Posted on November 28, 2017 in Business and Divorce

A business’ value extends beyond the earnings that can be attributed to its tangible assets. Factors such as reputation amongst customers can increase its value in ways that are harder to calculate. These intangible assets are known as goodwill and are commonly included in business valuations. When a divorcing couple is assessing a business during the division of property, goodwill should be part of the valuation. However, it can be tricky to put a monetary value on goodwill, and not all forms of goodwill are treated equally in a divorce. An experienced business assessor is needed to understand the true value of goodwill.

What Creates Goodwill?

When competing businesses offer similar products or services, it is a business’ goodwill that may make a difference in a customer’s choice. Goodwill can create greater economic returns by attracting new customers and bringing old customers back. Several factors can add to a business’ goodwill, including:

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 Posted on November 21, 2017 in Parenting Time (Visitation)

Statistical studies have calculated that people who are divorced are more than twice as likely to commit suicide than their married counterparts. While that number is concerning, the statistics become more alarming when comparing suicide rates between divorced men and divorced women. According to one study, divorced men are nearly 10 times more likely to commit suicide than divorced women. Researchers have searched for a reason for the disparity between men and women. One logical conclusion is that divorced fathers feel more anger and depression because they often have less parenting time than mothers.

Health Risks

Suicide is the most extreme consequence of post-divorce depression. Divorced men and fathers tend to lead more unhealthy lifestyles and make poorer choices. This may include:

• No longer attending doctor’s appointments;
• Not following through on medical instructions;

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 Posted on November 14, 2017 in Divorce

Divorce is an emotionally trying time during which you will turn to friends and family for support. However, some friends may surprise you with their reaction to your divorce. If you are looking for an affirmation of your decisions, you risk being disappointed and hurt when a friend makes a critical or insensitive comment. To harden yourself against this, you should understand that:

• People have varying beliefs about divorce;
• Some people choose poor words when trying to express support; and
• Other people’s opinions should not weaken your resolve in regards to your divorce.

There are various reasons why your friends or family may react negatively to your divorce. Each reason requires a different response:

1. Personal Beliefs: The concept of divorce is unacceptable to some people, regardless of your reasons. Religion often dictates this belief, though for others it is a personal conviction. You are not going to change this person’s mind, so you should agree to disagree and drop the subject. If this person continues to criticize your decision, you should distance yourself from him or her.

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 Posted on November 02, 2017 in Guardianship

In broad terms, guardianship can be differentiated by cases involving minors and cases involving disabled adults. Both are similar in that they require a court ruling to determine whether a responsible adult should have decision power over the ward’s:

• Personal care and health; and/or
• Financial estate.

However, guardianship of a disabled adult has many fundamental differences from guardianship of a minor. Obtaining guardianship of a child is already a difficult process because the court must determine what is in the best interest of the child. Obtaining guardianship of a disabled adult can be more complicated because the court must also consider the rights of the adult. Here are four key differences between guardianship of a minor and guardianship of a disabled adult:

1. Assumed Need for Guardian: Children must have an adult who is responsible for their safety and personal decisions. If the parents are incapable of doing that, a guardian will be appointed, whether it is another adult or the state. For disabled adults, courts prefer to give them as much independence as they can handle. The person requesting guardianship must explain why he or she should have power over the adult.

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 Posted on October 25, 2017 in Child Custody / Allocation of Parental Responsibilities

Separation anxiety applies to parents and children after a divorce. As a parent, you have developed a bond with your children and are not used to extended time apart. With a post-divorce parenting plan, you will likely not see your children for days at a time. The change can be jarring. While your children will always be with one of their parents, you are suddenly alone when your children are staying with their other parent. This can be depressing if your life has centered around taking care of your children. However, you can also think of your free time as a chance to find a purpose and structure that is not reliant on being a parent. There are several actions you can take to help you towards this:

1. Rediscovering Personal Passions: When you became a parent, you may have put aside some of your favorite hobbies and activities. Taking care of your child came before your personal interests. You now have the free time to continue those interests. Participating in fun activities gives you something enjoyable to do while keeping your mind off your children's absence.

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 Posted on October 19, 2017 in Division of Assets

Divorce can upend your carefully made plans for your future, including your retirement. If you are approaching retirement age, you may have already figured out:

• How much money you will need to support yourself and your spouse during retirement;
• What lifestyle you will be able to live; and
• How much you need to contribute to your retirement accounts in order to reach your goal.

However, your retirement plan assumed that you would be married. Having a spouse allows you to pool your retirement money together and share in your expenses. As a single retiree, you may have less financial resources to work with. There are a couple of ways that divorce can drain your retirement accounts.

Marital Property

In Illinois, retirement benefits are considered marital property subject to division in a divorce. Your spouse can claim an equitable share of any retirement benefits that you have accumulated since being married. Divorcees typically settle the division of retirement benefits in one of three ways:

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 Posted on October 12, 2017 in Postnuptial Agreements

Postnuptial agreements are often grouped in the same discussions as prenuptial agreements. Both are legal documents that help spouses predetermine the terms of a hypothetical divorce, including:

• Defining marital and nonmarital properties;
• Determining how marital properties would be divided;
• Protecting spouses from nonmarital debt; and
• Setting the expectations for spousal maintenance.

By definition, the difference between a prenuptial and postnuptial agreement is that postnuptial agreements are reached after the spouses have married. Spouses may opt for a postnuptial agreement if it is too late to create a prenuptial agreement or they need to change the prenuptial agreement. However, spouses can have different reasons for creating a postnuptial agreement than they would for a prenuptial agreement.

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 Posted on October 03, 2017 in Relocation

Illinois law prohibits a divorced parent from relocating with a child without notifying the other parent and receiving court approval. There are no exceptions for cases in which the other parent has little parenting time with the child or is deemed unfit. Unless the other parent has lost his or her parental status, a relocation order must be obtained if a parent wishes to move a child:

• More than 25 miles if living in Cook, DuPage, Kane, Lake, McHenry or Will County;
• More than 50 miles if living in any other county in the state; or
• More than 25 miles if the new location is in another state.

Child relocation disrupts the allocation of parental responsibilities for the other parent. Regular parenting time may be impractical if the child lives too far away. However, the relocating parent and the child may benefit from the move. Illinois law lists 11 factors that a court should consider when deciding on a child relocation request:

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 Posted on September 21, 2017 in Divorce

Illinois recently approved the Collaborative Process Act, which outlines the collaborative law process of negotiating divorce and family law issues. Collaborative law is a relatively new form of alternative dispute resolution that incentivizes cooperation and open sharing of information. Both sides and their legal counsels sign an agreement in advance, stating that the counsels will withdraw from the case if a resolution is not reached. Advocates for the process believe Illinois’ new law will increase awareness and encourage its use by establishing standards and guidelines. The act, which goes into effect on Jan. 1, describes the requirements and limitations of the collaborative process.

Approved Subjects

The law defines terms relating to the collaborative process, including which issues qualify as collaborative process matters:

• Marriage and divorce;

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 Posted on September 15, 2017 in Divorce

It is unwise to quickly jump back into dating after you have completed your divorce. You need time to heal from your marriage, including:

• Coming to terms with why you divorced;
• Adjusting to your post-marriage lifestyle; and
• Feeling emotionally ready to start a new relationship.

Even after you feel ready, there may be others who need time to recover from the divorce. Children can be upset when they see one of their parents dating someone new. You must be conscious of your children’s reaction when starting a new relationship after divorce.

Understanding Children’s Emotions

You may understand that starting to date is more about meeting new people than immediately committing to a serious relationship. However, your children view it as a development that tests their loyalties and casts doubt on their place in your life. Keep in mind that:

• They may feel pressured to pick sides between your dating partner and their other parent, particularly if the other parent is angry that you started dating;

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