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Illinois divorce lawyersSince the recession, the number of female-run businesses in the United States has increased at a rate five times higher than all other corporations. Female-owned businesses have also seen the greatest revenue increase over that same time-period (35 percent increase in women-run businesses compared to 27 percent among all other U.S. businesses). Sadly, female entrepreneurs still have a major disadvantage in the business world: In divorce, female entrepreneurs typically assume far more risk than their male business-owning counterparts. Learn how you can protect your company and your financial future with the assistance of a seasoned, competent divorce lawyer. 

Is Your Spouse Entitled to a Portion of Your Company? 

Not all businesses may be divided in a divorce. Companies that are started prior to the marriage are not typically considered a marital asset, and they may not be divided in the divorce (unless marital money was co-mingled with company funds). However, the owner of the company may still owe their spouse a settlement or alimony if certain contributions were made (i.e. staying home with the children while the owner grew their business), even if the business is not to be split in the divorce. A seasoned attorney can help you determine if your business is a marital asset, and they can assist you in protecting it.

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Wheaton divorce lawyersIn an Illinois divorce, parties divide their assets in an equitable manner. However, not all items can be divided or split. Some items can also be difficult to value; art is a prime example. Learn more about how difficult-to-divide assets like artwork are divided in a divorce, and discover how a seasoned attorney can help to protect your financial future.

The Value of Art

Legally speaking, artwork purchased during the marriage is no different than any other valuable asset; it is appraised and receives a dollar value and is then added to the overall total of the marital estate. Parties can then either sell the artwork and split the proceeds in an equitable manner, or one party can “buy” the other out by offering other assets in lieu of the artwork. 

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Wheaton divorce lawyersOnce the difficult decision to divorce has been made, parties often struggle with how to break the news to their family, friends, and children. While everyone is different and each couple will decide how to proceed, based on what works best for their needs, there are some hard and fast rules that you can use when talking to those that are closest to you. The following also provides some valuable information on what an experienced attorney can do to assist in your divorce. 

Avoid a Social Media Frenzy

Social media has become the way to communicate these days, but it is not necessarily the best way to break the news of a divorce - especially when it comes to family and friends. Sharing that you are going to divorce online can also cause a tense social media situation if you and your spouse have mutual family and friends. In short, conversations like this are typically best held in person. If distance and finance will not allow for an in-person conversation, a phone call may suffice. 

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Illinois divorce lawyersEven in the best of circumstances, divorce can be a massive undertaking. What happens, though, when you feel like you are dealing with the worst of circumstances? How do you handle a spouse that refuses to compromise during negotiations? What recourse do you have if you suspect asset hiding or depreciation during your divorce? 

Some parties choose to take such complex matters to litigation, but it is not the best option for everyone. Learn how to determine if litigation may be the most appropriate course for your Illinois divorce, and discover how the assistance of a seasoned and competent attorney can help to improve the outcome of your case, regardless of the path you chose. 

Negotiation versus Litigation 

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Wheaton divorce lawyersDivorce requires you to consider and make decisions on many things you might not have previously considered (i.e. where you will live and who keeps the dog). Financially savvy individuals also consider the long-term implications of a divorce, like how they will fund their retirement and protect their estate. Learn more about this consideration in gray divorces, and discover how a seasoned attorney can assist with the process to improve the overall outcome of your case. 

Failing to Plan for the Unexpected

While death inevitably happens to everyone, people rarely think about it in advance. In fact, statistics indicate that less than half of all Americans have a will or trust in place. Unfortunately, this can have a devastating impact on their estate. Funds may be depleted in probate, assets may go unallocated, and children could be placed into foster care until a guardian can be appointed. Matters can be even more devastating if the individual happened to be going through a divorce at the time of their death. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Warrenville Office
Address28371 Davis Parkway
Suite 103
Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road
Building A, Suite 105
Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street
Suite 900
Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street
7th Floor
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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