Recent Blog Posts
Considering Stock Options in Settlement Agreements
Divorce can be a trying time full of anguish and stress. Creating a settlement agreement that both parties can agree on can be expensive and time consuming, especially if significant investments and other assets are involved in the division of marital assets. Couples getting a divorce must be careful to always consider stock options received from employers when drawing up settlement agreements. Oftentimes stock options are forgotten during divorce proceedings. This is a mistake, as stock options have the ability to affect the division of assets upon divorce, as well as future support awards.
What Are Stock Options?
Stock options are awards given to employees by their employer. This award provides an employee with the right to purchase company stock in the future with his or her own money. Typically, the price stock can be purchased at is dependent on the company's stock price as of the time that the stock option award was made. The characterization of a stock option is crucial. Some stock options are awarded as compensation for accepting a salary reduction. If this is the case, the income derived from such an option could be considered a forfeited wage, and thus a part of alimony support. Another way an option can be characterized is as an additional compensation benefit granted for being employed by the company. In this case the income derived from the option could be considered an investment, and thus a marital asset that should be divided upon divorce.
New Laws Governing Social Media Websites and Your Child
In the last few decades the field of family law has expanded beyond just divorce, marriage and custody proceedings. This shift is exhibited by the new Illinois social media law, aptly titled The Privacy in the School Setting Act, also known as Illinois Assembly House Bill 0064 (“HB0064”). The family law attorneys here at The Law Offices of Cosmo Tedone and Barbara Morton, P.C. can help you navigate this new law governing social media and the privacy of the youngest members of your family.
On January 1st 2014, HB0064 officially went into effect. Under this law, post secondary schools (colleges and universities), as well as elementary and secondary schools, have strict requirements placed on them when attempting to access a student's social media profile. Under HB0064, if an elementary, middle, or high school would like to access your child's social media profile, the school must first provide you with a specific notification that they have the right to do so, before requesting any relevant account information. Furthermore, the school must have reasonable cause to believe that the social media account or profile in question violates an official school disciplinary policy or rule. The rule for students in colleges and universities is simpler, holding that it is unlawful for post-secondary schools to require disclosure of account information by a student, and it is also unlawful to request relevant student account information from a student's parents.
Changes Coming To Illinois Joint Custody Laws
On January 1st, 2014, a new law concerning Illinois joint child custody rules went into effect. Illinois General Assembly House Bill 2922 (“HB 2922”) amends the current Illinois Marriage and Dissolution of Marriage Act, and provides both parties to a joint custody and/or visitation agreement with a "right of first refusal" concerning the childcare of a minor child.
HB 2922 amends the Illinois Marriage and Dissolution of Marriage Act, and provides parties who share joint custody of a minor with a “right of first refusal” regarding childcare chosen for their minor child. Under the amended law, if either parent/guardian needs to leave the child for four hours or longer, that same parent must first provide the other party sharing joint custody with the opportunity to watch the child in lieu of using alternative childcare. Thus, a party with joint custody must allow the other party the chance to care for the child before using a babysitter, family member, or secondary spouse for childcare purposes.
Holiday Support - Don't Forget AFSCME Members on Strike
The time of the year from November to the end of December seems like an endless holiday stretch, with parties, shopping, gift exchanges, and other festive events. This season is usually filled with smiles, laughter, and good cheer with friends and family making memories that will last a lifetime.
But the holidays may also come with less positive emotions. For families facing various challenges, this time of year is a painful reminder of their current struggles. It is critical not to ignore the charitable spirit of the holidays and incorporate these families into our holiday giving. AFSCME Families on Strike
In is in that vein that our team of attorneys in Joliet at the Law Offices of Tedone and Morton, P.C. are proud to hold a holiday drive in support of local AFSCME members on strike this year.
We urge all Will County residents to keep in mind that nearly 1,000 working members of the AFSCME Local 1028 are on strike this season. Being off the clock and without a paycheck is a tough proposition any time of the year, but the consequences are particularly painful during the holiday season. These employees and their families are making many sacrifices in the name of fair pay and affordable healthcare. It is important that we affirm our own commitment to those principles by helping these members during the holidays. The Charity Drive
Killer Makes Plea Deal to Get Out in 4 Years for Teen's Death
The 29-year-old gunman pleaded to a reduced charge that could see him released from prison in less than four years.
A plea deal struck Tuesday in Will County Court could spring a killer from prison in less than four years.
Marcos Camargo, 29, copped to second degree murder and agreed to take a 14-year prison sentence.
But Camargo can get out in half that with good time credit, said his attorney, Cosmo Tedone. And Camargo has already served more than three of those seven years in the Will County jailwhile waiting for his case to play out.
"I just think this is a fair disposition based on the facts of the case, the witnesses, their being no forensic evidence, and the fact that somebody did die," Tedone said.
"Even though my client has maintained his innocence all along, this is a fair disposition," said Tedone, who along with attorney Charles Bretz represented Camargo.
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Will County Divorce Attorney, Plainfield Residential Real Estate Lawyer
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