Posted on December 10, 2019 in Divorce

During a couple's marriage, they may start a business, either together or separately. If the couple chooses to get a divorce, they must address how ownership of this business will be handled. As with other assets, interests in a family business must be addressed as part of the equitable distribution of marital property. To ensure that business interests are divided fairly, a business valuation may need to be performed to determine the actual value of business assets. There are various approaches to this process, so it is important to understand the differences to determine which one is appropriate for your company. 

Business Valuation Methods

Multiple methods can be used to estimate how much a business is worth. One way of determining a business's value is by looking at the assets owned by the business. An asset-based approach is often better for larger companies that have business assets separate from the owners' personal assets. In smaller companies, a person's personal and business funds often overlap, which can make this approach more difficult. There are two asset-based valuation approaches that are typically used by business valuators: going concern, in which a business's liabilities are subtracted from the net balance of its assets, and liquidation, which looks at the potential profits earned by selling off all of the business's assets. 

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 Posted on December 03, 2019 in Divorce

Whether for personal or professional reasons, people can move down the block or across the world. Many individuals have the freedom to do this at any time, but after a divorce when two parents share the responsibility for a child, this privilege may be restricted. Studies show that up to a quarter of custodial parents move away from the area where they lived as a married couple within two years of their divorce. When a parent considers moving after a divorce, some stipulations must be met to protect the rights of their child and the other parent. 

Parental Relocation Rights in Illinois

In Illinois, the term “child custody” is now referred to as the “allocation of parental responsibilities,” and parents will both have "parenting time" with their children. While the law no longer refers to a "custodial parent," a parent who has the majority of the parenting time or shares equal parenting time may be required to obtain approval before moving to a new home with their child. For a parent living in Cook County, he or she can move with the child up to 25 miles without needing approval from the court. This distance limit applies across state boundaries. DuPage, Kane, Lake, McHenry, and Will Counties follow the 25-mile rule as well, but for all other counties in Illinois, a custodial parent may move up to 50 miles from his or her original home. 

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 Posted on November 25, 2019 in Divorce

According to research by the American Pet Products Association (APPA), 68 percent of U.S. households include at least one pet. Pets are often considered members of the family. Owning a dog, cat, or another animal has social and emotional benefits for adults and children alike. Pets are technically considered property, but under Illinois law, they are treated differently than a house, car, or other physical assets during a divorce. Therefore, it is important for pet owners who are divorcing to understand their rights regarding who gets to keep the family pet. 

Marital Property and Equitable Distribution

Under Illinois divorce law, marital property is divided based on what is fair. This is called “equitable division.” Instead of a 50/50 split of assets, property and assets are split dependent on factors such as the length of the marriage, each spouse's contributions to the marriage, and the decisions made regarding the custody of children. Every divorce is unique, and an arrangement that may work for one couple may not work for another family. 

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 Posted on November 18, 2019 in Child Support

When parents get a divorce, they are still responsible for taking care of their children. How this is orchestrated may change, but every child has the right to receive support from both of their parents, emotionally and financially. This is why when parenting plans are created, a judge will likely keep both parents involved in the child’s life unless there are extreme circumstances, such as abuse. Child support is how the noncustodial parent will financially contribute to the child’s well-being. 

Determining Child Support

When child support is calculated in Illinois, both parents’ net incomes are considered using an "income shares" model. The numerical amount of support that parents are responsible for is based on their percentage of combined net income. The paying parent is usually the person who has the least amount of parenting time. Child support for the main custodial parent is implied. Money paid for child support goes toward basic needs, medical costs, and school expenses for the child only. 

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 Posted on November 11, 2019 in Divorce

We are all familiar with common reasons for why people choose to end their marriage. A divorce can be brought on for many reasons, such as infidelity, lifestyle conflicts, financial disputes, or simply two spouses growing apart. No matter the reason, getting a divorce is a long process with challenges along the way. Given that some people have unusual reasons for getting divorced, legally terminating your marriage can be a complicated process. That is why it is important to understand Illinois laws regarding divorce. In addition, you should have professional legal assistance to make sure your rights are protected throughout the proceedings.   

Illinois Divorce Law

In an Illinois divorce, one party will have to start the process by filing for a petition for dissolution of marriage. The person who filed is known as the petitioner, and the other spouse is the respondent. For an Illinois divorce to be granted, the marriage must be filed in the state, and both the respondent and the petitioner must be living in the state for 90 days. The divorce papers are served to the other spouse, and he or she has a certain amount of time to respond. 

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 Posted on November 04, 2019 in Divorce

When people get divorced, they are forced to make decisions about splitting the life they built together. In most situations, this will include assets and finances. When a couple has children, this affects the above variables, but also creates new challenges during the proceedings. In most cases, an Illinois judge will keep both divorcing parents in a child’s life, but the care of that child is referred to as the allocation of parental responsibilities and will be organized through a parenting plan.

A parenting plan is an organizational system used by divorced adults with children. The plan allocates parental responsibility and parenting time, which have replaced the terms custody and visitation in Illinois law. These terms mean different things, but they do have overlap. Parenting time is quality time spent with a child. It may be playing their favorite game, providing basic necessities, and disciplining them. Having parental responsibility has more to do with decisions that affect a child's future or well-being. A parent who has parental responsibility will have parenting time. However, there may be cases in which a parent is allocated parenting time but does not have any decision-making responsibility for children. 

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 Posted on October 23, 2019 in Divorce

Being a teenager can be tough. The wrong haircut or a break-up can feel like the end of the world, so the major life changes that teens will experience when their parents go through a divorce can be especially traumatizing. Studies show that slightly less than half of all marriages end in divorce in the United States, and a quarter of teens whose parents divorce will experience emotional issues. Generally speaking, getting a divorce with children makes the split more complicated. Although a teenager will likely be able to conceptualize what a divorce means better than a younger child, the teen’s emotions may be more dramatic.

A divorce can be a turning point in any child’s life, and family changes can cause stress. A teen may develop anxiety and depression, or he or she may go through a phase involving substance abuse or poor grades. Every teen will react to divorce differently depending on their emotional maturity and family relationships. Recognizing signs that your teen is struggling during your divorce is important in order to help him or her cope with the transition. 

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 Posted on October 16, 2019 in Divorce

When celebrities go through a divorce, everyone talks about the settlements. These high asset divorces are interesting because of the extraordinary dollar amounts in the millions and billions. For example, Jeff Bezos, the CEO of Amazon, gave up a quarter of his shares in the company to his ex-wife, and he is still the most wealthy man in America. Celebrity divorces are in the news a lot, but it does not take a famous person to have a high asset divorce.

Division of Marital Assets

In traditional gender roles, a man may have taken control of the finances. However, in modern times, there are more households with dual incomes where spouses share equal financial responsibility. Financial matters between a couple can be a breaking point in a marriage. Money is a major stressor in a relationship and is one of the leading reasons people choose to get a divorce. Studies show that the larger the difference between a couple’s credit scores, the more likely their marriage will end in divorce within five years. 

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 Posted on October 09, 2019 in Divorce

It is no secret that divorce is tough on a family. Although a husband and wife no longer want to be married, they both will continue to share a relationship with their children. After a divorce, one parent often moves from the family home, which can be difficult for children to begin with, but it can also change their daily routines or schedules. When addressing issues such as when children will have quality time with either parent, Illinois law allows families to complete a parenting plan, which must be in writing and signed by both parents to be considered legally binding.

What Is a Parenting Plan?

Since 2016, Illinois has removed terms such as “custody” and “visitation” from state family laws in an attempt to better address the roles that parents play following divorce. Now, such matters are referred to as “parental responsibility” and “parenting time,” respectively. A parenting plan is what puts decisions about these issues into action after a divorce by dictating how parental responsibilities will be allocated or shared between parents and when each parent will spend time with the child. 

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 Posted on October 02, 2019 in Divorce

A divorce is a difficult time for many couples. Whether you have been married for one year or 20 years, the divorce process can be long and stressful. Once the complicated steps such as property division and creating a parenting plan are over, it is time to begin moving on with your life. Although a divorce may be finalized, you may still have lingering feelings about the marriage or your ex-partner. Divorce can be a big lifestyle change, and this transition can prove challenging. 

Grieving the Loss of Your Marriage

Getting a divorce means losing an important person in your life. It is normal to grieve this loss. Mourning the relationship with your ex-spouse can be cathartic. However, while contemplation is good, dwelling on the past can hinder you from moving on. A person getting a divorce may go through the stages of grief: denial, anger, bargaining, depression, and acceptance. 

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