High Asset Divorce and the Division of Property

Rolling Meadows Divorce Attorney

In a divorce, the division of the couple's property is often the most prominent issue to settle. How long this process takes and which outside professionals must be involved in the process depend on the specific assets the couple owns and the total value of their asset pool. In other words, the property division process will take much longer for a couple who owns multiple pieces of property, a stock portfolio, and has multiple retirement accounts than it would take for a couple who rents an apartment and only has one shared checking account.

Property division is just one of the issues to determine during the divorce process. Couples with children also have to determine parenting time and child support agreements, both of which consider the couple's net worth. To determine how your net worth will affect other aspects of your divorce settlement, speak with an experienced divorce lawyer.

Defining "High Asset Divorce"

A high asset couple, also known as a high net worth couple, is defined by the Securities Exchange Commission as a couple whose net worth exceeds $1,000,000, excluding the value of their primary residence. A high net worth individual is considered an individual whose net worth has exceeded $200,000 in each of the two most recent years or whose income, when combined with that of his or her spouse, exceeded $300,000 in each of the two most recent years and has the reasonable expectation of making at least that much money by the end of the current year. For a high asset couple, property division during the divorce process can have complications and concerns that other couples do not face.

Special Considerations in High Asset Divorces

As discussed above, a couple's pool of marital assets determines how straightforward their divorce can be. If a couple with a small to medium-sized asset pool has a fairly amicable relationship, collaborative divorce can be the best way for them to complete the process.

This is not always true for high net worth couples and individuals. Certain issues that may be at play in a high net worth divorce include:

• The value of a future income. In other words, when a couple's portfolio includes investments that can reasonably be expected to grow exponentially over the coming years and decades, the future value of these investments must be considered;
• Professional licenses and practices. Often, high net worth individuals are professionals like doctors, lawyers, and accountants. If the individual operates as a private practice, he or she is a business owner and the business must be valued appropriately to divide it between a couple;
• Overseas investments and tax shelters;
• Deferred compensation, bonuses, and the value of stock options associated with one or both partners' professions; and
• Finding hidden assets. It is not uncommon for one spouse to attempt to hide assets from his or her partner in an attempt to keep them from being divided in the divorce process. Finding hidden assets can require the services of a forensic accountant.

In Illinois, a divorcing couple's property is divided according to the principle of equitable distribution. This means that rather than splitting the couple's assets 50/50, the assets are divided according to a list of factors that help the court determine each partner's personal and financial needs after the divorce. For example, the spouse who has a larger share of parenting time with the couple's children may be given the couple's marital home in a divorce proceeding so the children do not have to be uprooted from their home. In exchange for this, the court might give the other spouse a larger share of the couple's savings. One of the factors considered is the contributions each partner made to the couple's marital asset pool so for couples with a substantial income gap, it is very important that both partners work with lawyers who can advocate for their needs based on their positions.

Work with an Experienced Rolling Meadows Divorce Lawyer

Every divorce is unique. One of the factors that can have a dramatic effect on your divorce is the specific assets you own and their value. To determine the best way to proceed with the divorce process given your unique situation, speak with experienced Rolling Meadows divorce lawyer Donald J. Cosley at the Law Offices of Donald J. Cosley. Contact our office today to set up your initial legal consultation today.

Spousal Support Modifications in Illinois

Rolling Meadows Divorce Attorney

Spousal support, also known as spousal maintenance or alimony, is the money paid from an individual to his or her former spouse after their divorce to help the receiving spouse maintain financial independence and the lifestyle to which he or she became accustomed during the marriage.

The amount of money paid to the receiving spouse and the length of time he or she receives these payments is determined according to a few factors, such as the length of the couple's marriage, each partner's income and assets, and each partner's medical and personal needs. Sometimes, the amount of money that the court determines is fair needs to be revisited at a later date due to changes in one or both parties' lives.

If you are currently making or receiving spousal support payments and you feel you are either not receiving an adequate amount or that you are paying more than you should be paying or can afford to pay, consider seeking a modification to your spousal support order.

Reasons for Seeking a Modification to your Spousal Support Order

Any time there is a significantly changed circumstance that alters one party's financial needs or ability, that party may petition to the court to modify his or her spousal support order. Examples of circumstances that may be cited on such a petition include:

• The paying spouse being laid off or terminated from his or her job;
• The paying spouse becoming ill or injured and unable to work;
• The receiving spouse remarrying, which terminates his or her right to receive support;
• The receiving spouse taking a new job;
• The receiving spouse cohabitates with a new partner;
• The paying spouse remarrying and being unable to afford his or her previous payment amount;
• The receiving spouse completes his or her education or job training and can enter the workforce; and
• The receiving spouse stops attending college or job training as directed in the couple's divorce settlement as a stipulation of their spousal support order or fails to make an effort to obtain employment.

If you are unsure about whether your reason for seeking a modification qualifies you for a modification, speak with an experienced Cook County divorce lawyer. It is also important to note that either spouse's death automatically terminates their spousal support order.

The Spousal Support Modification Process

To modify your spousal support order, you need to file a petition with the court that ordered your original spousal maintenance agreement and prove that the circumstances present in either your life or your former partner's life have made your original obligation amount insufficient or too high. You can do this by providing evidence in the form of documentation of the changed circumstance.

Once you have filed your motion to modify the order, you must give your former spouse notification that you have done so. This is known as “serving” your former spouse. Once he or she has been served, he or she may respond by agreeing to the change or disputing it. If your former partner disputes your request for a change to your spousal support order, you will have to go to court to prove that a modification to the order is necessary. During this hearing, you and your former spouse may both present evidence to support your side. The court will then examine the evidence and arguments presented to determine whether to grant your request for the modification or not. Your lawyer can help you with this court hearing by gathering your evidence and discussing what to expect in the courtroom with you so you can adequately prepare yourself.

Work with an Experienced Cook County Family Law Firm

In the years following your divorce, a lot in your life can change. These changes can necessitate revisions to your original divorce settlement, which are known as post-decree modifications. If you have experienced a change in your life or in your former partner's life that has made it necessary for you to alter your spousal support order, work with an experienced Cook County divorce lawyer who can help you with this process. Contact the Law Offices of Donald J. Cosley today to schedule your initial consultation with skilled Rolling Meadows divorce lawyer Donald J. Cosley. During this consultation, he can answer your questions and help you gain a better understanding of how to proceed with your spousal support modification.

Illinois Child Removal and Relocation

Cook County Family Law Attorney

Life rarely keeps us in one place forever. New relationships, job opportunities, a desire to break out of an old routine, and familial responsibilities can draw us across state lines and even national borders. For an individual without a child, moving can be fairly simple. But if you are a parent who has a parenting time agreement in place, leaving your hometown might not be that simple. Your child has the right to a consistent relationship with both of his or her parents and if your move would disrupt his or her relationship with your former partner, the court might not permit you to make the move. In some cases, preventing a child from moving is in the child's best interest and in others, allowing him or her to move despite the way it might compromise his or her relationship with a parent is the best course of action. If you are considering moving with your child, whether your move is within Illinois or beyond its borders, speak with an experienced family law attorney about the process of obtaining permission from your former partner and if necessary, the court. The distance of your proposed move determines whether you need to obtain permission to move. Other factors, such as how the move would impact your quality of life, determine whether your request is approved.

2016 Changes to Illinois Family Law

Previously, Illinois parents who wanted to move out of state with their children were required to obtain permission from their former partners to do so, regardless of the distance of the move. If a partner did not grant permission, the parent needed to obtain permission from the court. In-state moves required no such permission. This created a framework where it was possible for a parent to make a substantial, hundred-mile or more move without permission, as long as the move was within the state of Illinois, but that parent would need to obtain permission to make a small move just over the border into Indiana or Wisconsin.

In 2016, the law changed to amend this. Now, whether a parent needs permission to move with a child or not depends solely on the distance of the move, rather than whether it involves leaving the state. Parents in DuPage, Lake, Cook, McHenry, Will, and Kane Counties are permitted to move to any location within 25 miles of their current hometown without permission from their former partner or the court. Parents in all other counties are permitted to move up to 50 miles without permission.

Moving Out of State with your Child

If you are considering moving out of state with your child, you will need permission from his or her other parent to do so. If your former partner consents to the move, you can make it with a copy of this written consent. If not, you will need to work with your lawyer to petition to the court to override his or her refusal to allow the move.

In your petition, you need to prove to the court that moving would be in your child's best interest. The primary way to demonstrate this is to show the reason why you want to move out of state. Reasons that are considered to be "good reasons" for a parent to move out of state with his or her child include:

• Seeking critical medical treatment he or she cannot receive locally;
• Moving to take care of an injured, ill, or elderly loved one;
• Leaving an abusive or dangerous home;
• Moving for a higher-paying job that would provide a better quality of life for the parent and the child; and
• Moving for an educational opportunity for the parent or the child that would provide them with a better quality of life immediately or in the future.

Wanting to move to spite the other parent, a desire to simply live in a new environment, or moving to be with a new partner after a short period of time together are generally not acceptable reasons to move a child beyond the permitted 25 or 50 miles.

Work with an Experienced Cook County Family Law Firm

If you are considering filing for divorce or moving out of state with your child, seek legal guidance and representation from an experienced Rolling Meadows family and divorce lawyer. Donald J. Cosley of the Law Offices of Donald J. Cosley can help you work through the family law issue you are facing. Contact our law firm today to schedule your free legal consultation.

Watch Out For DUI Checkpoints During Summer Holiday Weekends

Rolling Meadows Criminal Defense Lawyer

Summer is officially here and many cities in the greater Chicago area have been ensuring these fun weekends are safe for everyone by conducting roadside checkpoints, also known as DUI roadblocks. The checkpoints require all passing cars to stop their vehicle and speak to an officer. Your legal rights at these checkpoints differ from those of a regular traffic stop, so it is important to know your rights and responsibilities when stopped, as well as if you have been arrested at a checkpoint for suspected driving under the influence.

Are DUI Checkpoints Legal?

DUI checkpoints were authorized under Illinois law in 1985. The general rule for police stops or “search and seizures,” as such stops are recognized in federal constitutional parlance, is that a police officer needs at least “reasonable suspicion” to pull a person over and question them. Checkpoints are controversial because the officers do not need reasonable suspicion, but rather, will stop vehicles and question them without any suspicion at all. The United States Supreme Court held that DUI checkpoints are constitutional in Michigan v. Sitz, finding that their importance for the safety of drivers outweighs any possible inconvenience to drivers. There are many circumstances, however, where a checkpoint may be outside the bounds of the law and you may be entitled to a legal defense if you were arrested at such a stop. Consider:

• Vehicles selected at the checkpoint stops must be random and be part of a sequence (police cannot arbitrarily decide to pull over a beat up car or a car driven by a person of a certain ethnicity or age- it must adhere to a pattern such as every other car or every fifth car).
• Officers cannot perform sobriety/breathalyzer tests on every occupant of every vehicle. While the officers do not need reasonable suspicion to make you stop at a checkpoint, they do need reasonable suspicion to undertake those types of testing.
• This is not a general crime prevention stop. Consider a fleeing bank robber who is on the run—officers generally cannot set up a roadblock and make cars stop to help find the escapee, though in certain extreme circumstances, this may be permissible.
• Officers may be able to invoke the “plain view doctrine” on a checkpoint stop. This means that if you have drugs, alcohol, or contraband clearly visible at the time you are pulled over, the officers may seize the materials and arrest you even without a search warrant.

If the police fail to follow the specific rules for DUI checkpoints, your criminal charges may be dismissed. When police officers act outside of the bounds of the federal and/or state constitution, such as extending a checkpoint stop into an unlawful search, the state loses the right to use any collected evidence against you.

What If I Was Arrested at a DUI Checkpoint?

If you have been arrested at a traffic stop, you have legal rights. Illinois is one of few states that can compel a suspected intoxicated driver to take a blood test if they will not submit to a breathalyzer test on the road under the “no refusal” initiative by the National Highway Traffic Safety Administration. However, you are generally under no legal obligation to speak to an officer, submit to a sobriety test, or submit to a breathalyzer test. Beware of officers offering you “deals”—lessening charges, promising not to arrest you if you just take the test. These are non-enforceable promises that can be deemed as police misconduct. Police officers make the arrests—it is up to the prosecutors to decide whether charges are brought against you and if so, what those charges will be. Police do not have a say in that matter.

Contact Our Rolling Meadows, Illinois Criminal Defense Attorneys

If you find yourself facing criminal charges after being stopped at a DUI checkpoint, it is important to hire an experienced Rolling Meadows criminal defense lawyer right away. Once you are arrested, you have the right to speak with an attorney and whenever you are interrogated, you have the right to remain silent. Rolling Meadows attorney Donald J. Cosley will take the time to explain all of your legal options in a way that you understand. He will advocate for lesser charges, lighter sentencing, and dismissal of all charges when possible. Attorney Cosley works hard to ensure that one mistake will not define the rest of your life. To learn more about how to preserve your legal rights following an Illinois drunk driving charge, call 123-456-7890 for a free consultation today.