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Recent Blog Posts
Avoiding Common Mistakes When Dividing a 401K in Divorce
You may have years, perhaps even decades until your retirement, but you are going through a divorce, the time to start thinking about your nest egg is now! Often one of the more valuable assets in a marital estate, retirement and pension accounts are the primary source of contention in approximately 60 percent of all high-conflict divorces. It is also one of the most complex assets to divide in divorce, and mistakes are both costly and exceedingly common. Learn how to avoid them, and discover what a seasoned divorce attorney can do to help.
Retirement Plan Types - Why It Matters
Not all retirement plans are the same, especially when it comes to dividing them in a divorce. Pension plans and 401K plans must be divided using a qualified domestic relations order (QDRO). This document, though based on the details of your divorce decree, is actually separate from your agreement, and it should be treated as such. It is a specialized legal area - and not all divorce attorneys have experience with them, so be diligent in your search for one.
Tips for Dealing with a Vengeful Spouse During an Illinois Divorce
Divorce tends to go smoother when both parties are focused on ending things amicably. Unfortunately, the end of a marriage can stir up a number of strong, negative feelings (resentment, anger, rejection, etc.), which may cause some individuals to act out in ways that hurt the other party. What happens when they seem to be more focused on “getting even” than ending things in a peaceful manner, and how can you mitigate against the potential issues that may arise from their vengeful ways? The following information explains, and it provides details on how the assistance of a seasoned divorce attorney can help improve the final outcome of your Illinois divorce.
Communicating with a Vengeful Spouse
One of the more difficult (but effective) ways that you can minimize conflict in a divorce is to change how you communicate with your spouse. Rather than engaging in conversations over the phone or in-person, consider switching to a written form of communication (text or email). Do not respond to baiting or hostile comments; they are nothing more than tactics to draw you in. Also, you should limit your responses to no more than one email or one set of text messages a day (even if your spouse sends you 20). Keep your language professional, and distance yourself from any conversation that is not directly related to your divorce or children.
How Female Entrepreneurs Can Protect Their Businesses in Divorce
Since the recession, the number of female-run businesses in the United States has increased at a rate five times higher than all other corporations. Female-owned businesses have also seen the greatest revenue increase over that same time-period (35 percent increase in women-run businesses compared to 27 percent among all other U.S. businesses). Sadly, female entrepreneurs still have a major disadvantage in the business world: In divorce, female entrepreneurs typically assume far more risk than their male business-owning counterparts. Learn how you can protect your company and your financial future with the assistance of a seasoned, competent divorce lawyer.
Is Your Spouse Entitled to a Portion of Your Company?
Not all businesses may be divided in a divorce. Companies that are started prior to the marriage are not typically considered a marital asset, and they may not be divided in the divorce (unless marital money was co-mingled with company funds). However, the owner of the company may still owe their spouse a settlement or alimony if certain contributions were made (i.e. staying home with the children while the owner grew their business), even if the business is not to be split in the divorce. A seasoned attorney can help you determine if your business is a marital asset, and they can assist you in protecting it.
Deciding Who Gets the Art in an Illinois Divorce
In an Illinois divorce, parties divide their assets in an equitable manner. However, not all items can be divided or split. Some items can also be difficult to value; art is a prime example. Learn more about how difficult-to-divide assets like artwork are divided in a divorce, and discover how a seasoned attorney can help to protect your financial future.
The Value of Art
Legally speaking, artwork purchased during the marriage is no different than any other valuable asset; it is appraised and receives a dollar value and is then added to the overall total of the marital estate. Parties can then either sell the artwork and split the proceeds in an equitable manner, or one party can “buy” the other out by offering other assets in lieu of the artwork.
Unfortunately, it is not always easy to place a value on artwork. Appraisers can only offer estimates on what a piece may go for if it is sold, and the values can be different from one appraiser to the next. Having one party that is particularly attached to their art collection can even further compound the issue. How do couples work around such issues?
Tips for Obtaining a More Cost-Effective Divorce
Divorce can be a costly process, but it does not have to be. In fact, there are several strategies that parties can use to save money on their proceedings. Learn more about them in the following sections, and discover which purported money-saving tips can actually do more harm than good.
Avoid Litigation Whenever Possible
While negotiated divorces can be complex and costly, they tend to be less expensive than litigated divorces. Part of this is due to the way proceedings are conducted (going to court is generally most expensive than meeting with a mediator), but there are other factors involved as well. For example, a litigated divorce places your financial future in the hands of a judge; in mediation, you tend to have more control over the outcome of your case.
Know What You Own
While many parties choose to talk to their spouse before an attorney, doing things this way can greatly increase the risk of “lost” paperwork and hidden or depreciated assets. Most lawyers suggest that you gather financial documentation and supply it to them before breaking the news to your spouse. Not only does this give you the knowledge and information you need to negotiate effectively in your case, it can also give you more time to decide what it is that you really want out of your divorce.
Telling Your Friends and Family About the Divorce
Once the difficult decision to divorce has been made, parties often struggle with how to break the news to their family, friends, and children. While everyone is different and each couple will decide how to proceed, based on what works best for their needs, there are some hard and fast rules that you can use when talking to those that are closest to you. The following also provides some valuable information on what an experienced attorney can do to assist in your divorce.
Avoid a Social Media Frenzy
Social media has become the way to communicate these days, but it is not necessarily the best way to break the news of a divorce - especially when it comes to family and friends. Sharing that you are going to divorce online can also cause a tense social media situation if you and your spouse have mutual family and friends. In short, conversations like this are typically best held in person. If distance and finance will not allow for an in-person conversation, a phone call may suffice.
Should You Take Your High-Asset Divorce to Litigation?
Even in the best of circumstances, divorce can be a massive undertaking. What happens, though, when you feel like you are dealing with the worst of circumstances? How do you handle a spouse that refuses to compromise during negotiations? What recourse do you have if you suspect asset hiding or depreciation during your divorce?
Some parties choose to take such complex matters to litigation, but it is not the best option for everyone. Learn how to determine if litigation may be the most appropriate course for your Illinois divorce, and discover how the assistance of a seasoned and competent attorney can help to improve the outcome of your case, regardless of the path you chose.
Negotiation versus Litigation
Although there are many ways to approach divorce, cases are typically settled in one of two ways: through negotiation or litigation. Negotiated divorces are those in which parties compromise and agree upon specific terms (mediation, alternative dispute resolution, etc.). Litigation is when a case is heard by the court and a judge determines the outcome.
Protecting Your Estate During a Gray Divorce
Divorce requires you to consider and make decisions on many things you might not have previously considered (i.e. where you will live and who keeps the dog). Financially savvy individuals also consider the long-term implications of a divorce, like how they will fund their retirement and protect their estate. Learn more about this consideration in gray divorces, and discover how a seasoned attorney can assist with the process to improve the overall outcome of your case.
Failing to Plan for the Unexpected
While death inevitably happens to everyone, people rarely think about it in advance. In fact, statistics indicate that less than half of all Americans have a will or trust in place. Unfortunately, this can have a devastating impact on their estate. Funds may be depleted in probate, assets may go unallocated, and children could be placed into foster care until a guardian can be appointed. Matters can be even more devastating if the individual happened to be going through a divorce at the time of their death.
Deciding Where to Live During and After a Divorce
During the divorce process, each party must make a number of difficult decisions. Some of the decisions are fairly simple and straightforward (i.e. who gets the pots and pans). Others, like deciding where one will live during and after the proceedings, can be far more challenging and are rarely considered in advance. To make matters worse, there are often practical, emotional, and financial implications involved. Learn what considerations can help to ease the decision-making process, and discover what an experienced divorce lawyer can do to improve the final outcome of your case.
Examining Your Options
When it comes to living options during and after a divorce, most people have only three: continue living in their current home, purchase a new home, or rent a new home or apartment. Some divorcing parties may also have the option to stay with family or friends (at least for a while), but such arrangements are usually temporary. For this reason, even parties with a fall-back plan are encouraged to consider their long-term living options.
The Most Common Causes of Divorce and How to Avoid Them in Your Marriage
Couples do not typically enter a marriage with the intention of divorcing. Sadly, divorce is the path that nearly half of all couples will take. What causes them to head that direction, and how can you avoid meeting the same fate in your impending marriage? The following information examines the most common causes of divorce, as well as how to avoid them, and it explains how a seasoned family law attorney can use a prenuptial agreement to protect your finances before your marriage even starts.
Fighting Dirty
No matter how much you love your spouse, you are not going to agree on everything. How you handle those disagreements could predict whether or not you will one day divorce. Name-calling, shaming, blaming, and other nasty fighting tactics can strip away the trust and give each of you the sense that you are no longer in a loving partnership. Over time, that can degrade your marriage to the point of divorce. If you notice that you and your spouse are starting to fight dirty, consider marriage counseling before things get worse.
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