Same-sex marriage in Illinois often offers the same benefits as a heterosexual marriage. This means that each party can be on the other person's healthcare plan or receive exemptions regarding taxes. If you make the decision to divorce, then the process is typically...
High-Asset Divorce
Physician divorce: Evaluating a medical practice
When doctors in the Chicago area decide to divorce, their medical practice may become a significant issue in the settlement. The value of the medical practice as part of the doctor's finances is often the largest single asset involved in the divorce, even though many...
Minimizing the impact of divorce on your business
Even if your impending divorce is amicable, it will considerably impact your finances and your business, as your spouse will have a claim to everything in your name. Illinois is an equitable distribution state, so keep that in mind when determining how to split assets...
Issues to consider when dividing company assets in divorce
Wealthy couples going through a divorce in Illinois often have a conundrum that those with fewer assets don't face, namely, how to equitably divide assets in a business that both spouses own. Many of the issues involved can become contentious requiring careful...
High-asset divorces: what you need to know
Married individuals who belong to the baby boomer generation are most likely to get divorced. In fact, 40% of baby boomers were already divorced as of 2010. A couple who has been married for decades usually has more assets such as real estate, Social Security benefits...
What happens to the family pet in a divorce?
Prior to 2018, Illinois only recognized pets as marital or non-marital property in the event of divorce. Now, when both parties in a divorce cannot reach an agreement on pet custody, the court may rule on it for them, and pets receive custody agreements much like...
Can asset management influence divorce settlements in Chicago?
Many Chicago couples use different forms of asset management during their marriage to increase their income and start building nest eggs. However, when it comes time for a divorce, asset management can backfire. What are the rules about how assets are split? Largely,...
How to handle executive compensation in a divorce
Chicago couples going through a divorce often have difficult conversations about how to split assets and property. These conversations become immensely more complicated when one spouse has what's referred to as executive compensation. What is executive compensation?...
High-asset divorce
In Chicago, high-asset divorce can be a complex and lengthy process because of how long the financial assets take to unwind. When a couple has accumulated significant wealth, it is usually in a variety of instruments and special accounts that will have rules for...
Kaley Cuoco and Karl Cook not fighting over money in high-profile divorce
The split between actor Kaley Cuoco and equestrian Karl Cook is nearly final, with the high-profile couple close to settling their amicable divorce. Cook and Cuoco married on June 30, 2018 and announced their separation on September 3, 2021. In a joint public...