The financial and legal interests of spouses are closely intertwined during their marriage, so one of the most critical aspects of the proceedings will be separating these bonds. Illinois’ property division statute covers this part of the process, providing that all marital assets are subject to equitable distribution between the parties. Therefore, the initial inquiry is whether the item was acquired during the marriage or became jointly owned under certain circumstances. Then, all marital property is divvied up between the parties according to the interests of fairness.
 
However, when a marital asset involves ownership interests in a business, the…
Continue Reading Business Valuation and Calculating Goodwill as Part of it

There are almost limitless opportunities for investors of all types and budgets, and stock options are one option that enables you to derive value from the underlying asset at a later date. The basic definition of a stock option is a contract between the buyer and seller to complete a stock purchase transaction in the future at a designated price.
 
From the date of the contract to finalize the transaction, stock options have some qualities of property because there is value down the road. At the same time, before the option is exercised, the current value is fleeting.
 …
Continue Reading Illinois Divorce and Dividing Stock Options

The ultimate goal of divorce in Chicago is to end the marriage and wrap up the legal implications of the marital relationship, so you can expect that fiscal issues will be at the forefront of the proceedings.
 
The Illinois Marriage and Dissolution of Marriage Act includes a section on three key financial considerations: alimony, child support, and property division. You might not have to address all of these matters but, when you do, they could impact your divorce case during the proceedings and after the final decree is entered.
 
Financial factors are among the most hotly disputed issues…
Continue Reading Important Financial Considerations to Think About During and After Your Divorce

Of all the tasks and activities involved with planning your perfect wedding, you may not focus on the one that only matters if things go south, creating a prenuptial agreement. Few couples want their nuptials to be preceded by signing a contract that anticipates divorce, but it may be wise to consider.
 
The Illinois Uniform Prenuptial Agreement Act allows soon-to-be spouses to hash out the details of property division and alimony, and there are numerous benefits for doing so. At the core of a prenup is certainty over what happens if the marital relationship breaks down, as well as…
Continue Reading Could a Prenuptial Agreement be Right for You?

Of all the divorce issues couples face during the proceedings, dealing with the family home can be one of the most contentious and emotionally charged. The value of the residence places it among the highest valued assets in a divorce, and it will be considered marital property in many cases. As a result, Illinois’ property division statute applies. By law, all marital assets are subject to equitable distribution between the parties, so the court will divide property according to the interests of fairness.
 
Unfortunately, knowing the basics of asset distribution in Illinois divorce will not provide much guidance on…
Continue Reading In an Illinois Divorce, Should You Sell or Keep the Family Home?

There are emotional and financial challenges involved with any divorce, but some parties will also need to incorporate strategies for tax matters when ending their marriage. Specifically, there can be taxable events and other tax-related issues that arise with the division of marital property.
The different transactions and ownership changes that result from a dissolution of marriage may trigger the Internal Revenue Code section on capital gains and losses, particularly related to the marital home. Without proper planning and attention to detail, you could end up paying more than you should to the IRS.
As such, it is critical…
Continue Reading How to Reduce Capital Gains Tax Selling the Marital Home

Parental Responsibilities in Illinois
For many parents that are divorcing, the conclusion of the process marks the end of any legal obligations or rights they have stemming from the marital relationship. Post-divorce is very different for parents with minor children, who must continue to comply with the court’s order concerning their children’s care and support.
 Illinois’ statute on the allocation of parental responsibilities and parenting time presumes that both parents are fit to exercise custody and visitation, so many find themselves in a co-parenting situation. Though the parties are no longer a couple, many parents can fulfill their respective…
Continue Reading Co-Parenting When You Can’t Get Along with Your Ex

Next to alimony and care for minor children, property division is one of the primary issues that all couples will face when going through a divorce in Illinois. Illinois divorce laws provide that assets are subject to equitable distribution.
 
This generally means that items will be divided between the parties according to the interests of fairness. In some cases the process seems relatively clear-cut with respect to certain real and personal property, such as the family home, vehicles, and financial assets.
 
Ownership in an Illinois business, however, is an entirely different, far more complex matter. Even the initial…
Continue Reading How do You Divide Illinois Business Assets in a Divorce?

While it is encouraging to know that the overall divorce rate in the US is at a 50-year low, a closer look at the data reveals a shocking trend. Recent US Census Bureau figures indicate that the dissolution of marriage rate is highest among individuals aged 55 to 64, a phenomenon familiarly known as “gray” divorce or “silver splitting.” If you are contemplating divorce after 50, you probably expect certain challenges with asset division and alimony. The length of the marriage, age of the parties, and many other factors impact these issues.
However, an Illinois gray divorce encompasses many other…
Continue Reading Divorce After 50 and Their Unique Issues

When their marital relationship breaks down and spouses are looking at options for ending the marriage, most will immediately turn their thoughts to divorce. What you may not realize is that legal separation could be a route to consider, depending on your situation and objectives.
 
The concept once referred to the period of time a couple lived apart before divorcing, which is why there is some confusion about separation. Additional misunderstandings arise because the relevant statutory sections fall under the Illinois Marriage and Dissolution of Marriage Act, even though the statute on legal separation does not legally end your…
Continue Reading What is the Law Regarding Separation in Illinois?