Posted on August 15, 2023 in Illinois Divorce

When someone gets a divorce, emotional and financial considerations often play a role in the handful of decisions made throughout the proceedings. What to do about significant assets often plays a major role in the divorce of many couples. Of all the significant assets a couple may possess, few are more complex than a business. If you own a business and are getting divorced, the question of whether you should sell the business will likely arise at some point. Such decisions require careful consideration of various legal aspects and their potential implications.

Today, we will examine the factors to consider when deciding what you should do about your business. Discuss these factors with your divorce attorney and listen to their professional opinion as to how you can wisely move forward and make a decision that is right for you.

Get an Idea of What the Business is Worth

Of course, you need to determine its value accurately before you can think about seriously selling your business. There are a couple of different ways to approach the valuation of a business. You may decide to use the market approach, the income approach, or the asset approach. Depending on the circumstances of your situation, you can take a look at each approach and decide what is best for you and your business. That is if you do decide to sell. Even if you are still deciding whether to sell, it may be wise to see what your business is worth. Knowing its worth may make the decision simpler to make.

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 Posted on August 07, 2023 in Illinois Divorce

One of the most significant assets to consider during a divorce in Illinois is the marital home. Deciding whether to fight for the home requires careful consideration of various factors, including financial implications and emotional attachments. Today, we will dissect several key considerations to help you make an informed decision about whether to retain the marital home during an Illinois divorce. As with other divorce matters, discuss your questions and concerns with your divorce lawyer, as they will have the knowledge to help you make the most informed decision possible.

What Does Equitable Distribution Mean in Illinois?

Illinois law does not call for the equal division of assets. Instead, the state goes by the equitable distribution principle, which means the court aims to divide the assets instead of exactly equal. Different factors contribute to what the court regards fairly to mean, such as the duration of the marriage, each spouse’s contribution to the acquisition of the property, and the financial circumstances of each party.

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 Posted on July 31, 2023 in Illinois Divorce

The property division process is often one of Illinois's most critical and contentious aspects of divorces. Determining how to divide assets and debts best can raise complex issues, leading to disputes between divorcing couples. Today, we will examine the most common challenges faced during the property division process in Illinois and offer insights on potential solutions. As always, discuss with your divorce lawyer any concerns you have with matters related to your divorce, as your attorney should be your go-to person for any questions or concerns you have throughout the divorce process.

The Identification of Martial vs. Non-Marital Property

Of course, differentiating between marital and non-martial property is a crucial step in the property division process. While marital property includes assets acquired while the couple was married, the non-marital property typically predates the union. However, determining the classification of certain assets, such as commingled funds or property acquired before marriage but improved during the marriage, can be challenging. Consulting with an experienced attorney and providing clear documentation, including financial records, can help resolve disputes and establish accurate classifications.

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 Posted on July 25, 2023 in Child Custody

Custody disputes can be distressing and emotionally challenging for all parties involved. Any parents about to begin the divorce process must understand the underlying reasons behind these conflicts, as shedding light on what causes these disputes to occur can serve as a guide to help divorcing parents mitigate their impact. Today, we will look at the most common reasons why these disputes arise. Contact an experienced divorce attorney to secure the legal representation you need during this critical time.

Differing Parenting Styles

Everyone wants the best for their kids. It is not uncommon for divorcing parents to have strong opinions on how their child should be cared for once the divorce is finalized. At the center of many disputes is a differing opinion on how their child should be raised. Conflicting parenting styles of divorcing parents can be a huge factor in many custody disputes. Each parent may have a different approach to discipline, education, religious upbringing, healthcare decisions, and general childcare responsibilities. These differences can lead to intense disagreements and disputes over what is in the child’s best interest.

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 Posted on July 14, 2023 in Illinois Divorce

In divorce cases, dividing property between spouses can be complex and emotionally challenging, as can many issues that arise during divorce proceedings. Each state has its own set of rules and regulations to determine the equitable distribution of marital property. In Illinois, a key concept to grasp is the distinction between marital and non-marital property. Today, we will shed light on the latter category by providing examples of what constitutes non-marital property in an Illinois divorce. If you are concerned regarding what is marital property and what is not, contact a divorce lawyer to ensure you understand how each form of property may be a factor in your divorce.

Considerations and Key Examples of Non-Marital Property

Here are forms of non-marital property, including:

• Property acquired before marriage – Non-marital property typically includes property obtained by an individual before their marriage. For instance, if a person owned a residence prior to getting married, that property generally remains a separate asset and is not subject to division during the divorce process.

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 Posted on July 07, 2023 in Illinois Divorce

Divorce is an emotional and challenging process that can also be financially draining. However, with careful planning and consideration, minimizing the expenses related to your divorce is possible. Last month, we discussed in a blog the many factors that contribute to the cost of divorce. Today, we are going to continue this conversation by delving into what to keep in mind as you look to keep the price of your divorce down. As you approach the divorce process, your attorney should be your most trusted ally as you look to successfully navigate this difficult period as best you can.

Factors for Keeping the Price of Divorce Down

While it may sound generic, maintaining open lines of communication with your spouse can go a long way in keeping the cost of your divorce low. Discuss your priorities, concerns, and goals in these conversations to establish a common understanding. By having open and frank discussions, you can minimize surprises and reduce the need for extensive courtroom litigation.

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 Posted on June 30, 2023 in Illinois Divorce

In reality, stress-free divorce may vary among couples and is certainly not always possible. Divorce is an intricate process that comes with multiple potential economic, legal, and emotional setbacks and is one of the most traumatic and stressful life events someone can endure, challenging a person’s strength and resolve to push forward. For any hope of having a divorce that does not shatter you emotionally and psychologically, you must hire a divorce attorney to help you through the process, as trying to handle the divorce on your own will lead to unimaginable stress, making the entire situation worse than it already is.

Factors that May Contribute to Lessening the Stress of Divorce

Generally, a stress-free divorce will likely depend on multiple factors. First, opting for alternative methods such as mediation or collaborative divorce can eliminate the need for lengthy court proceedings, minimizing the emotional strain of the situation. Effective communication between the parties involved can also promote constructive dispute resolution, thereby reducing hostilities.

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 Posted on June 23, 2023 in Illinois Divorce

Unlike an amicable divorce, divorce cases with disputed and complicated finances can be very challenging, especially when it comes to issues of alimony, property division, and child support. If finances are a point of contention in your divorce, hiring a forensic accountant may be necessary to determine calculations of spousal and child support and uncover the worth of various types of assets. Forensic accountants are professionals in the field of financial accounting and fraud investigations, able to work with divorce attorneys to uncover hidden assets, resulting in a more efficient and fair division of assets.

Here is Why Hiring a Forensic Accountant May Be Worth the Fees

Consider these reasons, including:

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 Posted on June 13, 2023 in Child Custody

In Illinois divorce cases, the role of a guardian ad litem is to represent the child involved in the case. This individual is appointed by the court to act as an advocate for the children and to offer recommendations regarding custody, visitation, and other matters related to the child’s welfare. If you are interested in how they may be pertinent to your case, contact an experienced divorce attorney to learn more about how they and your divorce lawyer could be beneficial in your situation.

Everything You Need to Know

The guardian ad litem is a licensed attorney who is specially trained in working with children and determining what is best for them, given the specifics of their situation. This is because children do not have the same capacity as adults to understand divorce proceedings’ legal processes and ramifications. The guardian ad litem, therefore, is responsible for bridging the gap between the legal system and the children involved.

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 Posted on June 08, 2023 in Illinois Divorce

Divorce can be a difficult and expensive process. One of the greatest concerns for anyone going through a divorce is how much the divorce will cost. Several factors can contribute significantly to the cost of divorce, including legal fees, court costs, and other miscellaneous expenses. Today, we will take a deep dive into the key factors that impact the cost of a divorce and what to keep in mind as you traverse this often challenging process. To get started with your divorce, contact a divorce lawyer to represent you in your case.

Here is What Can Impact Divorce Costs

The first and most obvious factor affecting divorce costs is lawyer fees. Lawyers may choose to charge by the hour or by a retainer fee. Rates vary and may depend on the attorney's experience and other factors, such as the geographic location of the law office. Many attorneys also have payment plans available, which can be great for helping clients afford their divorce. In many instances, at the outset of divorce proceedings, clients will ask their attorney to estimate how much their divorce will cost. Please be advised that it is quite difficult to predict at the very beginning of the process how much the divorce will cost in the end. It is not uncommon for family law cases to drag out for quite some time.

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