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Cryptocurrencies were introduced in 2009, which means they are just now starting to show up in divorce courts. Sadly, the law is finding that there are numerous complications when attempting to divide cryptocurrencies in an Illinois divorce. Painstakingly difficult to trace and highly volatile when it comes to value, cryptocurrencies are making for some highly contentious cases. Learn more about them in the following sections, and discover how a seasoned divorce attorney can help improve the overall outcome in your case.
Cryptocurrency as a Hidden Asset in Divorce
A lot of people invest in cryptocurrencies because they enjoy the anonymity that they offer. Unfortunately, the very appeal of cryptocurrencies is what also makes them problematic in divorce. Often associated with money laundering, tax evasion, and other illegal acts, cryptocurrencies can be hidden by spouses who wish to keep more than their fair share in a divorce. It is possible to trace them down, even if they have been pulled offline and put onto a USB, but the process can be lengthy and costly. The time and cost associated with this process can further complicate the divorce process, and it only adds to the other issues associated with dividing cryptocurrencies in an Illinois divorce. However, to ensure one’s financial stability in the future, it is important for spouses to formally and specifically request documentation on cryptocurrencies during the discovery process of their divorce.
If you have a friend going through a divorce, science says you could be next. Why is this, and what do you need to know before moving forward? The following information explains, and it provides you with some important details on how a seasoned divorce lawyer can help improve the overall outcome in your Illinois divorce case.
Although divorce shares very little with the common cold, scientists say it could be just as “contagious.” Researchers from Harvard University, Brown University, and the University of California at San Diego conducted the largest study on the subject to date, and they found that having a divorced friend increases your chances of pursuing a divorce by 75 percent. Your risk also increases if a friend of a friend goes through a divorce - by about 33 percent.
Relationship experts say this phenomenon can be easily explained; misery loves company, so if a friend is complaining about their spouse, you are more likely to chime in and discuss your own issues. Then, if that friend divorces, you may witness them going through temporary relief, and potentially even a little bit of a high when they pursue new relationships. That can look pretty appealing when your own marriage feels stale. Conversely, if your marriage has been rocky for a while, you may envy your friend’s newfound freedom and want to seek it out yourself.
Although divorce can negatively impact all involved parties, children are considered especially vulnerable when a separation occurs. Factors like contention between the parents, parental alienation, or financial losses that may occur during the divorce can further increase the risk of long-term complications for kids. Thankfully, there are things that parents can do to mitigate the issues for their children. Learn more in the following sections, and discover how a seasoned divorce lawyer can assist you in the process.
Understanding the Risks (and Their Causes) for Children of Divorce
Divorce is a process that involves the separating of parents. Children tend to experience a lot of negative emotion because they have little say or control over the process. That can create a whole host of issues, such as anxiety (including separation anxiety), depression, a lack of interest in their social life or extracurricular activities, and trouble concentrating or performing at school. If not addressed, these issues can plague children for the rest of their lives. Moreover, studies have found that children of divorce are more likely to experience trouble with the law, and they may struggle more to maintain long-term intimate relationships as adults.
Children are entitled to emotional and financial support from both parents. When the parents do not live together, financial support typically comes through the payment of child support - but what happens when the paying parent refuses to comply with an order for support? The following information explains how you can enforce delinquent child support payments with the help of a seasoned family law attorney.
Establishing Proof of Unpaid Support
Before a receiving parent can enforce an order for support, they must first provide proof that the support has gone unpaid. If the payments are made through the Illinois State Disbursement Unit (SDU), the receiving parent can ask the SDU for a record of payments that have been made along with the amount that the paying parent still owes. It is important that receiving parents compare their own records to those of the SDU, however, as they are not always accurate. If payments are made through the circuit clerk’s office, the parent can ask the office for this same information. (Again, it is important to compare records.) Parents who receive payments directly may experience more difficulty in obtaining proof of unpaid payments, as they are the only ones who have a record of the payments made. Thankfully, an attorney can help you with the process.
While growing your family through adoption can be a positive and exciting life experience, there are many hurdles and obstacles that prospective parents must overcome. Some are exceedingly difficult to navigate on your own. As such, it is highly recommended that adopting families hire an attorney during the process. Learn more about why in the following sections.
Adoptive and Birth Parents Have More Control Over the Process
Although adoption agencies are a wonderful resource for prospective parents, they tend to pair birth and adoptive parents based on an algorithm, or what they call “the best match.” Sadly, these matches are not always “the best” for the involved parties. There could be issues that you were not made privy to, or you may find that your personalities are incompatible. Unfortunately, you may have little to no other options if you go strictly through the agency. An attorney can serve as a mediator and assist with the decision process, which could allow you to have more control over who the prospective birth parents will be. Your attorney can also help to ensure the birth parents understand the legalities of their choice, which may give them more confidence as they move forward through the process.
Divorce can be financially devastating for women - especially if they are over the age of 50. Some say women can avoid such a catastrophe by fighting for their home during their divorce. Unfortunately, this may not be sound advice for everyone. Learn how you can determine which path might be most appropriate for your case and discover how a seasoned divorce lawyer can help protect your financial future during an Illinois divorce.
Fighting for the Family Home - Understanding the Logic
Women are often attached to the family home, and some say it is the key to protecting their financial future during a divorce. A study from the Center for Retirement Research at Boston College only seems to confirm that this is the best route for women. In its survey of formerly married women, it found that, in terms of assets, those who kept the house were “better off” than single, never-married women. Yet, it is important to note that the study did not examine the overall wealth of these women. Instead, it just looked at the assets they were holding at the time of the survey.
A college degree is almost critical to career success in today’s working world, and as the United States continues to move further away from manufacturing and more into a service-type economy, that need for higher education is expected to grow even further. Unfortunately, a recent study has found that children of divorce may be less likely to obtain this education. Learn more about why this might be, and discover how a seasoned divorce lawyer can help to improve the circumstances for your child during an Illinois divorce.
Study Finds Children of Divorce Are Less Likely to Pursue a College Degree
Most studies regarding divorce and children focus on the tender years - the way that a parental separation impacts the child’s immediate circumstances. Data from these suggest that children of divorce tend to have lower reading and math scores, are less engaged at school, and they tend to participate in fewer after-school activities than children whose parents stay married. Yet, until now, no one really knew how this translated into the lives of adult children of divorce.
Fathers offer something special to their children. They are more likely to engage in physical activity with their kids than moms, and they can help children understand societal roles. Unfortunately, dads continue to receive less parenting time than mothers when the family separates in a divorce. What is more, Illinois is one of the worst states for dads seeking shared or equal parenting time. What might this mean for your Illinois divorce case, and how can you increase the time you might receive with your children? The following information explains.
Illinois Ranks as One of the Worst States for Shared Parenting
Recent data indicates that children do not suffer, but instead typically benefit greatly from equal time with both parents. In light of this information, many states have started to move toward more equal parenting time among divorcing parents, and 25 attempted to implement laws that would either encourage 50/50 shared parenting time or make it the default. Illinois has even attempted to increase the amount of parenting time that dads receive in divorce, but the state continues to lag behind many other states in the country. In fact, one survey found that Illinois children spend an average of only 23.1 percent of their time with their fathers. Thankfully, under new state laws that have been implemented over the last couple of years, fathers can fight for close to equal time with their kids.
The valuation and distribution of assets is one of the leading sources of contention during a divorce - even more so when the assets are unusual or otherwise difficult to value. For example, artists and other creative individuals may be required to value and split the value of their works. Art collectors may be subject to the same valuation and division of their beloved artwork. Other collectibles and family-run businesses can also be difficult to divide. Learn what you need to know about dividing difficult to value assets in your Illinois divorce, and discover how a seasoned divorce lawyer can assist you with the process.
Placing Value on Unusual Items During Divorce
Divorce settlements are reached by first examining the total value of the couple’s marital estate. Some assets are easy to value. For example, a bank account is only worth what is in it. Other assets, such as artwork, jewelry, cryptocurrencies, coin collections, luxury furniture, and businesses are far more difficult to value. For items such as these, an expert appraiser is needed. Most often, they will determine what the item would be worth if it were auctioned off or sold.
Although statistics indicate that the divorce rate is declining across most age groups, couples over the age of 50 are ending their relationships at an unprecedented rate. In fact, rates have more than doubled over the last decade, and it is leaving many soon-to-be retirees at risk for future financial troubles. Learn how you can mitigate against such issues, and discover how assistance from our seasoned divorce lawyers can help.
Understanding the Potential Effects of a Gray Divorce
Divorce can be costly at any age, but those who are nearing the end of their working years have less time to recover from the financial toll that a divorce can have on their savings and retirement accounts. Marital assets must be equitably split between the parties - and that can include everything from jointly acquired inheritances and co-mingled premarital assets to retirement accounts and businesses that were established during the marriage.
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