Posted on June 01,2023 in Divorce

When one or both spouses own a business, it is considered a marital asset. Thus, it would be subject to equitable division under principles of Illinois law. However, the two spouses may not be able to agree on a valuation of the business because each may have their own competing interests. Business valuation can make a divorce more complex, and you should contact a DuPage County divorce attorney to protect your own interests.

Expert Witnesses Can Help You Establish a Value

Each spouse would need to hire at least one expert to give their opinion about the business value. You may also require forensic accountants to testify about the company’s cash flow and profitability. Oftentimes, business valuations become a “battle of the experts.” Your attorney would have a network of qualified experts to enlist for your case.

Experts May Use Different Valuation Methods

Two experts could reach very different conclusions, based on both the methodology they use and their inputs into the model. Here are some ways that businesses can be valued:

Continue Reading ››

 Posted on May 26,2023 in Prenuptial Agreements

While a useful tool in protecting assets and clarifying financial obligations in case of a divorce, a prenuptial agreement does not cover all aspects of a marriage. In fact, certain matters cannot be included in a prenuptial agreement as they are considered invalid under the law. Today, we will discuss what cannot be included in a prenuptial agreement. However, if you and your spouse are interested in signing a prenup, contact a family lawyer to start the process.

Examples of What Must Be Excluded from a Prenup

While excellent tools, prenups cannot be used for everything. For example, prenups cannot be used for:

• Child custody and support - Once a child is involved, the court needs to consider the child’s best interests. Any agreement that pre-determines child custody or support would not be valid in court.

Continue Reading ››

 Posted on May 17,2023 in Child Custody / Allocation of Parental Responsibilities

If you are a parent who is experiencing a situation where your ex-husband has fled the state with your child, it can be a devastating and emotionally tumultuous experience. However, it is essential to know that in this kind of situation, you have legal options available to ensure that you are able to reunite with your child and regain your rights to custody and visitation. During this frightening time, contact a family law attorney to learn more about your potential legal course of action during this time.

Here is What You Should Do Right Now

The first step you should take is to contact law enforcement as soon as possible. By reporting your ex-husband’s actions to the police, you can initiate a search for your child and file a missing child report. You should provide law enforcement with as much information as possible, including your child’s name, age, physical description, and any unique information that could help locate them. The police will then enter your child’s information into the National Crime Information Center (NCIC), which will alert law enforcement agencies nationwide.

Continue Reading ››

 Posted on May 10,2023 in Division of Assets

Divorce can be an emotionally, mentally, and financially grueling process, with long-long lasting consequences for both the spouses and any children that are involved. While the parties are negotiating a settlement, it is important to ensure that the two spouses preserve their existing assets. In cases where one spouse believes that the other spouse may try to hide or dissipate assets or is spending exorbitant amounts of money on non-essential items, a financial restraining order may be necessary to ensure marital funds are not recklessly spent or transferred. If you have these concerns about your spouse, consult with your divorce attorney to understand your options and decide whether pursuing a financial restraining order is appropriate at this time.

Most Important Aspects of Financial Restraining Orders

The process of seeking a financial restraining order begins by petitioning the court. Please also understand that these types of orders are not automatically granted. Essentially, a financial restraining order is a tool a court uses to prohibit either spouse from transferring or disposing of any assets during the divorce proceedings. In addition, it bars the parties from incurring any new debt unless it is for necessities, like groceries, paying bills, etc. The idea behind financial restraining orders is to protect the parties’ shared assets that might otherwise be used as leverage by either party or may disappear altogether by the dishonest actions of either spouse. With the finances “frozen,” it ensures that both spouses will have fair claims to all the marital assets while equitable distribution is being determined.

Continue Reading ››

 Posted on May 03,2023 in Division of Assets

Divorce is a taxing and emotional time. Dissipating assets during divorce is not uncommon when parties may feel disadvantaged by the looming proceeding. When one spouse dissipates assets during a divorce to exercise control over the outcome of issues like property division, it is illegal. Today, we will delve deeper into what you should do if you think your spouse may be dissipating assets.

What is Dissipation of Assets?

Dissipation of assets occurs when one spouse spends marital funds or assets for purposes unrelated to the marriage. This can include gambling, unnecessary expenses beyond reasonable requirements to maintain a particular lifestyle, making investments irrelevant to the marriage, or spending money to support an extramarital affair.

What to Do if You Suspect Asset Dissipation

Here is what to do if you think your spouse is dissipating assets, including:

Continue Reading ››

 Posted on April 27,2023 in Divorce

If you and your spouse agree on all issues related to your divorce, such as child custody, property division, and spousal support, you may be wondering if you still need to hire a divorce attorney. While it may seem like a straightforward process, there are several reasons why it is still recommended to hire an attorney, even if you are in agreement. Today, we will discuss why it is essential to hire a divorce attorney regardless of whether you and your spouse agree on all the issues.

Why Hiring an Attorney is Important

Firstly, an attorney can help guide you through the legal process and ensure that all necessary paperwork is filed correctly and promptly. Even if you and your spouse have reached an agreement, legal procedures must be followed to finalize the divorce. An attorney can ensure that all documents and property are drafted, filed, and served to the appropriate parties.

Continue Reading ››

 Posted on April 19,2023 in Child Custody / Allocation of Parental Responsibilities

In Illinois, a parenting plan is a legal document that outlines the rights and responsibilities of divorced, separated, or unmarried parents. A parenting plan is required for all cases involving child custody and visitation. While a parenting plan is intended to be a long-term agreement, there are situations in which it may need to be modified. Ann experienced divorce attorney can be an invaluable resource as you make modifications to your parenting plan that are conducive to your new situation.

Reasons Why a Parenting Plan May Need to Be Modified

• Reason #1 – Change in circumstances – One of the most common reasons a parenting plan needs to be modified is a change of circumstances. A change in circumstance may include a job loss, relocation, or a significant change in income. If a change in circumstances has impacted a parent’s ability to care for their child, they may need to request a modification of the parenting plan. In this case, the parent would need to demonstrate that the change in circumstances is significant enough to warrant a modification of the parenting plan.

Continue Reading ››

 Posted on April 14,2023 in Divorce

The time leading up to a divorce can be intensely stressful and emotional. You are likely weighing the pros and cons of divorce and how moving forward with the divorce process may affect your life. But the situation can be complicated if your spouse suffers from a drug problem. If this is the case, you may be concerned that their drug problem will affect divorce proceedings. If you have found yourself in this situation, contact an experienced divorce attorney to see how they believe you should approach it.

What to Do if Your Spouse Has a Drug Problem

Substance abuse can significantly impact a marriage, leading to a breakdown of trust, communication, and intimacy. If you are considering divorce, but your spouse has a drug problem, there are several steps you can take to protect yourself and your family, including:

• Document evidence of drug use – If you suspect your spouse has a drug problem, gathering evidence to support your claims is important. Record any incidents or behaviors that suggest drug use, such as drug paraphernalia, changes in behavior or mood, or missed work or appointments. This evidence can be used to support your case in court if necessary.

Continue Reading ››

 Posted on April 07,2023 in Domestic Violence / Orders of Protection

Divorce can be an emotionally challenging and quarrelsome process. One of the most distressing situations is when one spouse falsely accuses the other of abuse to gain an advantage in matters like child custody or spousal support. If you are facing false allegations of abuse in your divorce case, you must take action to protect your rights and reputation. Today, we will discuss what you should do if you are ever in this situation. Remember, in matters like this, a family law attorney can be invaluable as you navigate this challenging time's legal complexities.

Step #1 – Assemble Evidence to Refute the Allegations

Your first step should be to gather any evidence that supports your claim that the abuse allegations are false. This may include:

• Text messages, emails, or other written communications between you and your spouse contradicting the allegations.

Continue Reading ››

 Posted on March 27,2023 in Divorce

Divorce is a dreaded word that no married person ever wants to hear their spouse utter. But unfortunately, when an argument arises between spouses, especially a heated one, divorce can get mentioned. But should you take your spouse’s words seriously in the context of a dispute? Chances are, if your spouse has mentioned divorce, you should consider taking a step back to assess the situation. Today, we will discuss what to do if your spouse threatens to divorce you during an argument. Remember, if you think there is credence to what your spouse is saying and think they are serious about divorce, consult a qualified divorce attorney for legal advice moving forward.

What You Should Consider if Your Spouse Threatens Divorce

Recently, we wrote a blog detailing how someone should discuss divorce with their spouse. Cited in that blog, we stated that you should avoid bringing up the topic of divorce during an argument since, as is evident in this blog, the fog of an argument can cloud reality and make it difficult to know whether your spouse was serious when they said it or not. Moreover, mentioning divorce during an argument can significantly damage a marriage. Here are a few things you should consider if your spouse mentions divorce, including:

Continue Reading ››