One of the most foundational elements of any divorce case is the division of marital assets. Traditionally, marital assets included things like real estate properties, bank account balances, retirement funds, and investment income. However, with the advent of digital assets and digital currency, property division during divorce has become much more complicated.

Cryptocurrency, non-fungible tokens (NFTs), and other types of digital assets have an equivalent value in real currency, so they must be properly addressed during divorce, just like any other asset. However, classifying digital assets as marital or non-marital property and determining the value of the assets can be a real challenge.

Determining Ownership of a Digital Asset in a Divorce

Digital assets can be broadly defined as anything that is created and stored digitally and has value. Digital assets may include documents, data, videos, software code, and even social media accounts. Some of the newest types of digital assets include security tokens, crypto assets, NFTs, and cryptocurrencies such as Bitcoin, Ethereum, tether, and USD coin.

Many divorcing spouses have questions about alimony, or as it is called in Illinois, spousal maintenance. When is a spouse entitled to maintenance payments? Does the lower-earning spouse automatically get alimony in Illinois? How much are alimony payments and how long do they last?

In this blog, we will explore Illinois laws regarding spousal maintenance, when maintenance is awarded, and what you can do if you have further questions about spousal maintenance during your divorce.

Negotiated Agreements or Court Awards

There are two main ways that a spouse can receive alimony in an Illinois divorce. First, the spouses may be able to negotiate the terms of maintenance. For example, a spouse may agree to pay the lower-earning spouse a certain amount of money each month for the first year after the divorce. It is also possible that a divorcing couple has already made arrangements for spousal maintenance in a prenuptial agreement or postnuptial agreement.

Illinois courts make all child-related decisions based on one primary factor: the child's best interests. Courts typically presume that it is best for children to spend time with both of their biological parents. However, this assumption can be overcome. If a parent presents some type of risk or danger to a child, the court may implement a restriction or condition on that parent’s parenting time. Supervised visitation or supervised parenting time is one of the most common restrictions.

Read on to learn about the types of parenting time restrictions used in Illinois family law cases, the reasons that someone's parenting time may be restricted, and what you can do if you have concerns about your child's safety with the other parent.

Reasons the Court May Restrict a Parent’s Parenting Time

The court only implements parenting time restrictions if needed to protect the child's well-being. Often, parenting time restrictions are put in place because a parent has a substance abuse problem, serious mental illness, or other life circumstances that could potentially put the child in danger. Parenting time restrictions may also be put in place if the parent has been found guilty of a criminal offense involving a child.

If you are thinking about bringing a child into your family through adoption, congratulations! Adoption is a blessing for both the adopted child and the adoptive parents. However, adoption is not without its share of complications - legally, financially, and emotionally. One question you may be exploring as you research adoption is whether you should have an open adoption or a closed adoption. In an open adoption, the adoptive child and the child's biological parents stay in contact with each other. During a closed adoption, the adopted child does not communicate with or visit the biological parents. In some cases the child may not even know who his or her biological parents are.

Closed Adoptions Sever the Child’s Relationship with His or Her Biological Parent Entirely

In a closed adoption, the adopted child is no longer a part of the biological parents’ lives. The adoptive parents assume the role of primary caregivers in the child's life. The child may grow up and eventually want to reconnect with his or her biological parent. However, while the child is a minor, the biological parents do not have any access to the child.

Closed adoptions are recommended for cases in which a child has been removed from a home due to abuse, neglect, or severe substance abuse. In situations like these it may do more harm than good for the child to maintain contact with his or her biological parents.

Property and financial matters are often some of the most consequential aspects of a divorce. Whether a divorce is resolved through a settlement or by the court, each spouse's income, debt, and property will play a key role in the divorce outcome.

Financial transparency is essential to a fair divorce settlement, which is why it is important to know exactly what you and your spouse own and owe. Unfortunately, it is not uncommon for one spouse to deliberately hide assets from the other or lie about his or her income. This type of financial deception can significantly skew issues such as property division arrangements and child support calculations.

If you are getting divorced, make sure you are vigilant for signs of deception regarding finances. Work with an experienced divorce attorney who can help you uncover your spouse's financial activity and provide proper guidance.