The rise of digital currencies throughout the world are giving wives and husbands in Illinois a brand-new way in which to hide their money during divorce proceedings. The reason these new currencies are so attractive to those aiming to conceal their marital assets is that they offer anonymity and privacy. Using these currencies, such as Bitcoin, may be especially tempting for those who have a lot to lose in a high-asset divorce.
Purchasing a house is perhaps the largest investment that an Illinois couple makes during their marriage. In addition to the financial investment in the home, many discover that they have an emotional investment as well. When this happens, the home can become a source of contention between the two parties in a high asset divorce.
Most people in Illinois probably have a good understanding of what a divorce entails. However, in some cases, a marriage may not be considered valid. Ending this type of relationship is done legally through an annulment. In Illinois, the ability to seek an annulment is dependent upon specific circumstances outlined under the law. According to Illinois General Assembly, there are four strict standards of which at least one must be true of the union. These standards include the following:
Unfortunately, not all Illinois marriages are the happy unions most couples envision for themselves, and many choose to end their marriages. In addition to the emotional toll a divorce can have on a person, they may face financial burdens as well. This can be particularly true in the case of a high asset divorce. Luckily, there may be steps individuals can take to help protect important assets, such as a business.
Couples who are about to embark upon divorce in Illinois may have some concerns, especially in a high asset situation. It can often be difficult to iron out all the details without getting into a power struggle. The best way to avoid such issues is to ensure solid negotiation tactics are used when settling the details of the divorce.
Whether it is due to a divorce or an estrangement within the family, sometimes grandparents are not given the right to see their grandchildren. States and even the federal government have spoken out on this issue, including Illinois. However, there is a debate between those who feel grandparents should have rights to visitation with grandchildren and those who feel it should be left up to the parents to grant such rights.
Getting a divorce in Illinois is difficult, but it can get even more complex when you and your spouse own a business. Not only do you have to worry about ending your marriage but now you also have to determine what steps to take with the business. At Lois Kulinsky & Associates, LTD, we recognize that you have several options and that you need to understand them in order to know how to proceed.
It happens all the time in marriage. One spouse takes over the role of carrying out certain tasks and duties while the other focuses on other areas of expertise. For instance, how many Illinois couples do you know where one person acts as the resident mechanic, or one spouse does all the cooking while the other takes care of lawn maintenance and trash pickup? Even more common are marriages where one spouse deals with all things finance-related, including paying bills, investing money, purchasing insurance and other related issues.
When you are involved in a high asset divorce in Illinois, there is always a concern about your spouse possibly hiding assets. This can be done in a variety of ways, but a common approach is to put money in an offshore account. You have to uncover the money if you wish for it to be considered by the court when your assets are divided, so you can get what is owed to you under the law.
If you are considering a divorce in Illinois but have accounts, real estate, antiques or other personal possessions that are highly valuable or complex, then you will likely be facing a high asset divorce. At Lois Kulinsky & Associates, Ltd., we have experience with situations like this where there may be some special circumstances not found in other divorces. Depending on your finances and investments, there may be high asset divorce legal services that you will need.