Posted on April 21, 2022 in Divorce

Divorcing couples have many important financial issues to consider. When one or both spouses own a business, the financial complexity of divorce is amplified. The situation becomes even more complicated if the spouses owned and managed a family business together. Some spouses in this situation decide to sell the entire business and divide the proceeds equitably. This gives both spouses the opportunity to pay off debts and start their post-divorce life with some degree of financial security. Other couples decide that one spouse will keep the business and buy out the other spouse’s share with assets of equivalent value. Another option is to continue running the family business together as a divorced couple.

Keeping a Jointly Held Business After Divorce

Owning a small or medium business is no easy feat. A fifth of all small businesses fail before the end if the business’s first year. Half fail within five years. If you own a successful family business with your spouse, you may be hesitant to make any changes that threaten the success you worked so hard to achieve. You and your spouse may be fully committed to the business and unwilling to give up your share of the company during divorce.

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 Posted on April 19, 2022 in Divorce

If you are getting divorced, there are probably a thousand questions running through your head at any moment. Divorce can have major personal and financial implications. One issue many people worry about is what happens to debts in a divorce. You or your spouse may have student loans, credit card debts, personal loans, a mortgage, and other debts. What happens to this debt when you get divorced? Who is ultimately liable for debts accumulated during a marriage? The answers to these questions vary. An experienced divorce lawyer can help you understand your financial rights and responsibilities during your divorce and the best way to protect your financial interests.

Is the Debt Marital Debt or Non-Marital Debt?

The first question you will need to ask yourself regarding debt is whether the debt is considered marital debt or non-marital debt. Ideally, spouses will have signed a prenuptial agreement that clearly explains which debts and assets are marital and non-marital. However, if there is no such agreement, the debt classification will be determined by Illinois law.

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 Posted on April 18, 2022 in Divorce

Did you know that over seven percent of adults in the United States suffer from major depressive disorder? Depression is extremely common. The illness, marked by persistent low mood, little interest in enjoyable activities, and feelings of worthlessness, is something many people struggle with on a daily basis. Studies show that the ongoing COVID-19 pandemic has only increased the incidence of depression and anxiety.

If you have depression, you know how deeply it can affect your life. Going through a divorce when you have depression only adds to the difficulty.

Strategies for Divorce When You Suffer from Depression

Divorce is stressful and sad under the best of circumstances. Ending a marriage when you suffer from a serious mental illness like depression can seem impossible. However, it is possible to get through your divorce and move on to a happier post-divorce life.

There is nothing that can make your divorce completely pain-free, however, the following strategies may help:

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 Posted on April 13, 2022 in Prenuptial & Postnuptial Agreements

Prenuptial agreements are useful for any type of couple. Individuals may use a prenuptial agreement to protect assets, such as a small business, in the event of divorce. Individuals who choose to sacrifice career advancement to stay home with children may use a prenup to ensure they will have access to spousal support if the marriage ends. Older couples who are getting married for the second or third time may have children from a previous relationship and choose to use a prenuptial agreement for inheritance reasons. The possibilities are nearly endless. However, prenuptial agreements may be completely worthless if they are not drafted properly.

Prenuptial Agreements Must Be Drafted Correctly

You and your soon-to-be spouse may trust each other to simply make plans verbally. They may assume that they do not need a formal agreement. However, prenuptial agreements must be in writing and signed by both parties to be enforceable. The parties must be of sound mind and fully agree to the terms of the prenup.

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 Posted on April 12, 2022 in Family Law

When divorcing spouses share children together, the divorce process becomes much more complicated. In addition to financial matters like property division, the couple must also address child-related concerns like child custody and child support. Read on to learn about some of the top questions Illinois parents have about parenting time and what you can do to get personalized legal guidance during your divorce case.

How is Parenting Time Different Than Child Custody?

One of the most complicated parts of the divorce process is navigating the sea of confusing legal terms and language. Illinois law no longer uses the term child custody. Instead, child-related matters are broken down into the allocation of parental responsibilities and parenting time. Parental responsibilities refer to the parents’ right to make decisions about their child’s education and other important matters. Parenting time is the time that parents spend with their children. The parents will include their parenting time schedule in their parenting plan and submit it to the court for approval.

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 Posted on April 07, 2022 in Family Law

For any parent, the prospect of paying for college can be daunting. College tuition is becoming more and more expensive each year. Unmarried and divorced parents may be understandably even more concerned about how to finance their child’s higher education. Paying for tuition, housing, books, and other educational fees can be even harder to manage in a one-income household.

The average annual cost of attending an in-state public university is just over $25,000 in 2022. For a private university, that number more than doubles. If you are unmarried or divorced and you have kids, it is important to understand your rights and responsibilities regarding your child’s college expenses.

How Are College Expenses Divided If Parents are Divorced or Unmarried?

Most married parents work together to figure out how to pay for college tuition and related expenses. However, if parents were never married or have divorced, they may be confused about which parent is responsible for paying college expenses. Illinois is unique in that the law can require unmarried or divorced parents to contribute to their child’s higher education.

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 Posted on April 04, 2022 in Divorce

Before a divorce can be completed, divorcing spouses must address multiple issues including the division of marital assets and debts, parental responsibilities, parenting time, and spousal support. Some spouses are able to reach a decision through alternative resolution methods like mediation. Others can negotiate a settlement through their attorneys. However, when all else fails, a divorce case may advance to trial. Whether you have just filed for divorce or you are well into the process, it is important to know how divorce trials work in Illinois.

Divorce Discovery and Pretrial Conferences Precede a Divorce

Before a divorce goes to trial, the attorneys will gather all the relevant facts and information. There may be depositions, requests for production of documents, interrogatories, and more. The attorneys will use the information to develop their arguments.

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 Posted on March 29, 2022 in Divorce

Taxes are probably the last thing on your mind if your marriage is ending. You may be more focused on the immediate financial implications of the split, the divorce’s effect on your children, ownership of the marital home, and other issues. However, divorce can have major tax implications for both spouses. Read on to learn about some of the top tax-related issues Illinois couples encounter when they divorce.

Tax Implications of Property Division

You and your spouse will need to value and divide your shared property in your divorce. The way you distribute property can have certain tax advantages and disadvantages. Usually, property transfers during divorce are non-taxable events. However, each case is different, and you may decide to forgo the opportunity for tax-free transfers if there is an advantage to doing so. There can also be major tax implications associated with retirement assets and liabilities like capital losses and charitable deductions.

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 Posted on March 28, 2022 in Divorce

Autism Spectrum Disorder symptoms can vary dramatically. Many children with autism struggle with social interactions, sensory overload, and changes in schedules and routines. Some are able to communicate these struggles to parents, teachers, and caretakers. Others are completely non-verbal. Whatever symptoms your child deals with, divorce is sure to have a major impact on your child.

As a parent of a child with autism or Asperger’s, it is important to know your options during divorce.

Parenting Plans for Children With Autism

Kane County parents who divorce will be asked to write up a parenting plan that describes how they will fulfill parenting duties. A detailed, well-written parenting plan can help you and the other parent ensure you are on the same page about parenting matters. A strong parenting plan can also promote consistency – something extremely important for children with autism. Your parenting plan will include information about:

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 Posted on March 22, 2022 in Divorce

Spousal support, spousal maintenance, and alimony are all terms used to describe financial support paid by one spouse to the other after divorce. Spousal support can be a significant source of financial relief to those who receive it. However, it can also be a major expense for the paying spouse. Whether you are the primary earner in your marriage or you intend to seek spousal support for yourself, it is important to understand how spousal support works in Illinois divorce cases.  

Spousal Maintenance is Usually Ordered for a Limited Time

In most cases, spousal maintenance is temporary. The spouse receives financial assistance in the form of maintenance until he or she is able to become self-sustaining. If the marriage lasted more than 20 years, permanent maintenance might be ordered. However, spousal maintenance always terminates if the recipient gets remarried or the paying spouse dies.

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