DeKalb County Divorce Attorneys

Lawyers Addressing Financial Issues and Child Custody in DeKalb County Divorce Cases

Getting a divorce involves much more than separating from your spouse. As you take steps to legally terminate your marriage, you will need to make a series of decisions about your property, your finances, and other aspects of the life you share with your spouse. If you have children, issues related to child custody and child support can be especially complex, and you may encounter strong emotions and disagreements as you work to find solutions. An attorney can play an important role in your case, ensuring that you follow the correct steps while working to protect your rights and interests.

At Fay & Farrow, we work with clients in DeKalb County to help them navigate the divorce process successfully. We take the time to understand each client's situation and goals while providing guidance on the best steps they can take to address and resolve the issues they may encounter. We stand by our clients' sides throughout the entire divorce process, making sure they will be prepared for the future.

Property Division

You will need to determine how your marital property will be handled as you work to complete your divorce. During the property division process, you may reach agreements on how all assets will be divided fairly, but you will not be required to divide everything down the middle.

Your marital property includes assets and debts that were acquired during your marriage. It will include any purchases made by you or your spouse, and assets will be considered marital property even if they have been primarily used by one party or only one person's name is on an account or title. Non-marital property generally will not be divided, and it may include:

• Property Owned Before the Marriage: Any assets that you or your spouse brought into the marriage will usually remain the property of their original owner, as long as they have not been commingled with marital assets.
• Inheritances and Gifts: Assets received by one spouse from another party may be treated as non-marital.
• Property Excluded by Agreement: If you have a prenuptial or postnuptial agreement stating that certain assets are non-marital, those assets will not be divided, as long as the agreement is legally valid and enforceable.

High Net Worth Divorce and Complex Assets

If you and your spouse own substantial assets or have complex financial holdings, a higher level of legal and financial analysis may be needed to ensure that your property can be divided fairly and equitably. Our lawyers can help address issues such as:

Real Estate

Your family home or other real estate may be a factor to address during your divorce. Properties may need to be appraised to ensure that their value is fully understood. Options for division may include selling a property and dividing the proceeds, having one spouse buy out the other's interest in a property, or offsetting the value of real estate against other marital assets.

Family Businesses

For business owners, determining how to handle a family business may be a challenge during the divorce process. A business valuation may be performed to ensure that the current and future value of business assets is fully understood. Options for addressing a family business may include one spouse maintaining sole ownership and buying out the other's interest, a sale of the business during the divorce process, or continuing co-ownership by both spouses with a clearly defined partnership agreement that details each party's rights and responsibilities.

Retirement Accounts and Pension Benefits

Retirement assets may be subject to division, but the proper steps will need to be taken to avoid triggering taxes and early withdrawal penalties. For accounts such as 401(k) plans and pensions, a Qualified Domestic Relations Order (QDRO) can be used to transfer funds and roll them over into a different retirement account. Other methods may be used for IRAs or other types of retirement benefits.

Hidden Assets

In a high net worth divorce, full financial disclosures from both parties are essential. When there is reason to believe that a spouse is concealing assets by underreporting income, transferring property to third parties, or other methods, our attorneys can take steps to uncover these hidden assets and make sure all marital property will be considered correctly during the divorce process.

Spousal Support

Spousal maintenance may be awarded in certain divorce cases, but it is not automatic. A court must determine that an award is appropriate, or a couple must agree on the terms of spousal support. Whether maintenance may be paid may depend on factors such as each spouse's income and earning potential, each spouse's age and health, a family's standard of living, the contributions each party made to the marriage (including contributions as a homemaker or caregiver), whether a spouse is at a financial disadvantage due to career sacrifices or limited work experience, and whether one spouse contributed to the other's career.

Child-Related Issues in an Illinois Divorce

When a divorcing couple has children, issues related to parental responsibilities and parenting time will need to be addressed. These issues fall under the general umbrella of child custody, and they will determine how parents will make decisions about raising children going forward and the amount of time that children will spend living or staying with each parent. A parenting plan will be created and incorporated into a couple's divorce decree, and it may address:

• Decision-Making Responsibilities: Each parent's level of authority when addressing children's education, healthcare, religion, and extracurricular activities.
• Parenting Time Schedule: A detailed schedule specifying when children will stay with each parent, including regular weekdays and weekends.
• Holiday and Vacation Time: How holidays, school breaks, and summer vacation time will be divided between parents.
• Transportation and Exchanges: Where and how children will be transferred between parents.
• Communication: How parents will communicate with each other about child-related issues and how each parent may communicate with children during the other parent's parenting time.
• Dispute Resolution: How parents will attempt to resolve disagreements about the parenting plan before returning to court.

In addition to decisions about child custody, the court will typically put a child support order in place that will require both parents to contribute to children's ongoing needs. A basic child support order will be calculated using parents' incomes, and additional expenses may also need to be divided, including costs related to medical care, education, child care, and extracurricular activities.

Contact Our DeKalb County Divorce Lawyers

Your divorce will involve decisions that will affect your finances, your home, and your relationship with your children. At Fay & Farrow, we can help you make the right decisions, and we can advocate on your behalf during your case to help achieve an outcome that will meet your needs. Contact our DeKalb County property division and spousal support attorneys at 630-961-0060 to set up a free consultation.