Getting divorced means addressing multiple complex issues, including the division of marital assets and debts. For some couples, asset division is a straightforward process. However, the greater a couple’s complex and high-value assets, the more complicated asset division during divorce becomes.

If you or your spouse own stock options or restricted stock and you plan to divorce, it is important to understand how these unique assets are typically dealt with. Educating yourself is a great first step in protecting your financial interests during divorce and avoiding costly mistakes. Additionally, make sure to work with a skilled divorce lawyer experienced in complex property division matters.

Are Stock Options and Restricted Stock Considered Marital Property?

Marital property belongs to both spouses and typically includes any assets or debts acquired during the marriage. Non-marital property belongs solely to one spouse. The first step in addressing stocks in a divorce is determining ownership of the stock assets. Per Illinois law, stocks options, restricted stock, and similar benefits granted to a spouse during the marriage are considered marital property – regardless of whether the stock was vested or non-vested.

Divorcing spouses must address many issues, including parenting and child support issues, the division of property and debt, and spousal maintenance. Ideally, divorcing couples will be able to reach an agreement regarding the terms of their divorce. Agreements save divorcing spouses time, energy, and money when compared to having to litigate contested issues. However, most couples need some help to reach an agreement about how to resolve their divorce. Family law mediation or divorce mediation is an alternative resolution method that may help spouses reach agreements on unresolved divorce and family law issues.

Determining the Terms of the Divorce in a Cooperative Manner

If you are in the beginning stages of divorce, you may feel trepidations. There are many major decisions to be made. Determining who will keep the family home or how you will divide parenting time with your children can be difficult under the best circumstances. Figuring these issues out with someone you are in the middle of divorcing is even harder.

Mediators are trained in conflict resolution strategies. A divorce mediator can sit down with you and your spouse and help you reach a decision.

Getting engaged to be married is an exciting time in a person’s life. If you are like many newly engaged individuals, you may be interested in signing a prenuptial agreement, but you do not know how to bring it up with your partner. You may have concerns about how he or she will feel about the idea. This is understandable. Most people misunderstand the purpose of a prenuptial agreement or assume that prenups are only needed if the couple doubts the longevity of their marriage. However, more and more people are realizing that these myths are untrue. Signing a prenuptial agreement can greatly benefit both spouses in a variety of ways. Read on to learn more.

Evaluate The Possibility of a Prenuptial Agreement Together

Many partners are surprised and offended if their significant other brings them a prenuptial agreement and says, “Sign this!”  A better approach may be to investigate the potential benefits of a prenuptial agreement together as a couple. Take some time to read through information about prenuptial agreements in Illinois and the benefits they offer. Many family law attorneys are seeing an increase in prenuptial agreements – especially among younger couples. Evaluate the pros and cons of signing a prenuptial agreement and consider why these legal tools are becoming more popular.

Genuinely Listen to Your Partner’s Concerns

You partner will likely have questions and concerns about what a prenup means for your future. Listen to your partner's concerns without interrupting. Genuinely consider his or her perspective. Your partner may have good ideas that you have not yet considered. Explain that prenuptial agreements should benefit both parties and consider how you can ensure that the document provides ample protection to both partners. Prenuptial agreements can be customized to fit your needs. You do not need to utilize a one-size-fits-all approach that leaves one or both partners unhappy.

 Ending a marriage requires the spouses to address multiple financial issues. Most couples need to determine who will keep the marital home, vehicles, furniture, and other property. They may also need to divide bank account balances, retirement funds, business profits, and other assets. Financial issues such as these are especially consequential in a high-asset divorce case.

However, for spouses or the court to determine a reasonable division of assets and liabilities, they must have a full accounting of assets and debts. Unfortunately, some spouses lie about property or income during divorce. They try to hide assets to shield them from division or fabricate financial information to lower their child support or spousal maintenance obligations. If your spouse is being less than forthcoming about financial information in your divorce, forensic accounting may help.

Uncovering the Truth When a Spouse Lies About Finances

The complexity, expense, and frustration of a divorce is often directly related to the spouses’ ability to cooperate with divorce proceedings. A crucial component of the divorce process is financial disclosure. When a spouse tries to manipulate the outcome of the divorce by concealing assets, undervaluing assets, or hiding income sources, the forensic accounting process may help reveal the truth.

As parents age and children become adults, sometimes the parenting roles flip, and an adult child takes on a caretaking role for his or her parents. Age-related cognitive decline, Alzheimer’s disease, dementia, and physical disabilities can leave an older person unable to care for themselves. If your parent is suffering from a physical or mental disability, you may be curious about seeking guardianship.

Guardian of an Adult in Illinois

Guardianship is a legal tool that gives control of a person’s personal affairs and/or finances to someone else – often a relative of the disabled person. The Illinois probate court recognizes several forms of guardianship: “Guardian of the person” gives a responsible adult control over the ward’s personal and healthcare decisions. “Guardian of the estate” gives the person control over the ward’s finances.

Often, guardianship is needed because an elderly person cannot make sound decisions and/or keep themselves safe. Limited guardians can make decisions about specific concerns but do not have full control over the ward’s personal or financial affairs. A plenary guardian has the authority to make any and all major decisions about healthcare and/or finances. The same person may act as guardian of the estate and guardian of the person or different people may fill these roles.