SPONSORED CONTENT CRAIN’S CUSTOM MEDIA A ROUNDTABLE DISCUSSION WEALTH MANAGEMENT: THE EXECUTIVE DIVORCE FINANCIAL CONSIDERATIONS FOR SPLITTING COUPLES >>> As of Jan. 1, alimony is no longer deductible by the person paying, nor is it taxable as income to the person receiving it. It’s just one aspect of the new tax code, which according to a recent survey of American Academy of Matrimonial Lawyers, is expected to make divorces more acrimonious, expensive and emotionally taxing for divorcing couples and their children. >>How does your firm inherent in the process, given >>What’s the best way for been received and will likely assist divorcing couples? the issues and emotions a divorcing individual to be received in the future in at stake. Many clients and select a legal and financial the unfortunate event of a Timothy M. Daw: We use a prospective clients voice team? marriage not lasting. These team approach to provide frustration, especially at the agreements define the family law guidance, strategy beginning of the process. Daw: Start by getting referrals process of untangling the and problem solving to Several core unknowns from trusted advisers, other parties’ finances, which could high-net-worth individuals. add to the uncertainties, professionals and friends—not be dramatically different We use different modes of including how will the parties social media or the internet. from what the laws provide conflict resolution including conduct themselves during The internet and peer reviews or a judge might do. While not only litigation, but also this process, who are the such as Best Lawyers in these agreements can mediation and collaboration. attorneys and how will they America can be helpful in create significant emotional Our teamwork extends to conduct themselves, and researching the attorneys upheaval—planning on the TIMOTHY M. DAW other professionals involved finally, who will ultimately you’re referred to, but that’s possibility of failure before Senior Partner with the family, including be the decision makers. The not the best way to start. the marriage even starts— Schiller DuCanto & Fleck LLP accountants, financial and parties need quality, careful Meet with a few attorneys the reality is a significant >> tdaw@sdflaw.com estate planners, business legal representation and to get a feel for the them number of marriages fail. >> 630-784-7412 attorneys, therapists and guidance, creating as much and their approaches to the For the executive, protecting the like. Our strength is that predictability wherever and controversies you’re facing. oneself from this possibility we avoid a one-size-fits- whenever possible. For high-net-worth cases, it’s makes a great degree of all approach, tailoring our important that the attorney sense. This is especially true TIMOTHY M. DAW representation to the needs >>What are some has the necessary experience, for the executive who has is a senior partner at of the client and the situation suggested first steps for capacity and staffing to an established career. At the Schiller DuCanto & they find themselves in. individuals contemplating appropriately handle same time the executive’s Fleck LLP, a family a divorce? complicated situations. spouse will know before law firm with offices >> What impact have the marriage what to expect if in Chicago, Lake new tax laws had on your Daw: Start interviewing and >>What can couples do to the marriage fails. Forest and Wheaton. clients who are going seeking attorney advice minimize the length and through a divorce? as early as possible. There expense of a divorce? >>What are some He has more than 30 are issues that need to be important legal or financial years of experience Daw: The taxes implicit explored and things that can Daw: Obtaining and steps a newly divorced litigating and in certain assets—such be done before anyone files organizing the key financial individual should consider? negotiating complex as retirement benefits, a case that can help make information that everyone family law cases, and executive compensation the process less adversarial needs access to will save Daw: Both parties should has been recognized and appreciated assets—as and more streamlined. time and money. An attorney create a punch list of actions by his peers and the well as what remaining Understanding what the who focuses their practice that need to take place, community for his deductions can be preserved potential issues may be and in this area of the law should and the time periods in trial and litigation are now the central tax what will not be particularly be able to provide an which the actions need to skills. He has been considerations. Limitations relevant helps define how initial list of the necessary be completed. This leads listed among the exist on how courts can the matter will proceed. documentation. Withholding to closure so that people Best Lawyers in or will deal with such There’s a great deal of this creates distrust and can move forward with their America by Neifeh issues, and the limitations misinformation and wrong extends the time and lives, and decreases costs and Smith, is an don’t exist in negotiated information on the internet, costs of the proceedings. to execute the terms of the Illinois Super Lawyer, settlements. Parties can and there are friends and Courts frown on this type of judgment. For example, agree on issues that are other professionals not behavior and it adds a lot of joint financial accounts— and a member of different from what a court specializing in this type of costs for both parties. bank and credit—need to the Leading Lawyers would ultimately determine. proceedings who may try be closed, user names Network. Attorneys familiar with the to provide advice. While >>What are your views and passwords need to issues and who are willing well-intentioned, such about prenuptial/ be reset, deeds prepared to be creative in resolving individuals often create premarital agreements and executed, forms or issues can maximize positive greater controversy and for executives climbing orders for the allocation of tax results for clients, despite false expectations. In the corporate ladder and retirement interests need to the changes in the tax laws. most instances, a divorce contemplating marriage? be changed; estate planning resolution is one of the most and beneficiary changes >>What are some common significant non-financial Daw: Premarital agreements may also be necessary. The questions or concerns and financial events that can be very beneficial to the divorcing individuals and you’re hearing from will occur in the lives of the executive who has spent a their attorneys should start as divorce clients? divorcing couple and their considerable amount of time soon as possible to complete families. Finding the best and effort before marriage all tasks, as delaying this can Daw: The most common counsel for these issues early creating his or her career result in additional time and concern is the uncertainty on can only help all involved. and the benefits that have expense.