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4Getting a divorce can be one of the most difficult things you will have to do in your life. Not only will you have to deal with the emotional fallout from this major life change, but you also have a slew of financial and legal issues to reconcile. Some of these issues are things that you may already have on your radar, such as spousal support or how you will divide savings accounts. Other issues that need to be dealt with may not be as prominent, but important nonetheless. Have you thought about what you will do with your retirement accounts? Do you know if receiving or paying spousal support will be worth it come tax time? These are the questions that a financial advisor can help you with.

What Is the Role of a Financial Advisor?

Many people think that the only professional they need during a divorce is a lawyer. While it is important that you and your spouse each have your own attorneys, it does not hurt to hire a financial advisor too. A financial advisor’s job is to look at your financial situation and advise you of your options when it comes to finance-related decisions during your divorce. Much like an attorney gives you legal advice based on your situation, a financial advisor will give you your best financial options during your divorce.

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Posted on in Divorce

Illinois divorce attorney, Illinois family lawyer, IL child custody lawyerThe Oscar-nominated movie, Marriage Story, starring Scarlett Johansson and Adam Driver, offers insight and advice regarding marriage and divorce. The film focuses on real-life issues within a relationship and offers teachable lessons for those who are ending their marriages.

The critically-acclaimed film has won rave reviews because of its realistic and often gut-wrenching portrayal of a couple whose love for each other disintegrates into divorce. And just like many real-life couples, the main characters first agree that they will bypass legal battles and have a "friendly divorce," however, both end up hiring divorce attorneys. As the film reveals, even the friendliest of breakups can become contentious and attorneys are needed to make sure the divorce process is as fair as possible for both spouses.

How Divorce Attorneys Make a Difference

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Posted on in Divorce

wkoGoing through a divorce is physically, emotionally, and mentally challenging. Self-esteem may be low, emotions are often running high, and being almost, but not quite yet single, can be exciting. Although there is no Illinois law against dating during a divorce, it can add additional complications and legal issues for you and your new partner. Before you jump into a new relationship pre-divorce, here a few reasons as to why you should consider waiting until the ink is dry on your divorce papers:

  1. Changes or elimination of spousal support or child support may occur. If the judge finds out you are living with your new partner, your spousal support may be affected. If you are the one receiving spousal support payments, the court may find that you no longer need the money because your new partner is supporting you. If you are receiving child support, the extra income coming into your household by your new partner could result in a decrease in your child support payments. If you are the one making spousal or child support payments, the court may find that you have more money available, and order you to pay more.  No matter what side of the coin you are on, your spousal or child support could take a hit.

  2. You have children. Bringing your children around just anyone, especially in the midst of a divorce, is not an easy decision to make. Additionally, new relationships take time, and if you are focusing all your time on your new relationship, your children could notice and be affected by your distance.

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Illinois divorce attorney, Illinois family lawyer, IL child custody lawyerDivorce is a long and demanding process, but can get even more complex for high net worth couples. Unlike traditional divorces, high net worth couples must resolve issues dealing with complex taxation, support obligations, tracing of assets including offshore and international accounts, and valuation of businesses and other properties.

The following factors will help you prepare for what you might experience within your high net worth divorce:

1.    More assets, more to divide. Prior to your divorce, it is important to gather all tax (tax returns, W-9’s, I-9’s), financial, and property/asset documentation regardless of your knowledge on the subject. Documents tend to get lost after the divorce has already been filed, making this process more difficult and could put you at a disadvantage in divorce negotiations.

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WKOSpousal support, also known as maintenance, is court-ordered payments one spouse pays to the other spouse after a divorce.

The 750 Illinois Compiled Statute 5/504, titled ‘maintenance’ states that  “the court may grant a maintenance award for either spouse in amounts and for periods of time as the court deems just, without regard to marital misconduct, and the maintenance may be paid from the income or property of the other spouse.”

Ordered Maintenance

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