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Illinois divorce attorneysJust as married people do not usually enter into marriage, one day planning to divorce, business owners do not typically start their companies, expecting to one day divide it with their ex-spouse. As a result, there are many business owners who do not have a prenuptial agreement in place to protect their company. 

Unfortunately, the lack of pre-planning can put the business and its owner at risk for significant financial loss - perhaps even to the point of closure. Thankfully, with some precautionary measures and the guidance of a seasoned divorce lawyer, business owners can still protect their companies in a divorce. Learn more with help from the following. 

1. Keep Your Plans for Divorce Under Wraps

If you own a business and are planning to initiate a divorce, hold off on telling your spouse until after you have had the chance to speak with a divorce lawyer. Divulging your plans to your spouse takes away your ability to prepare and plan ahead. 

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Illinois divorce lawyersDivorce can be a financially crippling process, especially if you are not adequately prepared. Thankfully, with the right tools and knowledge, you can increase your chances of a favorable outcome. Learn more about managing your finances during and after an Illinois divorce, including why, how, and when to get started. You shall also learn how a seasoned divorce attorney can assist you in navigating your way through the process. 

Understanding the Potential Financial Risks

While there are many potential risks of divorce, those that involve your finances are often the most devastating and long-lasting. For example, you could: 

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Illinois divorce lawyersDivorce can jeopardize the financial future of both men and women, but women tend to be at the highest risk for financial devastation. If contention, domestic abuse, or financial abuse are present in the marriage, that risk exponentially increases. Thankfully, there are steps that women can take to mitigate against a severe financial loss during their divorce. Learn more in the following sections, including what a seasoned, competent attorney can do to help with your Illinois divorce. 

Women Remain at a Disadvantage in Divorce

Society has come a long way in the last few decades, particularly in the way of women’s rights. Sadly, we still have a long way to go. Women continue to make less than men in the workplace, even when they have the same level of experience and training. They are also more likely to make career sacrifices for their family, such as staying home to care for the children, rather than putting them in daycare. Alimony is also awarded less often these days, and thanks to the new tax law, it is likely to be less helpful for disadvantaged divorcing women than it once was. 

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DuPage County divorce lawyersAlthough most people are aware that assets are equitably split during an Illinois divorce, few couples stop to think about their debts. However, this too is divided – and it can lead to financial ruin for one or both parties if mishandled. Learn how you can protect your finances during a divorce, and discover how paying off your credit card debt may ease the overall process. You shall also learn what an experienced attorney can do for you.

What No One Tells You About Debt in Divorce

The real problem with debt in divorce is not that it is divided. Instead, it is that the original debtor is still held accountable, regardless of the decree. For example, one party may agree to pay on a joint credit card, but if that party defaults on their payments, both may face legal action from the creditor. The same holds true for other forms of debt, such as student loans, vehicle leases, and mortgages.

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Wheaton divorce attorneysOf all the assets that a couple must split in divorce, the family home is typically the most valuable. Parties may also have an emotional attachment to their family home (which makes sense, considering it is the place where families make some of their fondest memories). Sadly, when these two issues are combined, the asset division process becomes exponentially more difficult.

To make matters worse, arguments and disagreements about the fate of the family home can quickly turn even the most amicable divorce into a contentious one. Learn more about your options for the family home in a divorce, including how to determine which one may be most appropriate for your situation, and discover how an experienced divorce lawyer can help.

Examining Your Options

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DuPage County divorce lawyersOf all the elements of divorce, few are quite as contentious as the division of marital assets. Illinois divorces can become especially heated since, unlike in other states, assets are divided “fairly,” rather than equally. Learn more about how assets are divided in an Illinois divorce, and how an experienced attorney can protect your financial future during the process.

Equitable Distribution versus Equal Distribution

While many states distribute property equally in divorce – meaning, the value of the estate is divided equally between both parties – Illinois uses an equitable distribution method. Essentially, this means that the estate is divided “fairly” between the divorcing parties. Unfortunately, everyone has a different perception on what, exactly, fair means.

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