2000 McDonald Road, Suite 200 | South Elgin, IL 60177

Pay Your Bill
Client Login
Ariano Hardy Ritt Nyuli Richmond Lytle & Goettel P.C.

847-695-2400

elgin divorce lawyerDuring the divorce process, not everyone is honest, and spouses sometimes attempt to gain a financial advantage by hiding money or property from their former partners. Sometimes this is out of malice because one party blames the other for the divorce and believes they deserve a smaller share of marital property. Other times, a divorcing spouse hides assets because they are worried that they will have to give up important items or simply because they are dishonest and selfish. However, spouses are required to divide all of their marital property fairly and equitably, and if a person believes that their spouse is attempting to conceal money or assets, they will want to uncover the property that was hidden. Divorcing spouses who have concerns about hidden assets should work with their attorney to bring this issue to the attention of the court and ensure that their spouse will be held accountable for these wrongful actions.

Places to Look for Hidden Assets

Some spouses use fairly obvious methods to hide assets, such as keeping cash or valuables in hidden locations in their home, in a safety deposit box, or with a friend or family member. They may also convert cash into other types of assets, such as by purchasing artwork or collectibles and then claiming that these items are worth less than what was actually paid. 

Other methods of hiding assets can be more sneaky, and they can sometimes be difficult to uncover without the assistance of a financial expert. A person may transfer money to a friend or family member, claiming that they are paying back debts or making payments for services performed, but they will plan to have the other person transfer the funds back to them after the divorce is over. They may also attempt to convert assets into less traceable forms, such as cryptocurrency or savings bonds.

...

elgin divorce lawyerIf you own a business, it is probably one of your most valuable assets. After putting years of time and effort into building your business, you will want to make sure you can continue to own and operate it, no matter what happens. Unfortunately, a business can sometimes be a tricky issue to address when couples get divorced. If your marriage has broken down, or if you want to address what will happen if you choose to get a divorce in the future, you will need to be sure to understand how the ownership of your business will be handled.

Business Assets as Marital or Separate Property

The first issue that business owners will need to address is whether their business is part of the marital estate. Typically, if a business was founded or acquired after a couple’s marriage, it will be considered marital property, even if only one spouse was involved in starting and managing the business. In these cases, the business will be part of the property division process, and both spouses will have an equal ownership claim.

If a spouse had owned a business before the couple got married, it will usually be considered separate property. Since the business is not part of the marital estate, it will not need to be divided during divorce. However, if the business increased in value during the marriage, that increase may be considered marital property, especially if the non-owner spouse made contributions to the business. In these cases, the business owner spouse may need to reimburse the other spouse for the contributions that increased the value of their separate property.

...

Elgin family law attorneyFor any parent, one of their primary concerns is ensuring that they can provide for their child’s needs. All parents are required to support their children financially, and when parents are not married or living together, child support orders will need to be established. In these situations, which may involve parents who are getting divorced or unmarried parents who are separated, parents will want to understand how child support obligations will be determined.

Illinois’ Child Support Laws

For many years, child support payments in Illinois were calculated by taking a straight percentage of the paying parent’s income. While this was a straightforward method, it did not address the income earned by the recipient of child support, which could sometimes put the paying parent at a financial disadvantage. To address this, Illinois revamped its method for calculating child support in 2017, and the state now uses an income-sharing process that bases child support on both parents’ incomes.

Under the income-sharing approach, an appropriate amount of child support is determined based on the monthly amount that a married couple who earns the same combined income level as a child’s parents would spend to provide for their child’s needs. The Illinois Department of Healthcare and Family Services maintains a table listing child support obligations for one to six children at different combined income ranges. This table is used to establish an appropriate amount that the parents will be required to pay for the number of children they share.

...

Kane County family law and personal injury lawyerThe new year typically brings alterations to existing federal and state laws, and 2019 is no exception. This year’s updates include a change to federal tax laws that will significantly impact both parties involved in divorce, while one change to state laws adds a provision designed to reduce injuries in car accidents.

Spousal Support Tax Changes 

A substantial change in U.S. tax law that went into effect on January 1, 2019 spawned an increased push to finalize divorces before the new year. To help defray the cost of the 2017 tax reform bill, spousal maintenance (formerly called alimony in Illinois) is no longer tax-deductible for former spouses who make payments. Also, maintenance recipients will no longer claim those payments as taxable income. This change applies to couples who finalize their divorce after December 31, 2018.

The previous tax deduction law dated back to the 1940s. This change is expected to save the U.S. Treasury $6.7 billion, but it comes at a price. Many divorce attorneys say it will reduce the amount of money that can be split between former spouses, which is what sparked the run on divorces in the final weeks of 2018.

...

Kane County divorce lawyer taxes withholdingGoing from married to divorced radically changes one’s finances. Instead of splitting bills with a partner, you now have to pay expenses on a single income. In addition to this, your taxes will likely change in several ways. In most cases, you can anticipate how your taxes will be affected by divorce, allowing you to alter your tax strategy accordingly.

Updating Income Tax Withholding

One area of your taxes you should review is whether you are withholding the right amount of taxes from your paycheck. Typically, married taxpayers who file together are taxed at a lower rate, and they may be able to claim certain deductions to reduce their tax burden.

When someone is no longer married, his or her tax liability will likely go up. If you do not change the amount withheld from your paycheck, you could face a large tax bill when filing your next tax return.

...
Illinois State Bar Association DuPage County Bar Association Kane County Bar Association DeKalb Bar Association
Waiting for Resize
Back to Top
Client Login
x