Chicago Law Blog
What it can mean when a spouse hides money
In a 2017 survey, approximately one in 20 respondents admitted to obtaining a credit card or opening a bank account that they kept secret from their spouse. If the results are applicable to the general population, approximately 12 million Americans may have committed...
3 steps when looking for hidden assets
Before you fully understand the complexity of your clients' finances, you need information. You probably have a better chance of getting a complete picture of the situation if your client begins gathering this data sooner rather than later. The search typically begins...
What should you look for when choosing an executor?
Illinois residents like you need an executor to carry out your will and manage your estate. Their role is so crucial that some experts call them the foundation of your estate plan. To this end, you want to ensure you pick a good one. But how exactly can you do this?...
Child support, alimony and working with a forensic accountant
If you are preparing for a high-asset divorce, various stressors lie ahead. Parents often face challenges related to parenting time, while high net worth divorces often bring up concerns over the division of marital property. However, child support and alimony are...
Innocent spouse relief may shield you from spouse’s tax bill
Divorce is a complicated matter, especially if you and your spouse have significant assets. Although you might think you know every financial detail of your relationship with your spouse, we know all too well that this often isn’t the case. In fact, many people don’t...
Dividing assets and property in an Illinois divorce
Divorce can be complicated, especially when it is a high-asset divorce, like those where the couple runs a business together. Here, financial assets are part of property division. This includes brokerage accounts, other investments (including holdings in LLC’s,...
Placing a value on divorce
Divorce may involve many emotions and legal issues, but it also boils down to mathematics. Forensic divorce lawyers and accountants can help place a value on assets and discover income streams, especially in a high asset divorce, that may be important to property...
Artwork appraisal can be crucial in high-asset divorces
A high-asset divorce is fraught with numerous complexities. One of the biggest amongst them is property division. This is because those who have extensive wealth often have assets that are challenging to locate or challenging to value. You need to be extraordinarily...
Trusts may be beneficial for reducing estate taxes
Throughout life some people in Chicago have been able to amass significant amounts of assets. These assets may come in the form of real estate, investments, retirement accounts, collectables and other forms. People know that they will not be able to bring these assets...
Methods of dividing a family business during divorce
When a divorce requires dividing up a family business, it can be a difficult process for the divorcing spouses. Divorcing couples who share a family business should be familiar with different options available to them for dividing a shared business in divorce. One...
