Posted on August 01, 2014 in High Asset Divorce

Emotions appear to dominate a marital breakup. In reality, decisions made at the end of a Wheaton marriage largely center around finances. The financial impact of divorce can be greatest at its extremes, especially when spouses have accumulated considerable wealth.

A high-profile Illinois couple is headed toward divorce. The 45-year-old founder of Citadel cited irreconcilable differences as the reason he wants to divorce his 43-year-old wife, Anne Dias Griffin, the head of her own investment firm. Ken Griffin and his wife have three children.

Insiders reported the Griffins were unofficially separated for at least one year before the July divorce petition. Discussions about the separation apparently began about five months ago. However, Anne Dias Griffin claimed the divorce filing was a surprise that occurred while she and the couple's children were on vacation.

The Citadel hedge fund and brokerage firm was founded the year after Kenneth Griffin graduated from college. He was married previously. Griffin and Anne Dias Griffin signed a prenuptial agreement before marrying 11 years ago.

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 Posted on July 25, 2014 in Child Custody

The company a parent keeps may influence the outcome of legal disputes with an ex. Illinois family courts place children's best interests first in child custody cases. While neither parent's fitness may come into question, Wheaton judges are sometimes required to decide whether contact with a third party is detrimental to a child's well-being.

The owner of the National Football League's Indianapolis Colts was arrested in March. Police said Jim Irsay was stopped for driving erratically. Arresting officers reported the ball club owner was too intoxicated to stand without support.

Investigators alleged Irsay was driving under the influence of a powerful prescription painkiller.Prosecutors originally intended to file felony drug possession charges. Irsay faces trial in August for drugged driving charges and possible disciplinary action from the NFL.

The team owner's alleged behavior is affecting a couple's child custody case. A divorced non-custodial father is worried about Irsay's influence on his children, ages 12 and 17. Irsay owns the home where the children and their mother live and apparently spends a substantial amount of time with the family.

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 Posted on July 18, 2014 in Child Support

Credit reports show how well people manage money. Lenders make decisions on credit extension and loans — in part, based upon an individual's credit score. A Wheaton consumer with a high credit score is likely to live up to the financial terms of a mortgage, credit card or car loan while a low credit score indicates a person is a risky bet.

Illinois lenders may dig a little deeper into a report and discover a non-custodial parent is behind on child support payments. Consumer credit analytics companies, like FICO and VantageScore, don't figure back-owed child support into a credit score. However, child support arrears will be visible on a credit report and affect debt-to-income ratios, which influence lender decisions.

Government and other child support agencies are required to supply delinquent child support payments details to credit reporting agencies, under the Social Security Act. A credit report from Equifax, TransUnion or Experian will show how much a parent owes in support. It's up to the consumer to make sure the report contains correct data.

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 Posted on July 18, 2014 in High Asset Divorce

Back in 2010, a member of the City Council in Chicago, Illinois, made an announcement to the public and to her fellow politicians that she and her girlfriend had gotten engaged to be married. This was done on the Illinois House floor, so it was a public declaration that she wanted people to hear about, using it as a chance to stand up for same-sex marriage rights by addressing the fact that her marriage would not be allowed in Illinois.

She noted then that the day was both bittersweet and happy all at once, saying that she felt anyone who was engaged to be married, regardless of their sexual orientation, should have the chance to celebrate their love.

When the two were married, the politician was the first elected official in the state - at least with that high of a profile - to be part of a same-sex marriage. Their marriage ceremony did not happen until 2011.

However, she recently took to Twitter to tell people that she and her wife are now going to be divorced. She says that this merely shows that people are all the same, giving a nod to the fact that both same-sex and opposite-sex couples sometimes end up getting divorced. She also said that her wife had asked to retain her own privacy during the process, and she asked people to honor that request.

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 Posted on July 10, 2014 in Child Custody

Paul George, a star player for the Indiana Pacers, is involved in a custody battle for a child that may or may not actually be his. Apparently, a paternity suit was started while George was busy playing in the NBA's Eastern Conference finals. The suit was filed by a woman who used to work as a stripper.

George has now stated that if it does turn out that the child belongs to him, he would like to have full custody of her. She is 2 months old right now.

Cited as a reason for his desire to have the girl live with him is the fact that, according to George, the girl's mother is no longer employed. He does not believe that she can give the child a good home because of her lack of income. George, on the other hand, says that his own position offers him the means that are needed to give the girl an excellent home.

The woman, however, also wants to get sole custody from the court. Her lawyer said that the only reason she did not have a job was that she had a child to raise. The woman said that George's extensive travel while playing in the NBA meant he would not be a good father.

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 Posted on June 27, 2014 in Fathers' Rights

Wheaton dads, married or unmarried, have the same parental rights. However, married fathers do not have to jump through the legal hoops unmarried fathers do to prove parentage. Legal and physical custody aren't issues for married parents unless they separate or divorce.

Unmarried fathers are required to establish paternity before gaining rights that come to married men automatically. Unmarried Illinois couples may sign a Voluntary Acknowledgement of Paternity to formalize a father's legal standing. Otherwise, a parent may pursue a paternity order through Illinois Child Support Services or a family law court.

DNA testing is used to confirm a father's genetic and legal connection to a child. Paternity establishes parental rights and duties. An unmarried father gains the right to seek child custody but also assumes responsibility for a child's welfare, including financial support.

A book written by a Fordham Law School professor concludes family laws are unfair to unmarried dads. The published study contends lack of legal protection means many unmarried fathers are excluded from their children's lives. Alleged fathers may not have the resources for a paternity claim, which gives mothers full control over access to children.

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 Posted on June 17, 2014 in Fathers' Rights

Conflicts between separated and divorced parents can be resolved in a Wheaton family law court. Child custody disagreements for many Ohio mothers and fathers' are influenced by hard feelings about an ex. Judges consider parental viewpoints but concentrate on the interests of people too young to debate the issue — children.

Relationship break-ups traditionally separated fathers from daily interaction with their children. Dads lived in "the other house" and saw children on a set schedule of visitations – weekends, special occasions, vacations and a few days or hours during the week. Fathers' rights groups feel the custody norm is no longer acceptable.

Lawmakers and judges are paying attention to dads who want to be with their children more often, sometimes with requests for equal physical custody. Research backs the emotional and physical benefits children get when they have fathers deeply involved in their lives. Child custody decisions steadily are moving toward gender equality.

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 Posted on June 13, 2014 in Child Support

Family structures and parenting have changed a great deal in Wheaton and across the country in the last few decades. Mothers traditionally have been the default custodial parent when couples separated or divorced. At one time, so few fathers were child support recipients the Census Bureau ignored them in April Current Population Surveys until 1991.

A Congressional Research Services report released in December analyzed 2011 census data to track child support patterns. Of the 14.4 million custodial parents in the U.S. that year, nearly 11.8 million were female. Male custodial parents numbered over 2.6 million.

Actress Halle Berry and her one-time boyfriend Gabriel Aubry became parents in 2008, before ending a five-year relationship in 2010. The former couple spent the last two years battling over child custody issues concerning their daughter Nahla, now 6.

The custody dispute began when a judge barred Berry from relocating her daughter to Europe in 2012. The 47-year-old star of the latest X-Men movie married in France last July – her third marriage – and gave birth to another child in October. The disagreement over Nahla's custody and support continued until a recent settlement was reached.

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 Posted on June 06, 2014 in Child Custody

Divorce can be one of the most difficult transitions in life a person can make. Many divorced Wheaton spouses want little or nothing to do with an ex, but that's not so easy when children are involved. Some former married couples move forward without conflicts over child custody or visitation rights, while some former spouses butt heads in court long after a relationship ends.

Wheaton courts sometimes recommend mediation for parents who cannot agree on a parenting plan. DuPage County provides in-class and online parent education programs for married and unmarried parents that teach co-parenting. A professionally-trained mediator meets with parents to help resolve problems keeping parties from reaching an agreement.

A third-party mediator takes no sides in the matter. In fact, the mediator's job and the focus of the education programs are to keep parents focused on the best interests of their children. Parents are encouraged to communicate and compromise, without letting personal differences override the goal of creating a satisfactory parenting schedule.

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 Posted on May 30, 2014 in Alimony

Financial obligations may not end when a marriage does. Child support and spousal maintenance link some former husbands and wives for years to come. The Internal Revenue Service treats each form of support differently.

Federal tax deductions are not permitted for ex-spouses who pay child support, but deductions are allowed when payments are made for alimony. Child support payments are not taxable for parents who receive them. On the other hand, spousal support is considered income and subject to taxation.

A new report by IRS overseer, the Treasury Inspector General for Tax Administration, noticed a significant disparity between what alimony payers and recipients are reporting. Officials reviewed 570,000 tax filings for 2010 and found $2.3 billion in alimony deductions that weren't showing up in recipients' income. Are they honest mistakes?

Many of the errors may have been caused by misinterpretations of divorce agreements, according to the director of Kogod Tax Center at American University. Spousal support and spousal maintenance are terms often used interchangeably with alimony. Poorly worded legal documents can make the boundaries between alimony and other support or marital property distribution blurry.

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