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Naperville divorce finances lawyerDivorce is often a complex process that requires a team of professionals to help spouses plan carefully for issues like child custody arrangements and marital property division. Attorneys, friends and family, therapists, and more can all help a family transition from married life to separate households. One of the most useful professionals that couples often use in divorce is a financial advisor. There are different kinds of financial advisors and the one(s) you want will depend on your unique circumstances - high net worth families may require a team of financial advisers while other families may only want an accountant who specializes in the implications of divorce on a couple’s taxes. Here are some ways that a financial advisor could benefit you in your Illinois divorce. 

Splitting Marital Property 

Dividing marital assets can be a complicated and difficult process. Assets like real estate, pension plans and retirement accounts, and valuable collectibles can all affect a spouse’s financial position during the divorce and well into the future. A financial advisor can help spouses understand the advantages and disadvantages of different asset division proposals and consider whether they fit into their long-term financial plans. 

Financial Planning 

Spouses often share financial planners who discuss their retirement goals and help them anticipate how much money they need to set aside every year to reach their aims. Financial planners can also help couples understand how to allocate investments according to their goals and risk tolerance. For divorcing couples, financial planners do the same thing, but for each spouse individually. Because divorce can change your long-term plans, asset ownership, and retirement outlook, having a financial planner can be highly beneficial. 

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Naperville high net worth divorceHigh-net-worth couples who are going through a divorce in Illinois face many unique challenges. While some may casually joke about how hard it must be to divorce a wealthy partner, the truth is that valuable assets and investments can significantly complicate a divorce in ways that may surprise even the most financially savvy partners. Even the smallest mistakes can end up having costly consequences, both during the divorce and long into the future. If you are considering a high net worth divorce in Illinois, make sure you have the help of a divorce attorney with experience in complex assets and make sure you avoid these three common mistakes. 

Hiding or Manipulating Assets

Wealthy couples have often obtained their net worth through years of hard work, ingenuity, risk-taking, and personal sacrifice. The prospect of giving up or dividing valuable assets in a divorce can be understandably upsetting. However, trying to hide assets or dissemble about their value is a strategy that can seriously backfire. Whether you try to hide money in offshore accounts, gift it to a friend with the expectation that it will be returned, or deliberately fail to disclose ownership, if you are caught, you can be held in contempt of court and end up undermining your own agenda. 

Letting Your Emotions Get the Best of You

Divorce is naturally an emotional experience, but if you want to ensure you get a fair divorce settlement, it is essential to remain as impartial as you can. If you are more focused on getting back at your spouse for cheating on you, you may overlook long-term financial calculations in favor of exacting short-term benefits that only appear to be beneficial or are beneficial for the wrong reasons. Use friends, therapists, and other strategies for processing your anger and sadness over the divorce so you can be clear-headed throughout the asset negotiation process. 

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DuPage County family law attorneyGetting divorced in Illinois presents unique challenges for every couple, but a couple who shares a child with disabilities will need to be prepared to handle common divorce scenarios with a little extra flexibility. Because the needs of a child with a disability are often more complex and demanding, parents will need to adjust their parenting plans accordingly. If you have a special needs child in Illinois and are preparing to get divorced, here are three areas you will need to negotiate. 

Parental Responsibilities

Rather than use the term “custody,” Illinois now uses “parental responsibilities” to describe the rights of each parent to make decisions on behalf of a child. Children with special needs often require intensive, regular intervention from parents about essential issues like medical care, school choices, aftercare programs, and more. Parents often make these decisions together during marriage and shared parental responsibilities are common for special needs children following divorce.

Parenting Time

Like parental responsibilities, parents of special needs children often manage a child’s supervision needs together. But once a couple gets divorced, they no longer live in the same household and may require extensive supplemental childcare and support. Negotiating a fair and appropriate parenting time schedule is essential, not only for the child’s well-being, but also so parents can get the rest and support they need. Parents who work together are much more likely to find a satisfactory parenting time arrangement than parents who leave this decision to an Illinois court. 

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