Posted on September 03, 2021 in Divorce

The division of marital property is one of the most complex elements in a divorce, and this is especially true when one or both spouses own a small business. Entrepreneurs who start their own businesses are highly invested in the business's success, and are often understandably concerned about the potential impact of marital asset division on their business's value.

On the other hand, many people work for a business started or owned by their spouse and have spent years helping the business increase in value and productivity. Regardless of the position from which a spouse approaches the divorce, both parties have an interest in knowing the true value of a business.

How is the Value of a Small Business Determined?

The three primary methods of determining a small business's value are:

• The Asset Method - This method combines a business's debt with its assets to come up with an estimate of the business's value. Business owners using the asset method may use tangible assets, like equipment and real estate, as well as intangible assets, like reputation and community awareness.

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 Posted on August 31, 2021 in Divorce

One of the most contentious issues in any divorce is the marital property division process. This can be especially true in high net worth divorces when couples disagree about which assets are marital property and should therefore be included in negotiations. Illinois courts will only divide marital property, so establishing what falls into this category is of utmost importance. However, determining what a marital asset is - to say nothing of what it is worth - can be a very complex process.

Sometimes, spouses wrongfully claim each other's individual property as marital property or hide marital property to increase their own net worth after the divorce. If you believe your spouse is engaging in deceitful tactics in order to manipulate the value of your divorce settlement, a forensic accountant who understands the asset tracing process may be helpful to you.

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 Posted on August 27, 2021 in Divorce

One of the most selfless acts a person can undertake is to love and nurture another's child as one's own using the process of adoption. There are several types of adoptions in Illinois, including international, relative, and foster adoptions, but this article focuses on one type in particular: Private adoption.

Private adoption is when an adoptive family works directly with the birth mother or parents of a child. Private adoption has many advantages, but private adoption also has some drawbacks. In this blog, we will discuss the pros and cons of private adoption. Keep in mind that, regardless of the type of adoption, having a practiced attorney is a crucial part of ensuring that a successful adoption takes place.

What are the Advantages of Private Adoption?

• Many prospective parents would prefer to raise a child from infancy, and private adoptions allow parents to do this. Most older children are adopted through a state agency and may already be living in foster care.

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 Posted on August 24, 2021 in Divorce

Most couples getting divorced in Illinois will divide the value of common assets, like the marital home, retirement accounts, and vehicles. However, some couples must also divide fairly unique assets, such as collectibles and antiques. The value of collectibles can be difficult to ascertain and division is complicated by the fact that there is no way to literally “divide” a baseball card or valuable piece of furniture.

These items are commonly at issue in a high net worth divorce, but any divorce may have cherished items that have been passed down through generations. Spouses often feel sentimentally attached to such items, making it even more difficult to determine the true value.

How are Collectibles Valued in an Illinois divorce?

Because collectibles can substantially increase in value since their purchase, a valuation expert is often a useful resource for determining the current value of an item. Valuation experts often specialize in dealing with certain items, such as coins, baseball cards, jewelry, or vehicles. An expert will try to determine the fair market value of an item - in other words, what the item could be sold for right now.

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 Posted on August 23, 2021 in Divorce

If there could be a perfect divorce, it would be one in which both parties agree on how everything should be allocated and paid for. It would move quickly, be relatively inexpensive, and both spouses would go on to live their individual lives without hostility or resentment.

Unfortunately, this is rarely the case. When couples cannot agree on issues such as parenting time, asset division, spousal maintenance, and child support, the parties may end up in a divorce court trial and the court will make a decision about the contentious topics.

How Do Divorce Trials Work?

Divorce trials are presided over and decided by one judge - there is no jury. Although both sides may call witnesses, spouses are often the only individuals to provide testimony and evidence. Regardless of how complicated the divorce is, divorce litigation generally follows the same steps:

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 Posted on August 18, 2021 in Domestic Violence

Victims of domestic violence often do not leave abusive situations because they fear the abuse will worsen and they will have no way to protect themselves. This fear is not unfounded - research shows that leaving an abuser is the most dangerous time for a victim of domestic violence.

Illinois recognizes the seriousness of domestic violence and provides victims with the ability to apply for Emergency Orders of Protection. An abuser who violates an Emergency Order of Protection faces serious legal consequences. Consider hiring an attorney who can assist you in obtaining an order of protection as part of your overall plan to leave your abuser once and for all.

What is an Emergency Order of Protection?

An Emergency Order of Protection, or EOP, is a court order that prohibits an abuser from certain behaviors. Illinois judges have discretion to consider the unique circumstances of each case and may prohibit many behaviors, including:

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 Posted on August 13, 2021 in Family Law

During the excitement of preparing and planning for marriage, couples often overlook a valuable planning instrument: The prenuptial agreement. In the heady joy of falling in love, they may not see the point. Why go through the hassle of completing a prenuptial agreement when the marriage will never end?

Yet after the marriage, when couples have a chance to start thinking practically again, they may realize the value of an agreement that stipulates a reasonable financial arrangement in the event of a divorce. They may also realize that a postnuptial agreement is a great way to establish the financial responsibilities of each spouse during the marriage.

What does a Postnuptial Agreement Do?

A postnuptial agreement is a binding legal document that details and protects the financial interests and responsibilities of each spouse, both during and after the marriage. Each couple's situation is different, and a well-written postnup will accommodate the couple's unique circumstances. A prenup may include clauses that, among other things:

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 Posted on August 11, 2021 in Divorce

Although most people know that attorneys are a crucial part of a divorce, they may be unaware that a variety of other professionals can be involved in helping a divorcing couple who wants to avoid hostile litigation. This is especially true in a collaborative divorce. In this article, we will discuss the benefits of the collaborative divorce process and the different experts couples can use.

What is a Collaborative Divorce?

Collaborative divorce in Illinois is a method of getting divorced that lets couples negotiate the terms of the divorce out of court. Important things like parenting time, allocation of parental responsibilities, spousal maintenance, and asset and debt division can all be handled through collaborative divorce. Spouses who use the collaborative divorce method usually find the divorce less hostile and come to a more satisfactory compromise on important issues than couples who rely on extensive court litigation and a judge to make decisions.

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 Posted on August 05, 2021 in Child Support

Court-ordered child support payments can feel like a tremendous financial burden. A substantial change in income or sudden unemployment can make it seem impossible to pay. Likewise, someone who believes their ex is not using child support payments for the child may be angry or may feel as though they are justified in failing to meet their support obligations.

Whatever the reason, halting child support payments without a court-ordered modification is a short-sighted solution and can result in serious civil and criminal charges in the Illinois legal system. In fact, Illinois has a specific law intended to address nonpayment of child support, called the “Illinois Child Support Enforcement Law.”

What Are the Consequences Of Failure to Support?

“Failure to support” is the legal term for when a person fails to meet their support obligations when they have the ability to pay them. In Illinois, the consequences for failure to support include, but are not limited to:

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 Posted on July 30, 2021 in Property Division

The legal and financial aspects of marriage are often overlooked in our romantic conception of relationships. However, finances are an important part of any marriage – and perhaps even more important in a divorce. One particularly difficult aspect of determining how marital property is divided in a divorce is the valuation and division of complex assets, especially when those assets and the individuals who own them have a high net worth.

What is a Complex Asset?

Complex assets include assets made up of multiple components, each of which may contribute to the asset's value. For example, an investment portfolio that has funds in securities, bonds, and small-cap stocks can change in value from day to day and would be considered a complex asset. By contrast, cash in a savings account, a car, or any other asset which may be quickly sold for an easily estimated amount of money would not be considered a complex asset.

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