Finding A New Path Forward
When you and your spouse have dedicated a lot of time and money to a family business, it is challenging to decide what happens to it in a divorce. The two of you must agree on which of the following three options works best for you. Both of you keep the business Even...
While a deteriorating relationship leads to divorce, if you and your spouse have children, you may choose to work together to raise your kids. After divorce, keeping the children your highest priority can be more successful with a well-executed co-parenting plan....
Illinois follows a system of equitable division in divorce cases. This means that, rather than split belongings equally in half, a court will decide how assets should get distributed in a way that is fair to both parties. How this affects your assets will largely...
Many married couples have life insurance policies naming their spouse as the primary beneficiary. Divorce impacts these policies, and the courts may dictate the changes. Term life insurance Policies that cover an individual for a set amount of time and pay a flat rate...
Marriages, where one or both spouses come into the union with considerable assets, may involve prenuptial agreements to protect the said property in case of divorce. Considering the fact that, according to the American Psychological Association, first-time marriages...
Child support might deviate from the standard process in high-asset divorces. Since 2018, Illinois utilizes the Income Shares child support model. However, courts do have the ability to change the payment under exceptional circumstances such as high-value divorce. If...
As a real estate investor, you may be curious about the opportunity to purchase tax deed foreclosures. With this strategy, you buy a tax certificate on an outstanding property so you can renovate, resell or otherwise profit from the pending foreclosure. Review the...
If you are like many Americans facing divorce, you may have deep concerns about how your separation will impact your future financial and emotional health, especially if you share children. You may worry that the divorce process itself will be financially and...
Perhaps the most complex part of any divorce is dividing up the assets that you have accumulated over the marriage. When there are high-value investments and property involved, this process becomes much more complicated. Make sure you take into account these...
When you own a family farm and plan to end your marriage, divorce often becomes complicated. Will you keep the business and do you have to continue to work together? Review these and other considerations for divorcing farm owners in Illinois. Property division...