Tag Archives: property division

Cryptocurrency Difficult to Find, Value During DivorceMarital assets in a divorce can be intangible properties that hold great value, particularly in a high-asset divorce. Cryptocurrencies, such as Bitcoin, are a modern example of an intangible financial asset. Most divorces do not have cryptocurrencies because owners typically must have a combination of technological savvy and individual wealth. The value of one Bitcoin has hovered around $10,000 for the past few months. Owning cryptocurrency can make the division of property more complicated. You may need to hire a financial professional with knowledge of cryptocurrency and how it applies to divorce laws.

Hidden Asset

Cryptocurrencies are a decentralized and unregulated form of digital currency that originated in the past decade. The lack of a central bank or government oversight creates the risk that a divorcee could hide part of their assets by:

  • Using them to purchase cryptocurrency; and
  • Hiding the cryptocurrency in hard-to-find accounts.

You can trace most cryptocurrency transactions through digital records, but doing so may require a forensic accountant with experience investigating digital transactions. A divorcee may be able to cover their tracks by conducting transactions in person and erasing the digital evidence. Finding cryptocurrency during a divorce may continue to be a problem until there are greater regulations on the market.

Continue reading

How Bonuses, Commissions, and Stock Options Are Treated During DivorceThe income you earned before you filed for divorce is considered marital property, which is part of the division of property. Your income after your divorce is used to calculate child support and spousal maintenance but is otherwise yours to keep. The structure of your pay has little consequence on your divorce if you receive a straightforward salary or hourly wages. With other forms of compensation, the timing of your divorce could determine whether your spouse can claim a portion of that income:

  1. Bonuses: In most cases, a work bonus qualifies as marital property if you received it before you filed for divorce. You must make sure that your spouse does not double count the bonus by claiming it as marital property and including it as part of your income when calculating support. An exception may be a bonus with a clawback provision, which states that you must return the bonus if you are no longer with your employer before a set date. You could argue that you should not include the bonus in the division of property because you could lose it. If it is part of the division of property, you should include a section in your agreement stating that your spouse must repay their share of the bonus if you are forced to return it for reasons beyond your control.
  2. Commissions: Some employees receive a commission for work completed in place of or in addition to their salary. If you know that commission pay is coming, you can try to file for divorce in advance so that it is not marital property. However, your spouse may argue that the commission is marital property because you completed the work related to the commission while you were still married. If you cannot agree with your spouse, a divorce court will need to decide whether the commission is marital property.
  3. Stock Options: Illinois divorce law states that stock options that you receive during your marriage are assumed to be marital property, regardless of whether they are vested or if you know their actual value at the time of the divorce. A divorce agreement can set a provision that you will pay your spouse a share of these stocks when you exercise your option on them. Stock options are not marital property if they were a gift or part of an inheritance, which does not apply to stock options you received through work.

Contact a St. Charles Divorce Attorney

Much of your negotiating during divorce will focus on identifying your marital properties, determining their value, and dividing them between you and your spouse. A Kane County divorce lawyer at Goostree Law Group can ensure that your division of property is accurate and meets your needs. To schedule a free consultation, call 630-584-4800.

Source:

Continue reading

Financial Mistakes to Avoid During Your DivorceIt is easy to think of a divorce settlement in terms of winners and losers. You may feel like you won the negotiations if you obtained most of the marital properties you wanted and secured favorable support payments. However, there is more to a divorce settlement than the initial financial totals:

  • Property ownership can come with additional expenses;
  • Some properties have more potential for growth; and
  • How support payments are structured can favor one side in terms of taxes.

You need to take a broad perspective of the financial consequences of your divorce settlement.

Pursuing Your Home

Continue reading

Spouse May Be Hiding Income in Own BusinessOne challenge in negotiating a financial settlement in a divorce can be trying to figure out your spouse‚Äôs true worth, as compared to what he or she claims. Understating your income and assets gives you an unfair advantage when determining the division of marital property, child support payments and spousal maintenance. In particular, people who are self-employed or own a business are capable of artificially deflating their personal worth. Spouses may think they are savvy when they find ways to understate the value of their businesses or themselves. However, the other spouse would see it as dishonest and manipulative. You must be aware of the ways people can take advantage of their self-employment during a divorce.

Manipulating Finances

When people are self-employed or run a business, their personal and professional assets and expenses often mix. As their own boss, they have the ability to:

Continue reading

Reasons to Sell or Keep Your House During a DivorceHouse ownership can be difficult to negotiate during a divorce because it is one of the most valuable properties in a marriage. In Illinois, marital property is equitably divided during a divorce, which means it is split fairly but not always evenly. In many cases, one spouse keeps the house, while the other spouse receives compensation through money or other assets. Spouses can also choose to sell the house and divide the proceeds. There are advantages and disadvantages to selling a marital house.

Reasons to Sell the House

  • When you sell the house, you have an actual monetary value for it instead of an estimated value. Knowing the actual value can help in negotiating an equitable division.
  • If you cannot agree on ownership of the house, selling it may be the only way you can reach an agreement. When negotiations are at an impasse, the court will decide how to divide the value of the house and may order you to sell it anyway.
  • While you shared the expenses when married, owning the house individually shifts the mortgage, utility, maintenance and property tax costs to you. Your ability to afford the house may depend on the spousal support payments you receive.
  • If you want to keep the house, you may need to give up several other marital assets. Selling the house allows you to share its value, instead of having to compensate your spouse with other assets.
  • Depending on the volatility of your marriage, you may want to leave the house because of negative memories you have of it.

Reasons to Keep the House

Continue reading
Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 1770 Park Street, Suite 205
Naperville IL 60563

 630-364-4046

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

ovc
Contact Us