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Illinois divorce attorneysIn a divorce, marital assets are valued and equitably divided between the parties. Businesses, owned jointly or independently, may also be considered a part of the marital estate. The determination of its value is called the business valuation process. Learn more about this process, and how it could impact the outcome of your Illinois divorce. 

What is Business Valuation?

Business valuations are used to determine the overall health and net worth of a company. Each facet of the company is objectively and independently evaluated, including the company’s assets, expenses, revenue, cash flow, debt levels, and projected future earnings. 

Business Valuation Methods

The process for determining a company’s value will vary, depending on the industry, business type, and customer base. One of four methods may be used. 

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Wheaton divorce lawyersDebt is a serious issue for most Americans. According to a recent study from Northwestern Mutual, the average U.S. citizen has about $38,000 in personal debt - and that excludes their mortgage. If one were to double that for a married couple (almost $80,000 in debt), the importance of understanding how debt is divided in a divorce becomes clear. 

Equitable Distribution of Debt in Divorce

In most cases, marital debt is divided in a divorce in the same way as assets: equitably. Essentially, this means debts are allocated according to the income and expense of each party. Keep in mind that this rule usually only applies to joint, marital debts that were acquired during the union. Separate debts that parties acquired prior to the marriage, as well as sole-owned debts, may not be divided in the same manner. 

Legal Liability for Debt in Divorce

Regardless of who the debt is assigned to in the divorce, parties can still be held legally responsible for a debt if their name is on the account. Keep this in mind when a portion of marital debt is assigned to your spouse, and have a plan in place for handling a default on the account, should your spouse forget or fail to pay. Otherwise, you may rack up late fees or interest on your account, leaving you with unnecessary added expenses. 

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Illinois parenting time lawyersThe entire country is being advised to practice social distancing and quarantine procedures to prevent the spread of COVID-19. Parents who share children but live in separate households are both concerned and unnerved about what this could mean for their families. Check out these options for divorced, legally separated, and non-wed families parenting in separate households. 

Keeping Visitation Schedules the Same 

Many of the families that have not been affected by the virus are opting to keep their visitation schedule the same for now. Their children continue to transition between homes. As long as nothing changes, and each household practices social distancing or in-home quarantine, this should not be an issue, so long as no one becomes infected. Parents who continue visitation their schedules as they are may want to also develop a plan for handling a positive COVID-19 case within the family. Some things to consider include:

  • Where the child will stay if one or both parents become infected,
  • Who will care for the child if they end up contracting COVID-19, and
  • How the family can still bond if forced to quarantine in separate households. 

Changing Visitation Schedules Under Quarantine

Families under full quarantine (mostly in high-risk areas) may want to consider changing their visitation schedule to reduce the chances of sending the virus to both homes. Incubation for COVID-19 is anywhere from seven to 11 days, so the most prudent schedule would likely be a two-week exchange. Parents can verbally make such an agreement verbally, but it is better to have a legal document in place, just to be safe. Your family law attorney can help. 

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Wheaton divorce attorneysMost parents are aware that divorce could negatively impact their child; it is why so many are hesitant to call it quits on their marriage. Still, studies show that a tumultuous home environment is more damaging to a child. As such, parents are encouraged to understand how and why a divorce might cause issues for their child. It also helps to have a plan in place.

Understanding the How and Why

Although divorce can negatively affect all children, the biggest risk seems to apply to those who are “well off” prior to the split. More specifically, adolescents whose mothers have a college education were found to be most impacted by parental divorce in a recent study conducted by Sondre Aasan Nilsen of the Norwegian Research Centre (NORCE) and the University of Bergen, Norway, and colleagues. On average, their GPAs were 0.3 points lower than peers with intact families from the same socioeconomic class. Previous research has also indicated that well-off children are less likely to attend college after a parental divorce.

Perhaps children from lower socioeconomic classes show less impact, simply because they are already less likely to excel in school or attend college, or maybe well-off children are ill-prepared for divorce because they have not suffered as much disappointment and heartache as children from lower socioeconomic classes. Whatever the cause, it is middle-class parents (and above) who most need a plan for minimizing the risk of poor academic performance in their child.

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DuPage County divorce attorneysIt can be difficult to know when to call it quits on your marriage, especially when you have put a great deal of time and energy into saving it. Shared children can further complicate matters. Often, parties look for a tell-tale sign, an unmistakable moment that forces them to accept the truth that divorce is inevitable. Unfortunately, such scenarios are rare. 

Instead, parties may spend weeks, months, and even years pondering their next steps - often denying themselves happiness during this confusing phase of their lives. Thankfully, you do not have to walk this path. Look at your current situation and discern whether these seven signs are present to determine if your marriage may already be on the path to divorce. 

You No Longer Argue 

While not all arguments are productive, couples need to resolve their disagreements and find common ground. Unfortunately, when parties cannot work things out, they may stop caring about the outcome. Arguments and disagreements may no longer be an issue, but there is distance and detachment. If your marriage has reached this point and you feel like you are all out of fight, you may only have two choices left: stay in a loveless marriage or call it quits. 

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Wheaton divorce attorneysFor some divorcing couples, the process is swift. Each moves into their own place and on with their own lives. For others, it is a slow, almost imperceptible change that gradually leads to a new and single life for each party. Such is the case with in-house separation. If this is the solution you are considering for your marriage, these tips can help you make it work. 

Step One: Announce Your Grievances and Establish a Truce

Whereas other separating parties may be able to work out their grievances over time, in separate houses, those who choose to have an in-house separation need to lay their issues out on the table so they can start to move forward. Otherwise, you and your spouse will simply continue to argue and repeat the same cycles. 

Once you have announced your grievances, it is time to establish a truce. Commit to not working on your marital issues and finding a new path forward for your own life instead. Approaching matters in this way can also work for those who hope to repair their marriage since most issues that lead to separation require you to find new and stable ground.

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Posted on in Divorce

Illinois divorce lawyersBeing served with divorce papers can come as a shock, even when things are bad and you are expecting it. You may also find yourself at a loss on how to handle the situation at hand. Learn how to answer your divorce petition in the following sections, and discover what our seasoned divorce lawyers can do to help you with the next steps of the divorce process. 

Your Response Must Be Submitted Within the Allotted Timeframe 

Divorce petitions must be answered within the allotted timeframe to avoid default; since a default means that your spouse gets what they are asking for in the divorce, you will want to avoid this at all costs. As soon as you receive your petition, seek seasoned legal help. 

You Need to Dispute Any Points That You Do Not Agree With

Few divorcing spouses agree on every point; the same will likely be true for you and your spouse. Matters of dispute must be addressed in your response to the petition. Otherwise, your spouse gets what they are asking for in the divorce. Disputing points that you do not agree with allow you to protect your rights and your interests in the divorce, but since divorce papers are often filled with legal jargon, it is possible for you to miss critical issues. Seek legal help and reduce the risk of this happening in your Illinois divorce. 

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DuPage County divorce attorneysDivorce can be a financially devastating process, especially if you are not adequately prepared. Thankfully, there are ways to protect your financial interests, even in the messiest divorce. Learn more by checking out these five financial tips for surviving your Illinois divorce. 

1. Start Saving and Financially Preparing Before You File

One of the biggest mistakes that parties can make in their divorce is failing to financially prepare for it. Most consider the cost of the proceedings, and many recognize that they will have to divide their assets. However, few recognize just how long it can take to financially recover from their divorce. Some may even be obligated to pay child support or spousal support; not preparing for this ahead of time can have serious, long-lasting consequences for the payor. 

2. Eliminate as Much Debt as Possible 

Assets are not the only thing that gets divided in divorce; parties must also divide their debt. Those with limited incomes or who assume the bulk of the debt may find it difficult to maintain their lifestyle. Furthermore, if your spouse fails to cover a joint debt, you may be held responsible for the balance - perhaps to the tune of wage garnishments. Avoid such issues entirely by eliminating as much debt as possible before you file. 

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Illinois divorce lawyersFor the past three decades, divorce rates have been on the decline for nearly every group of Americans. However, senior citizens, or those over the age of 65, are now twice as likely to divorce today than they were 30 years ago. The reasons for this phenomenon are varied, but the potential consequences can be dire. Thankfully, you can still protect yourself in a later-life divorce (dubbed the grey divorce). Learn more in the following sections. 

Later Life Divorce Can Increase Your Risk of Financial Issues in Retirement

When couples save for their retirement, they are planning on having one set of bills and living expenses. Divorce requires the parties to divide whatever assets they may have; this includes any retirement accounts and the family home. With less money to go around and two separate sets of expenses, both parties may be at an increased risk for financial issues as they head into their retirement, and with little to no working years left, they may be unable to recover.

Adult Children May Not Respond the Way You Expect

Senior citizens may assume that adult children are mature enough to handle their divorce, but they do not always respond as one might expect. Even as adults, they may experience grief over the separation of their parents. Some may even question whether their own marriage can stand the test of time. Grandchildren may also be negatively impacted - perhaps even confused by the entire situation. You may also find it difficult to separate yourself from your spouse during major holidays and family events.  

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Illinois divorce lawyersWhile any divorce can be complex, emotional, and acrimonious, few cases escalate quite as severely or quickly as those that involve the narcissist. Manipulative, charismatic, and calculating, they will do almost anything to “get even” with the spouse that wants to divorce them. Learn how to manage such a situation, and discover how our seasoned lawyers can help protect both you and your children during your Illinois divorce

1. Start an “Armageddon” Fund Now

Any divorce can become costly, especially when the divorcing parties struggle to find common ground. When it comes to the narcissist, there is no common ground; there is only retaliation and manipulation. As such, anyone divorcing a narcissist should plan for a costly and lengthy divorce. The narcissist spouse may also attempt to freeze or stop all funds. 

Start saving for armageddon now and you can avoid a lot of financial stress once you do start the divorce process. Just be certain to divulge to your attorney that you have stored money away for your own protection. Armed with that knowledge, they can add those funds to the pool of assets to be divided in the divorce without you being at risk for “stealing” assets. 

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DuPage County divorce attorneysMarried couples dream of retiring and enjoying their golden years together, but with the high rate of divorce these days, this dream is not always realized. In fact, divorce in retirement has become extremely common - so much so that it has even developed a name. Dubbed the gray divorce, retirement in your senior years can significantly impact your future. Learn how to prepare and mitigate the effects with help from the following sections. 

How Divorce Can Negatively Impact Your Retirement 

Divorce can be a costly endeavor, in and of itself, but its effect is often amplified when it occurs during or shortly before retirement. Much of this can be attributed to the division of assets and the lack of earning years left for the divorcing parties. Younger couples have time to rebuild their retirement; this may not be true for those approaching retirement or currently retired. Yet, like all other divorcing couples, their assets must be equitably distributed between the divorcing parties. 

Mitigating the Consequences of Divorce During Retirement 

Parties divorcing during or shortly before their retirement can mitigate the potential financial consequences with effective planning and preparation. The first step is to take an inventory of one’s income and expenses. Account for things like housing, utilities, food, and personal items. Then consider if any expenses can be cut, such as subscription services or luxury items. Next, determine if there may be any untapped resources. An example might be your spouse’s social security, which you may be eligible to collect, even after your divorce. 

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Wheaton divorce lawyerDivorce can impact every facet of your life—including your business and financial stability. Thankfully, there are a few key strategies that you can employ to minimize the risks to your business operations while also reducing the chances of it affecting your employees. Learn more about them in the following sections.

1. Keep Business and Your Personal Life Separate

It is not uncommon for married couples to co-own their family business. Even when one party is not directly involved in the day-to-day operations, they may hold shares in the company. In either case, both parties need to mindfully separate business from their personal life.

Conduct yourself professionally whenever you are at the company or conducting business, and stay away from marital matters whenever talking about business operations. Remember: the well-being of your employees and the future stability of your company could be on the line.

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DuPage County parenting time lawyersBack-to-school can be a fun and exciting time for families, but for couples in the midst of a divorce, communication is critical to avoiding arguments. Learn how you and your spouse can foster a positive co-parenting experience during this hectic period with help from the following. 

Get on the Same Page (or as Close as Possible)

When it comes to educational goals, parents need to be on the same page—or at least as close as possible. Common areas of contention involve debates over private versus public school, the district in which the child should attend school, and whether extracurricular activities will be covered by child support, or if each parent will contribute to the cost of their own volition. 

Remember, at the end of the day, what you and your spouse really want is to provide the best possible education for your child, at a cost that each of you can reasonably afford. Also, keep in mind that you may spend a great deal of time, negotiating an arrangement that works for all involved parties. 

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Illinois divorce attorneysPeople often see kids as resilient, but the truth is, they are no different from other people. They may struggle to cope with difficult situations. Such is often the case in a divorce. Determine if your child may need therapy to cope with your separation by looking for the following signs. 

Difficulty in School and Social Life 

Children who are depressed and out of sorts may find it difficult to concentrate in school, or they may begin to lose interest in their social life. Watch for slipping grades, poor behavior, and an overall disinterest in social activities. They may also avoid their friends. Alternatively, your child’s social circle may begin to change; they may start to hang out with delinquents or kids who drink and do drugs. A chance to talk about their feelings may help to improve the situation, but if you are concerned about your child’s safety or future, it may be time to seek professional help. 

Regression and Behavioral Issues at Home

When children go through a difficult or traumatic event, they may display regressive behaviors, such as thumb-sucking or bedwetting. Alternatively, your child may start acting out at home. Some become aggressive and lash out at their parents or siblings. Others may steal, lie, or attempt to manipulate. Most of the time, these behaviors will subside with time, but if they are severe or persist, you may need to seek counseling for your child. 

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Illinois divorce attorneysDivorce requires you to make multiple life-changing decisions. One of the first determinations is deciding when to tell your spouse that you wish to end the marriage. Time it poorly and you could compromise the outcome of your case. Wait too long and your spouse may become resentful, which can make negotiations more difficult. Time it just right using these guidelines. 

When You Anticipate a Simple Divorce 

In a simple divorce, there are very few issues to argue about during proceedings. Marital assets are either clearly defined or minimal. There are no involved children. Issues that cause distrust, such as asset hiding are non-existent. Timing in these divorce cases are less critical than in other situations, but you should still wait to tell your spouse about the divorce until speaking with an attorney. Even the simplest of divorces can become contentious under the right circumstances. Your attorney can help you avoid some of those potential pitfalls before they ever occur, increasing the chances that your case will remain simple. 

When You Feel Distrust Toward Your Spouse 

Asset hiding, lying, and infidelity can erode trust in a marriage. In a divorce, they can become catalysts for highly toxic situations. As such, it is highly recommended that you do not tell your spouse about the divorce until instructed to do so by your lawyer. That may even mean waiting until you have moved out and the paperwork has been filed. 

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Illinois divorce lawyersMoney can be one of the greatest sources of contention in a divorce - and for good reason! There are some parties who are just dead set on getting more than their fair share. They will even go so far as to hide money and other assets from their unsuspecting spouses. Is your spouse participating in this underhanded (and illegal) activity? Look for these signs.

Your Spouse is Secretive or Defensive About Money 

If your spouse gets defensive whenever you talk about money or finances, it could be a key sign that they are trying to hide something. Alternatively, they may be secretive about their earnings, perhaps even going so far as to revoke your access to certain financial accounts. Some will even hide secret purchases (a commonly used tactic in asset hiding). 

Your Spouse Intercepts Bills and Financial Statements 

An asset hiding spouse does not want you to know where the family’s finances stand, so they will go to extreme lengths to ensure you never see a bill or statement. They may even have a secret post office box for receiving these pieces of financial information. 

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Illinois divorce attorneysThough divorce may be the right choice for a marriage, it is far from the easy one. It can be mentally and emotionally draining. As a complex and nuanced legal process, it can also be financially draining if not approached in the right manner. Reduce the risk of significant financial issues during your Illinois divorce by taking these five steps during the preparation phase.

1. Track Your Income and Expenses

Start tracking your income and expenses, as soon as you realize that divorce is inevitable. The more financial information you have, the better. Check bank accounts, stocks and bonds, savings accounts, any investment interests, retirement accounts, and any educational savings accounts that you and your spouse may have set aside for your children. Also, ensure you know exactly how much income you and your spouse bring in each month. 

You’ll also want to take stock of any assets that you and your spouse may own. This can include: 

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DuPage County family law attorneysChild custody battles can get ugly, fast, and in some cases, there is a need to ensure that the child’s well-being is not at risk. In these situations, a Guardian Ad Litem may be appointed. What do you do if this happens during your Illinois custody case, and how should you respond? 

Avoid the Panic and Prepare for the Process 

When parents learn that a Guardian Ad Litem, they often go into panic mode. Unfortunately, this does nothing to benefit the case. In fact, if anything, such a reaction could jeopardize the proceedings and, ultimately, the outcome of your Illinois child custody case. As such, it is recommended that parents put their energy into preparation, rather than panic. 

If you have not done so already, ensure you have legal representation to help you through the process. Also, consider taking a parenting class to prove that you are not just a good parent, but a proactive one. Parents should also prepare for the interview and home study process, which are fairly standard in cases involving a Guardian Ad Litem. 

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Wheaton divorce lawyersLife’s catastrophes do not care what your circumstances are; they just are. Such is the case with job loss and divorce. So what do you do when you or your spouse loses a job whilst knee-deep in divorce negotiations? The following information can help to provide some answers. 

Notify Your Attorney of the Situation

Notifying your attorney of the situation is your first (and perhaps most important) step in managing a job loss during divorce negotiations. If you are the one now unemployed, your attorney can help you devise a strategy for moving forward, which may be critical to your financial well-being if you were positioned to pay child support or alimony. If your spouse was the one let off from their job, attempt to understand the cause of the job loss to the best of your abilities and relay that information to your attorney. Depending on the situation, your total settlement may not change (i.e. your spouse voluntarily quit their job or was terminated for attendance issues, which they can control). It is important to note that their obligation to pay spousal support or child support may be temporarily placed on hold, but that does not necessarily mean it will disappear entirely. 

Create a Plan for Moving Forward

Regardless of whether it was you or your spouse who experienced the job loss, it is important that you devise a plan for moving forward. If you are the one currently unemployed, take an inventory of any savings you may have on hand to tide you over until new employment can be found. If your spouse is the one now unemployed, determine how you will forge forward if your settlement suffers. Some ideas might include:

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DuPage County divorce lawyersChild support and alimony are often awarded to one of the spouses in a divorce, but not in every case. How do you determine if you may be eligible for these types of post-divorce support, and what can you do to ensure you receive the most amount possible? The following explains. 

Alimony Considerations in an Illinois Divorce 

Before a judge will award you alimony, you must be determined eligible, which generally requires that you be “disadvantaged” in some way. Examples of situations that may deem you “disadvantaged” in a divorce include:

  • A physical, mental, or emotional condition that prevents you from working;
  • A lack of education, skills, or recent work experience you need to obtain gainful employment;
  • Serving as a caregiver during your marriage (either to your children or your spouse); or
  • Supporting your spouse while they further their career or education (especially if it impacted you financially). 

If you are deemed eligible, a formula will be applied to your situation to determine your alimony entitlement and time-frame. The longer you were married, and the greater your spouse’s income, the greater your entitlement is likely to be in an Illinois divorce. 

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