Tag Archive for: Chicago Divorce Attorney

Protecting Your Business During a Divorce.

Under Illinois law, all marital property is subject to an equitable division between spouses. That includes all assets and debts acquired during the marriages, including income earned by efforts of either spouse. Meaning if you started a business during the marriage, it’s likely marital property.

The last thing you want to happen during a divorce is lose half of the business you’ve worked so hard to build. It’s important to put a protection plan in place that may help prevent a contentious situation between you and your spouse.

In Illinois, there are three main ways to protect your business during a divorce.

Prenuptial or Postnuptial Agreement

A formal agreement can help facilitate a resolution and ease anxiety for both parties at a time when emotions are likely running high. It’s best to consult an attorney to ensure appropriate disclosures are made because in Illinois, prenuptial or postnuptial agreements are not enforceable if either party did not provide a reasonable disclosure of their debts and assets.

If it’s found that you significantly undervalued the business, you could be accused of fraud and the agreement will be invalidated. For that reason, it’s also a good idea to get the business valued by a qualified business appraiser.

Providing Documentation

Even without a pre or postnuptial agreement, there are several steps to protect your business during a divorce.

  • First, you can establish yourself as the sole owner of your business by making sure the organizing documents for the firm clearly specify that the business cannot be transferred in the event of a divorce. In this case a cash award may be made to the non titled spouse.
  • Second, keep your business and personal expenses clearly separated. Untangling commingled funds adds unnecessary complexity for advisors and could be detrimental to the settlement.
    It’s important to keep clear records of both capital sources for the business, as well all cash transactions.
  • Lastly, if your spouse works at your business, even in a minor capacity, it’s essential they were paid market rates for their services. Otherwise, they may seek a higher percentage of the company’s value.

Seek Advice from an Experienced Divorce Attorney

One of the best things you can do is contact a divorce attorney early in the predicament who is experienced in handling divorces for business owners.

At Masters Law Group, we understand how stressful a divorce can be. That’s why we move through settlement negotiations, meditations or litigations with our clients assurance and well being at top of mind. We’re skilled at identifying and valuing assets and wealth, including real estate, securities, business interests, retirement funds, pension plans, tax shelters, overseas accounts, stock options, trust and other actual or potential sources of wealth.

If you are looking to explore your options on divorce or legal separation with professional and experienced advisors, contact Masters Law Group to schedule an appointment here.

What is Divorce Mediation?

Talking to your partner about the practicalities of separation or divorce can be extremely difficult. Divorce Mediators work with a couples involved in family break-ups to make arrangements, either to plan for a separation or divorce, or after the split has taken place.  

Mediation is one of the most frequently used methods of negotiating a divorce settlement. In mediation, you and your spouse meet with a neutral third party, the mediator, and with their help, you work through the issues you need to resolve so the two of you can end your marriage as amicably and cost effective as possible. Topics covered in Divorce Mediation include:

  • Child custody
  • Child support
  • Property/Asset division
  • Retirement accounts
  • Taxes

While mediation sounds like an ideal solution for separating, there are pros and cons to consider first.

Pros of Divorce Mediation

There are several key benefits to using mediation for your divorce that have contributed to its growing popularity:

  • Speed: Because you do not need to wait for a court date, it is usually much faster to get divorced using mediation than by going to court. By getting you and your ex-partner in one place, it can also speed up communications between you.
  • Voluntary: Mediation is a voluntary process, so there is absolutely nothing forcing you to agree to anything that you find unacceptable during the mediation process. The fact that mediation is voluntary allows many divorcing spouses the sense of ownership and independence they need to feel comfortable making important compromises and decisions.
  • Control: Mediation allows you to keep control of your divorce, rather than leaving the final decision in the hands of a judge.
  • Privacy: When you go to court, the proceedings are held in public, meaning the details of your divorce, including any financial settlement will be made public. Mediation allows you to keep your divorce private, meaning the details will only be known to your and your spouse.
  • Cost: Mediation is generally much less expensive that court action because of the lower legal fees involved.

Cons of Divorce Mediation

Mediation is not the right answer for every divorcing couple, and there are some important elements of mediation that can be disadvantages:

  • Disputes: Mediation is not useful if the parties cannot engage in open dialogue with each other or if your spouse is more aggressive than you.
  • Hiding Assets: If your spouse is hiding assets, the mediator may not ever find out. If you have an attorney representing you, the attorney can use the discovery process and independent investigation to determine whether your spouse is hiding assets.
  • Fairness: Mediation does not guarantee a fair outcome.
  • Not for Complicated Matters: Mediation is not appropriate for certain cases, such as those involving domestic abuse and addictions.

Contact an Illinois Divorce Lawyer to Help with Your Mediation

Masters Law Group have many years of experience helping people to get divorced quickly, cost-effectively and with minimal conflict using mediation and other non-confrontational methods. With a sensitive but practical approach, we aim to make getting divorced as straightforward as possible.

Erin E. Masters has been approved as a Mediator for the Cook County Domestic Relations Division and offers private mediation services. If you are looking to settle your family law matter without court intervention, contact Masters Law Group to schedule a mediation appointment.

We look forward to learning more about you and how we can assist as your Divorce Mediators.

Divorce or Legal Separation: What’s best for you?

During the inevitably stressful time of going through a break up, it’s important to go through your options. To best determine what type of separation is best for you and your family, let’s first understand the difference between divorce and legal separation.

Divorce vs. Legal Separation

Your first thought may immediately go to divorce, and that is understandable due to it being the most common approach to seemingly irreconcilable differences. However, you have another option that is less permanent that is worth considering. There is a large difference between deciding to be physically separated from your spouse and legally separated from them.

A divorce means your marriage is 100% legally over, the court can assist in determining the allocation of parental responsibilities, parenting time, and child support. The court can also determine spousal support and divide property. Couples that have decided they can’t reconcile may be ready for an immediate divorce. However, even if you believe you will ultimately file for a divorce, a legal separation is worth to consider.

A legal separation is a less permanent option, meaning you’re living apart but still legally married. If you don’t think you can live with your spouse, you can file for legal separation. Obtaining a legal separation does not prevent you or your spouse from obtaining a divorce later. Legal separation is less emotionally taxing than divorce because the permanence of a divorce isn’t there which still allows for the legal relationship to exist between the married couple. The court can order a separation between you and your spouse, and it would include similar aspects to a divorce such as allocation of child support and custody arrangements.

When is a legal separation the better option?

Divorce may be the best option for you, it often is for many couples. However, there are some situations where a legal separation rather than divorcing straight away would make the most sense.

  • You’re not sure if your partnership is ready for a divorce, you just need some separation
  • Your religion doesn’t permit divorce
  • Certain benefits are at risk such as health insurance, social security, and others

As much as you may feel differently now, most couples are capable of making a compromise or would agree to a specified time to attempt to reconcile their differences. For troubled marriages, a legal separation is a solution that is often overlooked, but proven very effective for many couples that give it a go. The separation may ultimately lead to a divorce, but at least you can rest assured that you did everything that you could to try to repair your marriage.

Additional common questions about legal separation in Illinois

– Can I still get a Legal separation if my spouse does not live in Illinois?

Yes, you can still get a legal separation granted by the court when your spouse doesn’t live in Illinois, or never has lived there. Something the court may potentially not be able to decide upon in this scenario is custody of children.

– Can custody be decided in a legal separation?

Yes, custody can be decided between the partners if the child has lived in Illinois for over 6 months.

– How long do you have to live in Illinois to file for a legal separation?

You have to be living in Illinois for at least 90 days.

– Where should you begin with this overwhelming decision?

Hiring an experienced legal advocate that is well-versed in family law will be the best option for you moving forward. They can help explain this process to you and is the greatest way to ensure the best possible outcome that is custom and unique to your family’s situation.

At Masters Law Group, we provide divorce and legal separation services and also represent clients involved in these matters. If you are looking to explore your options on divorce or legal separation with professional and experienced advisors, contact Masters Law Group to schedule an appointment here.

 

 

Filing for a Divorce in Illinois

If a breakup is in your future, you’re probably wondering where to start when it comes to divorce proceedings. You may also be worried about legalities, how much time it will take, and whether you’re making the right move. 

No one enters into a marriage expecting it to fail. Still, more than 20 percent of first marriages end in divorce within five years, and 48 percent of marriages dissolve by the 20-year mark, according to data from the government’s National Survey of Family Growth.

If you’re contemplating divorce in Illinois, you’ll need to follow certain procedures to start your case. You can file for divorce on your own or with the recommended help of a family law attorney. Here, Masters Law Group outlines the process of divorcing and some helpful information to assist you along the way.

*Each state in America has its own laws regarding terminating a marriage. The following steps will help you get a head start on your divorce proceedings in the state of Illinois.

Getting Started

Asides from contacting your Illinois-based family law attorney, as soon as one or both parties decide that divorce is absolutely the only answer, the first step is filing the paperwork with your local court clerk. The forms you complete may vary from county to county, so it is important that you do some research based on where you live. Wherever you live, however, you will need to file what is called a “petition for dissolution of marriage.” The forms are a bit different if you have children. For example, you will need to file a joint parenting agreement, uniform order of support, and visitation forms if you have children. You can also find other required forms on the Illinois court website.

Historically, the state offered two types of divorce: fault-based and no-fault divorces. Today, irreconcilable differences are the only grounds for divorce in Illinois, meaning Illinois is a no-fault divorce only state.

You must meet certain requirements before you can be granted a divorce in Illinois. These are:

  • Your divorce must be due to “irreconcilable differences;” and
  • You or your spouse must have lived in Illinois for at least 90 days prior to starting your divorce proceedings.

There is a “separate and apart” waiting period intended to allow the parties to cool down and reconsider the decision to divorce. In Illinois, this is a period of six months. You can waive this waiting period by written agreement.

Although the law specifically prohibits judges from analyzing fault when dividing property in a divorce, judges may evaluate whether or not one spouse dissipated marital assets during the marriage.

Contested Divorces

A contested divorce happens when both spouses want a divorce but can’t agree on some of the terms of the divorce, like custody and spousal support. It can also occur if the spouse does not respond to the divorce petition.

In contested divorces, the judge may order you to go through additional steps like divorce mediation. The mediation can result in an agreed settlement between the parties.

If mediation doesn’t work, your case will go to trial, and the judge will make the final determination on specific issues you and your spouse couldn’t agree on.

Alternative Procedures

If you and your spouse don’t have any children, have little money, and agree on everything, Illinois courts may allow you to have what is called a joint and simplified divorce.

You and your spouse can file a Joint Petition for Simplified Dissolution of Marriage if:

  • no spousal support (alimony) will be paid
  • no-fault grounds are used
  • there are no children and the wife is not pregnant
  • you have not been married more than 8 years
  • neither of you have any real property
  • the total equity in your marital property is less than $10,000
  • the combined annual income of you and your spouse is less than $35,000
  • neither of you earn more than $20,000 annually
  • you both disclosed your assets and tax returns for the years you were married, and
  • you and your spouse have a written agreement dividing all of your property in excess of $100 in value, and allocating who will be responsible for each debt owed.

If you don’t meet the requirements for the Simplified procedure, but you and your spouse are in agreement on all matters, you may still file an uncontested divorce using the standard procedure.

Legal Separation

Illinois is one of the states that recognize legal separation. Legal separation does not permanently end the marriage. However, a judge must approve the separation agreement, which defines the spouses’ legal rights and obligations.

For individuals with religious concerns or insurance issues who may be discourage from seeking a formal divorce a legal separation could be the preferred course of action.  With a legal separation, many of the same issues determined in a divorce can be adjudicated, but without the finality of a legal divorce being granted.

This is a good option if you don’t want a divorce but want to live separately and want legal clarification on matters concerning child custody, child support, child custody, and property division.

Civil Union Divorce

Civil unions allow two adults, of either the same or opposite sex, to enter into a legally recognized relationship. Several unique issues can arise during the process of establishing or dissolving a civil union, so it is vital to have a knowledgeable lawyer to guide you through every step.

Dissolving a civil union is nearly the same as dissolving a marriage. Any couple who wishes to dissolve a civil union will be able to do so in the State of Illinois. To receive a certified copy of a Dissolution of Civil Union records, an interested couple will need to go to the county circuit court clerk where the civil union was granted.

Getting the Help You Need with Masters Law Group

Even a no-fault divorce is a complicated legal process, particularly when children or high assets are involved.

Whether you are facing a contested divorce, uncontested divorce, or a civil union divorce, the experienced attorneys at Masters Law Group are ready to skillfully advocate for your position and provide your voice when you need it most.

Masters Law Group is skilled at identifying and valuing assets and wealth, including real estate, securities, business interests, retirement funds, pension plans, tax shelters (domestic and foreign), overseas accounts, stock options, trusts and other actual or potential sources of wealth.

If you are seeking answers to questions regarding divorce, separation, child support and other matters, contact Chicago’s premier family law group here today to schedule a consultation.

Divorce Disputes: Know Your Rights

Divorce can be an extremely emotional time. On top of this, couples need to decide how to split their assets, including money, the marital home and the custody of the children.

The divorce process is stressful and can easily bring out the worst in people. Although divorce can get you out of an unhappy marriage, it can also leave you high and dry if you don’t know your rights.

Emotional vs Financial Decisions

Divorce professionals will tell you that it’s best to approach your settlement discussions as a business discussion; but how do you take your emotions out of your divorce negotiations?

Fear, anger, sadness, loss. While you should let yourself feel all of these emotions and seek out the support you need to get through the hurt, when it comes to the divorce process itself, controlling your emotions is key to getting the outcome that you are looking for.

Reasons why these discussions need to be more about business than emotions include:

  • The legal system is not set up to resolve disagreements based on moral arguments, but bound by statutes and case law and these likely will not provide resolution for the wrongs you’ve experienced.
  • Decisions based on emotions are not the best long term or even short term decisions. For example a fight over a home you can’t afford to upkeep will only harm your financial future.
  • You could easily end up regretting your emotional decisions further down the line. For example you realize something you are fighting for is harming the welfare of the children.

Letting go of those feelings during the divorce process not only helps keep the focus on protecting your legal rights, but it also gets rid of those old hopes and dreams so you can start building new ones for the future.

If your marriage has any complicated issues to settle (see below), a family law attorney can be an invaluable resource.

Spousal Support/Alimony

While divorce may end a marriage, it doesn’t necessarily end the obligations of one spouse to another. Oftentimes, one spouse is able to receive spousal support, or alimony, to help them establish a new, post-divorce life.

The court will award financial assistance based on factors such as the duration of the marriage, each person’s earning capacity, contributions to the household and physical health of the recipient.

There are five different types of alimony that may be awarded:

  • Rehabilitative Alimony: Granted for a specified time period. It provides the recipient with the funds to obtain the job skills and education needed for him or her to become self-sufficient.
  • Lump-Sum Alimony: A one-time, fixed payment and is often granted in lieu of a property settlement. The amount awarded is equal to the total of future monthly payments.
  • Permanent Alimony: Which continues until the recipient remarries or either payor or payee dies. The payments may be adjusted due to changes in financial circumstances.
  • Reimbursement Alimony: The dutiful spouse who works full time to put her partner through school and is divorced shortly after is a candidate for reimbursement alimony. As the name implies, this support reimburses one spouse for expenses incurred in helping the other complete an education or training program.
  • Temporary Alimony: Temporary alimony is sometimes paid when a couple separates but the divorce is not final. The parties execute a written marital separation agreement stipulating how much and when payment will be made.

Property Disputes

When the court grants a divorce, property will be divided equitably (not always equally) between the two spouses. This is decided under the Equitable Distribution Law. During the divorce both spouses have to tell the court about their income and any debts they owe. There are two different types of property for the purposes of a divorce. Property that the couple bought during the marriage is called “marital property”. Property that belonged to you before the marriage or was a gift to just you from someone other than your spouse is called “separate property”. Marital property can be divided between the two spouses. Rather than using an automatic 50/50 split, an Illinois judge will consider all relevant factors in deciding what kind of property division is fair.

There’s no hard and fast rule for who gets the house in an Illinois divorce. In cases where a couple can’t afford to keep the marital home, a judge will order the house to be listed and sold as soon as possible so that the couple could divide the proceeds.

Child Custody

Probably the most contentious and emotionally difficult aspect of a divorce is deciding on custody of the children.

In an Illinois divorce or custody case, either parent may request custody, or both parents may agree to joint custody.

You may also ask the court to determine custody in other situations, including:

  • If you are not married to the other parent but need to determine custody of a child.
  • If you want to be the legal guardian of a child.
  • If you need to determine who the parent of your child is.

Parents may share legal custody, or legal custody may be vested in one parent (i.e. sole legal custody). While it is possible to share residential custody, such arrangements are oftentimes impractical or would impose too much stress on their children.

Child custody cases are intensely fact specific, and it is important to speak to an experienced family law attorney before letting emotions or fear dictate your decisions should you be faced with a custody battle.

Alternative Dispute Resolution (ADR) and Divorce

Despite what you hear and see on television, most legal disputes never make it to court and are usually resolved by a settlement outside of court proceedings.

Resolving divorce issues listed above can happen without lengthy and expensive litigation. More couples are now going with alternative dispute resolution (ADR) to end their marriages. The popularity of mediation has shifted the role of divorce attorneys from representing their clients in a legal battle to acting as divorce mediation lawyers to help clients achieve mediation success. In this new role attorneys can serve as a lawyer coaches, legal consultants, and legal advisers in the divorce mediation process.

ADR may prove to be a beneficial tool in resolving your divorce and related issues, depending on factors such as the degree to which you and your spouse are in dispute on key issues, and your willingness to work together to resolve those issues.

Get the help you need

Unfortunately, while it is always possible to represent yourself in a divorce case, it may not always be advisable.

Masters Law Group understands that divorce is a stressful situation and that our clients want to move on with their lives. As such, we move through settlement negotiations, mediation or litigation with our clients assurance and well-being in mind.

Whether you are facing a contested divorce, uncontested divorce, or civil union divorce, our firm’s attorneys are ready to skillfully advocate for your position and provide your voice when you need it most.

Divorce cases involving substantial assets or complex estates require specialized knowledge. Masters Law Group is skilled at identifying and valuing assets and wealth, including real estate, securities, business interests, retirement funds, pension plans, tax shelters (domestic and foreign), overseas accounts, stock options, trusts and other actual or potential sources of wealth.

Schedule a Consultation today to learn more about how we can assist as your Divorce Mediators and Attorneys.