Valuing a Business in Illinois Divorce: Determining Business Goodwill in Divorce Settlements
Determining the value of a business can be tricky, and goodwill can add an extra layer of complexity. Learn how to handle these issues when valuing a business in divorce proceedings in Illinois.
Business Valuations and Divorce in Illinois
Are you curious about how businesses are valued in Illinois divorce cases? Here is our guide to help you through.
Guide to Splitting Marital Assets in Illinois Divorces
It is important to know what to expect when going through a divorce in Illinois. Here is a guide to the division of marital assets in an Illinois divorce.
Most Common Money Mistakes Couples Make During Divorce (And How To Avoid Them)
Let’s talk about the most common money mistakes couples make during divorce and how you can avoid them! Failing to See the “Bigger Picture” Divorce is not just a severing of your marital union and relationship; it is also a business transaction. Though looking at it this way can seem cold, it can help you […]
Selling The Family Home In Divorce
Of all the assets that couples collect during their marriage, the family home is often one with the greatest sentimental value. It is where countless family dinners have taken place, where children may have grown up, and possibly even the first threshold they walked over together as husband and wife. Sadly, it is that sentimental […]
Asset Division In An Illinois Divorce: Understanding Equitable Distribution
While divorce always means the same thing – that a marriage is legally dissolving – the laws that govern this process varies from one state to the next. Specifically, this applies to how marital assets and property are divided in divorce. Illinois is an equitable distribution state, which means that assets are split “fairly” instead […]
Think About Retirement During Your Divorce
If you are divorcing later in life, thinking about retirement is natural. After all, you have been planning for your retirement a long time and are probably looking forward to it. If you are younger, retirement may be a topic in a far recess of your mind, but even at this age, your retirement funds […]
Handling Credit Card Debt In A Divorce
Most individuals own at least one credit card, and it is not uncommon to accumulate a significant amount of debt on these accounts. Therefore, if you are separated or getting a divorce and are not sure what to do about credit card debt, it is essential to understand your options and the steps you should […]
Non-Marital Property, Commingling, And The Right Of Reimbursement
A difficult part of a divorce is dividing marital property. Illinois judges are required to divide marital property equitably, which mains fairly under the circumstances. However, it does not necessarily mean that marital property will be divided equally. Before marital property can be divided, it must be decided what is marital property and what it is […]
Is Your Spouse Wasting Assets?
Moreover, situations can become more heated if one of the spouses is spending money and wasting assets. What can you do if you suspect your spouse is being too free with the marital money? Understanding Dissipation Illinois allows one side in a divorce to make an allegation that the other side is committing dissipation. Dissipation […]
Marital Property in Illinois
Illinois is not a community property state. When a couple files for divorce, a judge must evaluate the couple’s property and decide what is marital property and what is individual property. All marital property must be divided between the two parties equitably. Legal Definition of Marital Property Illinois law defines marital property as all property acquired by […]
Sorting Out Commingled Property in an Illinois Divorce
Illinois law requires judges in divorce cases to equitably divide marital property. Therefore, a judge must first decide which property is marital property and which property is separate or non-marital property. Then, the property will be fairly divided. However, a fair division does not mean the property will be split equally—a judge will split the property in a […]
Finding Hidden Assets in a Divorce
A couple seeking a legal separation or divorce must divide property in a manner that is considered equitable. Sometimes, a couple will be able to come to an agreement on their own—often through mediation—about how property should be divided; other times, a judge may issue a court order about property division. In addition to the […]
Will I Get Stuck with My Spouse's Debt?
One of the most common fears amongst people going through a divorce is what their financial future will look like. When dual-income marriages result in divorce, each party’s expenses go up while their available income diminishes—the bills and debt that accrued during the marriage do not simply disappear and debt must be dealt with. Money […]
How Property is Divided In Illinois
In every divorce there has to be a division of property. Whether a couple has a high net worth or has relatively modest means, there will be marital property that must be divided between both parties. States treat marital property differently; therefore, it is important to understand how Illinois handles property divisions. What is Considered Marital […]
Divorce Challenges Experienced After Several Years of Marriage
When a couple is married, the spouses envision growing old together. Unfortunately, for some couples, that dream never becomes a reality. Divorce can be a difficult time, no matter when it occurs in life. However, when a couple divorces after 20 or 30 years of marriage, there are factors to consider other than the normal […]
Broken Promises: What to Do When All That Is Left Is The Ring
When a member of an Illinois couple is shopping for a shiny new engagement ring, he or she is filled with promise and hope for the future. It therefore seems counterintuitive to immediately consider the personal property ramifications of a rejected marriage proposal or, much more significantly, an accepted proposal ending in a broken engagement. It is […]
Stock Options: Highly Valued Asset, But Whose?
In today’s economy, there is a push on many fronts for better compensation for the average worker. Efforts on behalf of the working poor and labor unions have brought the issue of a higher minimum wage to the attention of the public. In the wake of unfortunate comments by major corporations regarding their policies on […]
Broken Engagements: What Happens To The Ring?
Following a proposal, there is excitement, joy, happiness… and after all the elation and congratulatory wishes, there are cases where reality hits, things go awry, and the wedding plans are called off. It’s an all too common scenario, with the divorce rates in this country exceeding the 50% mark. Many financial and legal issues may […]
Understanding Automatic Temporary Restraining Orders (ATROs) in Divorce
Generally, when you hear the words “restraining order” the first response is to think about spousal abuse or violence. That is not the same thing as an Automatic Temporary Restraining Order. It is a legal measure that ensures that neither partner tries to short change the other spouse financially during the divorce. Once the divorce paperwork is filed, […]
