Pesce Law Group, P.C.

FREE CONSULTATIONS 630-352-2240

Naperville | Oak Brook | Burr Ridge | Lake Forest | St. Charles

Recent blog posts

burr ridge divorce lawyerDivorce and child custody disputes can be overwhelming and transformative for a child. Change can be stressful for all, especially for a child with living arrangements divided between two households. When a child's parent begins to date, that can further intensify the child's stress. If the parent wants to introduce the child to the new partner, that can also cause a contentious rift with the other parent. However, if not stipulated in the parenting plan, a disputing parent may have little recourse in dictating whether an ex-spouse's associates become acquainted with the child. 

A parenting plan is predicated on the best interest of the child.  A child custody attorney can help find a viable solution for disputes through mediation or post-decree modifications.

Six Prevailing Concerns 

If the court finds validity in a dispute, the court will implement a post-decree modification into the parenting plan. Changes in a parenting plan must be contingent on the best interest of the child rather than the emotional pride and whims of a parent. Family law attorneys understand that the emotional stress endured by some children of divorce can be traumatic with long-term ramifications. When an unknown individual is about to enter a child’s life, a disputing parent’s concern is justifiable. Some concerns can include:

...

naperville divorce lawyer Property division during divorce proceedings can be contentious and complex. Illinois law recognizes inherited assets as non-marital property. However, identifying the initial inherited asset can be difficult once an inheritance inadvertently or purposely is mixed with marital property. Commingling and transmutation can make property classification and division much more complicated during divorce. 

Two Ways Non-Marital Inheritance Becomes Marital Property

Illinois law states that inheritance is non-marital property. The spouse who received the inheritance is the sole owner of the inheritance assets. However, inheritance can become marital property through commingling and transmutation.

  • Commingling – Mixing inherited assets with marital property is considered commingling. If a spouse can prove the commingling of assets was intended for temporary convenience and can still identify the inherited asset, the inheritance may remain non-marital. However, if the inherited property is no longer identifiable, it may be considered marital property. For instance, if a spouse deposits inherited money into a joint spousal account, this commingling converts the inheritance to marital property.
  • Transmutation – This occurs when there is a deliberate intent to use the inheritance as marital property. Transmutation also always changes the commingled property’s status to marital once the asset is no longer identifiable. If an inherited house becomes the family home, the inheritance has changed from non-marital property to marital. Shared upgrades to the inherited home will further solidify the inheritance as marital property and will likely be divided equitably between the spouses during divorce. Another example of transmutation is including a spouse on the deed of an inherited family business.

Three Ways to Protect Inheritance

Spouses who want to protect their inheritance should take the necessary steps to ensure inheritance assets remain non-marital. There are several ways to do this, including”

...

dupage county divorce lawyerAll divorces can be difficult, but high-net-worth divorces are inclined to be more complicated, laborious, expensive, and lengthy because of the division of high-valued assets. A high-net-worth divorce attorney will uncover any hidden and devalued assets possessed by the opposing party. Once discovered and classified, a high-net-worth divorce attorney will advocate for the equitable division of marital and non-marital property. A high-net-worth divorce lawyer will also tackle the more commonplace disputes, such as alimony, child support, child custody, and parenting time.

Although marital agreements can mitigate the complexities of high-net-worth divorces, they can sometimes be deemed invalid. For instance, a spouse can claim the signing of a marital agreement was under coercion. So, a high-net-worth divorce attorney will scrupulously evaluate all assets and agreements.

Seven Common Conflicts of High-Net-Worth Divorce

  • Hidden assets – A spouse may hide assets under a different name or entity throughout the marriage or during the divorce proceedings. Such assets could include land, real estate, jewelry, art, a plane, or even a yacht
  • Devalued assets – Deliberately depreciating the value of rare antiques and art by falsifying the original price or damaging the property is a tactic a spouse may use to undermine premarital assets. 
  • Employer collusion – This entails a spouse colluding with an employer to postpone stock options or bonuses until after the divorce with the intent to hide marital funds.
  • Redirected financial statements – Changing mailing addresses of a bank, credit card, and other financial statements to be sent to secret post office boxes or email accounts may indicate a spouse’s intent to hide funds.
  • Overpaid income taxes – To defer a tax refund until after the divorce, a spouse might overpay current income taxes.
  • Pay down debt – For purposes of hiding funds, a spouse might pay down mortgages, credit cards, or loans, resulting in a reduction of outstanding principal.
  • Fraudulent conveyance – Covertly transferring assets to another legal entity, like a corporation, could be deemed fraudulent.  Another example of fraudulent conveyance is selling assets, such as a rare painting, to a relative or friend only to repurchase it after the finalized divorce decree.

How to Proceed   

Marital and non-marital high-net assets could include businesses, real estate, stock, trust funds, royalties, and inheritance.  Every high-net-worth divorce is unique and encumbered with challenges as extensive as they are diverse. For instance, an alternate payee, the non-employee or non-contributing spouse, could be the sole proprietor of a non-marital family inheritance that is in dispute by the opposing party. Along with protecting assets and advocating for fair asset division, high-net-worth divorce lawyers are also disciplined in inheritance matters. 

...
Back to Top