Lake Toback DiDomenico Lake Toback DiDomenico 2026-05-19T14:53:25Z https://www.laketoback.com/feed/atom/ WordPress /wp-content/uploads/sites/1203893/2024/05/cropped-Brand-Tall-light-LTD-32x32.png On Behalf of Lake Toback DiDomenico <![CDATA[Moving After Divorce in the Chicago Suburbs: How the 2025 ’25-Mile Rule’ Affects Your Relocation]]> https://www.laketoback.com/?p=51634 2026-01-09T11:27:07Z 2026-01-09T11:27:07Z Suburban parents are subject to strict limits Most parents in Illinois who are not in Cook, DuPage, Kane, Lake, McHenry or Will Counties can move anywhere within a 50-mile radius without securing the pre-approval of the courts or the other parent. The rule is different for those living in Chicago or the collar counties around it. Those near Chicago are subject to the stricter 25-mile rule. They can only relocate within a 25-mile radius of the other parent’s residence. The rule is potentially stricter than people might realize. The courts do not determine the radius as the crow flies by drawing a direct line. Instead, they look at the distance traveled when using the most common routes between the two destinations. In other words, the actual travel distance in a motor vehicle, rather than the shortest line between the two points, is the deciding factor about whether pre-approval is necessary for a relocation. In scenarios where parents can work with one another to modify the parenting plan and where a move is unlikely to have lasting implications for parenting arrangements, relocations can be simple and straightforward. Other times, they can be the source of contentious litigation. The other parent may fight the relocation request and may insist that the move could interfere with their access to their children. Adults planning to relocate while subject to a court-approved parenting plan may need to discuss their situation with an experienced lawyer before submitting paperwork to the Waukegan courthouse in Lake County or the Wheaton courthouse in DuPage County. Parents worried about their relocation plans can reach out to the team at Lake Toback DiDomenico by clicking here or calling 312-626-7114 to review their options.]]> On Behalf of Lake Toback DiDomenico <![CDATA[Helpful wealth protection tips for financial security]]> https://www.laketoback.com/?p=50681 2024-07-11T14:37:24Z 2024-03-20T17:06:50Z Start protecting assets early The best time to think about protecting your assets is before you even think you will ever get divorced. This doesn't mean hiding money or being unfair. It means making smart decisions, like keeping some assets in your own name and understanding both you and your spouse's finances.

Understand your finances

Knowing where all your money is and how it is all being used is vital for protecting your assets before a divorce. This means both the money coming in and going out. Make sure you have access to all bank accounts, investments and anything else worth money. This does not only help if a divorce happens. It is also a good money habit to have.

Be careful with joint accounts

Having joint bank accounts is common in marriages, but they can get complicated if you divorce. If you are thinking about divorce, it might be wise to start setting aside money in an account in your own name. This is not about hiding funds. You are making sure you have access to money you need for everyday expenses and legal fees if it comes to that. Always be transparent and follow legal advice when doing this.

Do some estate planning

Creating an estate plan can be a smart move to protect your wealth if you are worried about divorce. By setting up trusts or making clear legal arrangements, you can make sure that certain assets are considered separate from marital property, which can shield them from being divided in a divorce. It is like putting your wealth in a safe. This makes certain that what you have set aside for your future or your children's future stays protected. The thought of a divorce may seem daunting. However, with the right preparations, you can navigate these waters and get a strong footing to start your new life.]]> On Behalf of Lake • Toback • DiDomenico <![CDATA[How to protect crypto holdings in a divorce]]> https://www.laketoback.com/?p=50673 2024-03-07T21:50:52Z 2024-03-05T21:49:56Z Include it in a prenuptial agreement Either or both a prenuptial and a post-marital agreement can be used to override state property division laws and protect your assets before a divorce is finalized. For instance, it can be used to stipulate that your crypto holdings remain your own separate property even if state law might consider it part of the joint estate. Of course, it may be necessary to concede your right to other assets such as a house, car or retirement account in exchange for keeping your crypto holdings.

Put your crypto in a trust

Putting crypto in a trust is another effective way to retain it in a divorce as it places your holdings outside of the marital estate. Ultimately, your spouse won't be able to lay claim to it assuming that the trust is structured properly and in good faith. Taking this step may also minimize the risk that your spouse would be entitled to any appreciation in the asset over the course of the marriage. In some cases, the appreciation is considered a joint asset even if it was acquired before you were married. In a divorce, assets in the marital estate are distributed according to factors such as each party's age, income and ability to work. Therefore, you could be required to give most or all of the marital estate to your spouse unless you take steps to protect your interest in crypto holdings or other property.]]> On Behalf of Lake • Toback • DiDomenico <![CDATA[Are inheritances divided in an Illinois divorce?]]> https://www.laketoback.com/?p=50672 2024-02-14T07:58:20Z 2024-02-14T07:58:20Z Separate property and inheritances Assets that either spouse owned before they waked down the aisle are usually considered separate property in an Illinois divorce. Any gifts or inheritances they received during the marriage will also be considered separate assets. Separate assets are not divided in a divorce, so any inheritance you receive while you are married should be yours to keep if you divorce. Prenuptial agreements usually list separate assets, and they can be useful documents to have if you are interested in protecting your assets before a divorce.

Commingling

Assets you owned before you got married and inheritances and gifts you receive while you are married can become marital rather than separate assets if they become commingled. Commingling occurs when separate assets become mixed up with marital assets. If you place an inheritance that you receive while you are married into a joint bank account, the court may determine that it is subject to division because it became commingled and is no longer a separate asset.

Property division negotiations

The goal of property division negotiations in a divorce should be reaching an agreement that both spouses can live with, but conflicts over marital and separate assets can derail the discussions. If you want to avoid these problems, you should make sure that any financial gifts and inheritances that you receive while you are married are placed in a separate bank account.]]> On Behalf of Lake • Toback • DiDomenico <![CDATA[Things to consider when giving children an early inheritance]]> https://www.laketoback.com/?p=50668 2024-02-13T07:14:28Z 2024-02-07T03:56:38Z Be aware of taxes Consider the tax implications if your goal is protecting your assets before a divorce. You can give your children an inheritance at any point; your lifetime estate and gift tax exemption allows you to transfer assets to your kids for free up to a certain point. However, the exemption is set to decrease in 2026.

Give an appreciable asset

You can significantly expand your child’s inheritance by giving it to them as an appreciable asset. For example, you might want to help your child buy a new home, which appreciates over time. Another option is to give them stock that can accumulate wealth in the future.

You don’t have to give equally

If you have more than one child, you don’t have to give them equal inheritances. Depending on their situation, you might want to give one child a larger inheritance for a specific purpose such as starting their own business or attending a prestigious school. Or one of your kids might be open to an earlier inheritance than the other or others. Discussing these matters openly can help ease the subject if you’re considering giving one child more than the others.

Avoid dipping into retirement

It’s best to avoid dipping into your retirement account to leave an inheritance. Those funds are meant to go toward your future and could prevent needing help from your children later.]]> On Behalf of Lake • Toback • DiDomenico <![CDATA[Keeping retirement assets safe in a divorce]]> https://www.laketoback.com/?p=50666 2024-02-13T07:14:40Z 2024-02-02T04:35:00Z Include the account in a prenuptial agreement You can use a prenuptial agreement to stipulate that your retirement savings are to be labeled as separate property in a divorce proceeding. Typically, state law says that retirement accounts are joint assets even if you were the only one contributing to the account. However, when structured properly, a prenup can serve as an effective form of asset protection. If necessary, you can create a postnuptial agreement after the wedding that can help you accomplish your asset protection goals.

Negotiate with your spouse

If your spouse was not open to a prenuptial agreement, you can still protect retirement assets by agreeing to give up other items. For instance, you could agree to let your spouse keep the family home in exchange for not touching your retirement savings. You could also agree to increase alimony payments or take other steps in an effort to keep an IRA or 401(k) intact.

A portion of the balance may be separate property

You may be able to argue that only a portion of the account's balance was accrued during the marriage. In such a scenario, only the gains realized during the marriage are likely to be seen as a joint asset. Although you may still experience a significant setback, it won't be as bad as it would be if you lost half of everything you saved.]]> On Behalf of Lake • Toback • DiDomenico <![CDATA[How to protect assets in a divorce]]> https://www.laketoback.com/?p=50664 2024-02-13T07:14:44Z 2024-01-22T20:36:07Z Put assets in a trust One effective method for protecting your assets before a divorce is to take them out of the marital estate. This can be done by putting a business, car or brokerage account into a trust. Ideally, you will do this as soon as you acquire the asset as waiting to establish a trust may make it easier to prove that it was created in bad faith. In such a scenario, the trust can be pierced and items put back within your spouse's reach.

Create a prenuptial agreement

A prenuptial agreement essentially overrides state laws regarding property division. For instance, you could stipulate that money generated by your company remains in your possession if the marriage ends. Alternatively, you could opt for a postnuptial agreement to cover assets that were acquired after the marriage became official. These types of documents can also be used to stipulate that neither party to the marriage is entitled to alimony or other resources if the marriage were to fail. When structured correctly, a trust or prenuptial agreement will typically be honored by state courts. You may also use tax records, bank statements and other records to prove that items should be labeled separate property or that you otherwise have a right to keep them. These records may also make it easier to ask for and receive alimony or child support from your spouse.]]> On Behalf of Lake • Toback • DiDomenico <![CDATA[The ultimate guide to opening an offshore bank account in Chicago]]> https://www.laketoback.com/?p=50661 2024-02-13T07:14:49Z 2024-01-10T02:55:20Z Why consider an offshore bank? Offshore bank accounts ensure efficient liquidity management and smooth international transactions. It helps you handle and safeguard funds in multiple currencies, giving your business a strategic advantage. Leveraging local financial ecosystems enables you to enjoy tax benefits and market-specific opportunities. Owning assets offshore protects them from political instability and fluctuations in your country. It can also protect your family business during a divorce and other legal claims. Additional reasons of opening an offshore bank account include:
  • You're living or working abroad
  • You have a dependent in that country
  • Planning to relocate to that country
  • You are a global expatriate who relocates to various countries for professional assignments

Benefits of offshore bank accounts

Investment opportunities: You can diversify your currency as an investor when you invest in multiple currencies. This also offers an open ground for foreign bonds and stock investments. Financial privacy: Offshore banking is the best way of protecting your assets before a divorce. Many people establish offshore bank accounts in nations that enforce stringent banking regulations. This increases your financial confidentiality and privacy. Tax benefits: One expected benefit of offshore banking is tax benefits. These banks reduce tax deferral depending on your financial situation and the jurisdiction. Higher interest rates: Offshore accounts offer higher interest rates than domestic accounts, increasing your annual returns. Despite the mystique surrounding offshore bank accounts, they are relatively easy to open. You only need to complete the necessary paperwork and submit legally-accepted identifying documents. You must also prove you're not a criminal and won't use the account for unlawful transactions.]]> On Behalf of Lake • Toback • DiDomenico <![CDATA[Guarding against pre-divorce asset dissipation]]> https://www.laketoback.com/?p=50659 2024-02-13T07:14:53Z 2023-12-28T06:53:02Z Keep an eye on financial records In some cases, protecting your assets before a divorce may be a matter of keeping track of financial records. For instance, if you notice that your spouse opened a joint credit card without consulting you, you may be able to have the account frozen. If you notice that your spouse is day trading or taking other unnecessary risks with joint funds, you may be able to file a claim of dissipation in a timely manner. While you may not prevent the money from being spent, you may be able to get a portion of it back in the final settlement.

Keep assets out of the marital estate

You may be able to keep assets away from your spouse by keeping them in a trust or by accounting for them in a prenuptial agreement. For instance, putting your business in a trust means that your spouse wouldn't have direct access to company funds. It may also ensure that your spouse has a limited ability to transfer or sell company assets for their own gain. In a divorce settlement, you may be entitled to funds in a joint bank account, equity in a home or tangible assets held in a marital estate. In the event that assets are depleted before the divorce is finalized, you may be entitled to a portion of their value in a final settlement.]]> On Behalf of Lake • Toback • DiDomenico <![CDATA[Understanding Cook Islands trusts and why they’re popular]]> https://www.laketoback.com/?p=50657 2024-02-13T07:15:12Z 2023-12-12T19:00:35Z What is a Cook Islands trust? The Cook Islands might not look impressive on a map. However, this hasn't stopped the Cook Islands from gaining worldwide notoriety. But wealthy individuals aren't concerned with visiting or living on this country's 15 islands near New Zealand. Instead, some of the world's richest people are establishing trusts in the Cook Islands.

Why are these trusts beneficial?

First, Cook Islands trusts are beneficial because they're confidential. This privacy works well for everything from protecting your assets before a divorce to avoiding creditors. Keeping things confidential can also help your beneficiaries avoid unwanted financial-related stress. Another benefit involves how the Cook Islands governs itself as a country. Some countries worldwide work together with each other's court systems. However, the Cook Islands doesn't recognize foreign judgments. This protection is helpful if another party wins a court case against you when seeking money. No law forces the Cook Islands to abide by any other country's judgments. Lastly, Cook Islands trusts also offer nearly unmatched flexibility. This type of freedom is great for people, companies or organizations who need to set up multiple trusts with flexible terms. Trusts established in the Cook Islands can also last forever. Besides being a beautiful place to visit, the Cook Islands also offers paradise from an asset protection point of view. Best of all, establishing a Cook Islands trust is completely legal.]]>