Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have become increasingly popular investment tools. Studies show that about 13 percent of Americans bought cryptocurrency during the past year and many experts expect that number to increase. Like stocks, digital currency fluctuates considerably in value. This can make it especially difficult to value and divide in a divorce case. Furthermore, because Bitcoin and other cryptocurrencies are not held in a bank account like traditional currency, crypto is a popular vehicle for hiding assets during divorce. If you or your spouse have invested in cryptocurrency and you plan to divorce, an experienced divorce lawyer can help.

Determining the Value of Crypto

One of the most important aspects of a divorce is the division of marital assets and debts. Before spouses can negotiate a property division arrangement, they must take stock of what they own and owe. Valuing cryptocurrency for the purposes of asset division during a divorce is tricky. The value of a crypto investment when a spouse initially filed for divorce may differ dramatically from the crypto’s value several months into the divorce process. One option is to include a volatility formula into the property division agreement. Couples must also consider the tax consequences associated with the distribution of cryptocurrency and other assets during divorce.

Who Has a Right to Digital Currency?

In Illinois, property obtained by either spouse during the marriage is part of the marital estate and must be distributed between the spouses equitably. Spouses may reach their own property distribution arrangement, or they may take the issue to court. Understanding who has a right to cryptocurrency in a divorce is harder than it may seem. When assets are mixed or comingled, an asset can lose its identity as either marital or non-marital. For example, consider a spouse who purchased Bitcoin prior to getting married. Because the asset was obtained before the marriage, it is separate property and therefore excluded from the marital estate. However, if that spouse sold the Bitcoin investment and deposited the profits in a shared account, the funds may be considered marital property.

Studies show that cheating is quite common – even among married couples. Marital infidelity is regularly named as a top instigator of divorce. If your marriage is ending because of an extramarital affair, you may have questions about how it will impact your divorce case. Is a spouse entitled to more of the marital estate if they were cheated on? Will a spouse be at a disadvantage during divorce if they committed adultery? Divorce laws vary from state to state, especially with regard to marital misconduct. Read on to learn about how infidelity can potentially impact a divorce case in Illinois.

Understanding Illinois Divorce Laws and Fault

Illinois law is constantly being updated. In 2016, the Illinois Marriage and Dissolution of Marriage Act (IMDMA), was modified to eliminate all fault-based grounds for divorce. When you seek a divorce in Illinois, you will only have one “ground” or reason available: Irreconcilable differences. Even if the divorce is a direct result of infidelity or another form of marital misconduct, this will not be stated anywhere in your divorce petition. Furthermore, marital misconduct is not typically a factor considered by courts when determining property division, spousal maintenance, child custody, or other divorce issues. That being said, there is still a chance that an affair could impact the divorce proceedings – especially if a spouse spent considerable money during the affair.

How Can Cheating Impact an Illinois Divorce?

Marriages that end because of infidelity often lead to contentious divorce cases. Understandably, an affair can heighten spouses’ emotions and make it even more difficult for them to cooperate. This makes reaching agreements about divorce issues even harder.

Child support payments are a major source of assistance for single parents. However, they can also represent a significant expense for the parent who is paying the child support. Illinois child support payments are calculated using a method that incorporates each parent’s financial instances. The payments are intended to be reasonably affordable while still providing the financial assistance the child needs. However, circumstances change and sometimes a parent needs to modify his or her child support order.

Child Support Modification

Every three years, the Illinois Department of Healthcare and Family Services Division of Child Support Services (DCSS) offers modification reviews to parents with child support orders. A modification review may also be granted if either parent’s financial circumstances have changed considerably, the current child support order does not address healthcare for the child, or either parent requests a modification review.

During a modification review, the DCSS evaluates each parent’s income, assets, and other relevant financial information and notes any increase or decrease in the child’s financial needs. Based on this information, the DCSS will determine if the child support order should be modified. The amount a parent pays in child support may increase, decrease, or stay the same. If a parent disagrees with the DCSS’s decision, he or she can request a reassessment or attend a hearing to contest the child support order.

One of the most consequential aspects of divorce is property distribution. The division of assets and debts can range dramatically in complexity. Younger couples who own little property will have a much easier time dividing their property during divorce. Asset division will be much more complicated for couples who own complex assets including businesses and professional practices. If your spouse owns a business or has business interests, the value of the business will likely be factored into any decisions you make about property division. Therefore, it is important to understand your rights.

Is the Business Part of the Marital Estate?

In Illinois, property in a divorce is classified as either marital property or non-marital property. Nearly every asset obtained by a spouse during the marriage is marital property. Assets acquired by inheritance or gift are the main exceptions. Property acquired before the marriage is typically classified as non-marital property. Both spouses have a right to an equitable share of marital property. Only the spouse who originally owned a non-marital asset has a right to that asset during divorce.

Identifying whether a business is classified as marital or non-marital property can be quite complex. Even if a spouse started or purchased the business before the marriage, part of all of the business may still be considered marital property. For example, if the non-owning spouse made financial contributions to the business or helped care for children while the business owner worked, the non-owning spouse may be entitled to a share of the business’s value during divorce. If you or your spouse own a business and you are getting divorced, make sure to work with a divorce lawyer who has experience handling complex property division concerns. Your lawyer can help you understand your rights and explore your legal options.

Most people go into their marriage thinking it will be their one and only time down the aisle. Nobody plans to get a divorce, but statistics show that is exactly what happens to anywhere from 40 to 50 percent of couples who get married. For some people, divorce can come as a shock. However, divorce often does not just happen overnight; it takes months or even years of cumulative unhappiness and disharmony for most people to move toward getting a divorce. If you are unsure of whether or not it is time for a divorce, there are certain signs that you can look for that may mean a divorce is your best option.

Look for These Signs of Divorce

If you have been unhappy or distressed for some time, it may be time to look into how you can better your life and the lives of those around you. For many people who are unhappy with their marriages and have tried every effort to reconcile, a divorce may be the answer. If you are unsure of the right time for a divorce, here are a few of the most common signs that your marriage may be over:

• You have more bad days than you do good days. Most of your interactions with your spouse should be positive. It is normal for you to fight or argue with your spouse on occasion, but when those fights happen more frequently than positive interactions, you may want to begin to contemplate the idea that your marriage is not going to last forever.
• You are not content. Think about how you feel. Are you happy with your marriage and your partner? Are there things you wish you could change about your partner? If you are unhappy in your marriage, you do not have to be. You might be happier without this relationship in your life.
• You do not respect one another. Strong relationships are built on love and respect. If you and your partner do not respect one another, you cannot have a healthy marriage. Couples who lose respect for one another are the same couples who argue or fight constantly and who may even experience physical and/or emotional abuse. If you have lost respect for your spouse, or your spouse has lost respect for you, divorce may be a potential remedy.
• One (or both) of you has cheated. One of the obvious things that can point toward a divorce is infidelity. Seeking other companionship while you are married is not inherently bad, but doing so without the knowledge or consent of your spouse is when emotions are hurt and feelings of betrayal surface. If there has been infidelity in your marriage, it may be a sign that you and your spouse are no longer meant to be married.

Speak to Our West Chicago, IL Divorce Lawyers Today

There is no “right time” to get a divorce. This varies couple by couple and depends on a multitude of factors. If you feel unhappy or as if your marriage is not working, you should get in touch with a skilled Cook County divorce attorney to discuss your specific situation. At Hensley Sendek Law, LLC, we understand how difficult it can be to admit that you want a divorce, but we are here to help you through the process. To schedule a free consultation, call our office today at 630-358-9029.