Posts By: MICHAEL C CRAVEN

Dividing Retirement Assets In An Illinois Divorce Case

asset division

Getting divorced in Illinois is a challenging proposition without having to worry about divvying up assets. Even in the most amicable situations, when it comes to dividing wealth, there can be much contention that comes about. And, the acquisition of assets during a marriage can be substantial. It can take many years to replace such wealth. It is critical, therefore, to keep some of your assets when getting divorced and be able to secure the most favorable financial outcome for your life after d...   Read more ...  

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Importance of Formalizing Parenting Agreements

parenting time

In this post, we will discuss why parenting agreements are so important during the divorce process. Divorce can go one of two ways: It can go smoothly, in which case the parties agree on asset division, child custody, and all else involved. It can be rough in which case the parties do not agree on anything and there is quite a bit of contention. Typically, when two parties are more agreeable the process of divorce can resolve sooner than when there is animosity and a lack of cooperation. Alth...   Read more ...  

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Illinois Divorce and How It Affects My Spouse’s Inheritance

If you are considering divorce or already a party to a dissolution of marriage case in Illinois, you might already know that division of property will be one of the key issues in the proceedings. State law on the topic requires equitable distribution of marital assets, basically describing a two-step process. You first classify real estate and personal property as being marital or separate. Assets owned by a spouse before the wedding are generally his or hers to keep. Marital assets acquired dur...   Read more ...  

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I Want a Divorce but My Spouse is Hiding Assets

At the outset, you should keep one key point in mind about divorce in Illinois. The Illinois statute on the dissolution of marriage is no-fault, which means nothing can stop you if you want a divorce. There are some basic procedural requirements, however. When filing the petition for divorce, at least one of the spouses must be a resident of Illinois or be stationed in the state for at least 90 days via military service. The petition must also state that irreconcilable differences have caused th...   Read more ...  

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My Ex is Not Following the Parenting Plan – Now What?

In an ideal world, parents who are not involved in a relationship can still work out and comply with their parenting plan that covers child custody and visitation. The reality is that you could encounter a situation where your ex violates the arrangement, potentially putting strains on your schedule, employment, and other aspects of your personal life. Fortunately, Illinois’ statute on the allocation of parental responsibilities and parenting time also provides you with tools when your childâ€...   Read more ...  

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Business Valuation and Calculating Goodwill as Part of it

The financial and legal interests of spouses are closely intertwined during their marriage, so one of the most critical aspects of the proceedings will be separating these bonds. Illinois’ property division statute covers this part of the process, providing that all marital assets are subject to equitable distribution between the parties. Therefore, the initial inquiry is whether the item was acquired during the marriage or became jointly owned under certain circumstances. Then, all marital pr...   Read more ...  

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