Tag Archive for: mediation

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.

The Role of a Child Abduction Attorney

It’s every parent’s worst nightmare; your child has been taken by your ex. Let’s explore the warning signs, risks, and impact of this troubling phenomenon and learn how a Family Law Attorney can help.

Imagine the heart-wrenching reality that unfolds every 40 seconds—a child goes missing. The world of child abduction is a global crisis that demands urgent attention. In this blog, we delve into the intricate legal processes that govern child abduction cases both here in the U.S. and across international borders, shedding light on the vital role of child abduction attorneys.

Understanding Child Abduction

Child abduction is a distressing problem that impacts numerous families worldwide. The gravity of this situation necessitates the assistance of attorneys experienced in child abduction who can provide the necessary legal help.

Child abduction is when someone (a stranger or family member) takes a child without legal permission, causing great distress and separation from the family. These frightening situations also occur worldwide, impacting families across the globe. In such complex cases, seeking the assistance of a child abduction attorney becomes vital. Child abduction can occur in various contexts and for different reasons. It is important to differentiate between two types of child abduction:

  • Domestic Child Abduction:
    • Parent or family member taking a child without permission or against a court order.
    • Arises from custody disputes, parental alienation, or perceived harm.
    • Usually occurs within the same country.
  • International Child Abduction:
    • Children are taken across international borders without consent or violating a court order.
    • Motives include custody disputes, parental child abduction, or escaping danger.
    • Requires coordination between different countries’ legal systems via The Hague Convention.

When a child is abducted, the consequences can be severe for both the child and the left-behind parent. The child may experience emotional distress, confusion, and trauma. It is crucial to act swiftly and decisively to ensure the child’s safe return. This is where your family law attorney experienced in child abduction plays a vital role as advocates, working towards the child’s safe return.

The Crucial Role of Child Abduction Attorneys

Family Law Attorneys who are highly versed in child abduction cases provide legal representation and advocacy for families during these high-stakes situations. These dedicated legal professionals possess comprehensive knowledge of child custody, child abduction, and the Hague Convention on the Civil Aspects of International Child Abduction. Attorneys understand the intricate legal landscape surrounding these domestic and international cases. They are well-versed in the specific laws and procedures governing child custody disputes and the unlawful removal or retention of children.

One of the primary roles of child abduction attorneys is championing the child’s best interests in the abduction case. They recognize that children are often the most vulnerable parties in such situations and strive to protect their rights throughout the legal process. These cases involve intricate legal procedures and the application of domestic and international laws. A skilled child abduction attorney from a reputable law firm with a nationwide and global reach is equipped to handle the complexities of these cases.

Navigating the Legal Complexities: The Hague Convention

The Hague Convention provides a framework for cooperation between signatory countries in resolving international child abduction cases. This law establishes guidelines for promptly returning wrongfully removed or retained children. Child abduction attorneys with experience in The Hague Convention guide families through the legal process to maximize the chances of a successful outcome.

Under the Hague Convention, attorneys can initiate legal actions to secure the child’s return to their home country. They assist families in filing applications for the child’s recovery. They also work with central authorities to facilitate communication, gather evidence, and coordinate efforts for the child’s safe return.

At Masters Law Group, our skilled attorneys work with local authorities in the destination country to monitor compliance with court orders and take necessary actions to facilitate the child’s return if there are any obstacles or delays. Through tireless efforts, we aim to reunite families, advocating for the child’s safe return and contributing to the overall well-being of all parties involved.

Trust in Masters Law Group

It is important to work with experienced professionals who understand the safety and well-being of your child. Masters Law Group, led by Erin Masters and Anthony Joseph, is ideal for handling such delicate, time-sensitive matters.

Ms. Masters and Mr. Joseph have extensive experience in cases involving international child custody disputes in both courts located in the State of Illinois and the United States federal court system.

We have extensive knowledge and experience with The Hague Convention on Civil Aspects of International Child Abduction (“The Hague Convention”) that was enacted into law through the International Child Abduction Remedies Act (“ICARA”) which provides that a parent whose child has been wrongfully removed from or retained in the United States may petition for the child’s return to his or her country of habitual residence.

Featured Hague Decisions:

Final Thoughts

Are you facing or at risk of the daunting scenario of child abduction? Don’t navigate this complex journey alone. Take the first step toward securing your child’s safety and well-being by scheduling a consultation with our dedicated team at Masters Law Group. Together, we’ll fight for your family’s rights and ensure a brighter future for your child.

Contact us today to set up your complimentary consultation.

The Impact of Divorce on Children: Supporting Their Emotional Well-being

Divorce is an unfortunate reality many families face, and its impact can be profound, especially on the children involved. While divorce can bring about significant changes and challenges for everyone involved, it is crucial to prioritize the well-being of children during this time. 

By understanding the effects of divorce on children and providing them with the necessary support, we can help them navigate this transition and promote their emotional resilience. In this blog, we will explore how to prepare for divorce and support your children. Here’s what you should know.

Understanding the Effects of Divorce on Children

Divorce can have various emotional effects on children, depending on their age, temperament, and the circumstances surrounding the separation. It is essential to be aware of these potential effects and address them proactively. Common emotional reactions exhibited by children include:

  • Feelings of sadness and loss: Children may experience a sense of grief and mourn the loss of the intact family they once knew. They may feel deep sadness and worry about the changes in their lives.
  • Anger and resentment: Children may express their frustration and anger over the divorce, often directed towards one or both parents. They may feel caught in conflicts and blame themselves for the situation.
  • Anxiety and insecurity: The stability and routine they once relied upon may be disrupted, leading to feelings of uncertainty and anxiety about their future. They may worry about their living arrangements, school changes, and how their relationships with their parents will be affected.
  • Academic and behavioral challenges: Divorce can impact a child’s educational performance and behavior. They may have difficulty concentrating, exhibit aggression, withdrawal, or act out to cope with their emotions.

Understanding the effects of divorce on children is crucial to provide them with the necessary support during this challenging time. Let’s look at how to prepare for divorce while supporting your children.

Preparing for Divorce and Supporting Your Children

Parents, caregivers, and educators support children’s emotional well-being during and after a divorce. Studies indicate that children often face significant challenges, particularly within the first year or two following the divorce. It is important to remember that each child is unique, and what may be substantial for one child may not hold the same weight for others. To navigate this, staying aware of your children as individuals is vital.

Encouraging open conversations with your child is essential. Provide age-appropriate information about the divorce and reassure them that the separation is not their fault while emphasizing that both parents love them. When they express their feelings, listen intently without interruption, allowing them to share their emotions freely.

Consistency and predictability provide stability amidst the changes. Establishing regular schedules for meals, bedtime, and other activities can help children feel secure amid the transition. This goes hand in hand with creating a safe and nurturing environment. This allows children to express their emotions without judgment further. Be a listening ear, validate their feelings, and offer reassurance during challenging moments.

Striving for amicable communication and cooperation with your ex-spouse is crucial. Shield children from conflicts and avoid involving them in adult issues. Establishing a consistent co-parenting plan that prioritizes the children’s well-being will contribute to their stability. If your child struggles with emotional difficulties during the divorce, consider seeking professional help, such as therapy or counseling. A trained therapist can guide and support children in processing their emotions effectively. Remember, seeking assistance is a proactive step toward their well-being.

Explore Divorce Mediation

Divorce Mediation is one of the best options to help your children through this life change and to encourage a harmonious relationship between you and the other parent.

Mediation is a form of alternative dispute resolution (ADR) that involves a neutral third party who facilitates communication between the parties to help them reach a mutually beneficial solution. Unlike a judge, the mediator does not make decisions for the parties; instead, they help the parties reach their agreement.

Mediation typically begins with both parties meeting with their mediator to discuss the issues at hand. The mediator then facilitates communication between the parties, helping them to identify and address their concerns. Once an agreement is reached, the mediator will draft a written contract that both parties can sign.

In some cases, mediation may not be successful. However, even in these situations, the parties may better understand each other’s positions and concerns, making future negotiations more straightforward, ultimately helping to minimize the impact on children’s wellbeing.

Working With Family Law Professionals

When going through a divorce, it is often beneficial to seek assistance from family law professionals who excel in navigating the legal aspects of separation, divorce and divorce mediation. The experienced family law attorneys at Masters Law Group can advise on the legal aspects of your divorce. We can help you understand your rights, obligations, and options for resolving any disputes, while providing valuable guidance and support. Our main goal is to ensure that your rights and the best interests of your children are protected. Here are some of the areas that can help you navigate:

  • Parenting Time: If you have children, work closely with your attorney to determine the best arrangements for child custody and visitation. Ensure that the agreed-upon arrangements prioritize your children’s well-being and best interests.
  • Mediation and alternative dispute resolution: Explore options such as mediation or collaborative divorce to help you and your ex-spouse reach mutually beneficial agreements outside of court. Your family law attorney can guide you through these processes and represent your interests during negotiations.
  • Post-divorce modifications: After the divorce is finalized, there may be circumstances that require modifications to child custody, visitation, or support arrangements. Stay in touch with your attorney to address any changes or issues that may arise in the future.

Remember, family law professionals are there to support you and protect your legal rights during this challenging time. Collaborating with a trusted attorney can help alleviate the stress associated with the divorce process and ensure a smoother transition for you and your children.

Final Thoughts

By prioritizing open communication and creating a safe and supportive environment, we can help children thrive despite their challenges. It is crucial to recognize and adapt our support to meet the unique needs of each child. At Masters Law Group, we understand the complexities of divorce and its effects on families.

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.

Our dedicated team of attorneys is here to help if you need legal assistance. We will work closely with you to develop a personalized action plan addressing your needs and goals. Throughout the process, we will keep you informed with regular updates on your case.

Contact us today to schedule a complimentary consultation and learn how we can support you and your family during this challenging time.

The Role of Mediation in Resolving Family Law Disputes

Family law disputes can be emotionally and financially taxing for all involved parties. Fortunately, mediation can help.

Divorce Mediation is a peace-making practice dedicated entirely to couples committed to approaching the end of a marriage with honesty, integrity, and reason.

The aim is for divorcing spouses to reach constructive divorce settlements by avoiding litigation’s emotional and financial toll and without court intervention.

In this blog, we will explore the role of mediation in resolving family law disputes. Here’s what you need to know.

What is Mediation?

Mediation is a form of alternative dispute resolution (ADR) that involves a neutral third party who facilitates communication between the parties to help them reach a mutually beneficial solution. Unlike a judge, the mediator does not make decisions for the parties; instead, they help the parties reach their agreement.

Mediation typically begins with both parties meeting with their mediator to discuss the issues at hand. The mediator then facilitates communication between the parties, helping them to identify and address their concerns. Once an agreement is reached, the mediator will draft a written contract that both parties can sign.

In some cases, mediation may not be successful. However, even in these situations, the parties may better understand each other’s positions and concerns, making future negotiations more straightforward. Let’s take a look at some of the benefits of mediation.

1. Cost Savings

The rising costs of divorce have made it increasingly difficult for couples to pursue traditional litigation. However, mediation offers a more cost-effective alternative to conventional litigation, allowing parties to save on legal fees and avoid the costs of lengthy court battles.

According to data from the Bureau of Labor Statistics, the cost of legal services increased by 4.9% in March 2023 compared to the same period last year. With inflation rates remaining high, the cost of divorce will likely continue to rise, making mediation an attractive option for those seeking a more affordable way to resolve family law disputes.

2. Flexibility

When parties opt for traditional litigation in family law disputes, they are at the mercy of the court’s calendar. A judge has multiple cases on their docket and will determine the day and time of an appearance. Because of this, it could result in a delay of weeks or even months. Mediation, on the other hand, allows the parties and counsel to weigh in on scheduling and how the case is to be heard.

In some situations, the proceeding might be a hybrid, in that some individuals appear in person and others participate remotely. This flexibility allows parties to choose a date and time that works for them and participate in the mediation process most conveniently.

Additionally, parties can work with a mediator outside the court’s calendar since mediation is voluntary. This can result in a faster resolution and a more positive experience.

3. Time Savings and Continuity 

Family law cases that go to trial involve major disputes over finances and children and can take time to resolve, prolonging one of the most painful events in a person’s life. The impact of such a trial can be significant, affecting finances, job performance, mental health, and overall well-being.

In contrast, mediation offers a streamlined and efficient process for resolving family law disputes. Mediation minimizes time away from work, children, and other essential aspects of life. Parties can work together to schedule mediation sessions at times that suit their work and family obligations.

Once the mediator establishes rapport with the parties, it is essential to maintain a productive conversation. Agreement on more minor issues can lead to the resolution of larger ones. This incremental approach helps to build trust between the parties and encourages them to find common ground.

4. Privacy

Divorce is one of the most stressful life events, and finding ways to lessen the impact of this stress on the family is crucial. Divorce proceedings can bring additional scrutiny and enhance the anxiety associated with the experience. Courtrooms are open, as they should be, but this can add to the stress of the situation.

Mediation offers a more private, confidential, and intimate setting, which can help to alleviate some of the stress associated with divorce. Parties can work together to resolve their issues in a safe and comfortable environment without the added pressure of a public courtroom setting.

The confidentiality of the mediation process can also be beneficial for families. Mediation agreements are typically confidential, meaning the dispute and resolution details are kept private. It can help protect the parties’ privacy and avoid potential negative publicity from a public trial.

5. Long-Term Results

Mediation can provide long-term benefits for parties involved in family law disputes. One of the key advantages of mediation is that it allows parties to reach a resolution tailored to their unique needs and circumstances.

Choosing mediation can result in a more sustainable agreement that is less likely to result in future conflicts. In addition, mediation encourages parties to communicate openly and work together to find common ground, which can improve their relationship and pave the way for better co-parenting and co-existence in the future.

Finally, mediation is less adversarial than traditional litigation. It can help minimize the adverse emotional and psychological effects of divorce and other family law disputes, which can have long-term benefits for all involved.

Final Thoughts

Serving clients in Cook County and DuPage County Illinois, at Masters Law Group, our experienced attorneys understand that divorce is a stressful situation for everyone involved. As such, we prioritize our clients’ assurance and well-being throughout the mediation process.

Whether you are facing mediation, a contested, uncontested, or a civil union divorce, our attorneys are ready to skillfully advocate for your position and provide your voice when you need it most.

No one should go through a family law case alone. Contact us here today to schedule a consultation.