Posted on March 14, 2023 in Divorce

Many people are under the assumption that financial wealth will greatly reduce if not eliminate most problems in life. In reality, people with substantial income and assets often face a greater number of complex challenges – especially during divorce. If you are entering into a high-asset divorce, make sure you understand what to expect and how to prepare for these challenges. Because the stakes are so high in a case like this, working with a skilled high-asset divorce attorney is recommended.

Asset Valuation is the First Step

Before you and your spouse can begin to address property division, you must know the full financial picture. Accurate, professional asset valuation is crucial in a high-asset divorce case. Make sure you understand the current value of your stocks, stock options, retirement accounts, real estate, and investments. Do not forget to get appraisals for difficult-to-value assets such as fine art, jewelry, or collectibles.

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 Posted on March 10, 2023 in Family Law

Visitation or parenting time refers to the time a parent spends caring for his or her child. In Illinois, parenting time is typically divided between unmarried parents or divorced parents. For example, one parent is responsible for the child Monday through Wednesday, while the other parent is responsible for the child Thursday through Sunday.

However, there are situations in which a court may grant visitation to an individual who is not the child’s biological parent. If you are a grandparent, great-grandparent, sibling, or step-parent interested in receiving court-ordered visitation with a child, read on.

Illinois Laws Regarding Visitation for Non-Parents

Family dynamics can be extremely complicated. Some people find themselves in a situation where they are not allowed to see a child who is very important to them. The child may be their grandchild, brother or sister, or even step-child. For example, an intense argument between family members may result in a parent refusing to let the child see certain family members.

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 Posted on March 08, 2023 in Divorce

Most people have bank accounts in the country in which they primarily reside. However, it is not uncommon for high-income individuals to have "offshore accounts" in the Cayman Islands, Switzerland, Belize, or other countries. Although we often hear the term "offshore account" in conjunction with illegal activity in news stories, having bank accounts in other countries is perfectly legal. However, overseas accounts are sometimes used to hide assets during a divorce case.

Overseas Bank Accounts in Your Illinois Divorce Case

An offshore bank account may be used to reduce an individual's tax burden or make international business transactions easier. However, offshore accounts are also sometimes used to hide money from the Internal Revenue Service (IRS). Similarly, some divorcing spouses hide money in an offshore account to avoid dividing the funds during a divorce.

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 Posted on March 06, 2023 in Divorce

If one thing is certain in life, it is change. People change jobs, get divorced, remarry, and move to new residences. As life events unfold, the circumstances that gave rise to certain court orders may also change. Consequently, some individuals find themselves in need of changes to their divorce decree. When it comes to making modifications after a divorce, modifications are possible in many situations—but not all.

Modifying Child Custody After a Divorce

Your parenting plan outlines each parent's rights and responsibilities regarding the care of your children. When it comes to changing a parenting plan after a divorce, Illinois law allows modifications if it is in the best interests of the child. However, Illinois courts do not want parents changing the parenting plan frequently because this can be hard for children to adjust to. If it has been less than two years since you got divorced or last modified the allocation of parental responsibilities, you can only modify parental responsibilities if the child is in serious risk of harm.

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 Posted on February 28, 2023 in Divorce

Some of the major benefits of marriage are the federal tax benefits that come along with being able to file married jointly. When a married couple shares children, the tax credits and exemptions they can claim are usually even higher and are often enough to make a significant difference in a couple’s financial situation in any given year. When a couple gets divorced, however, several questions about taxes and children arise. Unlike most questions about taxes, getting the answers to these questions is not always a simple matter of consulting an accountant because certain issues require making decisions in advance and with the approval of a court.

Which Parent Can Claim a Child as a Dependent?

Only one parent can claim a child as a tax dependent in any given year and wrongfully claiming a child as a dependent can land a parent in serious trouble with the IRS. This means it is important to proactively make an agreement with your ex during the divorce process and it is equally important to stick to the agreement, even if you dislike it. Parents may decide to switch off years during which one parent can claim all children as dependents, divide the children between themselves so each parent claims a child or two every year, or simply have one parent claim all the children every year.

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 Posted on February 28, 2023 in Asset Division

Divorce is a complicated and emotionally fraught process, but for couples with a high net worth or who have high-value assets to divide, the divorce process can be even more complex. Careful planning is often necessary to ensure that both partners have access to relevant financial information so that an equitable asset division can be arranged. Furthermore, even issues that are not related to asset division, such as child support, can be affected by exceptionally high incomes. If you are in the beginning stages of divorce and are looking for help from a great team of highly experienced high net worth divorce attorneys, read this blog for a brief overview and then contact Goostree Law Group.

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 Posted on February 22, 2023 in Property Division

Getting divorced is a complex process with many moving parts. Each of these parts - such as child custody, alimony, and asset division - has subsequent pieces of its own that require careful attention and management throughout the divorce process. Of all the things that must be decided during divorce, asset division has the potential to have the most long-term consequences, as the financial future of a divorcing couple can be highly influenced by the outcome of their property division agreement. This means assessing the correct value of assets is essential, and, because the family home is often the most valuable asset a couple owns together, an accurate home appraisal is necessary.

How Do We Get Ready to Have Our House Appraised?

A professional appraiser will come to your house, look at its interior and exterior, compare it to other homes in the area that have recently sold or are up for sale, and estimate the value of your home accordingly. You can influence the value of your home by preparing for the appraisal process by:

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 Posted on February 22, 2023 in Divorce

Despite the sense that everyone today lives primarily on their phones and shares every detail of their lives through social media, many people still prefer to take a quiet, less public approach. Furthermore, certain people - such as local and national political representatives, celebrities, and leaders in major companies - have a vested interest in maintaining privacy as much as possible.

Divorce can pose a challenge to those who prefer to maintain privacy, especially if the divorce is acrimonious or the couple’s relationship has been subject to public scrutiny. However, there are ways to protect the privacy of individuals getting divorced, as well as the privacy of their children. Read on and then contact an Illinois high profile divorce attorney for help.

Strategies for Keeping Divorce Private

One of the best strategies for people going through a divorce and hoping to keep it private is to stay off social media. Even if you think you have your profile on the most restrictive settings, it is easy for someone to see and share information that you thought would stay among family and close friends. Instead, experts suggest that divorcing spouses refrain from sharing anything on social media at all, including seemingly harmless photos of themselves out on vacation, shopping, or at dinner. If the divorce gets hostile enough, just about anything can be used as an evidentiary weapon.

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 Posted on February 21, 2023 in Property Division

For many married couples, student loans are an inevitable part of life. Getting an education is an incredibly expensive investment, and when a couple gets married before or during one or both spouses’ years in school, student loans may be taken on during the marriage. But what happens to such a significant amount of debt when a couple decides to get divorced? While the spouse whose education was paid for using student loans may seem like the natural person to take on responsibility for the loans, allocating student debt actually depends on a number of factors.

Who is Responsible for Student Loans in a Divorce?

Illinois law requires divorcing spouses to fairly divide their assets and debts. Fairly does not necessarily mean equally, however, and this is where the details really matter when it comes to student loans. Illinois courts prefer couples to create an asset and debt division agreement without intervention from a judge, but this is not always possible. Even when it is possible, both spouses need to make sure they understand the law, because a judge will need to review any proposed asset and debt division for fairness and equity. Some factors that will need to be considered include:

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 Posted on February 17, 2023 in Divorce

Before filing for divorce in Illinois, many people suspect for years that something might be "off" without having hard evidence to prove it. Maybe you find yourself wondering if your spouse is cheating on you; maybe your shared bank account seems to be missing money and your spouse is defensive about where it is going. Whatever the reason, if your spouse is hiding something from you that could be serious enough to make you consider a permanent solution like divorce, you will want to be sure. Read on to find out how a private investigator may be able to help you get the information you need to make an informed decision.

What Can a Private Investigator Do?

Private investigators are individuals who specialize in finding information, but they are not typically police officers or detectives (and when they are, they are not working in their capacity as a law enforcement officer when sidelining as a PI), and they cannot break the law. This often leads to the question - what exactly can a PI do?

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