Assets difficult to value make divorce property division tricky

Illinois couples know that putting a monetary value on all of their possessions can be difficult. When done during a divorce, this task is almost impossible. Some assets, however, can be more problematic than others due to their nature. In order to split a married couple’s assets during a divorce, everything that is marital property must be valued and divided in some way. This even split can be modified by an agreement, but generally there is no escaping the valuation stage. For stock options and restricted stock, thisContinue reading

Court requires divorced dad to pay daughter’s tuition

On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, March 19, 2014. Some Illinois residents who were following a divorce settlement case in New Jersey may be interested to learn that the father’s appeal has been declined by the appellate court. This decision affirms that of the original trial court, which ruled that the father in this case would be obligated to pay $112,500 for his daughter to attend Cornell Law School. According to the terms of the original divorce agreement he signed with the mother, both parents would beContinue reading

Executive’s finances disclosed in divorce dispute

On behalf of The Walters Law Group, Ltd. posted in Child Support on Monday, March 17, 2014. Chicago residents may be familiar with Peter Orszag, the Citigroup executive who attracted media attention some years ago after his affair with a Greek shipping heiress was revealed. Orszag is presently involved in a child support dispute with his former wife whom he divorced in 2006 after nine years of marriage. She is seeking to have Orszag’s payments to their children amended in order to conform to his recent salary increases. As part of her case, sheContinue reading

ACA helps take health insurance issue out of divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Thursday, March 13, 2014. Going through the process of getting a divorce can involve many difficulties and life changes. Now, Illinois residents looking to get a divorce may have one less barrier standing in their way. Before the Affordable Care Act became effective on Jan. 1, obtaining health insurance was often tied to employment benefits. When only one spouse in a married couple was working, there was a very real fear that after a divorce, it would be difficult toContinue reading

Beyonce’s father gets cut in child support

On behalf of The Walters Law Group, Ltd. posted in Child Support on Monday, March 10, 2014. Chicago fans of Beyonce Knowles may want to know about legal issues her father is facing. Mathew Knowles was recently granted a reduction in child support for his minor child by the Los Angeles Superior Court. Knowles, who has a minor child with an actress, was originally paying $12,000 a month for child support. He had earned some money playing a few small parts in television shows and playing a role in the movie “Baby Boy”Continue reading

Dealing with pets during divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, March 7, 2014. Illinois couples who have decided to call it quits may anticipate a battle ahead regarding their marital home and retirement accounts. However, they may not be prepared to fight over their dog or cat. According to a recent survey by the American Academy of Matrimonial Lawyers, 27 percent of family law professionals have reported an increase in cases involving pet disputes over the last five years. In some cases, the issue is who will have “custody” of theContinue reading

Preparing for college during divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, March 5, 2014. Illinois is a state with several prestigious universities. As such, parents who are planning to divorce may wonder how the proceedings can affect their children’s future college educations, especially where the children too young to be making college plans. There are a few helpful tips that can help divorcing parents ensure that college expenses do not become an issue when the time comes. At the outset, parents should negotiate college expenses as part of the divorce settlement regardlessContinue reading