Dividing marital assets during a divorce can be tricky. For couples with substantial wealth or high net worth, divorce often involves complex assets such as investments, stock options, savings for retirement, businesses, and professional practices, digital assets, and real estate. Even assets such as jewelry or artwork can present challenges when it comes to the valuation and division of these assets. Working with a skilled divorce lawyer experienced in complex financial issues is essential for these types of divorce cases.

Classifying, Valuing, and Dividing Marital Assets

During many divorces, a couple's assets are a combination of marital and non-marital assets. Any assets acquired before the marriage are non-marital assets, while assets acquired during the marriage are marital assets. However, classifying assets during divorce is rarely this straightforward, and numerous exceptions exist.

Once assets have been identified and classified, the spouses may need to have certain assets professionally appraised. For example, a business valuation expert may be required to correctly determine the value of a spouse’s business or professional practice. A professional appraiser may be needed to determine the worth of jewelry, fine art, or collectibles.

The court urges parties involved to settle their differences during divorce cases. It is crucial for parties going through a divorce to come in with an open mind and be willing to negotiate and compromise. However, the court is aware that there are specific circumstances where a court intervention may be necessary. An example of this may be domestic violence against a spouse or children. Domestic violence can take various forms, whether it be physical abuse, emotional abuse, sexual abuse, or even financial abuse. Working with an experienced divorce attorney can help you understand how this can impact your case.

Custody and Visitation

Domestic violence will impact custody and visitation significantly. As always, the judge will consider the child’s best interest when deciding on visitation and custody matters. The court believes there should be cooperation and involvement between parents when deciding what is best for the child. There is little chance that a court will deny parental visitation for a child; if it comes to it, the visitation may be supervised or occur in the home of an adult the child trusts. However, if the court believes that a child may be endangered by allowing this, then the court will likely deny unsupervised visitation. If you are being accused of domestic violence, knowing what that means for yourself and the child involved is crucial.

Order of Protection

If you have experienced abuse from a spouse or have seen abuse or harassment committed against your children or other family members, it may be in your best interest to file an order of protection. This will force the abuser to stay away from those they have abused. To file this, you must be able and willing to share evidence to back up your claims of domestic violence during a divorce case. Some examples of evidence include; text messages, emails, photos, police reports, and medical records. A parent or adult you trust can file this on your behalf if you are a minor.

Marriage is a sacred bond between two individuals committed to living together. However, with the rise in divorce rates, couples are increasingly turning to prenuptial agreements, or prenups as they are popularly called, to protect their assets and financial interests in case of a separation or divorce. For those unaware, a prenuptial agreement is a legal document that outlines the distribution of assets and liabilities in the event of divorce or death of one of the spouses. If you are considering signing a prenup, it is essential to understand the situations where it makes the most sense. To ensure signing a prenup is in your best interest, consider consulting with a divorce attorney to ensure your position is well suited for signing into such a prenuptial agreement.

Scenarios Where Signing a Prenup May Be a Good Idea

Here are some scenarios where signing a prenuptial agreement makes the most sense, including:

• Unequal financial status – If one spouse has significantly more assets or liabilities than the other, a prenuptial agreement can help protect their financial interests. For instance, if one spouse has a successful business, they may want to ensure that their partner does not have a claim to it if the marriage ends. Moreover, if both spouses have a business, a prenuptial agreement may make a lot of sense in preventing each other from having a claim in each other’s businesses.
• Second marriage – If either spouse has been previously married, a prenuptial agreement can ensure that their assets from the previous marriage are protected. This is especially important if there are children of the prior marriage who may have a right to the assets.
• Protecting inheritances – If one spouse is expecting an inheritance in the future, they may want to ensure that it remains their separate property in case of a divorce or death. A prenuptial agreement can help protect the inheritance from being divided in a property settlement.
• Debt protection – If one spouse has significant debts, they may want to ensure that their partner is not responsible for paying them off in case of a divorce. A prenuptial agreement can help protect both spouses from having to pay off each other’s debts.

Contact a Cook County Divorce Attorney

With so much to consider, it is understandable if the idea of a prenup seems daunting. However, consulting with a skilled attorney can significantly simplify the process. Contact the experienced Rolling Meadows divorce lawyer with The Law Offices of Curtis Bennett Ross, L.L.C. for effective legal representation. Call 312-984-1514 for a free, limited consultation.

Prenuptial agreements, commonly known as prenups, are contracts that couples can sign before getting married to establish rules and guidelines for splitting assets and debts in case of a divorce. While prenups can be beneficial in many situations, there are some cases where signing a prenup may not make sense. Today, we will discuss the situations when signing a prenup may not be the best idea. If you are interested in signing a prenup or learning more about it, do not hesitate to contact a prenuptial attorney to ensure you understand your legal options and what is most beneficial to your situation.

Reconsider Signing a Prenup if Any of These Situations Apply

Here are situations where you should reconsider signing a prenup, including:

• When there are no significant assets – If both parties have relatively new assets, then a prenup may not be necessary. The cost of drafting and signing a prenup may outweigh any potential benefits.
• When both parties have similar financial situations – A prenup may not be necessary if both parties have similar financial situations. In this case, it may be better to focus on building a solid foundation of trust and communication rather than signing a prenup.
• When one or both parties have significant debt – A prenup may not be necessary if one or both have substantial debt. Prenups are typically used to protect assets but may not help protect against debt.
• When one party is being pressured to sign – If one party is pressured to sign a prenup, it may not be in their best interest. Instead, both parties should enter a prenup voluntarily and clearly understand its implications.
• When there is a lack of transparency – If one party is not transparent about their assets or financial situation, signing a prenup may not be in the other party’s best interest. A prenup requires full disclosure of assets and debts, so if one party is hiding something, then the prenup may not be valid.

Contact a Cook County Prenuptial Agreement Attorney

Ultimately, a prenuptial agreement is not always necessary or appropriate for every couple. It is essential to consider the specific circumstances of each couple’s situation before deciding whether to sign a prenup. If you are unsure, consulting with an experienced attorney is always best. Contact the experienced Rolling Meadows prenuptial agreement lawyer with The Law Offices of Curtis Bennett Ross, L.L.C. for anyone thinking about getting a prenup or simply having more questions about the process. Call 312-984-1514 for a free consultation.

Many divorces in Illinois and all across the United States are contested divorces, but there are also cases in which spouses agree on the issues surrounding their separation, making an uncontested divorce possible. While nobody is ever required to retain legal counsel for a divorce case in Illinois, people should be extremely hesitant to handle a divorce case on their own because the average person could make several mistakes that end up being very costly to correct later.

Even if you and your spouse plan to reach an out-of-court agreement, from having an attorney review any proposed agreement will ensure that it is fair. Should any issues arise relating to child support, alimony (spousal support), or division of marital debts, mediation can be a common avenue for most spouses to resolve their issues but you will still want to have a lawyer assisting you.

Common Problems with Uncontested Divorces

Many married couples going through uncontested divorces may turn to legal DIY websites for help creating the agreements they will present to the court, but such websites can be a risky proposition because they rarely inquire about the types of information that can have a dramatic impact on a divorce case.