The Wolkowitz Law Office

Tag: reduce child support

  • High Net Worth Divorce: FAQ

    As a Chicago and Lake County divorce lawyer, I understand that high-net worth people have concerns particular to their wealth. You may read the following FAQ or contact me to discuss your situation.

    1. Are assets split 50/50 in an Illinois divorce? The judge might divide assets right down the middle, but is not required to. That’s because in an Illinois dissolution of marriage (divorce), judges divide assets “equitably.” What does that mean? Essentially, a judge will divide assets according to what he or she thinks is fair, based on a variety of factors. That could mean a 50/50 split, a 60/40 split, and so forth.
    2. Will I have to pay alimony? Alimony is now referred to as “spousal support.” Spousal support is supposed to be rehabilitative; in other words, it is not supposed to last forever.  Judges may use discretion when awarding spousal support, and they are supposed to award support such that the person receiving the support can maintain the standard of living enjoyed during the marriage.
    3. How much child support will I have to pay? Child support is set by statute, but deviations are possible. One of the deviations that high-net worth individuals are often concerned with are deviations for high-earners. For example, as outlined in my article  “Illinois child support: the basics,” without any deviation a payor of child support would pay 20 percent of his or her net income pursuant to statute. However, a child support payor may receive a downward deviation if the net income is more than a certain amount; Cook County judges generally allow a downward deviation when the payor’s net income is at least $200,000, and DuPage County judges generally use the $300,000 as the point at which they deviate downward for high earners. You can see my article titled “Child support in Illinois: reduced below guidelines” for an example of a case where I won a deviation for my client.
    4. What about my business in a divorce: Business can be marital property if they were started or acquired during the marriage. You may want to view my article titled, “Dividing property in divorce: Overview.”
    5. How long will my divorce take? High-net worth divorce can take longer because there are more issues to consider, and because the parties can afford to litigate those issues. The best thing to do is to consult an Illinois family law attorney to get a better idea of the issues involved in your case.
    6. How much will my divorce cost? It is impossible to say how much a divorce will cost. Consider that you will simply have to determine if spending money on legal fees is worth it, considering the potential (but uncertain) payoff.

    Getting a lawyer for a high-net worth divorce

    If you are concerned about your property, that’s understandable. And whether or not you support vice-presidential candidate Paul Ryan, I might be able to help. You might be interested in a consultation with me, Chicago divorce lawyer David Wolkowitz. You may contact me online or at Three-One-Two-554-5433 .

     

  • Child Support in Illinois: reduced below guidelines

    Just the other day, I was successful in obtaining a deviation from child support guidelines for my client. As a child support attorney in Chicago and Illinois, I was happy that I could help my client obtain a court order that lowered his child support payment BELOW statutory guidelines. If you need help with child support, contact me, Chicago divorce and Illinois child support lawyer David Wolkowitz – I might be able to help.

    My work resulted in my client’s child support payment being lowered by almost 40 percent.

    How did I accomplish that?  Let me walk you through the steps.

    Was current Illinois child support payment is appropriate?

    Previously, I wrote an article entitled “Illinois child support: the basics“. That article explained that in Illinois, pursuant to Section 505 of the Illinois Marriage and Dissolution of Marriage Act (the “IMDMA”) (750 ILCS 5/505), child support is normally a certain pre-determined percentage of the payor’s net income.  Where there is one child, the statute sets the percentage of one’s net income to be paid as support at 20%.

    When the child support payor’s income drops, so does the child support payment (in most cases).

    My client’s income dropped by about 40 percent, due to retirement and disability. So right off the bat I knew he was entitled to an approximate 40 percent decrease in his child support payment.

    What’s going on with the finances?

    I was almost certain my client was entitled to some reduction in child support because the decrease in his net income. However,  I also suspected he might also be entitled to a deviation below the child support guidelines. In other words, though the statute suggested he pay 20% of his net income towards Illinois child support, I though he might be able to pay a lower percentage. But to determine if that might be possible, I had to analyze his finances.

    I learned that while his expenses were increasing due to the cost of healthcare and medication, his income was artificially inflated in an non-sustainable manner. Further, because his savings were low, his debt was high, and earning potential severely limited, the chances of him greatly improving his financial position was very low.

    What’s the strategy for a downward deviation in child support?

    I planned a three-pronged approach to lower my client’s child support payments. First, I sought to demonstrate to the court that due to the mother’s income, the child would be well-supported even if the father paid less support. Second, I wanted to demonstrate that because of my client’s healthcare expense situation, it was critical that he be able to save more money – since healthcare costs could spike so easily. Lastly, I wanted to show that his income had an artificial and temporary increase that was unsustainable, thereby compounding his critical need to use his income for his own care.

    When it was all said and done, my client’s monthly child support payment was reduced from $800 to $490.

    People should support their children. But sometimes, a person may be in a dire position, and thereby have reason to pay less child support.

    If you have questions about child support in Illinois – whether you want to increase, decrease, or simply collect what is owed, you can contact me, Chicago divorce and Illinois child support lawyer David Wolkowitz.

  • Illinois child support: the basics

    Whether you might be paying child support or receiving it on behalf of your child, there are certain basics facts you need to know about child support in Illinois. I’ve put together this overview of the Illinois law on child support as reflected in Section 505 of the Illinois Marriage and Dissolution of Marriage Act (the “IMDMA”)(750 ILCS 5/505).  (more…)