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Wheaton divorce lawyersDivorce can have a significant and negative impact on the financial aspects of one’s life, especially if they are financially disadvantaged (a non-earning spouse). Thankfully, these parties are often owed a settlement, which they are permitted to use however they see fit. Perhaps one of the most financially savvy moves is to invest the money, rather than spend it. Learn more in the following sections, including how an experienced divorce attorney can improve the outcome of your Illinois divorce

Investing Can Provide a Lifetime of Income

Disadvantaged parties in a divorce are deemed as such because they lack sufficient income. Some also lack the health, skills, or training to obtain gainful employment right away. Such issues may entitle them to a settlement in their divorce, but it can also place parties at risk for divorce-induced poverty - especially if they fail to plan for the future. Some disadvantaged parties place themselves at even further risk by trying to maintain the same lifestyle that they enjoyed prior to the divorce. Sadly, that can cause them to run through their resources faster than anticipated, and often before a safety net has been created. 

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Illinois divorce lawyersTaxes, though not often discussed, are a critical element in almost every divorce, and they are especially important when alimony may be owed. Thanks to the new Tax Code and Jobs Act, everything about alimony and taxes will change, come the start of 2019. Find out how and discover what it could mean for your Illinois divorce in the following sections. 

The New Tax Law and Divorce - An Overview

While the new tax law may not affect all divorces, it is likely to have a significant impact on cases involving alimony. Parties who pay support and complete their divorce after December 31, 2018, will no longer receive a tax deduction at the end of the year, and receiving spouses will no longer be required to pay taxes on the alimony they receive. At first glance, this might seem like a benefit for the family, but appearances can be deceiving. 

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Wheaton divorce lawyerDivorce can be a messy and complex process, especially when there is a substantial amount of money involved. Sadly, cryptocurrencies, such as Bitcoin and Ethereum, are further complicating divorce. Some people worry that the digital currencies have also created a bit of a vacuum, where assets can be hidden and extremely difficult to trace, which could lead to an unfair distribution of the marital estate. Thankfully, there are some ways to mitigate the risks. Learn more in the following sections, including how the assistance of an experienced divorce attorney can help improve the outcome of your Illinois divorce case.

When Spouses Use Cryptocurrencies to Hide Marital Assets

Asset hiding is not a new issue in divorce, but cryptocurrencies are an entirely new beast. Like an offshore account, they can be difficult to trace, especially when the owner has transferred them offline to a USB device. To determine which transactions have taken place, digital forensic experts can mine a party’s email account. From there, the uncovered assets can be valued, added to the marital estate (if applicable), and equitably distributed.

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Illinois divorce lawyersScience has long shown that children are vulnerable to experiencing maladjustment issues, such as anxiety, in divorce. How can you detect such issues in your child, and how can you help them cope? Learn more in the following sections, including how the aid of an experienced family law attorney can improve the outcome of your case, thereby decreasing the odds that your child will suffer from anxiety during or after the divorce process.

Understanding the Prevalence of Anxiety in Children of Divorce

Any child can experience anxiety, but the risk is low for the general population. Traumatic life events, including divorce, can increase a child’s risk of developing an anxiety disorder. In fact, in one study that compared the rate of generalized anxiety among divorced Spanish children between the ages of 8 and 12 years of age against the same-aged children who had not experienced a divorce, the rate of generalized anxiety disorder among the children of divorce was notably higher. As such, parents are encouraged to mitigate against the factors that may cause anxiety in a child that is experiencing a parental separation or divorce.

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Illinois child support lawyersUnder Illinois state law, children are entitled to financial support from both their biological parents, regardless of whether the parents were ever married. However, that support is not unlimited. Instead, the state has a specific formula that is used to determine what a paying parent’s support obligation should be. Learn more about the way that child support is calculated, and discover how to determine when the aid of an experienced attorney may be beneficial for parents who are engaged in an Illinois child support case.

Is Child Support Owed?

Before an order for child support can be entered, the courts must first determine if support is owed. This starts with establishing parenthood over the child. In a marriage, this is presumed for both the mother and the father. If the parents were never married, the mother is usually presumed to be one biological parent, but the father must either acknowledge paternity, or they must request a paternity test to verify that they are the child’s biological parent. From there, the courts will examine other factors, such as the income of both parents and the amount of time that each parent spends with the child, to determine the amount of support that may be owed.

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Warrenville Office
Address28371 Davis Parkway
Suite 103
Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road
Building A, Suite 105
Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street
Suite 900
Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street
7th Floor
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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