On behalf of Joseph M. Lucas & Associates, L.L.C. posted in Collaborative Law on Wednesday, May 22, 2013
Although half of all American weddings ending in divorce, most newlyweds still plan to beat that daunting statistic. While several marriages last for a lifetime, many do not. Divorce can often be a very difficult event in one's life, especially if children are involved. Factors such as child custody, alimony and property division have made divorce seem like a nefarious process but the reality is, it does not have to be that way. Many Illinois residents going through divorce have discovered that the mediation process can help divorce go smoothly.
While not for every couple, a mediation divorce or collaborative divorce can make a substantial difference in most divorce proceedings. Oftentimes mediation can lead to fewer costs and less conflict. The process works by having both spouses gather in a mutual location to sit and work things out in a civilized matter. Both parties hire an attorney and together cover everything from child support to property division. While not always positive, mediation can usually lead to a more affordable and quicker divorce.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in Child Support on Tuesday, May 14, 2013
One thing guaranteed to always make tabloid headlines and entertainment magazine covers is celebrity divorce. Between cheating scandals and expensive property division, celebrities have had their divorces shown in the spotlight for ages. But divorce is often a very personal process. Many Chicago residents know how painful and detrimental it can be. Recently, basketball star Steve Nash made headlines with his ongoing child support dispute with his estranged ex-wife.
The couple married in 2005, but later filed for divorce in 2010, just one day after their son was born. After a bitter divorce, Nash's wife requested him to pay her more money in child support. Nash alleged that she had already made millions off the divorce and is worried that if he pays her more, she'll spoil the kids with crazy luxuries. The court ruled in favor of Nash, but his estranged wife is appealing the decision.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in High Asset Divorce on Wednesday, May 8, 2013
The name "Jason Aldean" has sold out numerous concert venues across the nation. Illinois residents can relate to several of his country songs. With chart topping songs such as "My Kinda Party" and "She's Country," many fans have adored the country musician. Lately the country singer gave fans something else to relate to, divorce. Jason Aldean and wife Jessica have decided to call it quits after 12 years of marriage.
High school sweethearts since 16, the Aldeans modeled the all-American marriage until Jason was caught cheating at a bar in Hollywood. The high net worth Aldean filed for divorce after publicly apologizing to his fans. The country star is estimated to be worth around $20 million. Between the couple, there are many assets to be divided, and the two will also have to determine child custody of their two young girls.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in Property Division on Thursday, May 2, 2013
Falling into debt is something that many Illinois residents will experience in their life. From student loans to credit card debt, life comes with many expenses. Along with debt, many individuals will also experience divorce. Putting the two together can often yield some difficult times. Who gets to keep the debt upon divorce? One of the few things an individual does not want to get in the property division of the divorce is all of the couple's marital debt.
Just like a house or car, debt is something that must be divided in divorce. The state of Illinois is an equitable distribution state, which means the courts will attempt to divide marital property as evenly as possible. While it may not always be perfectly 50/50, most individuals may inherit some of the less favored assets, including debt. Marital property consists of all assets obtained during the marriage, which includes accumulated debt.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in Property Division on Friday, April 26, 2013
As many in Illinois can attest, a the division of property in the event of a divorce can be a complex affair. It therefore is of the utmost importance that both sides in a divorce have access to legal representation, to help them through the property division process. Fortunately, there are organizations that aim to level the playing field for high-cost divorces.
Divorce financing companies are opening their doors to help spouses experiencing a particularly high-cost or lengthy divorce afford representation. Sometimes, one spouse has a considerably higher income than the other spouse. This is especially true if the less moneyed spouse does not work outside the home. These spouses may not be able to afford the same representation that their higher-earning counterpart can, which could be to their detriment if they are forced to go through the divorce process without an attorney. Divorce financing companies work by loaning money to a spouse to be used to cover court and attorney costs. The spouse then pays back the loan plus interest. Some of these companies require a retainer, while others do not.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in Child Support on Thursday, April 18, 2013
Which scenario is more likely to occur? Getting struck by lightning or winning the Powerball jackpot? Getting struck by lightning has a way better chance of occurring compared to winning the lottery. The odds of winning the Powerball jackpot are 1 in 175,223,510, but still many Chicago residents try their luck. What would most people do if they even won? For one man, paying off his back child support was the first thing on his list.
A 44-year-old father of five bought a Powerball ticket recently to try his luck at a minuet chance of becoming instantly wealthy. The man had owed near $30,000 to his ex in child support payments, and faced several other bills that were piling up. After being the sole winner of the jackpot, the man had won the fourth largest Powerball in history with $338 million. After taking a lump sum of $221 million and having taxes subtracted out, the 44-year-old walked away with $152 million.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in High Asset Divorce on Monday, April 8, 2013
As many Illinois residents know, divorce can often be a difficult and expensive process. Just about every case is different, but common elements such as property division, child custody and child support each have the potential to make the process last longer than average.
With respect to property division, in just about every marriage, couples have accumulated assets together in what's known as marital property. Everything from homes to cars need to be divided upon divorce. For oil mogul Harold Hamm and ex-wife Sue Ann Hamm, determining how they will split their property is the perfect breeding ground for the world's most expensive divorce, a proceeding that will probably take a good deal of time to sort out on account of the money and high income involved. The couple of 25 years decided to call their marriage quits after Sue Ann alleged that Harold was having an affair.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in Property Division on Tuesday, April 2, 2013
Divorce may come as a shock to many spouses. The act of permanently severing a relationship can be devastating to many. Statistically, half of marriages end in divorce these days. Just about every Illinois resident has either gone through a divorce or knows someone who has. Typically, most people considering divorce have given it some serious thought before actually going through with the process. One question many soon-to-be divorce individuals ask themselves is whether there are benefits of filing for divorce first.
There are many benefits to serving divorce papers first that may be legally advantageous to an individual. Perhaps the most important advantage to filing first is choosing the jurisdiction where the divorce will take place. State laws vary dramatically for issues such as property division and child custody. It is important for individuals to choose a location that can be beneficial to their preferences.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in Collaborative Law on Wednesday, March 27, 2013
Divorce is often associated with a number of negative stereotypes that have made the process seem nefarious. For most Illinois couples considering divorce there are several amicable ways to go about it. A relatively new concept called collaborative divorce offers families a more cost effective and harmonic approach to reach a settlement.
There are several differences that separate collaborative divorce from a traditional divorce. Typically collaborative divorce is treated more as a business negotiation. It works by placing a couple and their attorneys together in a room in the hopes that they will work positively in a result-focused setting to agree on a settlement that benefits both parties. In most cases collaborative divorce is often quicker and less expensive than traditional divorce plus it doesn't involve entering a courtroom.
On behalf of Joseph M. Lucas & Associates, L.L.C. posted in Prenuptial Agreements on Monday, March 18, 2013
With divorce rates staying steady in America, many couples are considering prenuptial agreement before they tie the knot. This is especially true when high assets are involved. Many Chicago residents may be aware of the story involving a woman who got a judge to rip up her prenuptial agreement from a millionaire ex-husband.
Four days prior to the couple's wedding, the husband forced his soon-to-be-wife to sign a prenuptial agreement before they got married. He promised he would rip up the agreement after they had kids. Three children and a divorce later, the ex-husband never ripped up the prenup, leaving his ex-wife out of a lot of money. Angered by the rush to sign it in the first place, the ex-wife sought to have it removed on the grounds that she was defrauded since the ex-husband never fulfilled his promise on shredding the document.
