Wherever you are in the divorce process, you likely realize the hefty financial and parental implications inherent to the process. In fact, the potential consequences of your divorce are so significant that you owe it to you and your children’s future to work closely with an experienced Lombard divorce attorney who is committed to helping you obtain terms that uphold your financial and parental rights.
The State of Illinois uses the term parental responsibility to replace the better-known child custody, but the meaning remains the same. Child custody was once divided into legal custody and physical custody, but now divorcing parents are required to agree to a parenting plan which encompasses all of their rights and as a parent.
Creating and negotiating parenting plans can be tough, since they must cover matters such as education, religious education, medical care, and extracurricular activities. Decisions that must be made on a daily basis and emergency decisions fall to the parent who has the children in his or her care at the time they arise.
When ex-spouses share custody, it can range from splitting time with the children straight down the middle all the way to one parent being the primary custodial parent (with whom the children live primarily) and the other having a visitation schedule, known as parenting time. It’s important to note that, even with sole custody, the other parent is very likely to be awarded parenting time with the children.
Finally, there is child support to consider. While child support is a financial concern, it is generally predicated on your child custody arrangements. The parent who provides the children with their primary residence (when this is the case) is generally considered to fulfill his or her financial responsibility to the children, and the other parent usually pays child support to him or her. Child support is calculated in accordance with state guidelines and is based on each parent’s relative financial ability to pay (outside of certain minimum payments).
The assets that you and your spouse accumulated throughout the years of your marriage amount to your marital property, and they are to be divided equitably upon divorce. This means fairly in relation to the circumstances involved, and the matter can quickly become exceedingly complicated. While those assets that you brought into the marriage with you and kept separate throughout should remain separate property, any increase in their value will likely be identified as marital property (to be divided equitably between the two of you). Factors that can complicate this already complicated matter include business ownership, high assets, and diverse financial holdings.
Cameron H. Goodman at Goodman Law Firm is a dedicated Lombard divorce attorney with more than two decades of impressive experience helping clients like you successfully resolve their divorce issues. To learn more, please don’t hesitate to contact us today.
We make every effort to return your email
or call the same business day or within 24 hours.
At Goodman Law Firm, we take your privacy seriously. Please leave us only a private cell phone number or private email address where you may be reached.