Posted on August 29, 2022 in Divorce

As any small business owner can attest to, running your own company is not an easy task. This is especially true presently. Between inflation, labor shortages, and the lingering effects of the Covid-19 pandemic, many business owners are struggling to keep their businesses afloat.

Getting divorced while simultaneously running a small business is even more complicated. Business owners must determine whether their business is partially or fully marital property and address the business during asset division. To do this, they will first need to determine the value of the company. Fortunately, business owners facing divorce do not have to handle all of these complex issues on their own. A divorce lawyer skilled in business valuation and division can provide direction and personalized assistance throughout the divorce process.

Valuing a Small Business During a Divorce

Businesses can be tricky to value, but there are a few methods that divorcing business owners can use to obtain an accurate valuation. One common method is the income approach. This approach values a business based on its future economic benefits. Businesses with higher incomes and profitability are typically valued at a higher amount than businesses with lower incomes.

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 Posted on August 22, 2022 in Divorce

In Illinois, both spouses have a legal right to an equitable share of marital property. Some couples are able to negotiate the division of marital assets and debts without the court's involvement. Others take the case to trial and let the court decide an equitable division of assets.

Before spouses can divide property, they must take a full account of what they own and what they owe. Unfortunately, some divorcing spouses try to deceive their spouse and the court about the true value of their assets. Here are five signs that your spouse may be hiding assets or lying about finances during your divorce.

Red Flags to Look for During Your Divorce

The law requires spouses to provide a complete accounting of assets and income during a divorce. Failure to disclose assets or lying on a financial affidavit during divorce is unlawful and can greatly impact the divorce outcome.

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 Posted on August 19, 2022 in Division of Property

For art collectors and enthusiasts, paintings, photographs, sculptures, and other artworks may be some of the most valuable assets they own. Fine art has not only substantial financial value, it often has great personal significance. Both spouses may insist on keeping certain pieces which leads to contentious property division disputes. Furthermore, determining the value of a piece of art is not easy, and professional appraisers are often needed to value art assets during divorce. Unfortunately, some spouses may even use art as a vehicle for financial deception during a divorce. All of the factors can complicate the divorce process significantly.

Determining Ownership of Fine Art

Usually, an asset that a spouse acquires during the divorce is a marital asset. Property that a spouse owned prior to the marriage is that spouse’s property alone. Property that a spouse received in an inheritance or gift is also classified as non-marital property. Unfortunately, classifying property is rarely this cut and dry. Countless factors can complicate the process of determining what property is included in the marital estate, including the commingling of assets.

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 Posted on August 12, 2022 in Divorce

No one reaches the decision to divorce easily. Ending a marriage is one of the most emotionally burdensome experiences someone can go through. However, divorce is sometimes needed so that both spouses can end an unhappy marriage and move on to a better future.

If you have decided that you want a divorce but you have not yet told your spouse about your decision, you may understandably be dreading the conversation. Many people who seek a divorce still care about their spouse’s wellbeing and recognize how devastating the news may be to him or her. As you prepare to move forward with your divorce, keep the following tips in mind.

Recognize the Advantages and Disadvantages of Telling Your Spouse in Person

Some individuals only learn that their spouse is divorcing them when they are served with the divorce petition and summons. If you and your spouse are still on good terms, you may find this approach unnecessarily aggressive. There are pros and cons to telling your spouse you want a divorce before filing a petition through the court. On one hand, telling your spouse in person may help you reduce hostility and promote cooperation through the divorce process. On the other hand, if you have not yet consulted a lawyer or filed the divorce petition, this could give your spouse the chance to hide assets or take other adverse actions against you.

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 Posted on August 08, 2022 in Family Law

Parents who get divorced have seemingly countless matters to figure out. Child custody, child support, and other child-related legal issues can be complex – legally and emotionally. If you are getting divorced and you and your spouse disagree on the terms of child custody, you may understandably be feeling overwhelmed. It can be hard to know where to even begin. This blog will discuss Illinois laws regarding child custody disputes and what to do if you need help with custody concerns during your divorce.

Essentials of an Illinois Parenting Plan

The parenting plan or parenting agreement forms the foundation of any child custody arrangement. The main elements contained in the parenting plan include:

Allocation of parental responsibilities – Parents will need to determine how major decisions about their child’s life will be made. Parents may decide to make decisions about their child’s education, healthcare, religion, and other significant issues jointly or each parent may be designated specific decision-making authority. Alternatively, one parent may be given sole decision-making authority.

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 Posted on August 02, 2022 in Divorce

Everyone who falls in love hopes that the relationship will last forever. Sadly, however, statistics show that this is simply not the case for every couple. Countless issues, from financial dishonesty to adultery, can lead to marital breakdown. Some couples are able to overcome these types of challenges while others cannot. Only the individuals involved in a marriage can determine if their relationship is salvageable. This blog will evaluate some of the signs that may indicate that divorce is on the horizon.

Indications Your Marriage May Be Over

Most marriages that end in divorce experience a slow breakdown over time. There may be one or two major events such as a cheating spouse that hasten the relationship’s collapse, but most marriages slowly burn out due to issues such as:

• Differing priorities – People change, and sometimes, a marriage cannot survive these changes. For example, if one spouse wants children and the other wants to remain childless, the two may have a hard time reconciling these differences.

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 Posted on July 29, 2022 in Divorce

Same-sex marriage has been permitted in all fifty states since June 2015. Homosexual couples have the same rights as heterosexual couples. They can get married, draft prenuptial agreements, get divorced, and be subject to child support and spousal support orders. However, divorce and family law issues are sometimes more complicated when spouses are the same gender. Read on to learn about LGBT divorce in Illinois and how you can get the legal help you need when divorcing a same-sex spouse.

Getting Divorced When You Are in a Same-Sex Marriage

Same-sex couples follow the same divorce procedures as opposite-sex couples. One spouse files for divorce by submitting a petition for dissolution of marriage to the court. The other spouse (called the respondent) responds to the divorce petition. The spouses may be able to negotiate an agreement on the terms of their divorce and avoid taking the case to court. Their respective attorneys will provide legal guidance and assist in negotiations. The couple may also decide to attend divorce mediation to discuss divorce issues like property division, spousal maintenance, and child custody. If the spouses cannot reach settlement, the case may advance to trial.

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 Posted on July 26, 2022 in Divorce

When one spouse makes significantly more money than the other, the higher-earning spouse may be required to pay alimony to the lower-earning spouse in a divorce. In Illinois, alimony or spousal support is referred to as spousal maintenance. A spouse may be required to pay maintenance if the couple agrees to maintenance terms during divorce negotiations or the court orders a spouse to pay maintenance. A prenuptial or postnuptial agreement may also define spousal maintenance terms.

Traditionally, alimony was seen as a man’s responsibility. However, high-earning women are subject to the same spousal support laws as men. Acclaimed singer Mary J. Blige recently opened up about her experience paying alimony to her ex-spouse after divorce. Her story provides insight to celebrities and non-celebrities alike.

Wealthy Wives May Be Forced to Pay Spousal Support to Their Husbands

Hip-hop artist Mary J. Blige has been an internationally renowned singer for decades. Her net worth is in the millions. However, she admits that alimony obligations stretched her finances extremely thin. When Blige divorced her husband in 2017, she was ordered to pay a whopping $30,000 a month to her ex-husband. Originally, her ex requested four times that amount.

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 Posted on July 20, 2022 in Domestic Violence

Intimate partner violence is shockingly common. The CDC estimates that approximately one in five women and one in seven men have been physically abused by an intimate partner at some point in their lives. Abuse may come in the form of physical violence, psychological manipulation, emotional abuse, or financial exploitation. Whatever the form it comes in, no one ever deserves to be abused by a romantic partner.

If you were threatened or abused by a boyfriend, girlfriend, spouse, or ex, you may want to consider getting an emergency order of protection.  

What a Protection Order Can Do For You

Illinois courts offer several different kinds of protection orders. An emergency order of protection (EOP) is designed to be effective immediately. Often, petitioners can get an EOP on the same day they request it. Furthermore, EOPs are offered on an “ex parte” basis. This means that a formal hearing with both the petitioner (abuse victim) and respondent (abuser) is not required for the court to issue an EOP. If you are being abused by a current or former romantic partner, your partner does not need to be present for you to receive an EOP.

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 Posted on July 15, 2022 in Family Law

Most people have heard of prenuptial agreements, but fewer have heard of postnuptial agreements. A postnuptial agreement is very similar to a prenup, but it is completed after the couple is already married. Like prenuptial agreements, postnuptial agreements describe the spouses’ property rights and financial obligations in the event of divorce or death of a spouse. The reasons that couples utilize postnuptial agreements are varied and each situation is different. This blog will discuss the most common reasons married couples draft postnuptial agreements and what you can do to get started if you are interested in setting up a postnuptial agreement.

Postnups May Be Used for Financial or Personal Reasons

Postnuptial agreements or “postnups” have become increasingly popular in recent years. More and more couples understand the benefit of establishing their financial rights and responsibilities in an official, legally enforceable document.   

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