Posted on April 15, 2015 in Business Valuation

Division of property is often a major concern for divorcing couples. As an equitable distribution state, however, Illinois law requires that each spouse receive an appropriate, but not necessarily equal, share of the marital property based on the circumstances of the marriage and divorce. There are a number of methods which may be used to divide property and the right one for a given situation generally depends on the specific assets to be distributed and their appraised value. In some cases, a structured settlement may be appropriate.

Liquidity of Assets

Establishing the value of particular assets may be fairly easy or rather complicated depending on their nature. Goods and property, such as a piece of artwork or real estate, and accounts, such as savings or certificates of deposit, can be valuated with a degree of certainty, as such assets could be converted to cash relatively easily. Others, such as the family home, a business owned by a spouse, and long-term investment or retirement accounts may require an actuary or other financial expert to calculate their actual and anticipated value. Many of these type assets are considered nonliquid or illiquid, as they are not easily converted to cash for equitable distribution.

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 Posted on April 13, 2015 in Divorce

Despite the law’s 14 year existence, Dawn Geras continues to work tirelessly to remind scared and struggling parents that the state provides protection for them under what has colloquially become known as the Safe Haven Law. The measure, which was in enacted in 2001, permits parents to safely relinquish their newborn child at designated locations as an alternative to much more dangerous actions or neglect. Children who are relinquished under the law are provided any needed medical care and then quickly made available for adoption, often within just a few hours.

Geras is the founder of the Save Abandoned Babies Foundation, a Chicago based charity that was instrumental in drafting the original version of the law. With the help of other volunteers, she works to educate the public about the existence of the Safe Haven Law and how it can help parents. “We initially started out saying if we could save just one baby, it would be worth it,” she said. “Today, we’re over 100. How many classrooms is that now?”

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 Posted on April 06, 2015 in Spousal Maintenance

Spousal maintenance, or alimony, is frequently utilized in divorce cases to limit the financial impact to a spouse who, based on the circumstances of the marriage, is not prepared to become immediately self-sufficient. While post-divorce life is rarely easy for either spouse, a partner who had assumed more domestic responsibilities or had lower or no income may find it virtually impossible to survive without the financial support that a maintenance award provides.

New provisions were enacted under Illinois law this year which, for the first time, provided a formulaic standard regarding the calculation of spousal maintenance orders. Previous versions of the law left every detail to the discretion of the court, which eventually led to disparity in awards depending on the judge assigned to the case. The new law sought to remove much of the inconsistency, while still leaving some significant responsibility with the individual court.

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 Posted on April 01, 2015 in Divorce

While studies have been done and some are undoubtedly ongoing to better analyze the current state of marriage and divorce in the United States, statistical data from the federal government suggest that the divorce rate has been falling for more than three decades. Certain research projects have disputed the decrease of the divorce rate, but when looked at in terms of divorces per capita, there is little doubt the overall trend is headed downward.

It is possible that a lower nationwide divorce rate indicates an increasing level of marital happiness. However, it could also mean that less couples are getting married, and therefore divorce is never an option, or that other factors are keeping a marriage intact despite unhappiness in the relationship. More than likely, all of these factors are contributing in some way to the lower rate of divorce.

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 Posted on March 25, 2015 in Adoption

In light of recent numbers showing that remarriage in the United States has reached an all-time high, an increasing number of families are being combined as a result. Many stepparents develop strong emotional relationships with their stepchildren as each becomes accustomed to new role and family dynamics. Depending on the circumstances surrounding the family, some stepparents are interested in more than just establishing a bond with the child; instead, they may seek the recognition and rights as the child’s legal parent through a stepparent adoption.

Stepparent Adoption Requirements

Related adoptions occur frequently in the United States, and stepparent parent adoptions represent the most common form of all adoptions in the country. Generally, the simplicity of a stepparent adoption in Illinois is contingent on three criteria being met:

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 Posted on March 20, 2015 in Divorce

One of the hardest decisions a person can make it is to end their marriage. For many people, it may take years to finally come to the decision that their marriage is broken and cannot be repaired. Even after making that decision, a person may still struggle with it, wondering whether or not they are doing the right thing.

It can be even more difficult to move forward and file for divorce when there are children involved. A person who is already struggling with conflicting emotions, including guilt and feeling as if they failed at marriage, can find those emotions amplified over the perceived harm they may be doing to their children by divorcing the other parent.

So how does a person know if their marriage is truly over and it is time to walk away?

Family counselors say when there are certain behaviors that exist in your marriage, it may be time to consult with an attorney to consider divorce. These behaviors include:

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 Posted on March 18, 2015 in Divorce

It is very common today to hear about couples, particularly those who are very wealthy or celebrities, refusing to marry without a prenuptial agreement. For many, it is rather understandable, as most prenuptial agreements help delineate which assets may or may not become part of the marital property along with other possible considerations. One of the potential drawbacks to relying solely on a prenuptial agreement, however, is that, by definition, the agreement must be finalized prior to the marriage. Unforeseen issues and opportunities that may develop over the course of the relationship may be better dealt with by means of a postnuptial agreement instead.

A postnuptial agreement is a cooperative effort between spouses to formally outline the responsibilities and obligations of each party. It is established after the marriage, and in some cases, many years after the beginning of the marriage. Like most prenuptial agreements, a postnuptial agreement can help a couple prepare in the event of divorce, but more than that, such an agreement can contribute to a more fulfilling marital situation.

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 Posted on March 13, 2015 in Child Custody and Support

You may not be familiar with the term “coparenting,” but if you have a shared custody arrangement with your child’s other parent, you are probably already doing it. Coparenting refers to a cooperative effort between divorced, or otherwise separated, parents who have decided to work together in providing the best possible situation for their child. There are countless articles and helpful guides from experts on the most important aspects of coparenting or rules for doing it correctly, but they all seem to revolve around two basic concepts: communication and consistency.

Communication is vital, not only to maintaining that consistency, but to upholding the trust of both your ex-spouse and your child. Consistency helps your child feel secure in each parent’s home, as many rules and expectations remain the same. While some rules might be more bendable, such as getting to watch a little extra TV on a particular night, others should be less flexible, not only for the sake of discipline, but your child’s safety. If your child has reached an age where he or she has begun to utilize internet resources for research or entertainment, rules regarding online safety must be established as non-negotiable in both parents’ homes.

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 Posted on March 11, 2015 in Divorce

Thanks to technological advances in modern medicine and healthier lifestyles, Americans continue to live longer lives. Most recent government numbers show the life expectancy in the U.S. has reached a record high 78.8 years, albeit slightly higher for women and slightly lower for men. Adults in this country have more years than ever to pursue interests, enjoy their passions, maintain friendships, and fall in love. Sometimes, however, adults lose certain interests, passions wane, and friendships drift apart. Falling out of love, so to speak, can happen as well and when it does, older Americans find themselves facing divorce at an unprecedented rate.

Divorce for individuals over age 50 is often referred to as “gray divorce,” and as a recent study out of Bowling Green University suggests, gray divorce has almost tripled in the last quarter century. In a 2011 survey of adults who divorced in the previous year, nearly 30 percent were 50 or older. By contrast, in 1990, only one in ten was 50 or older when they divorced.

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 Posted on March 06, 2015 in Divorce

Daytime television tropes aside, most parents will not require genetic tests to verify a biological relationship with their children. For a child born to married parents, the presumption is made, and nearly always legally established, that both spouses are the child's parents. Each year, however, thousands of children are born to parents who are not married. The laws in most states, including Illinois, make establishing paternity a rather simple process.

Situations may arise, of course, in which a court and government agency may require DNA testing regarding a man's relationship to a child, but most cases are much more straightforward. In Illinois, legal paternity may be determined in one of three ways:

• Both parents complete and sign a Volunteer Acknowledgement of Paternity (VAP) form;

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