Yes. The current state of the law in Illinois is that those types of options are considered and are divided by the court. The options will be divided if and when exercised by the person who holds them. It’s a routine matter, and as long as your attorney has been through that process before, that’s […]
Financial Issues
What should a spouse who owns a number of businesses and is concerned about getting their fair share do during a divorce?
It’s a situation where the spouse who is less familiar with the business enterprises is going to really need some professional help in order to successfully get through the system. That means, at a minimum, that they’re going to need to retain a lawyer who’s well-versed in the concept of business valuation. The business valuation […]
Does hiding money ever get a spouse into trouble with the IRS?
Sometimes it does, and those are really tricky situations, because in the process of proving that not all of the cash has been either deposited or taken into account in the federal tax filings that are made by the business owner, there’s a possibility of some exposure to the IRS for the innocent spouse, for […]
What do you do if the payor, who is self-employed in a cash-based business, is suspected of not declaring certain income?
Those cases are really interesting for the lawyer who is representing the other spouse in their dissolution of marriage case. Those are some of the trickiest situations that attorneys run into, because when it’s a closely held business that’s operated by the spouse who’s going to be paying maintenance, they have broad discretion on how […]
How common is financial misbehavior during high-net-worth divorce cases?
That kind of misbehavior or selfish behavior is seen frequently in the high-net-worth arena. In those cases, forensic accountants and fraud investigators are available to uncover efforts that are made perhaps by a spouse to hide assets, and just as importantly to locate assets which may have been hidden. Sometimes that kind of financial misbehavior […]
How can someone keep their cost down as well as expedite their divorce process?
The meditative and the collaborative divorce process will assist something of that nature because it allows all parties to sit together and actually look each other in the eye and get to the heart of what it is that needs to be resolved as you dissolve what could be a very short-term or very long-term […]
How much does a divorce cost in New Jersey?
It varies. Most attorneys engaged utilize an hourly basis, and it really depends on the number of hours that the attorneys spent on your case. There are divorces that have been as low as $5000 to $6000, and there are also divorces that have eclipsed $100,000. How much are we litigating it? How much of […]
Does child support cover all the expenses the children had during the marriage?
No, generally child support covers the basic expenses, such as the food, lodging and basic necessary life expenses for the child. Things such as horseback riding lessons or private school will not be considered. The court can never award a party or force a party to pay for private school. This would have to be […]
Property Division And Debts: Are They Divided at the Same Time?
Sean Sullivan, an Illinois family lawyer answers the common question surrounding property division and debts, are they settled at the same time?
Will expenses be taken into account when determining child support?
No. They won’t, not upfront unless if the parties want to come to some type of agreement and parties are always free to come to their own agreement as long as the judge thinks it’s fair and reasonable. So, as a general rule under law, no they wouldn’t be accounted but if the parties wanted […]
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