Dividing an accounting firm in an Illinois divorce begins with a difficult question: What is the firm actually worth, and how much of that value belongs to the business rather than the individual accountant? An accounting firm may not own substantial physical assets, but it may still generate substantial income. Often, its value lies in professional reputation, experienced employees, recurring client relationships, and the ability to continue providing services after an owner leaves. Financial Valuation: Applications and Models, 5th ed., ch. 21. When an accountant divorces in Illinois, the court must identify more than how much revenue the firm generates…
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As you approach a Cook County Domestic Relations Courtroom, you’ll notice a numbered list hung beside the courtroom door. That list will contain your case number, your name, your spouse’s name, and the names of a hundred other people whose cases are before the judge that day. And almost all of these cases will be listed as being scheduled for 9:30 AM. Your divorce case encompasses your whole life: Who is picking the kids up and when; Who is to pay what bills; Who has the kids this Christmas…which is only a few weeks away. How can a judge accurately…
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A petition for dissolution of marriage requests that a court resolve issues of property division, support and parenting matters. Believe it or not, an Illinois court can resolve one of those issues while leaving a court of another state or country to resolve the rest. Litigating separate parts of a divorce in different jurisdictions happens so rarely and is presumptively illogical that it’s presumed to be impermissible…but it definitely can and does happen. A Party That Files A Petition For Dissolution Of Marriage First Does Not Automatically Have Exclusive Jurisdiction It is often thought that the first person to file…
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For years, Illinois statutes referred to decision-making for the children of separated parents as “custody” and the time spent with the children by the non-primary parent as “visitation”. As of January 1, 2016, the Illinois state legislature changed all the terminology presumably so that parents would no longer feel unequal with emotionally charged terms like “custody” and “visitation”. Today, Illinois divorce and parentage courts require any parents in a domestic relations action to propose a parenting plan within 120 days. That parenting plan is to outline the 1) parental responsibilities of each party and 2) parenting time of each party.
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If you are a business owner preparing to go through a divorce, one of your biggest concerns may be what happens to your business. One of the first things a court will do is work to place a value on your business. Many different factors go into determing business valuation. These formulas for business valuation are constantly evolving. Valuing a business is a difficult task…especially for an Illinois courts. As you know, there are many reasons for a business’s success so it’s hard to determine what actually accounts for a business’s value. This article tracks the Illinois courts’ opinions on…
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***Note: The numbers in this article reflect prices and my experience in 2018. A lot has changed since then $$$*** After the anxiety of “what will happen to me and my kids in my divorce?” the question of “how much will my divorce cost?” can be the next most worrisome question. After all, you will have read through the articles on my website and the blogs of other lawyers about all the other financial aspects of divorce. You’ll know your assets will be divided approximately 50/50 or “equitably” which is almost never more than 65/35. You’ll know that maintenance will be 33%…
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When two people aren’t married to each other, their expenses are not a mutual responsibility. When they have a baby together, the expenses of the child become a mutual responsibility. This includes any expenses that occur during and after the birth of the child. The party who incurred the expenses for the child’s birth (almost always the mother) may bring an action in court against the father for contribution to those expense. “In an action brought within 2 years after a child’s birth, the judgment or order may direct either parent to pay the reasonable expenses incurred by either parent…
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A divorce in Chicago, Cook County, Illinois can take as little as two weeks and as long as three years. A divorce lawyer in Chicago can help you understand which issues may affect the timeline. It all depends on the circumstances, so let’s examine what can cause the divorce process to take longer.  A Divorce With A Full Agreement If you come to your divorce lawyer with a full agreement between both parties, you have an uncontested divorce. Your lawyer can prepare all the final documents: a judgment of dissolution of marriage, an allocation of parental responsibilities, a marital settlement…
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I prepare dozens of prenuptial agreements every year. I tell my clients “Put this in a drawer or safe deposit box. I hope you never have to look at it again.” I also keep an electronic copy of the prenuptial agreement and hope that I never have to look at the prenuptial agreement again, either. But, what if the fully executed prenuptial agreement is lost? Can you still enforce the prenuptial agreements terms? Illinois Prenuptial Agreements Are In Writing And Signed By Both Parties In Illinois, a premarital agreement is “an agreement between prospective spouses made in contemplation of marriage…
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What looks like a big corporation is often a privately held business in the form of a franchise. Franchises are all over. Restaurants, hotels, auto dealerships, gyms, real estate brokerages, home-services companies, and so many other businesses operate under franchise systems. These franchisees own that business (under a lot of conditions) and that business has value that must be determined in an Illinois divorce. How Are Franchises Valued And Divided In An Illinois Divorce? When a spouse owns a franchise, putting a value on the business for an Illinois divorce is not as easy as valuing an independently owned store,…
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Contrary to myth that dentists suffer outsized divorce rates, the divorce rate for dentists is approximately 25% which is lower than the nationwide average. Still, dentists do get divorced and the dentists who own their practices may have to divide the value of their dental practice in an Illinois divorce. This article serves as a guide to dentists and their spouses who must value and divide a dental practice in an Illinois divorce. A Dental Practice Appraisal Must Begin With Defining What Is Being Valued What is a dental practice worth? The answer depends on what is actually being valued.
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Whenever a celebrity gets divorced, we read about eye-popping numbers of support awarded. The commentary inevitably shifts to “the kids don’t cost that much to raise” and “she doesn’t need all that money.” In an Illinois divorce, similar sentiments are couched in the objection to a guidelines support award as being a “windfall.” Windfalls In An Illinois Child Support Award Child support is ordered in Illinois based on “the guidelines.” “The court shall determine child support in each case by applying the child support guidelines unless the court makes a finding that application of the guidelines would be inappropriate” 750 ILCS 5/505(a)(2)(emphasis…
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Insurance agencies have owners. Those owners get divorced. The insurance agency is an asset whose value must be divided in an insurance agency owner’s divorce. This article explores how to value insurance agencies as part of the Illinois divorce process. An Insurance Agency Appraisal Must Begin With Defining What Is Being Valued The question of what an insurance agency is worth cannot be determined by simply multiplying the agency’s annual commissions by an industry multiple. Insurance agencies may represent several insurance carriers, employ multiple producers, generate recurring commissions from thousands of policies, and possess a valuable book of business. The…
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