Tag Archive for: Hinsdale Divorce Attorney

Splitting Digital Assets in Divorce

In an age where our lives are increasingly intertwined with technology, the division of assets during a divorce has taken on a new dimension. As we enter 2024, “digital assets” have become a significant consideration in divorce proceedings. 

These assets encompass various digital properties, from cryptocurrencies to digital media collections and online businesses. In this blog, we’ll explore the complexities and challenges of splitting digital assets in divorce for 2024. Here’s what you need to know.

Defining Digital Assets

In divorce proceedings, the concept of digital assets has introduced a new layer of complexity. As couples navigate the intricacies of separating their lives, digital assets have become a significant factor to consider. Digital assets encompass any property or wealth existing solely in the digital realm. Here are a few key areas to consider:

  • Cryptocurrencies: In light of the surging popularity of cryptocurrencies like Bitcoin and Ethereum, divorcing couples may encounter the challenge of dividing their digital currency holdings.
  • Online Businesses: Couples who have established or invested in online businesses, such as e-commerce platforms or software startups, must grapple with dividing their digital business assets.
  • Social Media and Online Accounts: Contentious issues may arise regarding access and control over social media accounts, email accounts, and other online profiles.

Understanding the specific complexities of each category is essential. Addressing these digital assets is crucial to achieving fair and equitable divorce settlements in the digital age.

Challenges in Splitting Digital Assets

During the process of a pending divorce, it’s crucial for both you and your spouse to take inventory of all your digital assets, much like you would with physical ones. Each party should compile a comprehensive list of everything categorized as marital property. Here are a few things to consider: 

  • Valuation: Determining the value of digital assets can be challenging, as their worth is often subjective and volatile. Cryptocurrency values, for instance, can fluctuate significantly.
  • Ownership: Establishing ownership of digital assets can be complex. Cryptocurrencies might be held in hidden wallets, and online businesses may have multiple stakeholders.
  • Privacy and Security: Access to digital assets often requires sensitive information, such as private keys for cryptocurrency wallets or login credentials for online accounts. Sharing this information can pose privacy and security risks.
  • Tax Implications: Transferring digital assets between spouses may have tax consequences, depending on the jurisdiction and the nature of the assets involved.

Digital asset division laws and regulations can vary significantly from state to state. This can add complexity to the divorce process. Working with an experienced divorce attorney can help you understand the digital asset division.

Understanding Asset Division in Illinois

If you suspect that your spouse may be concealing cryptocurrency assets, there are steps you can take to investigate the matter thoroughly. In divorce proceedings, fully and honestly disclosing all assets, including cryptocurrencies, is crucial. In Illinois, dividing cryptocurrency assets follows a process similar to any other marital property.

Illinois does not adhere to the community property principle. Instead, the court will equitably distribute assets purchased, converted, or appraised during the marriage. It is important to understand that equitable does not necessarily mean equal; various factors are taken into account in determining the distribution, including:

  • Age, health, and financial circumstances of each spouse.
  • Contributions made to the marital estate.
  • Obligations related to previous marriages, as ordered by the court.
  • Considerations regarding child custody.
  • Pre and post-nuptial agreements.
  • Tax implications.
  • Duration of the marriage.
  • Alimony arrangements.

If you ever find yourself uncertain about the ownership of assets, seeking legal counsel is recommended to help ensure everything is clear.

Working With a Divorce Attorney

Working with a divorce attorney experienced in splitting digital assets can be a game-changer for individuals going through a divorce in 2024. Divorce attorneys understand the complexities of digital assets so that nothing is left to chance during asset division proceedings.  

At Masters Law Group, our experienced attorneys can help you with the following: 

  • Professional Assistance: Consult with financial experts and lawyers experienced in dealing with digital assets. They can help assess these assets’ value, ownership, and tax implications.
  • Negotiation and Mediation: Amicable negotiations can help couples reach mutually agreeable solutions for dividing digital assets without litigation.
  • Court Intervention: In cases where spouses cannot agree on the division of digital assets, a court may step in and decide based on applicable laws and regulations.

From cryptocurrencies’ volatile valuations to online businesses’ intricate web of ownership rights, our divorce attorneys can provide valuable guidance in assessing digital holdings’ value, ownership, and tax implications.

Final Thoughts

As we navigate the digital age, the division of digital assets has emerged as a crucial aspect of divorce proceedings. For couples facing separation in 2024, it’s essential to recognize the challenges and complexities associated with splitting digital assets. 

Let Masters Law Group provide transparency so you can work towards a fair and equitable distribution of your digital assets. Our skilled attorneys, serving communities across Chicago and the suburbs of Elmhurst, Hinsdale, DuPage, and Oakbrook, offer experience and insights into digital assets and divorce, helping you navigate this complex process.

Contact us today to set up your complimentary consultation.

Navigating the Holiday Season During Divorce: A Co-Parenting Guide

When we think of the holidays, we think of happiness and being surrounded by our loved ones. However, it can present a unique set of challenges for divorced – or divorcing – parents.

Whether this is your first holiday season post-divorce, amid a divorce, or you’re a seasoned co-parent, effective preparation and clear communication are crucial for a fulfilling holiday experience for your children.

Given that a divorce occurs approximately every 36 seconds somewhere in the United States, the importance of finding peaceful ways to co-parent cannot be more important. In this blog, we aim to provide practical tips and insights to help provide a peaceful holiday for you and your children. Here’s what you need to know.

Understanding Parental Responsibilities

It’s important to know that “custody” is no longer used. It is now called “parental responsibilities.” This includes two main things: parenting time (formerly “visitation”) and the power to make decisions for children. Parenting time is a schedule that shows when each parent spends time with the children. This schedule is created and approved by a judge in family court. If the parents can’t agree on the schedule, the judge will decide what’s best for the child and assign a schedule for the parents.

Parental responsibilities refer to the decision-making responsibilities that each parent will have on behalf of the child. Parents can agree to make these decisions together or divide them into categories, which should cover the following:

  • Education
  • Health
  • Religion
  • Extracurricular Activities

If the parents can’t agree on who gets what responsibility, the Illinois family court judge will allocate those responsibilities among them. Let’s dive into some tips that will help you make co-parenting easier this holiday season.

1. Review and Update Your Co-Parenting Plan

During the emotional and often stressful period of divorce, having a clear co-parenting plan can provide stability and predictability for both you and your children. This plan should outline how you and your ex-spouse will share responsibilities and make decisions regarding your children. If you’re unsure about how to create or modify your co-parenting plan, seeking the assistance of a family law attorney can be incredibly valuable.

A family law attorney can offer guidance and legal advice to help you develop a plan that provides clarity and structure throughout the holiday season. With a clear plan, you can aim for holiday celebrations filled with warmth, understanding, and the season’s magic.

2. Prioritize Communication and Planning

Children flourish when they have stability. To create a harmonious holiday season, it’s vital to present a united front and communicate holiday plans clearly and calmly. Share your holiday plans, including travel details, accommodations, and emergency contacts. Stay updated on any changes or delays affecting the agreed schedule. Keeping the lines of communication open promotes transparency. By communicating effectively, co-parents can build trust between one another. This partnership can help reassure children that the holidays can still be joyful and celebratory despite changes in the family dynamic.

3. Be Flexible and Willing to Compromise

The holiday season is often unpredictable, and flexibility can be your greatest asset. While it’s important to stick to your parenting plan as much as possible, be prepared to make minor adjustments as needed. This could mean being flexible with pick-up and drop-off times or accommodating last-minute changes. The goal is to prioritize your children’s happiness and well-being, even if it means making concessions.

4. Establish and Maintain Traditions

Maintaining holiday traditions can provide a sense of continuity and comfort for children post-divorce. Work with your ex-spouse to determine which traditions to maintain and explore opportunities to establish new ones. Involving your children in this decision-making process can enhance their sense of inclusion and security. Here are some creative approaches to traditional celebrations:

  • Go out to eat instead of cooking.
  • Have a holiday picnic in a new part of the house.
  • Eat dinner while watching holiday movies.
  • Buy new holiday decorations.
  • Spend time with extended family.
  • Change your gift-giving routine.

5. Prioritize Your Children’s Needs

Parents, caregivers, and educators play a crucial role in helping children cope emotionally during and after a divorce. Studies show that children often encounter significant difficulties in these times, especially in the first year or two after the divorce. It’s essential to understand that each child is different, and what’s a big deal for one child might not be as important to another.

Pay attention to their feelings and needs, and be supportive if they struggle with the changes. Involve your child in the decision-making process where appropriate, giving them a sense of ownership and excitement about the holidays. Remember, the goal is to create lasting memories and positive experiences for your child. Lastly, try to keep negative feelings about your ex-spouse to yourself and maintain a positive attitude when discussing holiday plans.

How Masters Law Group Can Help

The holidays can be emotionally taxing, especially after a recent divorce or separation, which can intensify these emotions. It’s important to prioritize self-care to be the best parent you can be. Your family’s well-being is paramount, so don’t let the emotional strain of a custody case weigh you down.

At Masters Law Group, our family law attorneys focus on helping clients assert their rights to further the best interests of their children. Attorney Erin E. Masters is a court-appointed Child Representative with experience advocating for children in these high-conflict matters. Attorney Anthony G. Joseph is an approved Guardian Ad Litem/Child Representatives list for the Domestic Relations Division of the Circuit Court of Cook County.

With a strong focus on assisting clients in Chicago and Chicago’s Western Suburbs (Elmhurst, Hinsdale, DuPage, Oakbrook), we offer various services to help parents, children, and families through difficult times like Divorce, Parenting Time, and Allocation of Parental Responsibilities.

If you require legal assistance, contact a member of our legal team today. Our attorneys will work with you to develop an appropriate action plan for your unique needs and goals. We will work diligently on your behalf and provide regular updates.

Contact us today to set up a complimentary consultation.

The Era of Cryptocurrency Divorce

Cryptocurrency divorce is a new phenomenon sweeping the nation and the globe. If you are facing these unchartered waters, an experienced family law attorney is a must.

The rise of the cryptocurrency market has seen exponential growth, which has led to the less navigated world of cryptocurrency divorce.

Crypto assets are notoriously difficult to trace and control, and the legal landscape surrounding cryptocurrencies is still full of gray areas, making them complex to handle in divorce proceedings. At Masters Law Group, we understand the complexities of uncovering hidden assets, such as cryptocurrencies.

In this blog, we’ll walk you through everything you need about crypto assets in divorce cases to ensure a fair settlement. Here’s what you should know.

Understanding Cryptocurrency 

Cryptocurrency, a form of digital currency, utilizes cryptographic technology to secure transactions and verify the transfer of assets. Initially attractive for its anonymous transactions, it has evolved to become widely used for everyday purposes such as bill payments and online purchases. According to a recent NBC News poll, approximately 20% of Americans have engaged in cryptocurrency investments, trading, or usage, showcasing its growing presence in the financial landscape. Notably, the demographic group with the highest participation comprises men aged 18 to 49.

While Bitcoin remains the most well-known cryptocurrency, the market has seen the rise of other digital currencies, such as:

These alternatives have gained popularity due to their unique features and potential for diverse applications beyond financial transactions. As the world becomes more familiar with cryptocurrency and its benefits, its integration into various aspects of daily life will likely continue expanding. Let’s look at how crypto affects divorces across the United States.

Why Cryptocurrencies Matter in Divorce

Cryptocurrencies have emerged as a noteworthy factor in financial settlements during divorce proceedings. However, with the rising popularity and widespread adoption of cryptocurrencies, more divorce cases involve these digital assets. CNBC recently reported that in 2023, crypto played a significant percentage in divorces that ranged from 20% to 50%.

As the landscape of financial assets evolves, it becomes essential for divorcing couples and their legal representatives to stay informed about cryptocurrencies and their implications in the division of assets. Failure to address these digital assets adequately during divorce proceedings may lead to complications and disagreements in determining fair settlements.

Cryptocurrencies’ decentralized nature and relative anonymity can make it challenging to track and value them accurately, complicating the delicate process of dividing marital property. Additionally, sudden price fluctuations in the cryptocurrency market can significantly affect the overall value of a couple’s assets, further complicating matters.

Asset Division In Illinois

If you suspect that your spouse may be concealing cryptocurrency assets, there are steps you can take to investigate the matter thoroughly. In divorce proceedings, fully and honestly disclosing all assets, including cryptocurrencies, is crucial. In Illinois, dividing cryptocurrency assets follows a similar process as any other marital property.

Illinois does not adhere to the community property principle. Instead, the court will distribute assets purchased, converted, or appraised during the marriage in an equitable manner. It is important to understand that equitable does not necessarily mean equal; various factors are taken into account in determining the distribution, including:

  • Age, health, and financial circumstances of each spouse.
  • Contributions made to the marital estate.
  • Obligations related to previous marriages, as ordered by the court.
  • Considerations regarding child custody.
  • Pre and post-nuptial agreements.
  • Tax implications.
  • Duration of the marriage.
  • Alimony arrangements.

If you ever find yourself uncertain about the ownership of assets, seeking legal counsel promptly is advisable to avoid any confusion or ambiguity.

Agreements on Dividing Crypto Assets

Dividing crypto in divorce cases can be challenging due to their fluctuating value. However, with careful consideration, the process can be made relatively straightforward. Here are some approaches to handle it:

  1. Simple Division: One party receives a portion of the cryptocurrency as it is at the time of the divorce.
  2. Custodial Holding: A third-party custodian receives and holds the share of cryptocurrency until the divorce is finalized.
  3. Cryptocurrency Owner Liquidation: The asset owner converts the other party’s share into cash based on the digital currency’s value on the day of the sale.
  4. Liquidation With No Claim Upon Remaining Cryptocurrency: Similar to option #3, both parties agree that the original owner retains full title to the remaining cryptocurrency.

It’s important to note that there are no loopholes in divorce proceedings concerning cryptocurrency. While courts are familiar with handling the volatility of traditional assets, cryptocurrency introduces a new level of complexity.

Work With Masters Law Group

Navigating the complexities of cryptocurrency asset division during a divorce in Illinois can be overwhelming. At Masters Law Group, we understand the intricacies involved and are here to assist you every step of the way. Our skilled attorneys, serving communities across Chicago and the suburbs of Elmhurst, Hinsdale, DuPage, and Oakbrook, offer experience and insights into the world of the crypto divorce and can help you navigate this complex process.

Whether you have inquiries about divorce proceedings or require guidance on discovering digital assets and asset division, we are ready to provide answers and support.

Contact us today to schedule a complimentary consultation and learn how we can support you through your crypto divorce.

Common Mistakes to Avoid During a Divorce

Divorce Mistakes can be minimized dramatically through proper preparation and avoiding pitfalls. If you’re facing an unsettling divorce situation, here are our top pitfalls to avoid. 

Divorce is difficult in many layers. It affects not only you and your spouse but your family and friends. With this in mind, minimizing the difficulties of divorce should be a top priority alongside the goals of your separation. But how do we go about reducing these challenges?

Beyond choosing a quality divorce firm and emotionally preparing yourself, there are many mistakes – that, if avoided – will make divorce much more accessible. Read on to learn common mistakes we’ve observed at Masters Law Group after years of counseling those seeking a divorce.

Not Talking to a Divorce Attorney

When looking to divorce, some will attempt to settle on their own. This may come from an idea of an “amicable approach,” but it can put you and your loved ones in a compromising position in the long term. Approximately half of all marriages end in divorce. Notably, this figure primarily applies to first marriages, of which about half result in dissolution. However, the failure rate for second and third marriages is significantly higher.

First and foremost, attempting divorce on your own removes experienced legal counsel from the equation, opening you up to variables that can negatively affect you. Things like asset division and custody of children have legal nuances that aren’t easily navigated. Avoid this mistake if you can. Seek quality legal counsel so that your life post-divorce is what you want.

Setting Unrealistic Goals & Timelines

The emotional aspect of divorce can often influence our approach to the process. Whether you’re the one seeking a divorce or it’s your former partner, you might feel that certain aspects are “unfair” or that the process should move faster than it is. One common problem that arises with unrealistic timelines is when a spouse becomes disgruntled and intentionally prolongs the process to cause financial or emotional harm to the other party.

This situation highlights the importance of having legal counsel that can remain emotionally detached from the divorce. Having such counsel will help you set appropriate timelines and realistic goals while providing you with an advocate who works at the highest level to achieve the best possible outcome.

Other Mistakes to Avoid

  • Dating: While everyone involved in the divorce wants to move on, dating can complicate an already difficult situation. It can create animosity with your former partner and may push them to make the divorce more complicated than need be.
  • Divorce Tunnel Vision: While getting wrapped up in your divorce is easy, it’s paramount to consider life after. Are you financially set and aware? Have you considered how to navigate the logistics of shared custody of children if it pertains to your situation? Consult with your financial advisor and legal counsel on these concerns.
  • Avoiding Negotiation: If you can communicate with your former partner, negotiation is always an ideal way to mediate. If you can do this, you can often avoid going to court. This will shorten the divorce process, limit costs and ultimately reduce stress on all involved.
  • Misleading Your Legal Counsel: Do your best to be truthful at the highest level. Any omission of facts, assets, or animosity between you and your former partner can affect divorce. If your legal counsel isn’t aware, these unforeseen challenges can derail a plan they’ve laid out. This can ultimately cost you more money and reduce the positive outcome of your goals.

Final Thoughts

Avoiding these mistakes and sidestepping potential challenges is your best course of action for a positive outcome in your divorce. Consequently, being unprepared or even attempting to divorce can lead you to these issues, causing emotional harm and potential financial and legal ramifications. 

At Masters Law Group, our firm’s mission is to solve your problems and achieve the best possible results for you and your loved ones. With a strong emphasis on serving clients in Chicago’s Western Suburbs, including Elmhurst, Hinsdale, DuPage, and Oakbrook, we offer a range of services designed to assist parents, children, and families during difficult times such as divorce, parenting time, and the allocation of parental responsibilities.

If you’re currently navigating a divorce, or considering one, schedule a consultation with us today to learn how we can help.

Navigating International Divorce

International divorce has become prevalent in our ever-connected world. Unraveling the intricate divorce web when it spans borders can be an emotional rollercoaster. If you are facing separation while living overseas, here’s what you need to know. 

The Hague Convention on Private International Law provides a comprehensive framework designed to tackle the legal complexities of these cases. 

Understanding the Hague Convention

The Hague Convention on the Recognition of Divorces and Legal Separations, commonly known as the Hague Divorce Convention, is an international treaty that establishes a legal framework for recognizing divorces and separations across different countries. The Convention was signed on June 1, 1970. Its main objective is to provide clarity in resolving conflicts of law and jurisdictional matters in international divorce cases.

The law is fundamental as the legal systems for divorce or separation can vary. The Hague Divorce Convention applies when a couple from different countries ends their marriage or obtains legal separation. It aims to ensure the divorce or separation is recognized and enforceable in the country where it was granted and in other countries that are party to the Convention. Let’s look at the aspects addressed by the Hague Divorce Convention in international divorce proceedings.

Jurisdiction and Applicable Law

The Convention provides rules and criteria to determine which country’s court has jurisdiction over divorce or separation. Establishing clear guidelines helps avoid conflicts and uncertainties that may arise when multiple countries could claim jurisdiction over a case—establishing a process for identifying a divorce or separation granted in one country as valid and legally effective in another country that is a party to the Convention.

This facilitates the implementation of the rights and obligations arising from the divorce or separation, such as:

  • Property Division.
  • Child Custody.
  • Spousal support across international borders.

The Hague Divorce Convention requires participating countries to establish central authorities for receiving and processing requests to recognize legal separations. These central authorities serve as contact points between individuals seeking recognition of their divorce or separation in other countries.

It’s important to note that not all countries are party to the Hague Divorce Convention. Therefore, its provisions may not apply in certain jurisdictions. Couples considering an international divorce or legal separation should consult with a divorce attorney familiar with Hague Divorce Law to understand the specific requirements and procedures applicable to their situation.

Central Authorities and Communication

Under the Hague Convention, each participating country designates a Central Authority. The Central Authorities act as intermediaries between the parties and authorities in different countries to ensure effective communication. One of the primary functions of the Central Authorities is to assist in locating parties involved in an international divorce case.

They help individuals identify and contact the appropriate authorities in the country where the divorce or legal separation was granted or is being sought. This is particularly important when one party resides in a different country—making effective communication channels between the relevant jurisdictions essential. 

Child Custody and Visitation

International divorces often involve child custody and visitation issues. The Hague Convention on the Civil Aspects of International Child Abduction can provide guidelines for resolving these issues. Its primary objective is to protect the child’s best interests and establish cooperation between countries to enforce custody orders effectively.

The Hague Convention addresses child custody and visitation disputes in international divorces. It aims to protect the child’s best interests and promote cooperation between countries to enforce custody orders effectively. The Convention establishes guidelines for resolving international child custody disputes, considering factors such as the child’s habitual residence. Participating countries cooperate to determine jurisdiction and enforce custody orders made by applicable laws.

Parents involved in international child custody disputes should seek legal advice from international family law attorneys to navigate and ensure the child’s best interests are upheld. The Hague Convention does not dictate specific custody arrangements but provides a framework for prioritizing the child’s well-being. If a parent unlawfully removes a child violating a custody order, the Convention can ask for a prompt return to the child’s habitual residence.

Challenges and Limitations

While the Hague Convention on the Recognition of Divorces and Legal Separations provides a valuable framework for resolving international divorce matters, it is essential to acknowledge it has limitations. Although the Convention has set guidelines, countries may have legal systems and cultural perspectives that can change their performance. This results in variations of how the way is implemented, leading to difficulties in these cases. These challenges can occur due to variations in convention interpretation.

Another challenge lies in differences in legal systems and procedures among participating countries. Each country may have specific laws for divorce, legal separation, and child custody. These differences can affect jurisdiction, enforcing custody orders, and ensure the child’s best interests. Seeking guidance from legal professionals in international family law is crucial to effectively navigate these challenges and provide the best possible outcome in international divorce cases.

Working With an International Divorce Attorney

When navigating an international divorce, it is highly recommended to seek the assistance of an attorney with experience handling such cases. An international divorce attorney possesses the knowledge and understanding necessary to navigate the complexities and unique challenges in cross-border divorce proceedings.

At Masters Law Group, our attorneys have experience with international divorces and are well-versed in the legal frameworks of international family law. This experience and knowledge allow them to provide valuable guidance on how these legal instruments may apply to your specific situation.

Last Thoughts

International divorce cases can be intricate, involving a comprehensive understanding of the legal framework and potential hurdles. By familiarizing yourself with the Convention and seeking legal advice, you can navigate international divorce with confidence and clarity. At Masters Law Group, we are here to assist you. Take the first step towards resolving your international divorce by scheduling your complimentary consultation with us today.

 

Check out our recent Hague Convention Cases here:

Featured Hague Decisions: