As part of a divorce, both spouses are expected to provide full financial disclosure in order to equitably divide marital property. However, it is not that uncommon for one spouse to conceal certain assets in an effort to keep more of the marital bounty. Hidden assets might include money temporarily transferred to a family member…Read More
Attorney Fees for Divorce
Getting a divorce can be costly, especially if there are unresolved conflicts or areas of disagreement that can only be resolved in court or if there are complex issues related to the division of marital property and debts. Certainly high conflict child custody battles can result in additional legal fees, where the best interests of…Read More
Dividing Employee Compensation Plans in a Divorce
Today many companies short on cash offer employees “incentive compensation plans” including stock options and restricted stock. In a divorce, these types of compensation can be overlooked – perhaps intentionally on the part of the employee spouse – when negotiating a divorce settlement. After all, stock options and restricted stock do not show up on…Read More
Antidote to a Spouse Hiding Income and Assets in Divorce
Research reveals that the spouse who ends up handling the purse strings in a marriage often boils down to ‘who hates it less’ or ‘who has more time’ to deal with the finances. This results in one spouse developing significant financial literacy when compared to their spouse. The longer the marriage, the more lopsided household…Read More
High-asset divorce cases warrant special care
Ask anyone who has practiced family law in Illinois and they will tell you that every divorce case is unique, just like every family is unique. While a divorce case involving a couple with few assets and no children can be pretty straightforward, a case involving business owners with many assets and minor children can…Read More
