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Wheaton divorce attorneysAccording to the U.S. Census Bureau, approximately 20 percent of all businesses in the United States are now owned by women. While the 2.8 percent increase from the previous year might be considered a win for gender equality, female business owners still face serious risks if their marriage ends in a divorce. Learn how to protect your enterprise during an Illinois divorce in the following sections, and discover how a seasoned divorce lawyer can assist you with the process. 

Divorce Risks Often Higher for Female Business Owners

While any business-owning party can be at risk for extreme financial loss during a divorce, the overall risk for female entrepreneurs is significantly higher. Part of this could be because men are more likely to protect their companies, as they have been advised to do so for decades, but other factors play into this increased risk as well. For example, women are more likely to be the victims of domestic and financial abuse. They may also be less likely to envision their company as successful (until it actually is). Women are also less likely to initiate a prenuptial agreement, even when they have a substantial amount of wealth before their marriage. 

Protecting Your Business During an Illinois Divorce 

Ideally, female business owners would take proactive steps to protect their businesses, long before divorce ever becomes an issue (usually with a prenuptial or postnuptial agreement). Unfortunately, such agreements are no longer an option once the proceedings start. Instead, female entrepreneurs must then rely on other measures to protect their business, such as:

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DuPage County divorce attorneysWhen divorcing couples think about the process ahead, they tend to focus on the division of their assets. However, it is important to understand that marital debt is usually factored into the divorce settlement as well. Learn more about divorcing with joint debt, and discover what a seasoned divorce attorney can do to improve the outcome of your case and future financial standing. 

How Debt is Divided During an Illinois Divorce 

Debt is handled a lot like assets in a divorce; parties report any debts that they have and they decide whom will be responsible for it. Some negotiate this matter, while others have their debts and assets divided by a judge. In either case, the balance of the debt is usually deducted from the settlement amount. The assumed “owner” of the debt is then responsible for paying it back. Unfortunately, if the spouse that is responsible for the debt defaults, creditors may start looking at the other party to collect any remaining balance. 

Divorce and Your Creditors 

A lot of couples assume that they can resolve debt issues by simply provide their creditors with a copy of their divorce decree. Sadly, this is rarely ever the case. Creditors do not concern themselves with the life details of their debtors. Their only objective is to recover the money that they have loaned, and since they are not required to honor any agreements that are made between you and your spouse during a divorce, they will likely turn to you if your spouse defaults on their payments, disappears, or files bankruptcy after the divorce. 

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Illinois divorce attorneysMoney is one of the leading stressors in a marriage, which also makes it one of the leading causes of divorce in the United States. It is not necessarily a lack of money that leads to a divorce, however. In fact, statistics show that divorce rates actually rise during periods of economic growth instead of declining, which suggests that a couple’s relationship with money (and how it ultimately affects their relationship with each other), is more of an influential factor in their risk of divorce than the balance of their bank account. 

How Wealth Can Increase One’s Risk of a Divorce

Wealth is often seen as the answer to all money problems, but the upper-middle-class and barely wealthy can prove this simply is not the case. They can experience the same issues that lead to financial strain for lower-income families - the ever-increasing cost of living, child tuition costs, student loan debts, expected lifestyle, social pressures, etc. - and they can just as easily over-expend. If the financial strain becomes bad enough, the marriage may start to crumble. Fears over losing one’s status, feelings of guilt or remorse for the poor choices that one made during the couple’s downfall, and casting blame at the other party can further exacerbate matters. If left to fester, or if financial strain worsens, a divorce may ultimately ensue. 

Protecting Your Assets in a Failing Marriage 

When a marriage begins to fail, it is important that you take critical steps to protect any remaining assets from creditors, and even one’s own spouse. Asset hiding and dissipation are extremely common in divorces among the wealthy, and even more likely to occur in divorces that involve: 

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Illinois adoption lawyersThe lesbian, gay, bi-sexual, transgender, queer (LGBTQ) community has experienced some major victories in the past few years, including the requirement that all states allow and recognize same-sex marriages. Their most recent win came when Congress rejected a discriminatory amendment that would have negatively impacted their ability to adopt a child. Sadly, the very presence of that amendment proves that the battle for equality is still far from over. Learn how you can protect your rights as an adopting LGBTQ parent, and discover how our seasoned family law attorneys can assist you with the process. 

Addition and Rejection of Discriminatory Amendment - What it All Means

Discrimination is far from a new experience for members of the LGBTQ community, but when the U.S. Supreme Court ruled that states could no longer ban same-sex marriages, many hoped the worst would be over. Unfortunately, that has not been the case. In fact, an alarming number of LGBTQ couples have been denied the right to end their marriage in divorce. Even when successful in obtaining a divorce, parties may be at risk of losing their parental rights to a child if they did not establish legal guardianship during their marriage. A total of 10 states also have laws with language that is similar to the recently rejected amendment. 

Added to an appropriations package for the Departments of Labor, Health and Human Services, Education, and Defense, the amendment would have allowed state workers to deny foster placements and adoptions to persons that identify as LGBTQ, even if they passed all other requirements. In short, the decision to deny them as adoptive or foster parents would have been based solely on their sexual orientation or identity, even if state laws did not reflect the same level of discrimination. 

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Illinois child support attorneysIllinois law states that children have the right to emotional and financial support from both of its biological parents, and it protects those rights through different measures. Child support is one of the more commonly known and discussed, yet obligors are often confused about where their responsibility ends and begins. Moreover, they are not always informed of their rights, such as the right to request a modification if a significant change in circumstances occurs. 

When Can an Obligor Request a Modification to Child Support? 

When child support orders are established, the income of each biological parent is used in the calculations, as are the specific needs of the child (i.e. children with special needs, etc.). The time that each parent spends with the child may have been used as well, but such considerations have only recently become commonplace. If a substantial change has occurred in any of these areas - the income of the biological parents, the child’s needs, or the amount of time that each parent spends with the child - then either parent may request a modification to their order of support.

Since changes are meant to benefit the child, not the parents, some modifications could result in an increase in a non-custodial parent’s child support obligation. For example, if a child needs braces, the receiving parent may petition the courts to obtain additional support from the obligor. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
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
Phone630-580-6373
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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