The Law Offices of Van A. Schwab
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January 2013 Archives

Property division matters can be complex for couples with high-value assets

Chicago readers may be interested to hear that actress Ashley Judd and her husband, race car driver Dario Franchitti, have decided to part ways. The couple was married for a little more than a decade. Because of the couple's successful careers, they may encounter challenges when it comes to property division, as is the case for many people involved in a high-asset divorce.

Chicago Heights issues child support warrants

Warrants have been issued by the Cook County Sheriff's Office for four Chicago Heights parents who have failed to pay child support or meet other court obligations regarding their children. The Sheriff's Office is permitted to issue an arrest warrant when ordered to do so by the court for non-payment of support, although warrants may also be issued for failure to provide a DNA sample for comparison to the child or failure to notify authorities of salary raises or other income changes.

Illinois divorce: from simple to complex

While some Illinois divorces are relatively simple legal matters, there are cases of complex divorce that can drag on for long periods of time or become very expensive. The level of complexity of a divorce depends on several factors, including whether the couple has children and the amount of assets in question.A divorce can be relatively simple if the couple has no children or are not expecting children at the time of the split. The couple must also own no real estate, have been married less than eight years and earn less than $35,000 per year with combined marital assets that do not exceed $10,000. If these conditions are met, the parties can seek an expedited divorce after being separated for six months.

Waiting until the New Year may benefit divorcing spouses

For spouses considering divorce, timing may be more important than any other aspect of the case. While high asset divorce cases are most vulnerable to tax implications, anyone considering divorce should think about the timing of the filing of the divorce case to minimize tax impact and the emotional trauma associated with a divorce case.

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Chicago Office
134 N. LaSalle St., Suite 1820
Chicago, IL 60602

Phone: 312-702-1745
Fax: 312-372-4010
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Libertyville, IL 60048

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