In Illinois, divorcing parties fill out a Financial Affidavit statewide form to provide a clear and comprehensive snapshot of their financial situation during the divorce process. This form is a standardized document that helps promote transparency and fairness when it comes to dividing assets, determining spousal support (alimony), and, if…
The question of child support seems to be a basic question, but one that sometimes causes confusion. It used to be some years ago that the noncustodial parent was obligated to pay child support to the parent with the “primary custody of the child or children.” Illinois has largely done…
A “source of funds” rule refers to a legal principle, primarily used in divorce proceedings, that determines whether a property should be classified as marital or separate based on the origin of the funds used to acquire or improve it; essentially, it means that if a spouse contributes premarital funds to…
The issue of cohabitation in Illinois divorce cases is an interesting one. Sometimes, a spouse that is receiving maintenance support engages in a relationship with a third party after the divorce. The payor spouse many times feels a bit cheated, in that a former spouse (payee) receives financial support while…
Valuing a small business in a divorce can be complex and often involves several methods. Here are some common approaches: Income Approach: Capitalization of Earnings: This method estimates future profits and applies a capitalization rate to determine the business’s value. Discounted Cash Flow (DCF): Projects future cash flows and discounts…
Confusion still reigns with respect to the tax treatment of spousal maintenance for Illinois divorce cases. I still see other law firms discussing online spousal maintenance (support) using the old rules. In Illinois, spousal maintenance (also known in other states as alimony) is generally not tax-deductible for the payor nor…
A few years ago, I tried a lengthy case in Will County, Illinois that ended up on appeal on a few key issues. One of these issues is that at trial, I put in evidence and argued that the small company owned by the parties should have its retained earnings…
One aspect of my practice is to deliver high level legal skill to my clients, while at the same time optimizing their outcomes in a cost-effective manner. Divorces don’t need to cost an “arm and a leg.” Divorce can be emotionally and financially taxing for all parties involved. While the…
In my practice, much of the emphasis on this blog is placed on complex child custody litigation, and how to manage these difficult issues with child custody litigation. Yet, in some of my cases along with child custody issues there can be significant financial issues and division of property…
For the decades that I have been practicing Family Law/Divorce/Child Custody, I have always endeavored to deliver good value for the money spent on legal fees. Aside from keeping my hourly rates at a moderate level so that they are affordable for all clients, I also have some pride in…