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February 2016 Archives

How can forensic accounting help in divorce?

Forensic accounting is a useful tool for any individual that finds themselves in a high asset divorce. Accountants that specialize in this type of financial discovery can use a wide variety of resources to uncover financial aspects that may significantly impact a marital settlement agreement. Many times, divorce attorneys that offer representation to high net worth couples, work with forensic accountants to make the process of discovery both comprehensive and efficient.

Communication is key if it's not in writing

Most of us don't plan on divorce, but unfortunately that is exactly how a huge number of marriages end. While every divorce has its complications, divorces involving children are quite a bit more involved and usually, quite a bit more emotional. It is for this reason, that it may be easy for divorcing parents to overlook key components of family issues such as child support. For divorced parents, working through child support issues that went unaddressed during the divorce, takes a great deal of patience and communication.

Does collaboration set you up for failure?

The idea of a collaborative divorce may sound like a peaceful alternative to its otherwise messy counterpart. However, before signing up for a collaborative approach to your divorce, it is important to understand that for some, the idea of a peaceful dissolution of marriage may be attractive only in theory.

Are my finances on lock-down during divorce?

During a marriage, anything spouses do not legally identify as separate or individual property, is considered marital property. In the event of divorce, all marital property is subject to division. For spouses, the entire process of divorce and property division places somewhat of a hold on their finances. Understanding what this means and the implications it may have can be confusing. Fortunately, this financial stay is only temporary and can be better explained by an attorney.

Few family law topics are as heated as custody

It is quite common for struggling spouses to stay in a bad marriage for their children. While this decision it may not be for the best, it does highlight just how important our children are to us. For those couples that do proceed to divorce, the fear of damage to their children can make the issue of child custody an intensely heated one. Every divorcing parent has unique reasons for requesting a certain custody arrangement. However, it is important for these parents to understand that their greatest weapon during these battles may not be their reasons, but an attorney there to support them.

What is the modification review process for child support?

For many divorced parents, child support is an important source of income that is counted on to cover expenses relating to their children. However, occasionally a parent's situation may change, and what was once an adequate amount of child support may no longer be enough to make ends meet. The state of Illinois offers divorced parents the ability to modify child support through a modification review process.

Remember to run your credit report during divorce

Most couples are worried about the financial impact a divorce may have on them. In fact, even though money is a major arguing point during a marriage, it can be an even greater subject of contention during a divorce. Unfortunately, if you did not have a watertight prenuptial agreement, losing out financially may simply be a part of your divorce. Not only are you losing a spouse, but depending on how you handle your financial disclosure, you may lose out on a whole lot more.

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Goddard & Malmquist

Goddard & Malmquist
1250 South Grove Avenue
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Barrington, IL 60010

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