Valuing and Dividing a Business in Divorce

 Posted on May 14, 2019 in Property Division

Marital property in a divorce includes anything that either spouse has bought or contributed marital assets to during their marriage. For business owners, this means that their business is likely included in the division of property, even if they started or purchased the business before their marriage. As with any property, you and your spouse can claim an equal share of the business. However, a business is different from other properties in how you will assess its value and divide it.

Dividing a Business

There are three ways that you can divide your business during a divorce:

1. One of You Retains Ownership: If only one of you is involved in running the business, the most sensible option may be to give complete ownership to that person. However, the person who receives ownership will need to compensate the other spouse with marital properties of similar value. You are essentially buying out your spouse as an owner.

   Continue Reading ››

How a Parenting Plan Can Combat Conflict

 Posted on April 08, 2019 in Child Custody

No one can force you to like your co-parent after a divorce, but you need some civility between each other for the sake of your children. Co-parents with a high-conflict relationship struggle to communicate about their children’s needs. Open hostilities and silent tension will upset your children. Your parenting agreement can limit the number of contentious situations that you are placed in. High-conflict co-parents need structure and formal interaction that leaves little room for emotion. A parenting plan can create structure.

Communication

Co-parents need to communicate with each other about their children so there is some consistency in their parenting. You cannot expect your child to be your messenger and tell your co-parent everything he or she needs to know. Your problem is that conversations with your co-parent often escalate into arguments. Your parenting agreement can set communication guidelines for:

Continue Reading ››

The Financial Complexities of Gray Divorce

 Posted on March 11, 2019 in Divorce

People 50 and older are the only age group in the U.S. for whom the divorce rate has increased in recent years. Divorce researchers use the term "gray divorce" to categorize older couples who divorce after decades of marriage. There are several theories for why a couple may divorce at this stage in their lives:

• Empty nesters and retirees no longer have children or careers to distract them from their relationship;
• The couple may have married because it was expected rather than because they were compatible;
• A midlife crisis can make people anxious to create a more satisfying life while they can still enjoy it; and
• People can change after decades of marriage.

Whatever the reason is for ending the marriage, gray divorce can be complicated for everyone involved.

Division of Property

Spouses who have been married for decades will have accumulated numerous marital properties that they must divide in the divorce. They are also more likely to have high-value assets that they were able to purchase after years of saving money. Retirement plans have unique importance during a gray divorce. Each spouse will soon be relying on his or her retirement benefits, which have had time to accrue great value. In most cases, either the whole retirement plan is marital property or the amount that it increased in value since the spouses were married. Spouses must determine how much of the retirement money that they want to protect and what they would give up in exchange.

Continue Reading ››

Four Ways to Save Time on Your Divorce

 Posted on February 10, 2019 in Divorce

Time is the variable that is most likely to drive up the cost of your divorce. Having extended negotiations and attending multiple court hearings will increase your legal and court costs. The advantage of creating a prenuptial or postnuptial agreement is that you have already decided how you will divide properties and whether one of you will pay spousal maintenance. If you are entering a divorce without an agreement, there are still ways that you can save time and cost on your divorce:

1. Start Prepared: Identifying and valuing your marital properties is a time-consuming part of your divorce. Your divorce attorney can investigate this for you, but you can speed up the process by giving him or her a list of marital properties and documents related to their value. This saves your attorney from having to file requests for this information.

   Continue Reading ››

Requesting Child Support as a Father

 Posted on January 08, 2019 in Child Support

A stereotypical parenting agreement in a divorce results in the children living with the mother and the father paying child support. A father who does not make his required child support payments may be labeled a deadbeat, and the mother may go to court to enforce the payments. However, divorced fathers sometimes do not do enough to pursue child support from the mother when the parenting roles are reversed. They may be following a societal bias about their parental role, even though the law does not have the same bias.

A Father’s Role

It is still a common family arrangement for the father to be the provider and the mother to be the caretaker, but there are more families that do not follow those gender roles than in previous decades. It may be more sensible for the father to be the primary caretaker if:

• The mother has a more demanding and profitable career;

Continue Reading ››

Making Your House Feel Like Home After Divorce

 Posted on December 18, 2018 in Divorce

At least one of you will be moving into a new home after your divorce, and it is possible that both of you will be moving if you choose to sell your marital home. Settling into a new home can be stressful, especially when combined with adjusting to being single. Even if you get to keep your old home, it may feel noticeably emptier without your spouse. You will need time to adjust to your new living situation, but personalizing the appearance of your home can help you with the transition.

Decluttering

Moving is a good time to assess which items you no longer need after your divorce. Some items are impractical for you to keep as a single adult. You may want to purge yourself of other items because they remind you of your marriage. There is nothing wrong with getting rid of otherwise useful items because of your emotions towards them. Before throwing out or giving away an item, you should ask yourself:

Continue Reading ››

Preparing for Financial, Emotional Adjustments After Divorce

 Posted on November 13, 2018 in Divorce

Before starting your divorce negotiations, you should ask yourself what comes next for you after your divorce. Though you may not have specific answers, you do know that your life and your needs will be different than when you were married. Your divorce agreement should help you meet your financial and emotional needs, whether it is through the division of property, spousal maintenance, or the allocation of parental responsibilities.

Financial Needs

You will have a heavier financial burden after your divorce because you will be individually responsible for your expenses. Your individual income may be unable to afford your married lifestyle. You can adapt by budgeting your money and cutting back on your living expenses, but you should also try to maximize your individual income and assets. There are several ways that you can prepare yourself for this in your divorce agreement:

Continue Reading ››

Enforcing Child Support Payments from Your Co-Parent

 Posted on October 09, 2018 in Child Support

Illinois made its child support system more equitable when it started using an income shares model to determine payments. With the model, each parent pays a share of the total child-related expenses that is proportionate to their comparative incomes. Still, some parents do not pay their mandated child support, leaving the other parent with a disproportionate financial burden. As a parent, you have legal means of enforcing your child support agreement. A court or state agency can seize the money from your co-parent or punish him or her for not complying.

State Agencies

You can ask the Illinois Department of Child Support Services to enforce your child support agreement if the state processes your child support payments. The DCSS will investigate your claim to confirm that your co-parent is not making the required child support payments. The DCSS has several ways of enforcing child support orders, including:

Continue Reading ››

Four Reasons to Stay Off Social Media During Divorce

 Posted on September 10, 2018 in Divorce

Social media is a potential pitfall for divorcees because your spouse can use the content you post against you in your case. Social media users often share information about themselves without considering who can see it and how others could interpret it. You can best protect yourself by not posting anything on your social media account during your divorce. There are several ways that remaining active on social media can hurt you in a divorce case:

1. Your Content Reflects Your Character: Your behavior during your divorce can influence a court’s decision on the allocation of parental responsibilities and the division of property. People often post pictures of themselves on social media having fun or out with friends. Your spouse could portray a seemingly innocent post as evidence that you are irresponsible as a parent and budgeter of your finances. Defending yourself against these accusations distracts you from other work in your divorce.

   Continue Reading ››

How to Save Money on Divorce Expenses

 Posted on August 07, 2018 in Property Division

The cost of the divorce process is one factor that may cause spouses to hesitate in getting a divorce. Studies have estimated that the average divorce in Illinois costs $13,800, which puts the state in the top third of the most expensive states for divorce in the U.S. It is reasonable to consider whether you can afford a divorce if you are heavily in debt or lack financial resources. However, avoiding divorce when it is necessary keeps you stuck in an unhealthy relationship. You also risk your marriage worsening to the point that divorce is unavoidable and more expensive than it would have been before. By understanding the costs involved in the divorce process, you can find ways to save money.

Attorney Cost

Having a skilled divorce attorney is invaluable to you, but it is also likely to be your largest expense. You can shop around to find an attorney you can afford or explore financing options. However, you may be able to save more money by being efficient in your use of your attorney. Attorneys are often paid based on billable hours that they work, and you can reduce the hours by:

Continue Reading ››