Illinois divorce law is uniquely pet-friendly

A recent law provides a new approach for judges facing disputes over who gets the family pet. The Insurance Information Institute says that 67% of U.S. households have pets, citing the 2019-2020 National Pet Owners Survey. With the commonality of divorce, what will happen to a beloved pet when a marriage ends can be an agonizing question for many, especially when children who love that dog or cat are involved. But its not just the kids who are passionate about pets. With high student loan debt and other financial challenges, many young adults are putting off parenthood and focusing their

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Division of Family Limited Partnerships

Family limited partnership interests can be a significant issue in high asset divorce cases.  Whether through equitable division, or states that still engage in some form of community property, dividing interests in family limited partnerships in divorce can present challenges.  The Internal Revenue Service can also look negatively upon Family Limited Partnerships in certain circumstances. To read more on this topic, you can also read another similar article by Kirk C. Stange titled: Family Limited Partnerships and Divorce. a. Tax Consequences of the Division   Creating a Family Limited Partnership (FLP) yields tax benefits and non-tax benefits. As far as

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Common Issues In Dividing a Family Business

Often, the largest asset in a case where one spouse owns a business is the business itself in divorce, and often the biggest assets of that business are not liquid. Marital property and debt is to be divided in accordance with the law in your particular state. However, in a general sense, in a dissolution of marriage action, assets and debts have to be divided in a just manner or as set forth by the laws in your state. In order to achieve a just division, it is vital to have a business properly valuated to achieve that end. Common

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Divorce & Estate Plans

Divorce is an emotional and financial roller coaster and estate planning may not be one of your priorities, but if steps are not taken to update your estate plan, your assets could be distributed to those you would not expect, even your ex. Here are some steps you can take to insure that your estate plan reflects your current status and wishes. Create New Will – Sometimes it is wise to revoke your old will and make a new one. If you don’t have a will, now is the time to do so. Also, if you have a living trust

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Missouri divorce: Dividing large assets requires proper planning

Dealing with divorce in Saint Louis County is one of the hardest experiences a person may have to go through. When there is a great deal of money and property involved, it can be even more difficult as one spouse may try to hide assets or intimidate the other spouse into accepting less than they may be entitled to. It is important for a spouse to make a complete list of the marital property, determine the value of that property and then negotiate for a fair distribution of the couple’s assets. Listing marital property The first thing that a spouse

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Is your spouse hiding assets pursuant to a divorce?

Are you concerned that your spouse failed to tell you about assets during your dissolution process? If you are, you should consult with an experienced family law attorney in the area. A lawyer can help you uncover assets that were not revealed during the discovery process. To begin, a seasoned lawyer will request important documents, including tax statements, bank papers, pay stubs and other pertinent information. With your attorney’s help, you may uncover a plethora of hidden assets. There a few steps that can help you get to the bottom of the issue. First, you will need to retain all

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Prenuptial Agreements Line by Line

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Strategies For Family Law Illinois

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Strategies For Military Family Law

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