Finance (Photo credit: Tax Credits)

Too many people find themselves inadequately prepared when they decide, or their spouse decides to file for divorce . If you suspect that a divorce is in your future, it is important to take certain steps to protect yourself and your financial future, including the following:

1. Know your assets, liabilities and monthly living expenses.  Many people have no idea of their monthly living expenses, debts or assets. While the reasons vary from household to household, many never see their spouse’s paycheck, their income tax return even though they may sign it, or know the status of the household debt that has accrued.  Be proactive. Search for records and know the financial condition of your family.
2. Consult with and retain an attorney. An experienced Illinois divorce attorney, like those at the Law Offices of Elliot Heidelberger, can advise you of your legal rights and any potential complications prior to the divorce proceedings so that you are adequately prepared.
3. Have adequate cash on hand. All too often a spouse will go into a divorce without enough cash on hand to cover legal expenses, court fees, new housing, and therapist bills. If divorce seems to be on the horizon, it is highly recommended that you start saving as much cash as possible, as soon as possible, in order to cover these unexpected expenses.
4. Become aware of complete financial situation. Prior to divorce, it is incredibly important to understand the financial landscape of your family. You will want to determine all of your outstanding debts, including all individual debts, as well as all joint debts. You will want to know and understand the complete financial picture of your family, which includes knowing all credit card accounts, home equity lines, student loans, and any business debts.
5. Retain adequate financial records. You will want to retain and maintain easy access to all pertinent financial documents, such as credit card statements, mortgage bills, mortgage agreements, insurance policies, previous tax returns, wills, retirement plan accounts, and paystubs.
6. Establish accounts in your own name. Once it becomes clear that divorce is imminent, you should take proactive measures to establish financial accounts in your name alone, including checking accounts, credit cards, savings accounts, and retirement accounts. You may also want to take steps necessary to secure individual car insurance.
7. Adjust automatic deposits and payments. You will want to request that your employer re-route all of your payments into your individual accounts since joint accounts are generally considered to be part of the marital estate.
8. Ensure that housing payments will be met. If you have purchased a home with your spouse or you are both on the lease, you must determine who will continue making the mortgage or rent payments. Creditors, including mortgagors and landlords, expect to receive their payments regardless of your marital status or whether you are still living in the home. Even if you plan to move out, you are still responsible for at least half of the mortgage or rent payments so it is advisable to come to some agreement early on regarding who will continue making the housing payments.

If you suspect that divorce may in the future, it is crucial that you take proactive steps to protect your financial future. Chicago divorce attorney Elliot Heidelberger can help advise you about the financial preparations to take before, during, and after your divorce proceedings so that you can emerge from divorce in the best financial situation possible. Contact his office to schedule a free consultation to learn more about financial preparations for divorce.

(Photo credit: SalFalko)

If you are a business owner, it is important to take control over your finances and your business with careful planning. People never want to plan for a divorce, but when a business is involved, it is helpful to prepare for the worst and hope for the best. Advance planning when it comes to business issues and family law issues is never wasted – even if a divorce never happens.

Planning Before Marriage

Careful preparation begins with a well-drafted prenuptial agreement (or post-nuptial agreement if it is entered into after the couple has married). Premarital agreements are incredibly useful tools for business owners as they can address the unique needs of individuals and soon-to-be married couples. Moreover, prenuptial agreements can be used to protect other owners of the business, particularly in situations where a family business is involved.

Prenuptial agreements can also be used to prevent maintenance awards and to protect property acquired prior to the marriage, such as business assets, inherited property or property that is already designated for inheritance by someone other than the spouse (such as children from a previous marriage).

In addition to addressing property that was acquired before marriage, premarital agreements can be used to protect property and assets that couples anticipate receiving during a marriage, which can be particularly helpful if the business is expected to expand or increase in value in subsequent years.

Planning When Divorce Is Anticipated

When a couple divorces, the court will distribute assets based on an equitable division of all assets and debts in the marital estate, unless an agreement has been reached.  Business assets of one or both parties are included in the court’s division. Accordingly, business owners or their spouses should consult with an experienced Illinois divorce property division attorney, like those at the Law Offices of Elliot Heidelberger, well in advance of an anticipated divorce in order to the potential impact of the divorce on the business assets.

When business assets are subject to property division in a divorce, valuation is a key issue.  A variety of methods may be used to value the interest of each spouse in the business; the use of an inappropriate valuation method can have a detrimental effect on the property distribution.

When a professional practice (such as a medical practice or law practice) is involved, valuation of business goodwill becomes incredibly important. Valuation experts may use either enterprise goodwill or personal goodwill to value the worth of the business. Enterprise goodwill relates to the professional practice’s reputation and ability to succeed without any individual professionals associated with the practice; whereas, personal goodwill relates to a professional’s individual skill and reputation.  Enterprise goodwill is transferable to the value of the professional practice as a marital asset, but personal goodwill is not transferable as a marital asset.

Many divorcing business owners contemplate a buyout of the other spouse’s interest in the business in order to resolve the property distribution issues.  In a buyout, one spouse will purchase the other spouses interest in the business in exchange for cash or other assets.

The buyout option may not be appropriate in all situations, however, particularly in those cases in which a buyout would create a cash flow problem for the business going forward.  Accordingly, it is highly recommended that you speak to a skilled Chicago business divorce attorney, like the attorneys at the Law Offices of Elliot Heidelberger, to discuss the impact that an impending divorce could have on your business.

Contact our office to schedule a free consultation to learn more about the effects of divorce on your business.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs.heideldefaultcontent At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.heideldefaultcontent Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

Coordinating child visitation in Dupage County, like other places throughout Illinois, often requires ex spouses to work together, yet divorced couples would probably prefer not to see each other, ever again. When you have children, a certain amount of face-to-face time is inevitable. Examples include: Graduations, Weddings, School events, arranging summer vacation plans, the children’s birthday-parties, making sure homework is done, and more issues than could ever be covered in a court document.

Let’s just say that no matter how well ex-spouses and still-parents coordinate, there’s a good chance of teary phone calls, angry phone calls and exchanges of the children, all played out in front of, or within earshot of the children.

We can keep conflict at a distance by the use of electronic media. In today’s technologically efficient world, much of the conflict can be avoided by the use of email, twitter, facebook, text messaging and who knows what will come around tomorrow.

All parents potentially face these problems, not just the ones who were married to each other.

It’s not surprising that most people don’t see eye-to-eye with the person they left seething on a couples therapist’s sofa. If you didn’t get along with someone well enough to stay married, chances are you will probably disagree after you divorce.

People don’t want to talk to their exes. Sometimes its just the sound of their voice that gets them irritated. Parents can avoid that irritating, condescending, harsh, critical, etc. voice by using  e-mail,  sharing an online calendar and using one of numerous online apps. Check out GOOGLE CALENDAR, OUR FAMILY WIZARD and other apps.

When used properly, E-mail can take away the in-your-face aggravation and emotional side of  custody and visitation issues.

Such arrangements are increasingly necessary. Unlike the all or nothing result portrayed in the 70’s movie, “Kramer vs. Kramer”, when mothers won primary custody almost by default, today’s custody results recognize the importance of both parents significant involvement in their children’s lives. Almost all states now offer some kind of joint custody. Joint legal custody, in which parents share or split decision-making, is almost the norm. And while laws vary widely by state, joint physical custody, where children divide their time between their father’s and mother’s homes, is increasingly common.Court results are moving more toward being gender neutral.

Former spouses aren’t the only parties to see a benefit in keeping their communiqués limited to the keyboard. Technology has become so commonplace in divorce arrangements that it has become part of the formal legal process, a development divorce lawyers and judges applaud. Many joint custody arrangements will stipulate weekly Skype sessions between parent and child while apart.

Purchasing a cell phone for a child has its pros and cons. On the one hand it allows parents to contact their children directly, without having to hear that voice that they hate to hear. On the other hand, some parents abuse the privilege and use it to interfere with the visiting parent’s time with the children. When relationships deteriorate to the point of renewed legal action, courts are increasingly ordering ex-couples to work out their differences via technology. A new crop of online custody tools has been specifically designed to keep sniping parents at bay.

Where there is the will, there is a way. If one wants to quarrel even electronic messaging isn’t foolproof.

Electronic messages can be abusive or cooperative.  Humor, irony, sarcasm and even genuine kindness often get lost in the written word.  Not every nuance can often be missed in the written word. Often people just don’t respond to the messages sent from their X. Now, if technology could only find a solution for that.With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs.heideldefaultcontent At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.heideldefaultcontent Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

Tax preparation causes anxiety for almost everyone.  They can be particularly confusing and stressful for those who are divorced. Chicago divorce attorney Elliot Heidelberger has more than 45 years of experience helping clients with the myriad of financial issues involved with a divorce, including tax issues, alimony, child support, and the division of retirement assets, and the division of debts.

The tax issues associated with a divorce are complex and fact-specific, so it is highly recommended that you contact an experienced Illinois divorce lawyer like Elliot Heidelberger, but the following is a list of important things to remember as you deal with your taxes following a divorce.

In most cases, transferring property between spouses at the time of a divorce, including 401(k) accounts and stocks, does not have any income tax consequences. There are some exceptions, however, including transfers to trusts, transfers to third parties, and changes in the nature or use of the asset.

• Spousal maintenance, or alimony, is considered income to the receiving spouse and can be deducted by the paying spouse.
• Child support is not considered income to the receiving spouse, nor is it deductible by the paying spouse.
• Custodial parents are entitled to certain tax benefits, such as the child care credit and dependent exemptions. Allocation of dependent exemptions can be complicated when both parents share the children’s time equally. In these situations claiming the exemptions will often depend on the amount being paid for child support.  The filing status of the spouses changes at the time that the divorce is final, with the filing status of the year corresponding to the marital status on December 31. For instance, as a person prepares to file his or her 2012 taxes, the tax filing status will depend on whether or not the judge signed the divorce judgment on or before December 31, 2012. If you were divorced on any day during 2012, you will have a single filing or head of household status for the entire year. If, on the other hand, your divorce won’t be final until 2013, you can still file jointly as a married couple even if you are separated and going through the divorce process.

It is highly recommended that individuals be proactive about tax and financial planning issues when going through a divorce. Chicago divorce attorney Elliot Heidelberger can help advise you about the tax and financial consequences of your divorce so that you can be deal with them properly. Contact his office to schedule a free consultation to learn more about tax preparation following a divorce.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs.heideldefaultcontent At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.heideldefaultcontent Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

Managing Holidays after a Divorce

It’s that time of year again. When Thanksgiving arrives in just a few days, it will usher in the mad rush of the holiday season. The holidays can be stressful for anyone, but they can be particularly stressful for divorced parents. Parents often share holiday time per their visitation schedule, but changes often arise and extended family often wants time with the children which can further complicate matters.

Oftentimes, parents will allocate holiday time with the children according to an every-other-year schedule whereby one parent spends time with the children on the even-year holidays and the other parent gets the odd-year holidays. Alternating holidays can eliminate planning challenges, but it also means that every other year you will not have time with your children on the holiday. Other families split the holiday, which can lead to planning challenges and a packed schedule, but is also ensures that each parent gets time with the children on the holiday.

It is possible for divorced parents to survive the holidays – and to even enjoy the holidays – regardless of the holiday visitation arrangement. The following is a list of suggestions on ways that divorced parents can manage the holidays with minimal stress and maximum enjoyment:

1. Remember that children need downtime. Try to avoid over-scheduling the holidays and allow your children time to rest and enjoy their time with you.
2. Share as much information as possible with your former spouse. For example, if you are traveling, exchange flight information, hotel contact numbers, and specific departure/return times. A brief email or phone call can go a long way in eliminating confusion and misunderstandings.
3. Focus on your children and their enjoyment of the holidays. Encourage them to enjoy their time with the other parent, as well.
4. Remember that time is more important than money. Divorced parents often face financial difficulties, but children benefit more from spending time with you than any gifts you could buy them.
5. Avoid the tendency to use the holidays as a competition with your former spouse.
6. Plan as much as possible, but be prepared for a change in plans.
7. Consider a joint celebration with your former spouse. Many spouses are emotionally unable to spend time with their former spouse, but in some cases, divorced parent are able to come together – for even a brief period of time – to spend the holidays with their children together. If this is possible to spend time with your former spouse without adding undue stress on the children, divorced parents should seriously consider working out a joint holiday schedule.
8. If plans go awry, try not to get frustrated and angry. Just remember what worked and what didn’t work when planning next year’s holiday schedule.
9. Be firm with extended family. Grandparents and other extended family often have a difficult time understanding that the family dynamic has changed and that plans need to change accordingly. By being firm with your extended family about your holiday plans well in advance of the holidays, you can help eliminate any hurt feelings.
10. Establish new traditions. Your family has changed, and your holiday celebrations will need to change too. It is time to create new memories and traditions.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs.heideldefaultcontent At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.heideldefaultcontent Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

Retirement (Photo credit: 401(K) 2012)

Asset valuation and property division is a complex part of any divorce, but the issues associated with income and asset valuation can be further complicated when high net worth couple decides to divorce or the divorce involves a complex marital estate. In these situations, valuation experts are often called in to assist our highly skilled legal team with property division and asset valuation.

The following are just some of the tricky valuation issues that can arise in complex marital estates. The Chicago area high net worth divorce attorneys at the Law Offices of Elliot Heidelberg are have considerable experience advising high net worth clients with complex marital estates with respect to property division and other divorce issues.

Business Valuation Issues

When one or both of the divorcing spouses is a business owner, the business assets are subject to property division in a divorce and proper valuation of the business is imperative.  A variety of methods may be used to value the interest of each spouse in the business and the use of an inappropriate valuation method can have a detrimental effect on the property distribution.

When determining child support or spousal support, a spouse’s income comes into play and valuation issues can also arise with respect to phantom income. Phantom income is essentially pass-through business income that must be reported on an individual’s taxes even though the individual may not have actually received the cash. For instance, if a partnership has profit of $100K and an individual owns 50%, there is $50K of income even though the individual may not have received a distribution in the amount of $50K.

In these situations, a business owner may try to deny earning such income and it is important for a divorce attorney and valuation analyst to review all financial documents in order to discover any phantom income.

Retirement Accounts

If the investment assets are held in retirement accounts, a court may use a Qualified Domestic Relations Order (QDRO) to divide and distribute retirement funds before retirement age, at the time of divorce. Doing so will allow a transfer of a portion or all of the retirement account, without being taxed or penalized, to the other spouse.

The valuation and division of investments and retirement accounts can have a significant tax impact, and it is important to consider the practical consequences of a proposed property division.

Hidden Assets

Hidden assets frequently come into play during the divorce of high net worth clients and those with complex marital assets, such as a small business or real estate investments.  Unfortunately, all too often, spouses rely on the other spouse to be truthful with respect to financial issues, but this is frequently not the case.  For instance, one spouse may hide the true extent of his or her earnings during the marriage, the existence of certain assets, or the incurrence of marital debt.

Along with property division forensic analysts, our knowledgeable Chicago property division attorneys will undergo a comprehensive examination of financial and business documents in order to ensure an accurate property and asset valuation.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs.heideldefaultcontent At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.heideldefaultcontent Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

(Photo credit: Jewellery Monthly)

Health insurance is a top concern for many Americans. Medical coverage is just one of the many financial matters that continue to have lasting implications even after a divorce is finalized. Divorcing couples often have questions about the impact of divorce on health insurance coverage, particularly when one of the divorcing spouses was on the other spouse’s health insurance plan.

How Divorce Affects Health Insurance Coverage

Oftentimes, spouses and families receive health benefits through one of the spouse’s employee health plans. As a result, when the spouses divorce, the health coverage of the family is affected. Fortunately, divorce settlements can stipulate how to treat health benefits for the children once the divorce is finalized. Dependent children generally continue to receive health coverage after the divorce. However, the spouse who does not carry the coverage will not be able to continue coverage on the same policy once the divorce is final. It is important to consider the impact of a divorce on health coverage prior to divorce so that the spouse who will lose health coverage can make the necessary preparations.  It is imperative that no one be dropped from coverage until the divorce is  final.

How to Ensure Continual Health Coverage

If a spouse will lose health coverage through his or her ex-spouse’s insurance plan, it is important to take the appropriate steps before the divorce is finalized in order to retain health coverage. If the spouse wishes to retain coverage through his or her ex-spouse’s employer-sponsored health plan after the divorce, he or she must use COBRA protection laws. Under COBRA, spouse who has lost coverage can maintain health coverage at a higher rate for a certain period following the divorce.

If a divorcing spouse does not wish to use COBRA to maintain health coverage, he or she may be able to obtain health benefits through his or her own employer. To do so, a divorcing spouse should notify his or her HR department as soon as possible after the filing of the divorce.

If COBRA is not an option for the divorcing spouse, they will need to purchase an individual health benefits plan. There are a number of benefit plans and options available so it is best to allow time to carefully examine all possible alternatives.

Additional Considerations

Once a couple has decided to end the marriage, he or she should  begin to check out their options for coverage once the divorce is finalized. Entering into a legal separation , instead of a divorce, may not protect the existing coverage. Some insurance companies treat legal separation in the same way as a divorce, so the uncovered spouse should make sure to review the insurance policy before considering legal separation as an option.

At the Law Offices of Elliot Heidelberger, our skilled Illinois divorce attorneys focus on helping clients manage the many personal, legal and financial implications of the divorce, including post-divorce matters like healthcare coverage.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs. At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.  Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs.heideldefaultcontent At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.heideldefaultcontent Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

(Photo credit: xopherlance)

The costs of child care are staggering – and on the rise. According to a recent report from Child Care Aware of America, the annual costs of infant child care increased approximately 2 percent last year and the cost of providing care of a four-year-old increased by more than 4 percent. In fact, according to this CNN article, child care is by far the largest household expense for most parents and Illinois is among the top five least affordable states for infant child care.

Other data revealed by the Child Care Aware of America report include the following:

• In some cases, the yearly cost for infant care rose by much as $15,000.
• In some cases, the yearly cost to care for a 4-year-old rose by as much as $11,700.
• In half of all states, the cost of providing child care for one child exceeded the annual median rent payments.
• The cost of child care for two or more children exceeded the annual median rent payments in all 50 states.
• In 35 states, the cost for full-time infant care exceeded the cost of in-state tuition and college fees at a four-year university.

The rising costs of child care have, undoubtedly, put a strain on many parents’ budgets, not the least of which are the budgets of divorced parents. Since child support is established by court order, increases often burden the custodial parent. In the event that child care costs increase substantially, the custodial parent may request a modification to the child support order but modifications take time to take effect.

How to Request a Modification of Child Support due to Increased Child Care Costs

If you have an experienced an increase in child care expenses, you may wish to consult with an experienced Illinois child support attorney like those at the Law Offices of Elliot Heidelberger.  Our Chicago area child support attorneys have considerable experience representing clients with requests to modify child support, child custody or visitation arrangements.

A child support arrangement may be modified if there has been a “substantial change in circumstances,” such as a significant increase in child care expenses.  The receiving parent may request an increase in child support payments if specific thresholds are met.  The court will consider all circumstances surrounding each request for child support modification.

Many parents make the mistake of agreeing to a child support modification to cover additional child care expenses without the approval of the court.  Once a child support arrangement has been established, only a judge can modify the existing order and the child support arrangement remains in effect until the judge approves the modification order. Not only is court approval required, but court approval may also, in some situations, apply any increases in child support arrangements retroactively.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs.heideldefaultcontent At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.heideldefaultcontent Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

Money (Photo credit: 401(K) 2012)

Asset valuation and property division are complex elements of any divorce.  The issues associated with income and asset valuation can be further complicated when the couples assets are part of  a complex marital estate. In these situations, valuation experts are often called in to assist our highly skilled legal team with property division and asset valuation.

The following are just some of the tricky valuation issues that can arise in complex marital estates. The Chicago area high net worth divorce attorneys at the Law Offices of Elliot Heidelberg are have considerable experience advising high net worth clients with complex marital estates with respect to property division and other divorce issues.

Business Valuation Issues

When one or both of the divorcing spouses is a business owner, the business and its assets may be subject to division, making a proper valuation of the business and its assets imperative.  A variety of methods can be used to establish the fair market value of the business.  The use of an inappropriate valuation method can have a detrimental effect on the property distribution.

Phantom Income

When determining child support or spousal support, it is imperative to know the actual amount of each spouse’s income.  There are several situations where W-2, 1099 or other reported income does not truly reflect the amount of spendable income received by a spouse.

Phantom income is essentially pass-through business income that must be reported on an individual’s tax return, even though the individual may not have actually received the cash. For instance, if, after salaries are paid,  the business has a profit of $100K and $50K is not distributed to the owner, the owner may still have to declare $100K of income for the year.

In these situations, a business owner may try to deny earning such income and it is important for a divorce attorney and valuation analyst to review all financial documents in order to discover the income available to the business owner.

Retirement Accounts

If the investment assets are held in retirement accounts, a court may use a Qualified Domestic Relations Order (QDRO) to divide and distribute retirement funds before retirement age, at the time of divorce. Doing so will allow a transfer of a portion or all of the retirement account, without being taxed or penalized, to the other spouse.

The valuation and division of investments and retirement accounts can have a significant tax impact, and it is important to consider the practical consequences of a proposed property division.

Hidden Assets

Hidden assets frequently come into play during the divorce of high net worth clients and those with complex marital assets, such as a small business or real estate investments.  Unfortunately, all too often, spouses rely on the other spouse to be truthful with respect to financial issues, but this is frequently not the case.  For instance, one spouse may hide the true extent of his or her earnings during the marriage, the existence of certain assets, or the incurrence of marital debt.

Along with property division forensic analysts, our knowledgeable Chicago property division attorneys will undergo a comprehensive examination of financial and business documents in order to ensure an accurate property and asset valuation.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger, P.C.  have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs. At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.  Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.

Although child support, child custody and visitation arrangements are established by court order, the success of these arrangements depends on the cooperation of both parents. A workable co-parenting plan can go a long way in facilitating a positive child custody and visitation arrangement. It is important for parents to remember that a workable co-parenting plan can be incredible beneficial for the child(ren) affected by the plan since can facilitate stability and reliability.

No One-Size-Fits-All Parenting Plan

There are several things that parents should consider when devising a co-parenting plan. It is important that parents remember that there is no one-size-fits-all approach to co-parenting plans. Each family and each child is different and the individual needs of the child should always take precedence over the parents’ desires.

Calculating Parenting Time

Parenting time is calculated based on days, overnights, or hours that each parent has with the child. Parents often become embroiled in bitter disputes when they focus on the quantity of time, rather than the quality of the time and the best interests of the child. Children, particularly young children, thrive on consistency and stability. Nonetheless, circumstances often change and a modification of the co-parenting plan may be necessary.

Parenting Plans for Young Children

Child psychology experts are abandoning the “tender years” doctrine, which supports the theory that young children are better off with their mother, in favor of the “best interests of the child” approach. Recent research shows that children are able to form multiple attachments to multiple caretakers and that children are best served when they are able to form strong relationships with both parents.

Parenting Plans for Teens

As children get older and begin to exercise more independence, many parents believe that teens should have more say in the parenting plan, including where the teen spends the majority of his or her time and how much time the teen has with the noncustodial parent. Recent research shows, however, that while teens want to be consulted with respect to the parenting plan, many children feel uncomfortable with having the final say about parenting decisions.

Accordingly, parents may consider discussing the possible options with their teens, and they should take these opinions into account, but parents may also want to seek the input of other sources, such as mediators or parenting plan coordinators, if they cannot come to an agreement regarding a co-parenting plan.

Consult with a Knowledgeable Family Attorney

The Law Offices of Elliot Heidelberger has considerable experience representing clients in connection with child-related family law issues, including co-parenting plans, child support, child custody and visitation.

With more than 50 years of experience helping people deal with the complex emotional, legal, and financial issues associated with family law, the attorneys of the Law Offices of Elliot Heidelberger have become one of the leading family law and divorce law firms in Chicago and its northwest suburbs.heideldefaultcontent At the Law Offices of Elliot Heidelberger, we have handled hundreds of child custody and visitation cases and can provide knowledgeable counsel and experienced legal help.heideldefaultcontent Contact the experienced family lawyers at the Law Offices of Elliot Heidelberger at (630) 289-4000, (847) 289-4000, or (312) 443-8003.