Butler Giraudo & Meister
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Peoria Family Law Blog

High-asset divorce and estate plans

There are various considerations that may arise for those who move ahead with a high-asset divorce, many of which have been covered on our blog. However, other divorce-related issues can arise during and after a high-asset divorce, some of which can have a major impact on a person's future. For example, revising an estate plan may be necessary once someone splits up with their spouse, among other changes that may prompt someone to take a second look at their estate plan. As someone with sizable assets, it is essential to approach this issue with care.

Sometimes, people push off their divorce because they are worried about how their life could be adversely affected by the decision. Unfortunately, some people have allowed themselves to become trapped in a toxic marriage because they are not aware of their rights or some of their options. Although estate plan revision may seem complicated, it is important to make sure that your estate plan suits your needs and provides for those you love in accordance with your wishes once you pass on. As with all other matters related to high-asset divorce, planning ahead and knowing exactly which options you have is tremendously helpful.

New opportunities after a divorce

Often, people focus on some of the negative aspects of divorce, such as the amount of time and money that may be lost, stress during the entire process, the division of marital property, custody disputes and so on. However, it is important to note that there are a number of benefits associated with divorce. Not only can many people find peace of mind and a sense of freedom, but they may be able to pursue a variety of new opportunities after splitting up with their marital partner.

For starters, ending an unhealthy marriage can result in better emotional health. Someone who may have been depressed or angry during their marriage, or subjected to some form of abuse that was verbal or even physical in nature, may be much happier once they have brought the marriage to an end. Moreover, divorce can make it easier for someone to move to a new city, which may allow them to spend more time with their friends and family members or pursue a career opportunity that they have been dreaming about for years. Divorce can result in a fresh start and open many different doors.

Alimony, travel plans and financial hardship

Bringing your marriage to an end could change your life in all sorts of ways, some of which may be for the better. However, it may also bring up various issues that you need to consider, such as consequences for failing to pay child support or alimony. If you are required to pay spousal support following your divorce, it is crucial to make sure that these obligations are met, regardless of your financial circumstances. Sometimes, people experience financial hardships, which may necessitate convincing the court to lower your monthly payments. Moreover, your financial state may impact other aspects of your life, such as a trip that you have been planning.

From airfare to lodging and activities during your vacation, traveling can come with various costs. However, it is important to make sure that these expenses do not interfere with your ability to pay spousal support. Some people may feel depressed or have a desire to travel for a while after a difficult divorce, especially if they have had plans to go on a trip for some time. Unfortunately, some people may need to cancel these plans because of the financial difficulties they are going through. While this can be tough to accept, it is important to avoid becoming delinquent on spousal support obligations.

Does a prenup determine asset division in your divorce?

Before you got married, you did the sensible thing and made a prenuptial agreement with your beloved. You outlined separate and marital property and what would happen to it if you split up. You never thought you would have to use it, but, unfortunately, divorce is now part of the picture.

Part of the process includes asset division, a usually highly-contested aspect of divorce. Illinois follows equitable distribution, which means that you may not each get exactly half, but instead a proportion that is fair to each of your financial circumstances without factoring in any marital misconduct. How does your prenup change the way the courts approach your property?

Divorce and offshore accounts

When a couple decides that their marriage should be brought to an end, many questions may arise, especially those which are financial in nature. For example, people may wonder how much child support they will receive or how much alimony they will have to pay. The distribution of marital property is another financial challenge that often arises during divorce and can be particularly tricky for some couples, especially those who have significant assets. High-asset divorce can be very complicated with respect to the distribution of marital property and some people have additional issues to deal with, such as offshore accounts.

Perhaps you are concerned about how your property will be divided, including your retirement accounts as well as your bank accounts within the country and offshore accounts. Or, perhaps you think that your spouse is hiding his or her assets from you in an offshore account. Some people have hidden assets overseas in order to evade property division and other obligations, such as those involving the IRS. Either way, it is pivotal to take offshore accounts into consideration while working through the process of ending your divorce.

Divorce during a mid-life crisis

There are all sorts of issues that arise with regard to divorce, whether they are financial or emotional in nature. Everyone's circumstances are unique, and some people may face a more challenging divorce than others. For example, some people who have decided to end their marriage may find that outside pressures make the divorce process even tougher. Moreover, some people may find that divorce gives rise to other challenges in life, which highlights how essential it is to prepare for the different ways that divorce could affect you.

People often get divorced while middle-aged and for some people, this can trigger emotional difficulties such as a mid-life crisis. If you are struggling with this, it is vital to do what you can to lessen the emotional burdens associated with divorce. For example, you may be able to increase communication with your former spouse and work things out smoothly, or you might be able to give yourself peace of mind by having a clear idea of what your options are and the best way to approach your divorce.

Ending your marriage during the summer

There are many different fathers' rights issues that people struggle with during their divorce and after they have split up with their spouse, from a custody dispute to problems involving child support payments. Divorce can be challenging for many different reasons and for some people, there are unique considerations related to the time of year they decide to bring their marriage to an end. For example, the summer months can affect a divorce in different ways and it is crucial to be aware of these matters if you are approaching the divorce process.

During the summer, some people may have more time to work through their divorce (such as those who have a break from work during this season), while others may have less time because the field they are employed in is busiest during the summertime. Moreover, with kids out of school, parents may need to be especially careful and avoid exposing their child to unnecessary divorce-related stress. Furthermore, with back-to-school season around the corner, parents may need to keep their divorce from interfering with other important responsibilities.

Domestic violence accusations and your divorce

In recent years, many people have focused on domestic violence, an issue that creates challenges for families in Illinois and across the U.S. In some instances, abusive people are held accountable for their actions, while other cases may involve someone being falsely accused of family violence. Moreover, certain details may be taken out of context or exaggerated and the harsh stigma surrounding domestic violence cases can spell disaster for someone who is dealing with divorce or other family law issues, such as a custody dispute. If you have been accused of domestic violence, it is important to understand how this could affect your divorce as well as your future.

Someone may be wrongly accused of intimate partner violence by a bitter ex or the other parent of a child as a way to gain an edge during a custody dispute. Sometimes, innocent people are adversely impacted by these allegations in many ways. For example, a divorce may be solely attributed to domestic violence, while these accusations could lead to an unfavorable outcome with respect to a child custody arrangement. People accused of this offense may have restraining orders taken out against them and their life may be thrown upside down in other ways that have nothing to do with family law.

Reaching agreement on your co-parenting responsibilities

If you are facing divorce, you are also facing the issue of child custody. Developing a mutually acceptable co-parenting plan is no doubt high on your agenda.

You can avoid contentious, emotionally-draining litigation if you and your soon-to-be ex can find your way to satisfactory custody arrangements through the process of negotiation.

Job loss and your child support order

Paying child support can be difficult at times and our law office is well aware of the challenges many non-custodial parents face. From managing payments to a health crisis that was unexpected, making these payments on time can be hard. However, there are times when parents face unexpected challenges and become unable to pay child support altogether. For example, someone may not be able to stay current on their child support after being laid off, fired or having their hours cut at work. If you are struggling with child support payments because of a job-related problem, you may be able to modify your child support order.

It is important to plan ahead and try to prepare for problems before they arrive. For example, if you know that you will lose your job in the near future because of a notice you received or because you took on a temporary position or work in a seasonal field, you should try to do what you can to make sure that you do not fall behind on child support. By owing back child support, your life may become harder in many different ways, whether you are taken into custody, experience other financial problems such as wage garnishment and tax refund interception, cannot receive a passport or face other consequences.

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Morton, IL 61550

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