicate matters, often the income earning spouse attempts to hide assets. It could be that this effort has been ongoing over many years. This occurs because most couples have such complicated and diverse financial portfolios that a few hidden accounts here and there seem not such a big deal – but it really is. While there is nothing illegal about a spouse hiding or otherwise dissipating assets, it can have significant implications in a divorce case. For both parties, it usually means that substantial additional attorney's fees will be incurred on the efforts focused on finding the hidden money. It can also mean additional funds spent on experts such as forensic accountants. Sadly, more money is usually spent on legal fees trying to prove the dissipation of assets then may have actually been dissipation. To add fuel to this problem is the mistrust that divorcing spouses have for each other. In the end, both parties pay the price.

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 Posted on May 15, 2013 in Main

Oilman billionaire Harold Hamm and his wife may be going through the most expensive divorce in history, according to Forbes Magazine. Hamm is worth an estimated $11.3 billion, according to Forbes; his wife, economist Sue Ann Hamm filed for divorce last year and alleged Hamm was having an affair. The newswires pointed out that if the couple had not entered into a prenuptial agreement, Sue Ann would be eligible for a 68 percent stake in Harold's fortune. This would mean, "in essence, the entirely self-made oilman could lose control over the company he founded in 1967," according to Forbes. The Hamm's' reside in Oklahoma, and Oklahoma state law allows for "equitable distribution," meaning that a state court will decide what is fair and equitable under the circumstances of a case. (Illinois also applies an equitable distribution scheme in the division and allocation of the marital assets and debts).

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 Posted on December 00, 0000 in Main

In Illinois, with few exceptions, marital property is considered anything acquired by the parties during the marriage. This includes, but is not limited to, the family home and additional real estate.

With the troubled housing market in the United States over the last few years, many divorcing couples found themselves in an awkward situation. With little or no equity and no buyers, many divorcing spouses could not sell their marital home and split the profits, but were instead forced to stay together in the home waiting for the market to turn around. While divorcing spouses use to litigate over the equitable division of the proceeds, many now owe more than the property is worth, and so it is debt being divided not proceeds. Besides forcing some divorcing parties to remain physically in the house, even after the divorce, this situation often leads to foreclosures and short sales, which causes even more stress and hardship to an already difficult situation.

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 Posted on December 00, 0000 in Main

Most people are aware that maintaining a happy marriage is hard work. However, most people are unaware that despite all of that effort, the words they use may be working directly against those efforts. It turns out that certain words increase your chances of a divorce. Listen to the words that you are using, you might be surprised by what you are saying and where you are headed.

When couples use the words "Never" and "Always" it represents an all or nothing posture. These words establish a situation that promotes the attitude of a lack of comprise and kindness.

The word "but" when used implies a lack of integrity and manipulation. When a spouse uses this word in an argument or discussion he or she is negating what was previously said that might have been positive, undermining his or her ability to build trust and intimacy.

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 Posted on December 00, 0000 in Main

If you are in the midst of a divorce and your spouse is asking for alimony, you may be curious as to how the amount that will be allocated is determined. Alimony, also known as spousal support, is a financial award that one spouse will pay to the other spouse while he or she becomes accustomed to supporting themselves.

At the present, there is no specific formula that exists to determine how much, if any, support will be awarded. However, several factors are considered, such as, the income

and property of each party; the needs of each party; the present and future earning capacity of each party; any impairment to the earning capacity of the party seeking maintenance due to that party devoting time to domestic duties or having forgone or delayed education, training, employment, or career opportunities due to the marriage; the time necessary to enable the party seeking maintenance to acquire appropriate education, training, and employment, and whether that party is able to support himself or herself through appropriate employment or is the custodian of a child making it appropriate that the custodian not seek employment; the standard of living established during the marriage; the duration of the marriage; the age and the physical and emotional condition of both parties; the tax consequences of the property division upon the respective economic circumstances of the parties; contributions and services by the party seeking maintenance to the education, training, career or career potential, or license of the other spouse; any valid agreement of the parties; and any other factor that the court finds to be just and equitable.

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 Posted on December 00, 0000 in Main

Verbal abuse, sometimes called emotional or psychological abuse, can take many different forms. Blaming, accusing, name calling, disparaging, yelling and belittling are all forms of verbal abuse. This form of abuse often causes serious emotional pain and mental anguish. The recipient of verbal abuse ends up constantly defending and explaining him or herself to the abuser—an exhausting cycle of back-and-forth contention between the parties that can break a person's spirit nearly beyond repair.

Unfortunately, verbal abuse can be a frequent occurrence in many relationships. In couples, a verbal abuser often views his or her partner's “separateness,” i.e. that person's independent thoughts, views, desires, feelings, and expressions, as an irritation or even an attack on the abuser. There are many theories as to the cause of verbal abuse, including the notion that an abuser may have low self-esteem and so, through verbal abuse, the abuser helps to bring the victim down to that same level.

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 Posted on December 00, 0000 in Main

Maintenance, formerly referred to as alimony, is a monetary payment from one spouse to another spouse in need of financial support during and after a divorce. Maintenance can be in the form of regular monthly payments, which can be temporary or indefinite. Courts consider many different factors in determining the amount, type, and structure of maintenance after divorce, and parties to a divorce and their attorneys should take all of these factors into account when negotiating an appropriate maintenance award and structure.

Regardless of the structure, maintenance normally leads to an income increase for the spouse awarded the payment as part of a divorce. This means that unless otherwise stated, the receiving spouse will have to pay taxes on the support he or she receives from a former spouse. It is therefore important for the receiving spouse to understand the financial impact that our ever-changing income tax laws can have on the award. Individuals trying to interpret and understand tax language should seek the help of professionals to help them navigate the effects of income tax laws and income tax law changes on any maintenance award they may receive.

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 Posted on December 00, 0000 in Main

Proactive divorce attorneys in Illinois are poised to handle potential imminent changes to the Illinois Marriage and Dissolution of Marriage Act (IMDMA, for short). Recommendations for changes to the IMDMA from the Family Law Study Committee, a group of individuals who have been studying existing Illinois divorce laws since 2008, are very close to being enacted. The Illinois State Bar Association's Director of Legislative Affairs recently reviewed and compiled a list of all of the potential changes to the IMDMA. If these changes pass this Fall's legislative veto session, the changes will be put into effect as early as Summer 2014. These changes could result in significant changes to how divorces in Illinois occur.

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 Posted on December 00, 0000 in Main

People use the terms ‘divorce' and ‘annulment' interchangeably, but there is a difference between the two that can have serious consequences. Illinois law defines divorce as a legal procedure that results in the termination of the marriage; basically, this means there was a valid, legal marriage under the laws of the state of Illinois that has now been terminated. Moreover, as part of the divorce, both parties will get an equitable portion of the assets that belonged to the marital estate, which a divorce judge will divide between the parties.

Annulments, on the other hand, target the validity of the marriage in the first place. The process of annulment under Illinois law is known as a declaration of the invalidity of a marriage. This process is designed to determine whether the marriage ever legally existed or whether it was invalid right from the start. The Illinois Marriage and Dissolution of Marriage Act has specific conditions for determining whether a marriage may be annulled for being invalid. Contrary to divorce, a successful annulment may mean that each party gets to keep his or her own assets even though those assets were acquired during the marriage; in other words, the assets never legally become part of the marital estate.

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 Posted on December 00, 0000 in Main

If you are considering divorce or are in the process of a divorce currently, you have a lot of incentives to become organized. Getting and staying organized can actually increase your chances of success in the divorce process. Not only does organizing your personal records and documents help your attorney, but it can also provide peace of mind and help you understand your own situation better.

Your attorney will undoubtedly request documents from you to better understand, among other things, your financial situation. Financial documentation is critical in the determination of property division, maintenance, child support, and debt allocation. Information on individual and family spending habits, debts, and income/cash flow is necessary for resolution of the financial aspect of a divorce—and it can even have an impact on other issues such as child custody. Having this information readily available helps your attorney work on resolving all of these issues right off the bat and helps him or her have a better idea of where the case is headed and how the overall picture looks.

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