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The Importance of Prenuptial Agreements

Posted on June 21, 2016 in Prenuptial Agreement in Illinois
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prenuptial agreement, Wheaton family law attorneyBy now, you may have heard that actress Amber Heard is filing for divorce from actor Johnny Depp after just 18 months of marriage. Divorce filings are so common in Hollywood that, often, these cases barely warrant a mention, but one twist in this case is worth pointing out: the couple apparently did not have a prenuptial agreement.

That might not be a big deal if the couple had similar net worths, but in this case, Depp is estimated to be worth $400 million, while Heard’s net worth is thought to be around $9 million. Under California law, Heard is unlikely to wind up with hundreds of millions of dollars from the divorce settlement, but she could be entitled to a good amount of money that Depp made during the period they were married. Conceivably, she could receive tens of millions of dollars just for being married to Depp for less than two years. If nothing else, it shows the importance for high-net worth individuals of getting a prenuptial agreement before walking down the aisle.

Prenuptial Agreements in Illinois

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Net Income in Illinois Means More Than Just Your Paycheck

Posted on June 16, 2016 in Child Support
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net income, Wheaton family law attorneyThe Illinois Marriage and Dissolution of Marriage Act (IMDMA) section on child support is deceptively simple. A parent without the majority of parental responsibilities must pay at least 20 percent of their net income toward the support of one child. That amount increases up to a maximum of 50 percent of net income if six or more children are involved.

In many cases, “net income” can simply be calculated based on how much someone makes from their job. However, the income that someone makes from their employment is not always an accurate reflection of how much they are actually earningg, and, in some situations, parents go to great lengths to hide and manipulate their income to avoid paying more in child support. Illinois courts frown on these tactics.

In Re Marriage of Rogers and Money from Family Members

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Telling Your Spouse That You Want a Divorce in Illinois

Posted on June 14, 2016 in Divorce
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divorce, Wheaton divorce attorneyIn many cases, the most difficult part of a divorce case is not comprised of the trips to court, splitting assets, or determining child custody. Often, these issues can be resolved relatively amicably, either through negotiation or mediation. For many people, the most difficult part about divorce is just telling your spouse that your marriage is over. You may have been having issues for quite some time and be trying to resolve them through therapy, or it could just be that on your own you feel yourself drifting away from your spouse. So how do you go about saying that you want a divorce?

Be Direct and Honest

There are several things to keep in mind when telling your spouse that you want to get divorced. The first thing to remember is that honesty is the best policy. Sit down with your spouse and tell them directly that you want to end your marriage. They may be angry or upset. If you two have been having issues for awhile, they may be somewhat understanding.

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Revocable Trusts and Splitting Assets in Illinois Divorce Cases

Posted on June 09, 2016 in Division of Assets
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trusts, Wheaton family law attorneyHow property is split in an Illinois divorce case may sound relatively simple initially. Anything that you come into the marriage with and keep separate is non-marital property that you get to keep after a divorce. Anything that is commingled with your spouse or that you and your spouse purchase together is marital property that you will have to negotiate how to split, or follow the decision of the court.

There are, however, always complications to rather simple laws. One of the more confusing areas of Illinois divorce law involves revocable trusts.

What Is a Revocable Trust?

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Common Ways Spouses Try to Avoid Spousal and Child Support Judgments

Posted on June 07, 2016 in Divorce
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dissipation, DuPage County family law attorneysWhen a court awards spousal maintenance or child support, the judge will look at the income and assets of each party. This is often a fairly routine matter, but in some cases--particularly divorces where a large number of assets are involved--spouses unfortunately attempt to hide what they have or transfer property to reduce their future maintenance or support payments.

While uncommon, it is important to understand how spouses attempt to avoid these obligations and what you can do to ensure assets are accurately counted before a court enters a judgment.

Dissipating Marital Assets in Illinois

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