Tag Archive for: Chicago Divorce Attorney

DuPage Divorce Attorney: The Valentine’s Day Effect

Flowers, romantic cards, and proclamations of undying love for one another; Valentine’s Day is known as the day of love for a reason. Unfortunately, for many people, Valentine’s Day is a day for ending relationships and obtaining divorces, too.

In the weeks leading up to and after Valentine’s Day, requests for information about divorce experienced a surge of 40 percent (law.com). For individuals in DuPage County, Illinois, and across Chicagoland, Valentine’s Day may shed light on the complexities within their marriages.

Valentine’s Day is a day that celebrates love and affection, but for some couples, it’s not such a happy holiday as divorce rates surge. During challenging times, a DuPage divorce attorney can be a crucial ally, providing guidance and support through the emotional and legal aspects of ending a marriage. Here’s what you need to know.

UNDERSTANDING THE VALENTINE’S DAY EFFECT

While Valentine’s Day is meant to celebrate love and connection, for certain couples, it can evolve into a stark reminder of the underlying issues in their relationships. Yet, when we delve deeper into the broader context of Valentine’s Day, it becomes clear why this time of year can be particularly revealing.

Unmet expectations, unresolved conflicts, and a pervasive sense of dissatisfaction may all surface leading up to and on this day. These negative emotions may prompt individuals to reassess the foundations of their marriages. This phenomenon, commonly referred to as the “Valentine’s Day Effect,” has the potential to lead some couples to the difficult decision of pursuing a divorce. 

Why Couples Seek Divorce

On top of dealing with the “Valentine’s Day Effect,” various other factors can lead to divorce. This study found that the following factors can increase a couple’s risk of divorce:

  • A lack of communication
  • Infidelity
  • Conflict and arguing
  • Marrying too young
  • Financial issues
  • Substance abuse
  • Domestic violence
  • Health issues
  • Lack of family support
  • Religious differences
  • Lack of premarital education

It’s important to note that Illinois operates as a no-fault divorce state, requiring only irreconcilable differences as grounds, eliminating the need to prove fault for divorce.

MEDIATION AND ALTERNATIVE DISPUTE RESOLUTION

A seasoned DuPage divorce attorney possesses the legal experience necessary to navigate the complex terrain of divorce proceedings. Emotions can run high during a divorce, and decisions made in the heat of the moment may have long-lasting consequences. A divorce attorney acts as a level-headed and objective advisor, helping clients make informed decisions based on their best interests rather than emotions.

It’s important to note that not all divorces need to be contentious courtroom battles. A skilled divorce attorney can help you explore alternative dispute resolution methods, such as mediation, to facilitate open communication and negotiation between the parties involved. These lower-conflict avenues often result in a more amicable resolution.

Divorce is a complex and emotionally charged journey that often requires the guidance of seasoned family law professionals. At Masters Law Group, our experienced family law attorneys provide valuable assistance, helping to ensure that your rights and the best interests of you and your children remain at the forefront of every decision.

ILLINOIS ASSET DIVISION

If you file for divorce, you may be wondering what will happen to the financial house you built together. Division of assets is a significant aspect of divorce proceedings. When couples get a divorce in Illinois, the courts don’t split everything down the middle like in certain other states. Instead, Illinois follows a more intricate approach called “equitable distribution.” Here’s how it works:

  1. Contribution to the Marriage: The court looks at what each spouse brought to the marriage regarding money and non-money contributions like caring for the home or children.
  2. Duration of the Marriage: How long the marriage lasted matters, as it can affect how assets are divided.
  3. Economic Circumstances: Each spouse’s financial situation, including income and needs, is considered.
  4. Non-Marital Property: Things owned before marriage or received as gifts or inheritance during marriage may not be split.
  5. Custodial Arrangements: If there are kids, the court looks at custody and how it impacts finances.
  6. Spousal Support (Alimony): Whether one spouse needs support payments is factored in.
  7. Tax Consequences: Taxes resulting from asset division are also considered to make things fair.
  8. Wasteful Dissipation: If one spouse recklessly spends or wastes money, it can affect the division.
  9. Agreements: Any agreements made before or during the marriage, like prenups, are considered if they meet legal standards.

Remember, “equitable distribution” doesn’t always mean a perfect 50/50 split. It’s about creating a fair and just arrangement based on each family’s unique situation. This process can be tricky, so it’s a good idea to work with a skilled family law attorney to help ensure your rights are protected during asset division in Illinois.

HOW A DUPAGE DIVORCE ATTORNEY CAN HELP

If you’re looking for a top lawyer in Illinois, consider working with the DuPage divorce attorneys at Masters Law Group. Our firm has earned a top spot on the Best Law Firms 2023 list by Best Lawyers® and U.S. News & World Report, and we are highly esteemed and respected by leading peer review publications such as Best Lawyers, Super Lawyers, and Leading Lawyers. 

Furthermore, our senior attorneys, Erin E. Masters, and Anthony G. Joseph, have been recognized by these prestigious publications year after year, showcasing their strong work ethic, character, and skill in family law, so you can rest assured you have someone you can trust throughout your divorce proceedings.

FINAL THOUGHTS

Valentine’s Day isn’t all about love and romance. For some, it could be a wake-up call or the final straw when it comes to divorce. 

If you are experiencing “The Valentine’s Day Effect” or simply want to learn more about initiating the divorce process, we can help. For questions regarding divorce and other family law matters in DuPage County, contact Chicagoland’s premier family law group here today to schedule a consultation.

Navigating Divorce and Infidelity

Infidelity is a complex and sensitive issue that can deeply affect individuals and relationships. According to the American Psychological Association (APA), infidelity in the United States accounts for 20-40% of divorces. 

In this blog, we will discuss its various types, underlying causes, effects on a marriage leading to divorce, and the crucial role that a divorce lawyer can play in such situations. Here’s what you need to know.

Understanding Types of Infidelity

Infidelity occurs when one partner deepens a connection with someone outside their marriage, violating the agreement of sexual or emotional exclusivity they made with their spouse. It may involve sharing intimate thoughts and feelings with someone other than their spouse. Unfaithfulness can manifest in various forms, and it’s crucial to comprehend these distinctions. Here’s a look at some of the different types of infidelity:

  • Physical Infidelity: Physical infidelity involves engaging in sexual activities with someone other than one’s spouse. This type of cheating comes to mind first when discussing the topic.
  • Emotional infidelity: This involves emotional attachment or intimacy with another person. Emotional affairs can do as much damage, if not more, to a relationship as a physical affair.
  • Cyber Infidelity: With the advancement of technology, cyber infidelity has become more prevalent. It involves engaging in online relationships or sexual activities with individuals on the internet.
  • Micro-Cheating: This form of infidelity may seem subtle or seemingly harmless actions that may indicate an emotional or physical connection with someone outside the marriage. Examples include secret texting or keeping a dating app profile.

Whether or not someone has been unfaithful depends on whether they’ve respected the agreed-upon boundaries of exclusivity, regardless of whether the relationship is monogamous or non-monogamous. Let’s dive into the causes where it can occur.

Identifying Causes of Infidelity

Infidelity, often referred to as cheating, duplicity, adultery, or unfaithfulness, can have its roots in various factors. It’s seldom straightforward, as relationships can become more fragile during transition periods, such as when young children begin school or when adult children leave home. Some common causes for infidelity in relationships include:

  • Lack of Communication: Poor communication within a marriage can lead to feelings of neglect or dissatisfaction, pushing individuals to seek emotional connection elsewhere.
  • Emotional Disconnect: When couples grow apart emotionally, one or both partners may seek emotional intimacy outside the marriage.
  • Unfulfilled Needs: Sometimes, unmet emotional or physical needs within a marriage can drive individuals to seek fulfillment elsewhere.
  • Opportunity: Easy access to potential partners, either in the workplace or online, can increase the likelihood of infidelity.
  • Personal Issues: Personal problems, such as low self-esteem, unresolved past traumas, or addiction issues, can contribute to infidelity.

Irrespective of the specifics of an affair, its consequences can profoundly affect the couple involved and those around them.

Effects of Infidelity on Marriages 

Infidelity can have profound effects on a marriage, often resulting in divorce. The individual involved in the betrayal may also wrestle with intense emotional reactions, such as overwhelming guilt or shame. Some feel trapped or helpless within the relationship, while others despair that change is impossible. The most common effects of infidelity are:

  • Broken Trust: Trust is the bedrock of any healthy relationship, and infidelity shatters this foundation, making it arduous to rebuild the marriage.
  • Emotional Trauma: Both the betrayed spouse and the one who strayed may endure emotional trauma, grappling with feelings of guilt, shame, anger, and depression.
  • Legal Consequences: Adultery can influence divorce proceedings, particularly in states with fault-based divorce laws. It may affect alimony, property division, and child custody decisions.

Giving up the extramarital relationship can be a struggle, even when they acknowledge its necessity, and some may even experience a sense of grief. If your relationship has been affected by infidelity, consider seeking the help of a divorce attorney who is experienced in family law affairs.

How A Divorce Attorney Can Help

In cases where infidelity leads to divorce, hiring a divorce lawyer becomes crucial. If you’re currently residing in Illinois and seeking a divorce attorney to assist you in finalizing your divorce, Masters Law Group is here to provide the support you need. Our team of experienced divorce attorneys and mediators is fully prepared to advocate for you and your family. Here are some crucial areas where we can help guide you:

  • Parenting Time: If you have children, it’s essential to work closely with your attorney to determine the most suitable arrangements for child custody and visitation. We aim to help create arrangements prioritizing your children’s well-being and best interests.
  • Mediation and Alternative Dispute Resolution: We encourage exploring options like mediation and collaborative divorce, which can facilitate mutually beneficial agreements outside the courtroom. Our family law attorneys will skillfully guide you through these processes, representing your interests and helping you secure a smoother negotiation experience.
  • Post-Divorce Modifications: Life can bring unexpected changes even after the divorce is finalized. Circumstances may arise that require modifications to parental responsibilities, visitation, or support arrangements. Our attorneys are here to assist you in addressing these changes promptly and effectively, safeguarding your rights and the interests of your children.

Final Thoughts

Infidelity is a complex issue that can have devastating consequences on a marriage. When divorce becomes inevitable, hiring a divorce lawyer can provide the legal experience and support needed to navigate the process and protect one’s rights and interests.

At Masters Law Group, you can rest assured knowing you are consulting with trusted and experienced legal professionals. Our family law attorneys can help protect your rights and interests during this challenging time. With a focus on helping clients residing in the Cook, Will, Lake, and Dupage counties, our practice is committed to providing a comprehensive suite of services to support parents, children, and families during challenging periods like divorce.

If you’re ready to begin your journey toward a peaceful divorce, contact us today to schedule your complimentary consultation.

How a Divorce Attorney Can Help Achieve Peace

Divorce can be one of life’s most challenging and emotionally taxing experiences. However, it doesn’t have to be a battleground filled with anger, resentment, and endless legal battles.

A peaceful divorce is possible if both parties are willing to work together and prioritize communication, compromise on conflicting preferences, and focus on the emotional well-being of their children. Here, we will explore tips to help you achieve a harmonious divorce, all with the guidance of a seasoned divorce attorney. Here’s what you need to know.

Maintain Open and Honest Communication

At the heart of any peaceful divorce lies open and honest communication. Both partners must work together to communicate their feelings, concerns, and expectations. Doing so can help establish a foundation of trust and clarity that goes a long way in preventing misunderstandings and unnecessary conflicts.

Consider involving a mediator, therapist, and/or divorce attorney if you encounter difficult conversations or find communicating challenging. These professionals can provide guidance and a neutral environment to facilitate productive discussions, ultimately helping both parties work towards fair and mutually agreeable resolutions.

Remember that a commitment to open and honest communication benefits you and your ex. It creates a more stable and supportive environment for any children involved, as they can witness healthy conflict resolution and cooperation during a challenging time.

Consider Mediation

Opting for mediation instead of a traditional courtroom battle can significantly reduce stress and promote cooperation. The mediator’s role is to facilitate the negotiation process, help both parties understand each other’s perspectives, and explore alternative options for resolving disputes. The mediator does not make any decisions for either party but instead reinforces they have equal opportunities to voice their opinions and arrive at a mutually agreeable outcome.

Mediation can be an effective option for couples willing to work together and compromise to achieve a positive outcome. It’s particularly useful for couples who have children, as it can help reduce the stress and trauma that children often experience during a divorce. A divorce attorney can represent you during these processes, working to reach a fair and mutually acceptable settlement with your spouse. 

Prioritize the Well-being of Your Children

If you have children, their well-being should be your top priority. Maintain a united front when it comes to co-parenting decisions. Create a comprehensive parenting plan that outlines responsibilities, schedules, and guidelines. Keep children out of adult conflicts and reassure them of your love and support.

Whether it’s parenting time, asset division, or spousal support, your divorce attorney will help that your voice is heard and that the court’s decision is fair and aligned with your best interests. Furthermore, during court proceedings, your divorce attorney can address unexpected challenges and legal objections and help ensure that all legal procedures are followed diligently. 

Their presence in court assures you that you have a dedicated legal professional fighting on your behalf, helping you navigate the complexities of the judicial process during an emotionally challenging time.

Seek Emotional Support

Going through a divorce can be emotionally challenging for everyone involved. It’s vital to recognize the emotional toll it can take and take proactive steps to seek emotional support. You can turn to friends family members, or consider getting help from a therapist to assist you in coping with the stress and grief that comes with the divorce process. Prioritizing your mental and emotional well-being is a fundamental aspect of achieving a peaceful divorce.

Letting go of anger and resentment is a cornerstone of a peaceful divorce. Instead of harboring feelings of revenge or striving to “win” the divorce, focus on achieving fairness and equity for both parties. Getting the help of an experienced divorce attorney can help you further embrace these principles and lead to a more constructive and less acrimonious divorce process.

Work With A Divorce Attorney

If you’re currently residing in Illinois and seeking a divorce attorney to assist you in finalizing your divorce, Masters Law Group is here to provide the support you need. Our team of experienced divorce attorneys and mediators is fully prepared to advocate for you and your family.

Erin E. Masters and Anthony G. Joseph have consistently earned recognition from esteemed publications year after year, a testament to their unwavering work ethic, strong character, and experience in family law. Our track record of success reassures you have a trustworthy ally throughout your divorce proceedings.

GOOGLE REVIEWS AND CLIENT TESTIMONIALS

We believe each client deserves a legal team willing to go the extra mile. We will always provide honest advice and guidance on all matters related to your case.

Client Reviews:

“ Masters Law Group was incredibly helpful with my divorce. Erin and Anthony were a pleasure; they were very responsive, efficient, and very knowledgeable. I always felt that my case was in good hands, and it was a relief to trust them with the process. I highly recommend Masters Law Group to anyone needing help with a family law matter.”

-Luz G.

Divorce Client

 

“I highly recommend Masters Law Group. This was a very long and drawn-out divorce. Still, Erin and Anthony always seemed to be one step ahead of the opposing counsel, and nothing was a surprise, only anticipated with appropriate protections in my favor. I was able to finalize my divorce on favorable terms and am very happy with the outcome. I can’t thank Erin and Anthony enough for their patience, understanding, and expertise throughout this difficult time.”

-Giancarlo B.

Divorce Client

Final Thoughts

A peaceful divorce becomes achievable when both parties commit to open communication and cooperation—placing the well-being of all involved, especially children, at the forefront. Keep in mind that divorce is a journey, and with the right mindset and support, you can navigate it to pave the way for a brighter future for everyone.

If you’re ready to begin your journey toward a peaceful divorce, contact us today to schedule your complimentary consultation.

Navigating Divorce and Social Media

Navigating divorce in today’s digital age of social media might seem impossible. But when it comes to your divorce, social media posting should be temporarily avoided.

Social media has seamlessly integrated into our daily lives, offering a platform for reconnecting with old friends and sharing life’s milestones.

Startling statistics underline the pivotal role that social media plays in divorce proceedings. Astonishingly, 81 percent of divorce attorneys report that spouses actively scour the internet in search of evidence to bolster their claims during divorce cases.

In this blog, we’ll explore some essential tips for managing your online presence during a divorce. We’ll also discuss how a divorce attorney can assist you in handling the complexities of divorce in the digital age. So, let’s dive into what you need to know about divorce and social media today.

Privacy Matters

Having everything at our fingertips can be a great advantage, and social media offers various options to control who can see your posts, photos, and personal information. Unfortunately, Social media usage has had a significant effect when it comes to relationships ending in divorce.

When a marriage does break down, information posted on social media can increasingly become a factor in divorce proceedings. A recent survey found:

  • 33% of divorce cases result from online affairs.
  • 66% of cases involved evidence found on Facebook or other social networks.

If you are going through a divorce, reviewing and adjusting your privacy settings to limit access to your profile is crucial. Emotional posts or comments made in the heat of the moment can quickly escalate conflicts and complicate divorce proceedings. Remember that anything you post online can be used as evidence in court, so use caution and avoid venting your frustrations on social media. By doing so, you can maintain control over your personal life and contribute to a smoother divorce process.

Avoid Sharing Financial Details Online

In the divorce process, you must provide comprehensive financial information. This includes income earned, real estate purchased, and investments made during the marriage. However, some things are separate property. These are things you owned before you got married or got as gifts or inheritances during your marriage.

It’s important to know the difference between marital and separate property to confirm everything’s divided fairly in your divorce. It’s important to recognize that your social media activity can be used to challenge the accuracy of the financial information you’ve disclosed. This can significantly impact the division of marital property. A divorce attorney with experience can guide you through this process and protect your rights.

Don’t Overshare Support Obligations

Suppose you anticipate paying or receiving spousal or child support (alimony). In that case, these payments are usually determined based on the income earned by both you and your ex-spouse. What you share online can be used to scrutinize the income you claim or the income you should realistically earn. Courts may use your online presence as evidence to establish your financial capacity accurately.

It’s advisable to prioritize constructive communication during this time and address sensitive issues in private rather than airing them on social media platforms. Seeking advice from a family law attorney is highly recommended when addressing support obligations. An experienced attorney can help you understand your rights and obligations, negotiate fair terms, and represent your interests in court if necessary.

Work With A Divorce Attorney

Navigating divorce and social media might seem difficult. At Masters Law Group, our experienced family law attorneys are here to provide valuable assistance, helping to ensure that your rights and best interests remain at the forefront of every decision. Here’s how a divorce attorney can help you effectively handle social media during divorce:

  • Parenting Time: If you have children, it’s essential to work closely with your attorney to determine the most suitable arrangements for child custody and visitation. We aim to help create arrangements prioritizing your children’s well-being and best interests.
  • Mediation and Alternative Dispute Resolution: We encourage exploring options like mediation and collaborative divorce, which can facilitate mutually beneficial agreements outside the courtroom. Our family law attorneys will skillfully guide you through these processes, representing your interests and helping you secure a smoother negotiation experience.
  • Post-Divorce Modifications: Life can bring unexpected changes even after the divorce is finalized. Circumstances may arise that require modifications to parental responsibilities, visitation, or support arrangements. Our attorneys are here to assist you in addressing these changes promptly and effectively, protecting your rights and the interests of your children.

Final Thoughts

Divorce is undoubtedly a challenging life transition, and social media can either exacerbate or alleviate its emotional toll. By carefully managing your online presence, you can minimize potential conflicts and maintain your dignity during this trying time. 

You don’t have to go alone if you’re considering a divorce, legal separation, or mediation services in Illinois. Our dedicated attorneys are ready to skillfully advocate for your position and provide your voice when needed. Servicing Cook, Will, Lake, and Dupage counties, our attorneys can help you through the process every step of the way.

Contact us today to schedule a complimentary consultation and learn how we can support you through your divorce.

Navigating the Holiday Season During Divorce: A Co-Parenting Guide

When we think of the holidays, we think of happiness and being surrounded by our loved ones. However, it can present a unique set of challenges for divorced – or divorcing – parents.

Whether this is your first holiday season post-divorce, amid a divorce, or you’re a seasoned co-parent, effective preparation and clear communication are crucial for a fulfilling holiday experience for your children.

Given that a divorce occurs approximately every 36 seconds somewhere in the United States, the importance of finding peaceful ways to co-parent cannot be more important. In this blog, we aim to provide practical tips and insights to help provide a peaceful holiday for you and your children. Here’s what you need to know.

Understanding Parental Responsibilities

It’s important to know that “custody” is no longer used. It is now called “parental responsibilities.” This includes two main things: parenting time (formerly “visitation”) and the power to make decisions for children. Parenting time is a schedule that shows when each parent spends time with the children. This schedule is created and approved by a judge in family court. If the parents can’t agree on the schedule, the judge will decide what’s best for the child and assign a schedule for the parents.

Parental responsibilities refer to the decision-making responsibilities that each parent will have on behalf of the child. Parents can agree to make these decisions together or divide them into categories, which should cover the following:

  • Education
  • Health
  • Religion
  • Extracurricular Activities

If the parents can’t agree on who gets what responsibility, the Illinois family court judge will allocate those responsibilities among them. Let’s dive into some tips that will help you make co-parenting easier this holiday season.

1. Review and Update Your Co-Parenting Plan

During the emotional and often stressful period of divorce, having a clear co-parenting plan can provide stability and predictability for both you and your children. This plan should outline how you and your ex-spouse will share responsibilities and make decisions regarding your children. If you’re unsure about how to create or modify your co-parenting plan, seeking the assistance of a family law attorney can be incredibly valuable.

A family law attorney can offer guidance and legal advice to help you develop a plan that provides clarity and structure throughout the holiday season. With a clear plan, you can aim for holiday celebrations filled with warmth, understanding, and the season’s magic.

2. Prioritize Communication and Planning

Children flourish when they have stability. To create a harmonious holiday season, it’s vital to present a united front and communicate holiday plans clearly and calmly. Share your holiday plans, including travel details, accommodations, and emergency contacts. Stay updated on any changes or delays affecting the agreed schedule. Keeping the lines of communication open promotes transparency. By communicating effectively, co-parents can build trust between one another. This partnership can help reassure children that the holidays can still be joyful and celebratory despite changes in the family dynamic.

3. Be Flexible and Willing to Compromise

The holiday season is often unpredictable, and flexibility can be your greatest asset. While it’s important to stick to your parenting plan as much as possible, be prepared to make minor adjustments as needed. This could mean being flexible with pick-up and drop-off times or accommodating last-minute changes. The goal is to prioritize your children’s happiness and well-being, even if it means making concessions.

4. Establish and Maintain Traditions

Maintaining holiday traditions can provide a sense of continuity and comfort for children post-divorce. Work with your ex-spouse to determine which traditions to maintain and explore opportunities to establish new ones. Involving your children in this decision-making process can enhance their sense of inclusion and security. Here are some creative approaches to traditional celebrations:

  • Go out to eat instead of cooking.
  • Have a holiday picnic in a new part of the house.
  • Eat dinner while watching holiday movies.
  • Buy new holiday decorations.
  • Spend time with extended family.
  • Change your gift-giving routine.

5. Prioritize Your Children’s Needs

Parents, caregivers, and educators play a crucial role in helping children cope emotionally during and after a divorce. Studies show that children often encounter significant difficulties in these times, especially in the first year or two after the divorce. It’s essential to understand that each child is different, and what’s a big deal for one child might not be as important to another.

Pay attention to their feelings and needs, and be supportive if they struggle with the changes. Involve your child in the decision-making process where appropriate, giving them a sense of ownership and excitement about the holidays. Remember, the goal is to create lasting memories and positive experiences for your child. Lastly, try to keep negative feelings about your ex-spouse to yourself and maintain a positive attitude when discussing holiday plans.

How Masters Law Group Can Help

The holidays can be emotionally taxing, especially after a recent divorce or separation, which can intensify these emotions. It’s important to prioritize self-care to be the best parent you can be. Your family’s well-being is paramount, so don’t let the emotional strain of a custody case weigh you down.

At Masters Law Group, our family law attorneys focus on helping clients assert their rights to further the best interests of their children. Attorney Erin E. Masters is a court-appointed Child Representative with experience advocating for children in these high-conflict matters. Attorney Anthony G. Joseph is an approved Guardian Ad Litem/Child Representatives list for the Domestic Relations Division of the Circuit Court of Cook County.

With a strong focus on assisting clients in Chicago and Chicago’s Western Suburbs (Elmhurst, Hinsdale, DuPage, Oakbrook), we offer various services to help parents, children, and families through difficult times like Divorce, Parenting Time, and Allocation of Parental Responsibilities.

If you require legal assistance, contact a member of our legal team today. Our attorneys will work with you to develop an appropriate action plan for your unique needs and goals. We will work diligently on your behalf and provide regular updates.

Contact us today to set up a complimentary consultation.

Alimony and Asset Division in Divorce

As couples navigate the challenging path of divorce, alimony and asset division are critical aspects that demand attention. But divorce laws differ by state. Here’s what you need to know about divorce proceedings and asset division in the state of Illinois. 

Asset division plays a significant role in determining the financial future of both parties involved. In this blog, we will explore the concepts of alimony and asset division in divorce, shedding light on how they work and what factors influence their outcomes. Here’s what you should know.

Alimony: Providing Financial Support

Alimony is a financial arrangement where one spouse provides financial support to the other after a divorce or separation. Its primary goal is to help financially disadvantaged spouses maintain a standard of living to what they enjoyed during the marriage. Alimony can be temporary or permanent, depending on various factors. Here’s a look at some of the factors that are considered:

  • Income Disparity: The most critical factor in determining alimony is the income disparity. If one spouse earns significantly more than the other, they may be required to provide financial support.
  • Duration of Marriage: Longer marriages often result in higher alimony awards. The courts typically consider the marriage’s impact on the dependent spouse’s career and financial prospects.
  • Contributions to the Marriage: Courts also consider the contributions of each spouse to the marriage, both financial and non-financial. This includes homemaking, childcare, and support for the other spouse’s career.
  • Parental Agreements: Parental responsibilities are arrangements that can affect alimony, as the custodial parent may receive more support due to increased expenses related to raising children.

Asset Division: Splitting the Marital Pie

Asset division involves dividing the marital property and debts between spouses fairly and equitably. It’s essential to understand that the goal is not necessarily to divide everything equally but rather fairly, considering the unique circumstances of the marriage. Determining a fair and equitable division of assets can be intricate and contentious, especially when significant assets are involved. Here are some factors that influence asset division:

  • Property Ownership: Marital property typically includes assets acquired during the marriage, such as homes, cars, bank accounts, and investments. These are subject to division. Separate property, acquired before the marriage or through inheritance, is generally exempt.
  • Duration of Marriage: The length of the marriage can impact asset division. Longer marriages often result in a more equitable division of assets.
  • Custodial Arrangements: Parental responsibilities can influence asset division as they affect the financial responsibilities of each spouse towards their children.
  • Future Needs: The court also considers the future financial needs of each spouse. For example, if one spouse is financially dependent and unable to support themselves, they may receive a more significant share of assets.

Marital Vs. Separate Property

In the context of divorce, understanding the distinction between marital and separate property is key. The marital property encompasses assets acquired during the marriage, regardless of which spouse’s name is on the title. This includes income earned, real estate purchased, and investments made during the marriage. Marital property is generally subject to division between the spouses during divorce proceedings.

In contrast, the separate property comprises assets acquired before the marriage or received as gifts or inheritances during the marriage but designated as separate. These assets typically remain with the individual who owns them and are not subject to division. Recognizing and understanding the differences between the two is crucial for a fair and equitable distribution of assets during the divorce process. Working alongside a seasoned family law attorney can help you protect your rights and interests.

Illinois Asset Division

When couples get a divorce in Illinois, the courts don’t split everything down the middle like in certain other states. Instead, Illinois follows a more intricate approach called “equitable distribution.” Here’s how it works:

  1. Contribution to the Marriage: The court looks at what each spouse brought to the marriage, both in terms of money and non-money contributions like taking care of the home or children.
  2. Duration of the Marriage: How long the marriage lasted matters, as it can affect how assets are divided.
  3. Economic Circumstances: Each spouse’s financial situation, including income and needs, is considered.
  4. Non-Marital Property: Things owned before marriage or received as gifts or inheritance during marriage may not be split.
  5. Custodial Arrangements: If there are kids, the court looks at custody and how it impacts finances.
  6. Spousal Support (Alimony): Whether one spouse needs support payments is factored in.
  7. Tax Consequences: Taxes resulting from asset division are also considered to make things fair.
  8. Wasteful Dissipation: If one spouse recklessly spends or wastes money, it can affect the division.
  9. Future Needs: The court thinks about what each person will need down the road, especially if one is in a tougher spot after the divorce.
  10. Agreements: Any agreements made before or during the marriage, like prenups, are taken into account if they meet legal standards.

Remember, “equitable distribution” doesn’t always mean a perfect 50/50 split. It’s about creating a fair and just arrangement based on each family’s unique situation. This process can be tricky, so it’s a good idea to work with a skilled family law attorney to help ensure your rights are protected during asset division in Illinois.

How a Divorce Attorney Can Help

Divorce is a complex and emotionally charged journey that often requires the guidance of seasoned family law professionals. At Masters Law Group, our experienced family law attorneys are here to provide valuable assistance, helping to ensure that your rights and the best interests of your children remain at the forefront of every decision. Here are some crucial areas where we can help guide you:

  • Parenting Time: If you have children, it’s essential to work closely with your attorney to determine the most suitable arrangements for child custody and visitation. We aim to help create arrangements prioritizing your children’s well-being and best interests.
  • Mediation and Alternative Dispute Resolution: We encourage exploring options like mediation and collaborative divorce, which can facilitate mutually beneficial agreements outside the courtroom. Our family law attorneys will skillfully guide you through these processes, representing your interests, and helping to secure a smoother negotiation experience.
  • Post-Divorce Modifications: Life can bring unexpected changes even after the divorce is finalized. Circumstances may arise that require modifications to parental responsibilities, visitation, or support arrangements. Our attorneys are here to assist you in addressing these changes promptly and effectively, safeguarding your rights and the interests of your children.

Remember, family law professionals are your allies during this challenging time. By collaborating with a trusted family law attorney, you can confidently navigate the complexities of divorce and reduce the stress associated with the process. Your rights and the well-being of your family are our top priorities.

Last Thoughts

Understanding what alimony and asset division entails can help you in the long run regarding divorce proceedings. At Masters Law Group, you can rest assured knowing you are consulting with trusted and experienced legal professionals. Our family law attorneys can help protect your rights and interests during this challenging time. 

With a focus on helping clients residing in the Cook, Will, Lake, and Dupage counties, our practice is committed to providing a comprehensive suite of services to support parents, children, and families during challenging periods like divorce.

Get in touch with us today and schedule your complimentary consultation.

DuPage Divorce Lawyer

With nearly a million residents, DuPage is Illinois’ second-most populous county. With a higher population, DuPage also has the second-highest divorce rate in the state. If you need a divorce lawyer in DuPage County, see how Masters Law Group can help. 

Located just west of Chicago, DuPage County provides a supportive ecosystem for businesses, a launchpad for innovators, a strategic location for critical logistics operations, and a healthy home for families. But living in a picturesque suburban town doesn’t equal happy families for all. As with anywhere in the world, troubled marriages and divorce persist.

What factors lead to divorce?

In Illinois and around the country, married couples seek divorce for many reasons. This study found that the following factors may increase a couple’s risk of divorce.

  • A lack of communication
  • Infidelity
  • Conflict and arguing
  • Marrying too young
  • Financial issues
  • Substance abuse
  • Domestic violence
  • Health issues
  • Lack of family support
  • Religious differences
  • Lack of premarital education

The state of Illinois is considered a no-fault divorce state. The only grounds required to seek a divorce are irreconcilable differences, meaning that divorcing spouses do not need to prove fault to be granted a divorce in Illinois.

NAVIGATING DIVORCE IN DuPage

One of the most important decisions you’ll make during the divorce process is choosing the right lawyer.

When seeking a divorce lawyer in DuPage County, reliability is essential. It is vital to evaluate how effectively they communicate with you to establish a positive relationship. A strong rapport is crucial because divorce cases can take several months to settle. While the DuPage-based lawyer’s goal should not be excelling in personability and charm, (it should be excelling in family law, especially divorce law), it is important that you trust and respect their professional advice and want to work with them.

Throughout the process, you may have multiple questions, concerns, or disputes, and you require someone who can ease your worries. Voted Best Lawyers 2023 and Best Law Firms 2023, Masters Law Group, we begin by understanding your goals for the divorce and how you wish to feel once the process is complete. We discuss your objectives in detail to provide exceptional legal representation. Additionally, we offer complimentary consultations to help you evaluate if we are the right fit for your needs.

GETTING STARTED

Aside 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 DuPage County divorces. 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.

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.

DuPage 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 in DuPage. 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 in DuPage County

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.

DuPage LEGAL SEPARATION

DuPage County (and across Illinois) is one of the areas 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 discouraged 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.

DuPage 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 DuPage Divorce 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 DuPage attorneys at Masters Law Group are ready to skillfully advocate for your position and provide your voice when you need it most.

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

Divorce vs. Legal Separation

There are numerous options available for couples facing challenges in their marriage. Two common actions that couples consider are divorce and legal separation. Understanding the distinction between these two choices is crucial in Illinois when making life-changing decisions.

Navigating divorce and legal separation in Illinois brings up a multitude of legal factors and emotional concerns. In this blog, our experienced Illinois-based Divorce and Family Law attorneys explore the differences and provide insight into the unique aspects of each process. 

Divorce vs. Legal Separation

Before delving into the process, it’s essential to understand some fundamental differences in an Illinois divorce or separation. A divorce terminates marriages, freeing both parties to remarry. On the other hand, a legal separation does not dissolve the marriage. Instead, it provides a legal framework for spouses to separate while addressing child custody and property division issues. Let’s take a deeper look at what each option entails.

Illinois Divorce

Divorce is a legal process that results in the termination of a marital union, allowing both spouses to return to the status of single individuals. The primary aspect of divorce is that it terminates the legal relationship between partners. Divorces divide not only their physical assets but also their debts, responsibilities, and future rights.

To file for divorce in Illinois, at least one of the spouses must have been a state resident for at least 90 days. This residency requirement ensures that the case gets filed in the appropriate jurisdiction. It’s crucial to note that Illinois is a no-fault divorce state, which means that you don’t have to prove wrongdoing or assign blame for the marriage breakdown. 

The only recognized ground for divorce is “irreconcilable differences,” which signifies that the marriage has broken down beyond repair. After the legal proceedings, the court issues a divorce decree addressing the division of property, spousal support (if applicable), child custody (Parenting Time), visitation, and child support arrangements.

Illinois Legal Separation

A legal separation is an alternative option for couples who wish to live apart and establish legally binding arrangements while remaining married. Unlike divorce, legal separation doesn’t dissolve the marriage itself. Instead, it outlines each spouse’s responsibilities, rights, and obligations, similar to a divorce decree, but without terminating the marital status.

People in Illinois seek legal separation for various reasons, including religious or personal considerations. It allows couples to establish specific terms related to property division, spousal support, child custody, visitation, and child support. Legal separation protects both parties, as they can enforce the terms outlined in the separation agreement through court orders.

Key Differences and Considerations

Divorce can have various emotional effects on you and your family, depending on the separation’s circumstances. It is essential to be aware of these potential effects and address them proactively. Let’s take a look at how some of these issues vary.

  • Parenting Time: Parenting Time (formerly called Child Custody) and support are crucial in divorce or legal separation cases involving children. Illinois courts prioritize the child’s best interests when determining parenting time arrangements and support payments.
  • Emotional Impact: Divorce often carries a more profound emotional impact, given that it signifies the end of the marital relationship. Legal separation can be viewed as a temporary arrangement, allowing couples to reassess their situation.
  • Religious or Personal Issues: Legal separation allows couples with religious or personal differences another avenue for divorce. It offers them a middle ground between maintaining their marriage and living apart.
  • Financial Considerations: Both divorce and legal separation address financial matters, but the implications may vary. Consulting legal and financial professionals is essential to ensure that your rights and assets are adequately protected.
  • Property Division: Illinois follows the principle of equitable distribution, which means that marital property is divided fairly but not necessarily equally between spouses. We must consider factors like the length of the marriage, the contributions of each spouse, and their financial circumstances.

Divorce and Legal Separation Process

Divorce and legal separation: Each option has its outcomes and impacts. To start either process, one spouse (called the petitioner) must submit a request to their circuit court.

Both divorce and legal separation involve similar legal procedures. These procedures can include discussions, mediation, and court hearings. Opting for a legal separation lets spouses keep certain marital benefits, like health insurance coverage. On the other hand, divorce brings more significant changes, such as the freedom to remarry and the end of spousal benefits.

If you want a legal separation, you can submit a Petition. This document states that you and your spouse live separately, including information similar to a Petition for Dissolution of Marriage.

You must file for legal separation in the county where:

  • Your spouse resides; OR
  • You and your spouse last resided as husband and wife; OR
  • If your spouse cannot be found in Illinois, the county in which you reside.

Remember, every case is different, and the legal steps may vary. It’s a good idea to consult a family law attorney to understand the process and consequences of divorce and legal separation in Illinois.

Divorce Mediation

If neither divorce nor legal separation sounds like the ideal outcome to your situation, there is another way to settle disputes: mediation.

Mediation is a form of alternative dispute resolution (ADR) that involves a neutral third party who facilitates communication between the parties to help them reach a mutually beneficial solution. Unlike a judge, the mediator does not make decisions for the parties; instead, they help the parties reach their agreement.

Mediation typically begins with both parties meeting with their mediator to discuss the issues at hand. The mediator then facilitates communication between the parties, helping them to identify and address their concerns. Once an agreement is reached, the mediator will draft a written contract that both parties can sign.

In some cases, mediation may not be successful. However, even in these situations, the parties may better understand each other’s positions and concerns, making future negotiations more straightforward.

Working With a Family Law Attorney

If you’re looking for a top lawyer in Illinois, consider working with the skilled attorneys at Masters Law Group. Masters Law Group is located in downtown Chicago, covering divorce cases in Cook County and surrounding regions. Our focus areas include divorce, legal separation, mediation, and other family law issues.

Our senior attorneys, Erin E. Masters, and Anthony G. Joseph, have been recognized by prestigious publications such as Best Lawyers, Super Lawyers, and Leading Lawyers, ensuring you have someone you can trust during your divorce. Furthermore, Erin E. Masters has been approved as a Mediator for the Cook County Domestic Relations Division and offers private mediation services. If you want to settle your family law matter without court intervention, contact Masters Law Group to schedule a mediation appointment.

If you’re considering a divorce, legal separation, or mediation services in Illinois, you don’t have to go it alone. Our dedicated attorneys are ready to skillfully advocate for your position and provide your voice when needed. Servicing Cook, Will, Lake, and Dupage counties, our attorneys can help guide you through the process and protect your rights every step of the way.

Contact us today to schedule a complimentary consultation and learn how we can support you through your divorce or legal separation.

Navigating Divorce Late in Life

National Senior Citizen’s Day is celebrated on August 21st. Whether you’re a senior (retirement age) or a quinquagenarian (50-59), seeking a divorce in your older years has unique challenges. If you’re looking to ‘untie the knot’ as an older citizen, here’s what you need to know.

What is Senior Citizen’s Day About?

Do you have an elderly person in your life that you love and appreciate? National Senior Citizens Day is the day to let them know how much you care, and it’s an opportunity to recognize their accomplishments. In 1988, President Ronald Reagan proclaimed this holiday to raise awareness about issues that affect senior citizens and their quality of life.

What is a Gray Divorce?

Gray (or Grey) divorce is the rising phenomenon of older couples in long-term marriages getting divorced. It refers to a demographic trend that has increased the split or separation of older couples who have been married for a long time. The term began to be used in the United States in 2004, but the practice had already been prevalent for about 20 years. The consequences of getting divorced after 50 can be incredibly financially and emotionally impactful to older people and their families.

The Rise of Gray Divorce

Gray divorce refers to an increase in the separation of older couples who have been married for a long time. According to research published in the Journals of Gerontology, more than one in three people who divorce in the United States is older than 50. Researchers also predict that by 2030, the divorce rate for the gray divorce population will triple. This trend can be attributed to various factors, including changing societal norms, financial independence, and the desire to seek personal fulfillment in the later stages of life. 

If you are facing a gray divorce, knowing your options is essential so you can begin a new chapter of life without worry. Let’s look further at some of the challenges of gray divorce and how you can embrace the change of a new beginning, no matter what stage of life you’re at.

Challenges Faced in Gray Divorce

Navigating a gray divorce presents a unique set of challenges for older adults.  Not to mention the stress associated with divorce can impact physical and mental health. 

The issue of spousal support (also known as alimony) may be a significant concern, and you may need to determine whether this form of support will be necessary, how much you may pay or receive, and how long these obligations will remain in effect. Other distinctive hurdles include dividing assets and trusts and the frightening scenario of telling your adult children (and potentially grandchildren) that you have decided to part ways after all these years.

So what causes gray divorce in the first place? Here are some of the most common factors for gray divorce:

  • Addiction and Abuse: Addressing issues related to addiction or abuse can lead individuals to reevaluate their relationships and opt for separation.
  • An Increased Desire for Happiness: As people age, pursuing personal happiness and fulfillment becomes more critical, potentially prompting them to seek new beginnings.
  • Empty Nest Syndrome: Couples might reassess their dynamics when children leave home, leading to different paths.
  • Infidelity: Infidelity can strain relationships irreparably, leading to the decision to part ways.
  • Lack of Intimacy: Over time, couples might grapple with reduced intimacy, prompting them to seek a more fulfilling connection elsewhere.
  • Financial Differences: Discrepancies in financial goals, spending habits, and values can cause couples to separate.

Divorce looks different for everyone. There is no right or wrong way to go about it. However, older couples seeking divorce might want to hire an experienced divorce attorney.  

Legal Aspects of Gray Divorce

The first step of divorce is identifying which assets are part of your marital estate and which are pre-marital possessions. If you and your spouse have been together for several decades, memories of who owned what tend to blur together. Pre-marital assets can get mixed into marital assets, such as if your husband/wife used money in his/her pre-marriage savings account to buy your house after marriage.

The division of property can be complex. Assets to discuss with your family law attorney include:

  • Health/Life Insurance Policies
  • Property/Marital Home
  • Social Security Benefits
  • Investments
  • Retirement Benefits
  • Cryptocurrencies

Illinois is an “equitable distribution” state, meaning the court won’t divide marital property evenly. Rather than splitting everything 50/50, they look at each party’s current situation and future needs. 

Work With an Experienced Divorce Attorney

At a minimum, you need a divorce lawyer to help you navigate the gray divorce process. Masters Law Group recognizes that gray divorce brings its own set of challenges and stress, and our clients seek a path toward a fresh chapter in their lives. With this in mind, we navigate settlement negotiations and mediation while keeping our clients’ well-being in mind.

Whether you’re venturing on a contested gray divorce, uncontested gray divorce, or gray civil union separation, our team of attorneys is positioned to advocate for your best interests when it matters most. In cases involving substantial assets, our experience shows. Masters Law Group excels in pinpointing and evaluating investments and wealth, spanning real estate, retirement funds, pension plans, crypto assets, domestic and foreign tax arrangements, stock options, trusts, and other tangible or potential sources of wealth.

Final Thoughts

Life doesn’t come with an expiration date, nor does our capacity for change. As we observe Senior Citizen’s Day, we must recognize the challenges of navigating gray divorce. Seniors going through a divorce should prioritize self-care, engage in physical activities, maintain regular medical check-ups, and have the support of an experienced legal team. 

At Masters Law Group, we understand there are many moving parts to divorce, and we are here to help you every step of the way. Our dedicated attorneys are ready to skillfully advocate for your position and provide your voice when you need it most. Servicing Cook, Will, Lake, and Dupage counties, our attorneys can help guide you through the process and protect your rights. 

Please contact us today to schedule a complimentary consultation and learn how we can support you through your gray divorce.

The Era of Cryptocurrency Divorce

Cryptocurrency divorce is a new phenomenon sweeping the nation and the globe. If you are facing these unchartered waters, an experienced family law attorney is a must.

The rise of the cryptocurrency market has seen exponential growth, which has led to the less navigated world of cryptocurrency divorce.

Crypto assets are notoriously difficult to trace and control, and the legal landscape surrounding cryptocurrencies is still full of gray areas, making them complex to handle in divorce proceedings. At Masters Law Group, we understand the complexities of uncovering hidden assets, such as cryptocurrencies.

In this blog, we’ll walk you through everything you need about crypto assets in divorce cases to ensure a fair settlement. Here’s what you should know.

Understanding Cryptocurrency 

Cryptocurrency, a form of digital currency, utilizes cryptographic technology to secure transactions and verify the transfer of assets. Initially attractive for its anonymous transactions, it has evolved to become widely used for everyday purposes such as bill payments and online purchases. According to a recent NBC News poll, approximately 20% of Americans have engaged in cryptocurrency investments, trading, or usage, showcasing its growing presence in the financial landscape. Notably, the demographic group with the highest participation comprises men aged 18 to 49.

While Bitcoin remains the most well-known cryptocurrency, the market has seen the rise of other digital currencies, such as:

These alternatives have gained popularity due to their unique features and potential for diverse applications beyond financial transactions. As the world becomes more familiar with cryptocurrency and its benefits, its integration into various aspects of daily life will likely continue expanding. Let’s look at how crypto affects divorces across the United States.

Why Cryptocurrencies Matter in Divorce

Cryptocurrencies have emerged as a noteworthy factor in financial settlements during divorce proceedings. However, with the rising popularity and widespread adoption of cryptocurrencies, more divorce cases involve these digital assets. CNBC recently reported that in 2023, crypto played a significant percentage in divorces that ranged from 20% to 50%.

As the landscape of financial assets evolves, it becomes essential for divorcing couples and their legal representatives to stay informed about cryptocurrencies and their implications in the division of assets. Failure to address these digital assets adequately during divorce proceedings may lead to complications and disagreements in determining fair settlements.

Cryptocurrencies’ decentralized nature and relative anonymity can make it challenging to track and value them accurately, complicating the delicate process of dividing marital property. Additionally, sudden price fluctuations in the cryptocurrency market can significantly affect the overall value of a couple’s assets, further complicating matters.

Asset Division In Illinois

If you suspect that your spouse may be concealing cryptocurrency assets, there are steps you can take to investigate the matter thoroughly. In divorce proceedings, fully and honestly disclosing all assets, including cryptocurrencies, is crucial. In Illinois, dividing cryptocurrency assets follows a similar process as any other marital property.

Illinois does not adhere to the community property principle. Instead, the court will distribute assets purchased, converted, or appraised during the marriage in an equitable manner. It is important to understand that equitable does not necessarily mean equal; various factors are taken into account in determining the distribution, including:

  • Age, health, and financial circumstances of each spouse.
  • Contributions made to the marital estate.
  • Obligations related to previous marriages, as ordered by the court.
  • Considerations regarding child custody.
  • Pre and post-nuptial agreements.
  • Tax implications.
  • Duration of the marriage.
  • Alimony arrangements.

If you ever find yourself uncertain about the ownership of assets, seeking legal counsel promptly is advisable to avoid any confusion or ambiguity.

Agreements on Dividing Crypto Assets

Dividing crypto in divorce cases can be challenging due to their fluctuating value. However, with careful consideration, the process can be made relatively straightforward. Here are some approaches to handle it:

  1. Simple Division: One party receives a portion of the cryptocurrency as it is at the time of the divorce.
  2. Custodial Holding: A third-party custodian receives and holds the share of cryptocurrency until the divorce is finalized.
  3. Cryptocurrency Owner Liquidation: The asset owner converts the other party’s share into cash based on the digital currency’s value on the day of the sale.
  4. Liquidation With No Claim Upon Remaining Cryptocurrency: Similar to option #3, both parties agree that the original owner retains full title to the remaining cryptocurrency.

It’s important to note that there are no loopholes in divorce proceedings concerning cryptocurrency. While courts are familiar with handling the volatility of traditional assets, cryptocurrency introduces a new level of complexity.

Work With Masters Law Group

Navigating the complexities of cryptocurrency asset division during a divorce in Illinois can be overwhelming. At Masters Law Group, we understand the intricacies involved and are here to assist you every step of the way. Our skilled attorneys, serving communities across Chicago and the suburbs of Elmhurst, Hinsdale, DuPage, and Oakbrook, offer experience and insights into the world of the crypto divorce and can help you navigate this complex process.

Whether you have inquiries about divorce proceedings or require guidance on discovering digital assets and asset division, we are ready to provide answers and support.

Contact us today to schedule a complimentary consultation and learn how we can support you through your crypto divorce.