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Alimony and Asset Division in Divorce

As couples navigate the challenging path of divorce, alimony and asset division are critical aspects that demand attention. But divorce laws differ by state. Here’s what you need to know about divorce proceedings and asset division in the state of Illinois. 

Asset division plays a significant role in determining the financial future of both parties involved. In this blog, we will explore the concepts of alimony and asset division in divorce, shedding light on how they work and what factors influence their outcomes. Here’s what you should know.

Alimony: Providing Financial Support

Alimony is a financial arrangement where one spouse provides financial support to the other after a divorce or separation. Its primary goal is to help financially disadvantaged spouses maintain a standard of living to what they enjoyed during the marriage. Alimony can be temporary or permanent, depending on various factors. Here’s a look at some of the factors that are considered:

  • Income Disparity: The most critical factor in determining alimony is the income disparity. If one spouse earns significantly more than the other, they may be required to provide financial support.
  • Duration of Marriage: Longer marriages often result in higher alimony awards. The courts typically consider the marriage’s impact on the dependent spouse’s career and financial prospects.
  • Contributions to the Marriage: Courts also consider the contributions of each spouse to the marriage, both financial and non-financial. This includes homemaking, childcare, and support for the other spouse’s career.
  • Parental Agreements: Parental responsibilities are arrangements that can affect alimony, as the custodial parent may receive more support due to increased expenses related to raising children.

Asset Division: Splitting the Marital Pie

Asset division involves dividing the marital property and debts between spouses fairly and equitably. It’s essential to understand that the goal is not necessarily to divide everything equally but rather fairly, considering the unique circumstances of the marriage. Determining a fair and equitable division of assets can be intricate and contentious, especially when significant assets are involved. Here are some factors that influence asset division:

  • Property Ownership: Marital property typically includes assets acquired during the marriage, such as homes, cars, bank accounts, and investments. These are subject to division. Separate property, acquired before the marriage or through inheritance, is generally exempt.
  • Duration of Marriage: The length of the marriage can impact asset division. Longer marriages often result in a more equitable division of assets.
  • Custodial Arrangements: Parental responsibilities can influence asset division as they affect the financial responsibilities of each spouse towards their children.
  • Future Needs: The court also considers the future financial needs of each spouse. For example, if one spouse is financially dependent and unable to support themselves, they may receive a more significant share of assets.

Marital Vs. Separate Property

In the context of divorce, understanding the distinction between marital and separate property is key. The marital property encompasses assets acquired during the marriage, regardless of which spouse’s name is on the title. This includes income earned, real estate purchased, and investments made during the marriage. Marital property is generally subject to division between the spouses during divorce proceedings.

In contrast, the separate property comprises assets acquired before the marriage or received as gifts or inheritances during the marriage but designated as separate. These assets typically remain with the individual who owns them and are not subject to division. Recognizing and understanding the differences between the two is crucial for a fair and equitable distribution of assets during the divorce process. Working alongside a seasoned family law attorney can help you protect your rights and interests.

Illinois Asset Division

When couples get a divorce in Illinois, the courts don’t split everything down the middle like in certain other states. Instead, Illinois follows a more intricate approach called “equitable distribution.” Here’s how it works:

  1. Contribution to the Marriage: The court looks at what each spouse brought to the marriage, both in terms of money and non-money contributions like taking care of the home or children.
  2. Duration of the Marriage: How long the marriage lasted matters, as it can affect how assets are divided.
  3. Economic Circumstances: Each spouse’s financial situation, including income and needs, is considered.
  4. Non-Marital Property: Things owned before marriage or received as gifts or inheritance during marriage may not be split.
  5. Custodial Arrangements: If there are kids, the court looks at custody and how it impacts finances.
  6. Spousal Support (Alimony): Whether one spouse needs support payments is factored in.
  7. Tax Consequences: Taxes resulting from asset division are also considered to make things fair.
  8. Wasteful Dissipation: If one spouse recklessly spends or wastes money, it can affect the division.
  9. Future Needs: The court thinks about what each person will need down the road, especially if one is in a tougher spot after the divorce.
  10. Agreements: Any agreements made before or during the marriage, like prenups, are taken into account if they meet legal standards.

Remember, “equitable distribution” doesn’t always mean a perfect 50/50 split. It’s about creating a fair and just arrangement based on each family’s unique situation. This process can be tricky, so it’s a good idea to work with a skilled family law attorney to help ensure your rights are protected during asset division in Illinois.

How a Divorce Attorney Can Help

Divorce is a complex and emotionally charged journey that often requires the guidance of seasoned family law professionals. At Masters Law Group, our experienced family law attorneys are here to provide valuable assistance, helping to ensure that your rights and the best interests of your children remain at the forefront of every decision. Here are some crucial areas where we can help guide you:

  • Parenting Time: If you have children, it’s essential to work closely with your attorney to determine the most suitable arrangements for child custody and visitation. We aim to help create arrangements prioritizing your children’s well-being and best interests.
  • Mediation and Alternative Dispute Resolution: We encourage exploring options like mediation and collaborative divorce, which can facilitate mutually beneficial agreements outside the courtroom. Our family law attorneys will skillfully guide you through these processes, representing your interests, and helping to secure a smoother negotiation experience.
  • Post-Divorce Modifications: Life can bring unexpected changes even after the divorce is finalized. Circumstances may arise that require modifications to parental responsibilities, visitation, or support arrangements. Our attorneys are here to assist you in addressing these changes promptly and effectively, safeguarding your rights and the interests of your children.

Remember, family law professionals are your allies during this challenging time. By collaborating with a trusted family law attorney, you can confidently navigate the complexities of divorce and reduce the stress associated with the process. Your rights and the well-being of your family are our top priorities.

Last Thoughts

Understanding what alimony and asset division entails can help you in the long run regarding divorce proceedings. At Masters Law Group, you can rest assured knowing you are consulting with trusted and experienced legal professionals. Our family law attorneys can help protect your rights and interests during this challenging time. 

With a focus on helping clients residing in the Cook, Will, Lake, and Dupage counties, our practice is committed to providing a comprehensive suite of services to support parents, children, and families during challenging periods like divorce.

Get in touch with us today and schedule your complimentary consultation.

Domestic Violence Awareness Month With Masters Law Group

October is Domestic Violence Awareness Month. It’s a time when communities throughout the U.S. come together to shed light on domestic violence and stand by survivors. 

Almost 20 people in the United States experience physical abuse from an intimate partner every minute. This adds up to over 10 million women and men in a single year. Domestic violence is a widespread problem that touches people from all backgrounds. Its effects cause physical harm and emotional wounds that are endured for years.

In this blog, we’ll dive into the significance of Domestic Violence and how a family attorney can help bring positive change to the lives of survivors and their loved ones. Here’s what you need to know.

The Role of Domestic Violence Awareness Month

Domestic Violence Awareness Month serves a multitude of crucial purposes. It plays a vital role in increasing awareness about the gravity of domestic violence, effectively dispelling myths and stereotypes. By understanding the indicators and effects of abuse, individuals become better equipped to recognize and confront it. This month reinforces the message that survivors are not alone and that help is readily accessible.

Furthermore, Domestic Violence Awareness Month emphasizes the importance of prevention through educational efforts and community involvement. It fosters conversations about healthy relationships, consent, and bystander intervention. Let’s look at different types of abuse and how to identify it.

Understanding Domestic Violence

Domestic violence is a pattern of abusive behavior in a relationship, typically characterized by one partner using power and control over the other. Unfortunately, domestic violence knows no boundaries and can affect people of all genders, races, and socioeconomic backgrounds. Its far-reaching consequences impact the immediate victims and children who witness such abuse. 

Domestic violence can manifest in various forms. Understanding how abuse occurs and intersects can help you safely respond to situations. Below are some ways to identify the different types of abuse.

  • Physical abuse: This form is one of the most easily identified types. It involves physical violence, or threats of it, to maintain power over an individual. Because of this, survivors are afraid and uncertain when more abuse will occur. Physical abuse often reinforces the regular use of other, more subtle types.
  • Emotional abuse: Has non-physical behaviors that are meant to control, isolate, or frighten someone. These behaviors are often more subtle and hard to identify but are just as serious as other types of abuse.
  • Sexual Abuse: Sexual abuse is when a partner controls the physical and sexual intimacy in a relationship. This often involves acting in a way that is non-consensual and forced.
  • Financial Abuse: Financial or economic abuse occurs when an abusive partner extends their power and control into your financial situation.
  • Digital Abuse: Digital abuse uses technology and the Internet to bully, harass, stalk, intimidate, or control a partner. This behavior is often a form of verbal or emotional abuse conducted online. 

The Role of Family Attorneys

Family attorneys are crucial in addressing domestic violence cases and helping survivors rebuild their lives. Family attorneys are well-versed in family law and can guide survivors seeking protection orders, custody arrangements, and divorce proceedings. They help ensure that legal measures are in place to protect survivors and any children involved. These plans include finding safe housing, accessing resources, and establishing communication protocols with law enforcement. Here are some of the following resources they can use to help:

Child Custody and Visitation: Family attorneys advocate for the child’s best interests in cases involving children. They work to secure custody arrangements that protect the child from further harm and facilitate healing.

Restraining Orders: Family attorneys can help survivors obtain orders of protection, which legally prohibit the abuser from contacting or approaching the survivor. These orders provide a crucial layer of protection.

Advocacy in Court: Family attorneys are the voice of survivors in legal proceedings. They present evidence, argue, and advocate for their clients’ rights and safety, ensuring the survivor’s perspective is heard and respected.

Attorneys often have networks of professionals and organizations in domestic violence support, including counselors, shelters, and support groups. They can connect survivors with these resources to aid in their recovery.

Working With Masters Law Group

When going through a domestic dispute, it is often beneficial to seek assistance from family law professionals who have experience navigating the legal aspects of separation, divorce, and 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 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 child custody and visitation arrangements. Ensure that the agreed-upon arrangements prioritize your children’s well-being and best interests.

Mediation: 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 disputes: 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, during this challenging period, Masters Law Group is here to support you and your legal rights. Working with our trusted attorneys can help alleviate the stress associated with domestic disputes, ensuring a smoother transition for both you and your children.

COMMUNITY RESOURCES

Chicago offers a range of important community resources for those affected by domestic violence. The Domestic Violence Legal Clinic provides legal assistance and advocacy services, ensuring survivors can access legal remedies. Apna Ghar offers culturally sensitive support and shelter to immigrant and refugee survivors. The Chicago Metropolitan Battered Women’s Network serves as a comprehensive resource hub, connecting survivors to various shelters, counseling, and legal aid services throughout the city.

Additionally, the Illinois Domestic Violence Hotline operates 24/7, offering immediate assistance, information, and referrals to those in crisis. These organizations and many others in Chicago are vital in providing support, resources, and community connections for individuals affected by domestic violence.

Final Thoughts

Domestic Violence Awareness Month serves as a reminder that domestic violence is a grave issue that affects countless lives. At Masters Law Group, our attorneys play an essential role in helping survivors break free from abusive situations and rebuild their lives. As we observe Domestic Violence Awareness Month, let us reaffirm our commitment to raising awareness, supporting survivors, and working together to create a world free from domestic violence.

Contact us today to discover how we can guide you toward a brighter, safer future.

Who Gets the Pets in an Illinois Divorce?

Divorce is a complex and emotional time.  While much attention goes to child custody determinations in Illinois divorce cases, one contentious subject that many initially overlook is who gets the pets. 

Man’s best friend, furry children, four-legged friends. Our pets play a significant role in our family dynamics. And when the “pack” is disrupted through divorce or separation, many pet parents are left heartbroken and confused as to what happens next.

At Masters Law Group, we understand the significant role that pets play in our lives and the emotional attachment that comes with them. If you are going through a divorce, you may be wondering who gets to keep your cherished pet and whether “pet custody” is a possibility.

Here’s what you need to know.

How Divorce Laws on Pets Are Changing

Previously, family law cases rarely mentioned pets except in domestic violence situations. Over half of the states permit domestic violence restraining orders to include provisions safeguarding pets, mainly due to the fact that abusers often threaten or harm animals as a means of intimidating family members.

Recently, states have recognized that pets possess a special value to families that can’t be measured solely in monetary terms—despite being considered property. It’s because of this that courts have elevated pets to a status someplace between an inanimate object and a person. Illinois is among the states that have taken this concept a step further by mandating judges to consider the well-being of the pet in divorce cases. This is a significant leap, as it comes with the same standard used by judges when deciding child custody.

When is a Pet a Marital Asset in Illinois?

It’s common in divorce to have disputes over pets, such as dogs, and cats, that are considered part of the family.  The Illinois Marriage and Dissolution of Marriage Act provides custody-like provisions regarding the family pet, also known as a ‘companion animal’ upon a divorce. Marital assets are defined as properties acquired during the marriage. Except for the following instances:

  • Who originally purchased or adopted the pet?
  • Who takes care of the pet on a day-to-day basis? 
  • The ability of each spouse to care for the pet. 
  • The emotional attachment of each spouse to the pet.
  • Any agreements made before or during the marriage regarding pet ownership. 

If the court determines that the companion animal is not a marital asset, the owner will receive their non-marital property. If the court determines that the companion animal is a marital asset, then the court will allocate sole or joint ownership and responsibility for the animal. In doing so, the court must consider the well-being of the companion animal.

Fortunately, Illinois law recognizes that pets hold a special place in families and takes their well-being seriously when determining ownership during divorce proceedings.

How Does the Court Consider the “Well-Being” of the Pet?

It’s worth noting that, unlike child custody (now known as Allocation of Parental Responsibilities), pet custody in Illinois is not based on the pet’s “best interests”. If one spouse can demonstrate that they have been mainly responsible for the daily care and well-being of the pet, including feeding, grooming, exercising, and providing medical care, the court is more likely to award ownership to that spouse.

If you want to retain ownership of your pet after a divorce, it’s important to have evidence that shows your involvement in the pet’s life. This can include photographs and receipts for pet-related expenses such as veterinary bills. These documents show the court your commitment to caring for the pet and the bond you share with them.

It’s important to note that courts may consider parental responsibilities and parenting time when determining pet ownership during a divorce. Children oftentimes share a strong bond with family pets, and a spouse can argue that the majority of parenting time could be affected. If spouses can’t agree on pet ownership, they may need to go to court to have a judge make a decision.

Couples can settle disputes about pets through mediation when a divorce case doesn’t go to court. Regardless of the approach chosen, finding a solution that suits one’s specific circumstances is critical.

Final Thoughts

Pets are important in divorce cases because they represent not only a shared asset but also an emotional connection between the spouses. Determining their custody and care can be a complex and emotionally charged aspect of the divorce process. As such, you should ensure you have excellent legal representation to negotiate or prove your right to the ownership of your pet in an Illinois divorce.

If you’re contemplating divorce or separation and have concerns regarding your pet, property division, parental responsibilities, or other family law matters, reach out to the experienced attorneys at Masters Law Group here today.

 

Who Receives Child Tax Credits After Divorce?

Single, married or separated, as a parent, your top priority is to provide for your children and ensure that they have the most secure future possible. Here’s what you need to know about understanding Child Tax Credits amid divorce. 

Child tax credit is important if you have dependent children in your family. If you are currently going through divorce, or have already dissolved your marriage, you could be left with even more questions.

Here’s what you need to know.

What are the Child Tax Credits?

 Child Tax Credits are a federal tax credit that provides financial support to families with children.

As part of a 2021 coronavirus relief package, significant modifications were made to the country’s tax legislation. Many U.S. residents consequently earned additional Child Tax Credit relief, which was given out as monthly payments of up to 300 dollars per child. The IRS paid a portion of the Child Tax Credit in advance for a portion of 2021. Both in 2022 and 2023, those advance payments were not scheduled to be made available.

The Child Tax Credit was reduced to 2,000 dollars per eligible child for tax year 2022, and the 300 dollars advance monthly installments were no longer available.

The Child Tax Credit is scheduled to stay at 2,000 dollars per eligible child for tax year 2023, but without any upfront monthly payments.

What if I am Separated or Divorced?

If you are divorced, which parent gets the tax credits? When the terms of the divorce clearly identify a custodial parent — the parent who has primary custody of the child — that parent is legally entitled to claim the child as a dependent and receive any associated assistance.

As per the conditions of the credit, generally it is not possible to split the payment and therefore only one parent can claim it each year.

There is a special rule for divorced or separated parents or parents who live apart for the last 6 months of the calendar year. If the requirements of the special rule are satisfied, then the child is treated as the qualifying child of the noncustodial parent for purposes of the child tax credit/credit for other dependents, while the custodial parent may claim the dependent care credit and EITC, under the general rules.

For more information, see ‘Applying the tiebreaker rules to divorced or separated parents (or parents who live apart)’ in Pub. 501 and ‘Special rule for divorced or separated parents (or parents who live apart)’ in Publication 596. See Publication 501, Dependents, Standard Deduction, and Filing Information, for more information.

If you mistakenly claimed the child as your dependent, you should unenroll from receiving the monthly payments. Otherwise, you may have to pay that money back next year.

Are All Parents Eligible for Receiving Child Tax Credit?

No. In order to be eligible for the Child Tax Credit, parents must file taxes and meet certain residency and income standards.

You can claim the Child Tax Credit for each qualifying child who has a Social Security number that is valid for employment in the United States.

To be a qualifying child for the 2022/3 tax year, your dependent generally must:

  • Be under age 17 at the end of the year
  • Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew)
  • Provide no more than half of their own financial support during the year
  • Have lived with you for more than half the year
  • Be properly claimed as your dependent on your tax return
  • Not file a joint return with their spouse for the tax year or file it only to claim a refund of withheld income tax or estimated tax paid
  • Have been a U.S. citizen, U.S. national or U.S. resident alien

You can claim the Child Tax Credit by entering your children and other dependents on Form 1040, U.S. Individual Income Tax Return, and attaching a completed Schedule 8812, Credits for Qualifying Children and Other Dependents.

Still Disputing Tax Credits with Your Ex?

If you are still unsure of who the main custodial parent is, or you have no solid parentage, parenting time or allocation of parental responsibilities schedules in place, generally, the custodial parent is the parent who has physical custody of the child for the greater portion of the calendar year. If there are still disputes over who should get the money, a parent could file with the courts.

Navigating the system can be complex and overwhelming. It’s essential you understand your rights and make an accurate claim. If you do decide to take it to court or if you need advice on your situation, it’s best to speak with the experienced family law attorneys at Masters Law Group. We can help you understand the issues that will affect you, including your ability to claim children as dependents and receive tax credits.

Schedule your consultation here today.