Prenuptial Agreements and High Net Worth Divorce
According to various estimates, that there are approximately 4.9 million high net worth individuals in the U.S. at any given time. While there is no set dollar amount to determine a high net worth individual, or HNWI, the term is generally used to denote a person with substantial liquid assets. More than 60,000 HNWIs in the U.S. are considered ultra-high net worth individuals with assets of moreContinue reading
After the Holidays, Divorce May Be Lurking
The winter holiday season has just about arrived. For approximately the next six weeks or so, families around the country will be getting together to celebrate in their own tradition—several times, in many cases, when Thanksgiving is combined with the end of the year holidays. By mid-January, things should be pretty well back to normal. For some families, however, the months that follow the winterContinue reading
Check Your Parenting Plan for Holiday Arrangements
A week from today, families around the country will be sitting down to enjoy the Thanksgiving holiday together. Traditions, of course, may vary, but the highlight of the holiday season is getting to spend time with friends and loved ones. If you are a divorced parent, however, making plans for the holiday can be complicated as you will probably need to coordinate your intentions with thoseContinue reading
Is Your Business Subject to Division in Your Divorce?
If you own and run a business, you have probably invested countless hours and significant sums of money into making your dream a reality. You follow all federal and state licensing guidelines, you comply with employment regulations, and your company passes necessary code and health inspections with flying colors. Outside of a serious, unforeseen change in the economic climate or a natural disaster, it would seemContinue reading
Does Fault Matter in Your Divorce?
Imagine a reasonable scenario in which a person has been married to his or her spouse for several years. During the course of the marriage, the person’s spouse develops a pattern of physical and emotional abuse, as well as repeated episodes of adulterous behavior. What would your advice be to that person? More than likely, you would suggest that he or she needs to getContinue reading
Retirement Savings and Pension Plans in Divorce
The process of dividing assets and debts in a divorce can be very complex and confusing. Some assets—like a paid-off car or television—are fairly easy to identify as part of the marital estate, and allocating them to one spouse or the other is relatively straightforward. Other assets are not quite so simple to handle. Retirement investments and pensions, for example, present a number of complications in aContinue reading
Divorce and Your Wallet: Five Ways You Can Protect Your Finances in the Midst of Separation
When faced with an impending divorce, the thought of further burdening yourself with the financial aspects of the split is less than appealing. It is understandable that soon-to-be ex-spouses would prefer to skirt over money matters, but sadly, money has to be addressed at the end of the marriage, otherwise both parties are in for a potential storm as the divorce process unravels. Damage Control AsContinue reading
Thinking About Divorce Without an Attorney?
Since the advent of the internet, more and more individuals have become “do-it-yourself”-ers. Regardless of the project or task at hand, there are online resources available to help you figure out how to do it—everything from car repairs to home network management to self-paced study courses to gourmet cooking. In fact, a quick Google search of the abbreviation “DIY” returns more than 1.6 billion results.Continue reading
Contesting a Proposed Relocation
It can be very difficult to maintain a healthy relationship with your child when your parenting time is limited by the circumstances of a divorce or breakup with your child’s other parent. Things can become even more difficult if the other parent decides that he or she wants to move out of the areawith your child. If you have a formal parenting plan in place, youContinue reading
Divorced Parents and College Expenses, Part 2: Eligible Expenses and Your Child’s Responsibilities
Last week on this blog, we discussed the basics of the Illinois law that allows a court to require one or both parents to contribute to their child’s college expenses following a divorce. To summarize, college expenses for a couple’s child are essentially considered to be a financial matter between the parents in divorce, as long as at least one parent is willing to help the child financially. TheContinue reading