Summary
This resource guide for Illinois Biglaw attorneys addresses financial planning challenges associated with substantial bonus income, covering topics from investment strategies to divorce proceedings. A key legal point highlighted is that under 750 ILCS 5 (Illinois Marriage and Dissolution of Marriage Act), bonus income is included in gross income calculations for child support and spousal maintenance, with the maintenance formula using 33.33% of the payor's net income minus 25% of the payee's net income.
Introduction: Earning substantial Biglaw bonuses creates unique financial planning challenges. This comprehensive resource guide helps Illinois attorneys manage, invest, and strategically deploy their bonus income. Whether you're facing divorce, planning investments, or navigating tax implications, these tools and resources provide essential support.
Official Government Resources
Illinois Courts
- Illinois General Assembly: ilga.gov - Full text of 750 ILCS 5 (Illinois Marriage and Dissolution of Marriage Act). Essential for understanding how bonus income affects divorce proceedings.
- Illinois Supreme Court: illinoiscourts.gov - Supreme Court Rules and administrative orders. Includes mandatory financial disclosure requirements under Rule 13.3.1.
- Cook County Circuit Court: cookcountycourt.org - Forms, e-filing portal, and case lookup. The Domestic Relations Division handles approximately 12,000 cases annually.
- Illinois Legal Aid Online: illinoislegalaid.org - Free forms and self-help guides. Includes interactive document assembly through A2J Author.
State Agencies
- Illinois Department of Healthcare and Family Services: Child support enforcement services. Handles income withholding orders for bonus-based support payments.
- Illinois DCFS: Child welfare services and abuse/neglect reporting. Hotline available 24/7.
- Illinois Department of Revenue: State tax guidance for bonus income. Provides withholding calculators and estimated payment schedules.
Legal Forms and Templates
- Illinois Supreme Court Forms: Official standardized forms for divorce and family law matters. Updated regularly to reflect current statutory requirements.
- Cook County Domestic Relations Forms: County-specific forms including financial affidavits. These forms require detailed bonus income disclosure.
- Fee Waiver Application: Form for those who cannot afford filing fees. Income thresholds apply based on federal poverty guidelines.
- Motion for Protective Order: Template under Illinois Supreme Court Rule 201(c). Useful for protecting sensitive compensation details from public disclosure.
- Income Withholding Order: Standard form for directing employers to withhold support from compensation, including bonuses.
Calculators and Tools
- Illinois Child Support Calculator: Estimate support obligations under 750 ILCS 5/505. Includes bonus income in gross income calculations.
- Illinois Maintenance Calculator: Estimate spousal support under 750 ILCS 5/504. Formula uses 33.33% of payor's net income minus 25% of payee's net income.
- Parenting Time Calculator: Calculate overnights percentage for support adjustments. Affects shared parenting calculations.
- Court Cost Estimator: Budget for filing fees and service costs. Cook County filing fees range from $300-$500 for divorce petitions.
- Bonus Tax Withholding Calculator: Estimate federal and state tax impact on bonus payments. Helps with cash flow planning.
- Marital Property Division Worksheet: Organize assets for equitable distribution analysis. Separate bonus income by earning period.
Legal Aid and Low-Cost Representation
Income-Qualified Free Services
- Legal Aid Chicago: Free representation for low-income Cook County residents. Income limits apply based on household size.
- Prairie State Legal Services: Serves collar counties including DuPage, Lake, and Will. Handles family law matters for qualifying clients.
- Land of Lincoln Legal Aid: Central and Southern Illinois coverage. Multiple office locations throughout the region.
Limited Scope (Unbundled) Services
- Chicago Bar Association Lawyer Referral: Reduced-rate consultations starting at $50 for 30 minutes. Connects clients with family law attorneys.
- Illinois State Bar Association Modest Means Program: Affordable representation for middle-income clients. Attorneys agree to reduced fee structures.
- Collaborative Practice Illinois: Directory of collaborative divorce practitioners. Often more cost-effective than traditional litigation.
Pro Se (Self-Help) Resources
- Cook County Court Help Center: Free assistance at the Daley Center. Staff can help with form completion and procedural questions.
- Illinois Legal Aid Online A2J Author: Interactive document assembly program. Guides users through creating court-ready documents.
- Law Library Resources: Free access to legal research databases at county law libraries. Includes Westlaw and LexisNexis terminals.
Financial Planning Resources
Investment and Wealth Management
- CFP Board: cfp.net - Find certified financial planners experienced with high-income professionals.
- NAPFA: napfa.org - Fee-only financial advisor directory. Advisors don't earn commissions on product sales.
- Certified Divorce Financial Analyst Directory: Specialists in divorce financial planning. Help analyze bonus division scenarios.
Tax Planning Tools
- IRS Withholding Estimator: Adjust W-4 after bonus receipt. Prevents underpayment penalties.
- Illinois Estimated Tax Calculator: Plan quarterly payments for bonus income. State requires estimated payments when withholding falls short.
- Backdoor Roth IRA Guides: Strategies for high-income retirement savings. Particularly relevant for Biglaw compensation levels.
Cybersecurity and Privacy Tools
- Encrypted Email: ProtonMail - Free encrypted email for attorney communication. Essential during divorce proceedings.
- Secure Messaging: Signal - Encrypted text and voice for sensitive conversations. Messages can be set to auto-delete.
- Password Manager: Bitwarden - Free, secure password storage. Critical when changing shared account credentials.
- Two-Factor Authentication: Authy - Protect financial accounts during divorce. Prevents unauthorized access to bonus statements.
- VPN Service: Mullvad - Privacy protection when accessing case documents. No logging of user activity.
- digital evidence preservation: X1 Social Discovery - Capture social media evidence with metadata. Courts require authenticated digital evidence.
Support and Counseling Resources
- DivorceCare: Support groups throughout Illinois. Faith-based program with weekly meetings in most communities.
- Lawyer Assistance Program: Illinois ARDC-sponsored support for attorneys. Confidential counseling and referral services.
- Children's Counseling Networks: Therapeutic support for kids during divorce. Many accept insurance from Biglaw firm plans.
- Domestic Violence Resources: National Hotline 1-800-799-7233. Available 24/7 with multilingual support.
- Substance Abuse Treatment: SAMHSA Hotline 1-800-662-4357. Free referrals to local treatment programs.
- Financial Therapy Association: Therapists specializing in money-related stress. Address emotional aspects of high-income financial decisions.
Educational Resources
Required Parenting Classes
- Cook County Focus on Children: Mandatory for parents in contested custody cases. Four-hour program covering co-parenting strategies.
- Online Parenting Classes: Court-approved virtual options available. Typically cost $30-$75 and take 4-6 hours.
- High-Conflict Co-Parenting Programs: Extended courses for difficult custody situations. Some courts require these in specific cases.
Financial Education
- National Foundation for Credit Counseling: Free credit counseling services. Helps establish post-divorce financial independence.
- YNAB (You Need A Budget): Budgeting software for post-divorce financial planning. Particularly useful when bonus income fluctuates.
- Bogleheads Forum: Investment education community. Extensive resources on index fund investing for high earners.
Professional Directories
- Illinois State Bar Association: isba.org - Find licensed attorneys by practice area. Includes disciplinary history verification.
- American Academy of Matrimonial Lawyers: Board-certified family law specialists. Fellows have demonstrated expertise in complex divorce matters.
- Collaborative Practice Institute: Find collaborative divorce attorneys. Alternative to adversarial litigation.
- Association of Divorce Financial Planners: Certified specialists in divorce financial analysis. Help value complex compensation packages.
- Illinois Mediator Roster: Court-approved family law mediators. Many specialize in high-asset divorce cases.
Books and Publications
- "Splitting Up: A Complete Guide to Illinois Divorce" - Comprehensive DIY guide covering state-specific procedures.
- "Divorce and Money" by Violet Woodhouse - Financial strategies for divorce. Includes bonus income analysis frameworks.
- Illinois State Bar Association Publications: Topic-specific guides on family law. Available through ISBA website.
- "The Biglaw Investor" - Financial planning specifically for Biglaw attorneys. Covers bonus optimization strategies.
Online Communities (Use with Caution)
- Reddit r/Divorce: Peer support community. Provides emotional support but NOT legal advice.
- Reddit r/BigLaw: Discussions among Biglaw attorneys. Includes compensation and career transition topics.
- Above the Law: Legal industry news and forums. Tracks annual bonus announcements from major firms.
References
- Illinois General Assembly: ilga.gov - Provides official legal resources including the Illinois Marriage and Dissolution of Marriage Act.
- Cook County Circuit Court: cookcountycourt.org - Access forms and information related to family law cases.
- ProtonMail: protonmail.com - Offers encrypted email services for secure communication.
- IRS Withholding Estimator: irs.gov - Helps individuals calculate appropriate federal tax withholding.
For more insights, read our Divorce Decoded blog.