Skokie divorce lawyer business valuationThe American Dream is the belief that anyone can achieve success if they work hard enough. For many people, their own American Dream is realized through business ownership. In 2010, there were reported to be around 27.9 million small business in the U.S. Comparing that statistic to the divorce rate, which is anywhere between 40 and 50 percent, it is safe to say that many divorcing couples have an extra question to ask: what happens to my business if I get a divorce?

Steps to Protecting Your Business

Owning a business is a rewarding experience, which is why you want to protect it at all costs. The easiest and least stressful option for protecting your business in the case of a divorce is to come to an agreement about the business in a prenuptial or postnuptial agreement. If you do not use either of these documents, there are still ways you can protect your business from being divided in a less-than-favorable way:

1. Get a Proper Valuation

The first step in protecting your business is making sure that it is valued properly. This is how the courts decide what your business is worth and how much each spouse is entitled to. The best way to do this is to get a court-appointed appraiser to evaluate the company and then have a private professional look over the numbers before you show them to the court.

2. Pay Yourself a Decent Salary

While it may seem odd, you should pay yourself a good salary rather than investing it all back into the business, or you could be accused of withholding some of the earnings from your spouse. Their lawyer could argue that the spouse was entitled to more of the company’s money, because not enough of it was put into the household.

3. Ease Your Spouse Out of the Business

As soon as possible, you should try to phase your spouse out of the business. The longer they work there, and the more effort they put into building the company, the more a lawyer can argue that they deserve a portion of the company, and the more likely a judge is to agree with them.

4. Give Up Other Assets

As a last resort, you can use other assets, such as cash, real estate, or other property, to bargain for your ownership of your company. Your business is an asset, and it will be valued and distributed like other assets. If you can negotiate with your spouse, you might be able to mitigate any obligation you have to share business interests with them.

5. Hire an Experienced Skokie Divorce Lawyer

When you own a business, it is often your most valuable asset. The last thing you want to do is lose it during your divorce. If you want to retain your business and keep doing what you love, you should hire an Elmhurst divorce attorney who is skilled in the area of protecting family businesses. Contact Weiss-Kunz & Oliver, LLC to see how we can help you protect your business, whether through a prenuptial or postnuptial agreement or through measures during the divorce process. Call our office at 312-605-4041 to set up a consultation.

Sources:

https://www.entrepreneur.com/article/220124

https://www.inc.com/guides/2010/05/protecting-your-business-from-divorce.html

https://www.nfib.com/content/resources/legal/a-small-business-owners-guide-to-divorce/

Posted in Division of Assets, Divorce | Tagged , , , , , | Comments Off

Skokie divorce property division lawyerWhen considering marital assets that get divided during a divorce, most people think of houses, cars, bank accounts, and retirement accounts. However, there are actually many more assets that divorcing couples may have to figure out how to divide. Sometimes, these odd assets can be forgotten about when couples focus on more obvious and expensive assets, but taking care of the division of these assets early on can save a headache in the future.

Marital and Non-Marital Property

The first step in dividing any assets in a marriage is determining which assets can actually be divided. Anything deemed marital property is subject to division; anything deemed non-marital property is not. In the state of Illinois, the Marriage and Dissolution of Marriage Act dictates what is marital and non-marital property. Marital property is defined as any property, including debts or other obligations, that was acquired by either spouse during the marriage–anything else is non-marital property.

Types of Unusual Divorce Assets

When it comes to assets in a divorce, there are two types: tangible and intangible assets.

Tangible Divorce Assets

These types of divorce assets are the kind that are physically present–assets you can see and touch. Examples of unusual tangible assets include:

  • Gifts given during the marriage: Gifts given before you were married, such as an engagement ring, are not subject to division. However, other significant gifts that spouses give to each other while they were married are up for grabs.
  • Pets or other animals: Prior to 2018, pets were thought of as property and were divided as such. Now, Illinois law states that ownership of non-service animals should be based on the animals’ best interests.
  • Collections or memorabilia: Collections of items such as comic books, coins, stamps, books, art, or antiques can be of significant value. If the items were acquired during the marriage, they can be subject to division between the two spouses.
  • Photographs: A lot of photos can be easily duplicated and shared thanks to technology. If you have photographs or negatives that need to be divided, making copies of them can become costly.

Intangible Divorce Assets

Intangible assets are those that you cannot necessarily see or touch, but are still real. Examples of these types of assets include:

  • Frequent flyer miles: If you have frequent flyer miles or other travel rewards that you received during the marriage, they can be assets that you should divide. The money that was spent earning these rewards was shared money between both spouses and should be considered accordingly.
  • Tax losses and carryovers: With these assets, an accountant can help hash out the details. Tax losses and carryovers can mean less tax liability, so determining who gets to pay less is important.
  • Digital music or movies: Due to copyright laws, you cannot share or make copies of movies or music that were purchased in a digital format. Because of this, you will probably need to determine who gets exactly what.
  • Intellectual property: Intellectual property encompasses copyrights, patents, trademarks, and royalty rights. These can be worth significant money, so it is important to distribute them accordingly.

Get Help From an Elmhurst Divorce Lawyer

Dividing marital assets can be tricky and confusing, especially when it comes to unusual assets for which ownership is not obvious. The process can also become heated if you and your spouse disagree on who gets what. However, dividing assets does not have to be difficult; with the help of an experienced Lincolnwood divorce attorney, you can work to figure out which assets should be allocated to which spouse. Contact Weiss-Kunz & Oliver, LLC to discuss your assets and decide how they should be divided. Call 630-530-4400 to schedule a consultation.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000

http://www.divorcesource.com/ds/illinois/unusual-divorce-assets-that-need-dividing-5144.shtml

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#6cb5991b1195

Posted in Division of Assets, Divorce | Tagged , , , , , , , | Comments Off

Lincolnwood collaborative law attorneyCollaborative divorce has been around since the 1980s, and it has been practiced in Illinois since 2002. The Collaborative Process Act went into effect at the beginning of 2018, officially recognizing collaborative divorce as an option to couples who want to legally separate. The act breaks down guidelines for couples to follow when they decide to pursue the collaborative divorce model, such as signing a collaborative contract and retaining certified collaborative divorce attorneys.

What Is Collaborative Divorce?

The collaborative divorce process begins when the couple and their collaborative divorce attorneys sign a legally binding contract to agree to resolve their marital disputes outside of the courtroom. The point of collaborative divorce is to avoid litigation and keep control over assets, property, child custody agreements, spousal maintenance, or any other issue that may arise during the divorce process.

The Collaborative Divorce Process

The collaborative divorce process consists of a series of meetings that take place in private offices rather than the courtroom. Each person works with their own certified collaborative attorney, in addition to a team of trained professionals in various fields.

1. Beginning the Process

When you have made the decision to go with a collaborative divorce, the first step is to find a certified collaborative divorce attorney. The attorney will talk with you about the collaborative divorce process, answer any questions you might have, and prepare you for collaborative meetings.

2. Making the Commitment

During the first meeting, both partners and their lawyers will sign a document called a participation agreement. The agreement states that you will work with your spouse to come to a collaborative decision about all issues, rather than going to court, in order to benefit you and your children, if you have them. By signing the agreement, you also agree to voluntarily provide all documents needed during the divorce. If the collaborative process is unsuccessful, and either party decides to resolve matters in court, both partners must surrender their attorneys and their teams and seek other counsel.

3. Choosing a Team

In addition to your attorneys, your collaborative team will include specialists of your choosing. These specialists can include divorce coaches, child specialists, appraisers, estate planning attorneys, mediators, or psychologists. Who you have on your collaborative team depends entirely on the needs of your family and your situation.

4. Negotiating Your Settlement

Collaborative divorce is exactly what you would think it is–you and your partner collaboratively work together to achieve a result that you both are satisfied with. Your meetings will be used to negotiate your parenting responsibilities, visitation arrangements, and how you will divide your marital assets and debts. You will also decide whether or not spousal support is needed for a spouse and the amount and duration of support if it is needed. The collaborative team will help you make these decisions respectfully and calmly, and your attorneys will be there to give you legal advice.

5. Moving Forward

Once you have reached an agreement about all matters, your attorneys will write up the agreements into legally-binding documents. Once you and your partner have signed the documents, your attorneys will file them with the court and schedule a hearing to finalize the divorce.

Seek Counsel From a Lincolnwood Collaborative Divorce Lawyer

Collaborative divorce has many benefits, including lessened legal costs and increased power in making your life decisions. With the help of a skilled Skokie collaborative divorce attorney, you can ensure that you are getting what you want out of your divorce. Contact the lawyers at Weiss-Kunz & Oliver, LLC to see how you can begin the collaborative divorce process. Call 630-530-4400 to schedule a consultation.

Sources:

http://nprillinois.org/post/new-law-outlines-collaborative-divorce-guidelines#stream/0

https://www.isba.org/committees/women/newsletter/2008/01/collaborativedivorce

https://collablawil.org/how-collaborative-divorce-works/

http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=100-0205&GA=100

Posted in Divorce | Tagged , , , , , , , , | Comments Off

Maxine Weiss-Kunz Skokie family law attorneyThe March 2018 issue of The Catalyst, the newsletter of the Illinois State Bar Association’s Standing Committee on Women and the Law, contained an article spotlighting Attorney Maxine Weiss Kunz, looking at her career, her background as a Chicagoland native, her personal life, and the story of how she founded Weiss-Kunz & Oliver, LLC.

This article highlights the passion and dedication that Maxine brings to her work in family law, as well as her achievements and the recognition she has received, including her selection as a 2018 Super Lawyer and as one of 40 Under 40 Attorneys to Watch by the American Society of Legal Advocates.

Along with her colleagues at Weiss-Kunz & Oliver, LLC, Maxine Weiss Kunz works to help clients achieve positive results in cases involving divorce, parentage, allocation of parental responsibilities and parenting time, child support, prenuptial and postnuptial agreements, and adoptions. She is also a certified mediator and collaborative lawyer, and she serves as a guardian ad litem who is appointed by courts to determine children’s best interests in family law cases.

If you want to know more about how the attorneys of Weiss-Kunz & Oliver, LLC can help you reach a positive resolution in your divorce or family law case, contact our Elmhurst family law attorneys at 312-605-4041 to arrange a consultation.

Posted in Illinois Divorce Attorney, Skokie Family Law Attorneys | Tagged , , , , | Comments Off

Lincolnwood spousal support attorneyWhen married couples decide to get divorced, one spouse may be at a disadvantage, and the adjustment to living on a single income can result in difficulty making ends meet. However, according to Illinois law, when one spouse earns a substantially higher income than the other, they may be required to pay spousal maintenance (which is also called spousal support or alimony) to their former partner.

Maintenance allows a spouse to maintain a standard of living after their divorce that is similar to what they were used to during their marriage, and it can be especially helpful for spouses who decided to make sacrifices to their own career in favor of raising children or who helped their partner advance their career and increase their earning potential. However, spouses should be aware of some recent changes to Illinois’ divorce laws which affect maintenance awards.

Updated Guidelines For Duration of Spousal Support

In Illinois, if maintenance is awarded during divorce, the duration that these payments will last is based on the length of the parties’ marriage. On January 1, 2018, an update to the Illinois Marriage and Dissolution of Marriage Act took effect which changed the method of calculating this duration.

Under the old law, the percentages used to determine the duration of maintenance were broken into five-year increments. For example, in a marriage which lasted between 10 and 15 years, maintenance payments would last for 60% of the length of the marriage. Under the updated law, a more specific calculation is used for every year between five and 20 years of marriage, using the following percentages:

  • Under 5 years: 20%
  • Between 5 and 6 years: 24%
  • Between 6 and 7 years: 28%
  • Between 7 and 8 years: 32%
  • Between 8 and 9 years: 36%
  • Between 9 and 10 years: 40%
  • Between 10 and 11 years: 44%
  • Between 11 and 12 years: 48%
  • Between 12 and 13 years: 52%
  • Between 13 and 14 years: 56%
  • Between 14 and 15 years: 60%
  • Between 15 and 16 years: 64%
  • Between 16 and 17 years: 68%
  • Between 17 and 18 years: 72%
  • Between 18 and 19 years: 76%
  • Between 20 and 20 years: 80%
  • Over 20 years: 100%, or for an indefinite term

For example, if couples had been married for 14 years and two months (170 months) when one spouse filed for divorce, maintenance payments would last for 60% of the length of their marriage, or eight years and six months (102 months).

One other change which went into effect in 2018 is the income limit under which the statutory formula for calculating maintenance will be used. These guidelines will apply to spouses with a combined gross income of less than $500,000; previously, the limit was $250,000. For spouses with a combined income greater than $500,000, the amount and duration of maintenance will be decided on a case-by-case basis, taking all relevant factors into account.

Contact an Elmhurst Divorce Lawyer

Determining the correct amount of spousal maintenance can often be a complex matter. If you need help demonstrating your eligibility for maintenance or ensuring that the amount and duration of the maintenance you pay or receive is calculated correctly, the attorneys at Weiss-Kunz & Oliver, LLC can advocate for your interests and protect your rights. Contact a Skokie spousal maintenance attorney at 312-605-4041 to schedule a consultation.

Sources:

http://www.ilga.gov/legislation/ilcs/documents/075000050k504.htm

Posted in Divorce, Spousal Maintenance/Alimony | Tagged , , , , , , , , , | Comments Off

Elmhurst divorce lawyer alcohol substance abuseAlcohol and drug abuse are issues that affect millions of people across the United States, and substance abuse is often a factor in the breakdown of a marriage. Studies have shown that there are nearly 25 million people in the U.S. who are in a marriage in which a spouse is an alcoholic or drug addict, and around 7% of divorces are the result of substance abuse issues.

If your spouse has issues with substance abuse, you will likely want to do everything you can to help them receive the treatment they need and salvage your relationship. However, sometimes divorce may be the only option, especially if your and your children’s safety and financial security are at risk. If you are planning to divorce a substance-abusing spouse, you should be aware of the following concerns:

Grounds for Divorce in Illinois

While your spouse’s substance use may be one of the primary reasons for the breakdown of your marriage, you do not need to demonstrate this in order to file for divorce. In Illinois, the only reason, or “grounds,” necessary for divorce are irreconcilable differences. A petition for divorce will simply state that the marriage has irretrievably broken down, and attempts at reconciliation would not be in the family’s best interests. Raising the issue of substance abuse when filing for divorce may only complicate the process, so it is best to speak with your attorney about how to address these issues during the divorce process.

Child Issues

The safety and well-being of children is of paramount importance during divorces involving substance abuse. During and after divorce, both parents will typically be granted parenting time with children, so if you believe your children are at risk while in the care of your ex-spouse, you should take steps to protect their safety. Gather information and evidence demonstrating your spouse’s dangerous or risky behavior regarding your children, and speak to your attorney about whether it would be appropriate to request restrictions on your spouse’s parenting time or ask for them to participate in a rehabilitation program or drug testing as part of your divorce agreement.

Financial Issues

Substance abuse can lead to a variety of financial difficulties in a marriage, especially when an alcoholic or drug addicted spouse spends marital funds supporting their addiction or has difficulty maintaining employment. When planning for divorce, you should begin protecting your financial assets by opening your own bank accounts or credit cards, ensuring that you will have the resources you need to support yourself. Speak to your attorney about your spouse’s dissipation of marital assets to support their habits, and be sure to understand how their employment status will affect issues such as spousal maintenance and child support.

Contact a Skokie Divorce Attorney

If you are considering divorce, and your spouse struggles with substance abuse, the attorneys at Weiss-Kunz & Oliver, LLC can help you understand your rights and work with you to make sure your family’s safety and financial security are protected throughout the divorce process. Contact a Lincolnwood divorce lawyer today at 312-605-4041 to schedule a consultation.

Sources:

http://www.divorcemag.com/blog/dealing-with-divorce-and-addiction

https://www.health-street.net/blog-drug-testing/divorcing-a-drug-addict/

Posted in Children and Divorce, Divorce, Illinois Divorce Attorney | Tagged , , , , , , , , | Comments Off

Illinois divorce attorney, Illinois family law attorney, Illinois divorce laws,Sweeping tax reform legislation was passed by the United States Congress in December 2017, with the Tax Cuts and Jobs Act representing the largest change to the federal tax code in the past three decades. The changes implemented in this bill will have an impact on people across the country in a wide variety of ways, and both individuals and organizations are still working to determine how they will be affected. One area of this bill that divorcing spouses should be aware of is a major change to how spousal support (alimony) will be taxed.

Taxes on Spousal Maintenance

When spouses divorce, one spouse may be required to pay maintenance to the other spouse, allowing them to maintain a lifestyle similar to what they enjoyed when they were married. This is usually the case when one spouse earns a higher income or when a spouse has chosen to devote their time and energy to the family rather than to further their career. Prior to the tax reform bill, the spouse paying maintenance would deduct the amount of these payments from their taxable income, and the spouse receiving maintenance would pay taxes on these payments.

The Tax Cuts and Jobs Act now treats maintenance the same way as child support is treated. That is, it will no longer be tax-deductible for the paying spouse or taxable for the receiving spouse. This change will go into effect for divorces which are finalized after December 31, 2018.

How This Change Will Affect Divorcing Couples

Under the previous law, divorcing couples were often able to work together to determine how to allocate child support and maintenance in a way that resulted in the lowest possible tax burden for both spouses. Tax-deductible maintenance may have allowed the paying spouse to be in a lower tax bracket, providing more income to be shared between the spouses. Since the tax reform bill has eliminated this deduction, a paying spouse’s net income may be lower, resulting in smaller maintenance payments.

Spouses who are considering divorce or who have begun the divorce process may wish to finalize their divorce before the end of 2018, so that they may take advantage of the benefits of tax-deductible maintenance while it is still available. Also, spouses who have a prenuptial agreement regarding maintenance that one spouse will pay in the case of divorce may need to update their agreement to ensure it follows the new tax law.

Contact a Skokie Divorce Lawyer

If you have any questions about how the tax reform bill will affect your divorce, the attorneys at Weiss-Kunz & Oliver, LLC can give you the answers you need and work with you to make sure your financial interests are protected as you complete the process of dissolving your marriage. Contact an Elmhurst divorce attorney today at 312-605-4041 to schedule a consultation.

 

Sources:

http://money.cnn.com/2017/12/15/pf/taxes/alimony-tax-bill/index.html

https://www.pbs.org/newshour/politics/how-the-tax-overhaul-will-affect-alimony-deductions

Posted in Spousal Maintenance/Alimony | Tagged , , , , , | Comments Off

Illinois custody attorney, Illinois family law attorney, Illinois divorce lawyer,Divorce can be a complicated process, requiring some difficult decisions as couples work to separate the many aspects of their lives that have become intertwined over the course of their relationship. While making these decisions, disagreements often arise over issues such as the division of marital property and the allocation of parental responsibility, but if spouses are able to work together to reach a mutually beneficial outcome, they can avoid the costs and stress of litigation.

Many couples today are turning to methods of alternative dispute resolution to settle divorce matters, and one method that is becoming more popular is collaborative divorce (which is also sometimes called collaborative law). In August of 2017, the state of Illinois formally recognized collaborative divorce when Governor Bruce Rauner signed the Collaborative Process Act, which will take effect on January 1, 2018.

The Collaborative Process As Defined By Illinois Law

When spouses use collaborative law, they and their attorneys work together to resolve outstanding issues in divorce or other family law matters. The Collaborative Process Act makes several provisions for how this process should be carried out, including:

  • Collaborative law can be used to settle any dispute or issue that arises under Illinois’ family or domestic relations laws, including marriage, divorce, legal separation, property division, allocation of parental responsibility and parenting time, spousal support, child support, adoption, paternity, and prenuptial or postnuptial agreements.
  • At the beginning of the collaborative process, the parties will sign a collaborative process participation agreement that states their intention to resolve their disputes through collaborative law, describes the nature and scope the matters to be resolved, identifies the parties’ attorneys, and states that the parties will discharge their attorneys if they are unable to reach a resolution through the collaborative process.
  • The law states that “voluntary informal disclosure of information related to a matter is a defining characteristic of the collaborative process.” This means that the parties should provide each other with any information requested in a timely manner while they are working to reach an agreement. If necessary, they can specify the scope of information disclosure in the collaborative process participation agreement.
  • When the parties reach an agreement, they will conclude the collaborative process and submit their agreement to the court. If they are unable to agree on every matter, they may submit a partial resolution and specify which matters still need to be resolved through other methods. The collaborative process can also be terminated by either party with or without cause, and it will also be terminated when a party’s attorney is discharged or withdraws from representing their client.
  • Communication between parties during the collaborative process is considered confidential and is not admissible as evidence or subject to discovery unless both parties agree to disclose any of this information.

Contact an Experienced Collaborative Divorce Attorney

If you are looking to resolve the outstanding issues in your divorce, collaborative law is a great way to do so while avoiding costly court battles. If you need help reaching an amicable agreement in your divorce, the attorneys at Weiss-Kunz & Oliver, LLC can represent you in the collaborative process and make sure you meet all your legal requirements as you work to finalize your divorce. Contact an Elmhurst divorce lawyer today at 312-605-4041 to schedule a consultation.

 

Source:

http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=100-0205

Posted in Divorce | Tagged , , , , , | Comments Off

Illinois child support attorney, Illinois family law attorney, Illinois divorce lawyer,Choosing a religion for a child can be a contentious issue. This is especially true when the parents divorce or seek a court order for custody at an early age before a child has begun participating in religion.

However, a child’s religion can also come up as the child grows older and religion becomes more meaningful and demanding. For example, religious practices can interfere with parenting time and may also determine where a child will be schooled. A parent who practices the same religion as the child may request extra visitation for any number holy days, or sending a child to a religious camp may take away time from a parent.

Illinois Family Law on Religious Upbringing

The law provides the general framework on this issue, although each case is different and results can be somewhat unpredictable.

The law defines religious upbringing as:

  • The choice of religion or denomination of a religion;
  • Religious schooling;
  • Religious training; or
  • Participation in religious customs or practices.

The law first states that if the parties agree in writing on the religious upbringing of the children at issue, the court will honor that agreement. If the parties cannot agree, the court will determine the issue of religion in the best interests of the child in the following manner:

  • The court will look to see if there has been an expressed or implied agreement between the parties on the issue in the past.
  • If there is no express or implied agreement, the court will look at the parents’ past conduct on the issue.
  • The court will not allocate any aspect of a child’s religious upbringing if it determines that the parents did not have an express or implied agreement or there is insufficient evidence to prove a course of conduct that the parties had been participating in.

Contact a Skokie Child Support Attorney

No matter what stage of parental responsibility proceedings you are in, our attorneys can help. If you are just setting out to reach an agreement with your ex, our firm can ensure that you leave with a workable solution for your family.

If you have had a custody order or informal arrangement for years but find yourself fighting with your ex over your child’s religious upbringing, our lawyers can bring years of family law experience to determine what paths may be available to you.

Just because you retain a lawyer does not mean you will end up in court. It is possible to reach an agreement among all interested parties without retaining experts, calling witnesses and leaving the ultimate decision up to a judge.

Cal the accomplished Elmhurst, IL child support lawyers of Weiss-Kunz & Oliver, LLC at 312-605-4041 to schedule your first meeting today.

 

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=8300000&SeqEnd=10000000

Posted in Child Custody | Tagged , , , , | Comments Off

Illinois child support attorney, Illinois family law attorney, Illinois divorce lawyer,In July 2017, a revision to the Illinois Marriage and Dissolution of Marriage Act (IMDMA) went into effect, completely redefining the way child support is calculated when parents divorce. Gone is the simple method of the past, in which the amount of support was based only on the income of the paying parent and the number of children being supported. Illinois now uses an “income sharing” model which considers the combined income of both parents and divides support between parents based on what percentage each parent contributes to the combined income.

Child Support in Cases of Shared Physical Care

When determining child support under the new law, courts will use tables provided by the Illinois Department of Healthcare and Family Services (HFS) to determine the amount that parents would have spent to support their children had they not divorced, then this amount will be divided between the parents based on each parent’s percentage share of their combined income. However, in cases of shared physical care, additional calculations are required to further divide the support obligation between the parents based on the amount of parenting time each parent has with their children.

Shared physical care occurs when children stay overnight with each parent spends at least 40% of the time or 146 days per year. In these cases, the amount of the parents’ financial obligation will be multiplied by 1.5. Each parent’s portion of this obligation will then be multiplied by the other parent’s percentage of overnight stays with their children. The resulting amounts will be offset, and the parent who has the higher obligation will pay the other parent the difference between the two amounts.

Calculating Shared Physical Care Obligations

For an example of how to calculate child support in shared physical care situations, we will look at the case of Tom and Michelle, who have two children. Tom makes a gross income of $3,000 per month, and the children will stay with him 175 days each year. Michelle makes $2,000 per month, and the children will stay with her 190 days each year.

First, the basic support obligation is calculated using the HFS Gross to Net Income Conversion Table and Income Shares Schedule. At their combined net income of $4,131 per month, the obligation for two children is $1,294. With a net income of $2,384, Tom’s percentage share of the combined income is 57.7%, so his portion of the obligation is $746.64. With a net income of $1,747, Michelle’s percentage share is 42.3%, and her portion of the obligation is $547.36.

Each parent’s portion of the obligation is multiplied by 1.5 to determine their shared physical sSupport obligation. Tom’s portion is $1,119.96, and this amount is multiplied by Michelle’s percentage of time with the children (190/365, or 52.1%), resulting in $483.50. Michelle’s portion of the obligation is $821.04, and multiplying it by Tom’s percentage of time with the children (175/365, or 47.9%) results in $393.28.

The final shared care child support obligation is determined by subtracting the smaller figure from the larger figure. Subtracting Michelle’s figure from Tom’s figure results in $90.22, which is the amount of child support that Tom will pay to Michelle each month.

Contact an Elmhurst Child Support Lawyer

If you need help determining how the new child support law will apply to your divorce, the family law attorneys at Weiss-Kunz & Oliver, LLC can answer your questions and advocate for your family’s best interests throughout the divorce process. Contact a Skokie child support attorney today at 312-605-4041 to schedule a consultation.

Sources:

https://www.illinois.gov/hfs/ChildSupport/parents/Pages/IncomeShares.aspx

https://www.illinois.gov/hfs/SiteCollectionDocuments/IncomeSharesOverviewPublicVersionRC.pdf

Posted in Child Support | Tagged , , , , , | Comments Off