When you own your own business, that business is your livelihood. For many small business owners, their business is like a baby they take great pride in producing, nurturing, and growing. However, all of that growth and success is jeopardized if you or your spouse seeks a divorce. Even if your spouse was never necessarily involved in the functions of the business, there is a possibility that he or she is entitled to a portion of the business’s value simply because of your marital status. Financial decisions made during your divorce can affect you for the rest of your life, so you should consult with a lawyer before you do anything. A skilled Illinois asset division and business valuation attorney can help you determine how you should handle your business when you are going through a divorce.

What to Do With Your Business

One of the most difficult decisions you will face during your divorce is determining what to do with your business. Typically, there are three options that are available to you: You can buy out your spouse’s share of the business and retain full ownership, sell the business and split the profits as is seen fit, or you can continue to co-own the business. There is no one right answer to what you should do; each family’s situation is different, so each solution will also be different. 

In many ways, divorcing when you and your ex have children together is much different than divorcing and just worrying about yourself throughout the process. When you get a divorce and you have children, there are various elements of your divorce that differ, or that are now required during your divorce process. One of the most important elements of any divorce that involves children is the parenting plan, which must be submitted to the court and approved before the divorce can become final in Illinois. The parenting plan is an important element in setting forth rules for co-parenting, parenting time schedules, significant decision-making responsibilities, how child-related expenses will be shared, among others.

Basic Requirements for Your Parenting Plan

Parenting plans are a requirement that the state of Illinois has set forth for all divorcing couples who have children, but they can actually be a helpful tool when transitioning to a co-parenting relationship. Your parenting plan will serve as the blueprints for how you and your ex should approach co-parenting after your divorce is finalized. The state has a list of elements that all parenting plans must contain at a minimum, but you have the ability to add as much detail as you would like to your parenting plan. 

If you have ever seen any television show or movie about a couple involved in a divorce, you have probably seen the typical depiction of the pair arguing over who gets things like the home, the cars, certain household items, or even custody of the children. Many people going through a divorce, even in real life, forget about what is often one of their most valuable and important assets -- their retirement fund. In Illinois, you and your spouse are required to divide the value of any asset that is considered to be a marital asset, which could include a portion of both you and your spouse’s retirement fund. An Illinois divorce lawyer can help you understand your rights to any retirement funds that you or your spouse may own and how to establish ownership to those funds.

Determining if the Plan Is Marital Property

In Illinois, marital property is defined as any property that is acquired by either spouse during the time of the marriage, with a few exceptions. Retirement funds can be all marital property, all non-marital property, or a combination of both. If a spouse began a retirement fund and made contributions to that fund before the marriage, that portion of the contributions would not be subject to division, while the rest would be. However, if the retirement fund was excluded by a valid prenuptial or postnuptial agreement, then the entire retirement fund would be considered non-marital property.

When you tell someone that you are getting a divorce, their first question is often, “Why?” There are a million reasons why couples get divorced, ranging from infidelity to dissatisfaction, to domestic abuse. Prior to 2016, the state of Illinois allowed couples to choose between filing a “no-fault” or “fault” divorce, in which reasons such as adultery and alcohol or drug abuse could be used to place blame for the divorce on one of the spouses. Now, only “irreconcilable differences” are cited as being the reason for a divorce, so as not to assign blame to either spouse. However, couples can still be considered to have a contested or uncontested divorce, depending on the level of cooperation between the individuals. Filing an uncontested divorce has many benefits, like saving time and money, but it is not always feasible for everyone.

What Is an Uncontested Divorce?

Every divorce has a myriad of issues that need to be settled and agreed upon before the divorce can be finalized. Although the issues will vary slightly by the couple, they are the same for most and require couples to make decisions regarding:

Each year, there are millions of divorces that take place across the country. According to the National Center for Health Statistics, the latest data shows that there were an estimated 2.9 divorces for every 1,000 people in the United States in 2018. While that number has decreased somewhat since 2000—when the rate was an estimated 4.0 divorces for every 1,000 people—divorce still remains a common occurrence in our country. Many of these divorces involve children and bring along a litany of issues that must be settled because of it. Parents often wonder how their divorce will affect their children and what they can do to prevent any effects from taking hold. If you are going through an Illinois divorce with your children, here are a few things you should keep in mind:

• Avoid fighting in front of your children at all costs. It is not the divorce itself that is the cause of the stress and other long-term effects in children, such as anger, depression, and school/social difficulties. Multiple studies have shown that it may actually be exposure to conflict and arguments that cause these negative consequences to take root. You should try to avoid arguments or other fights until you and your spouse are away from your children or alone.

• Do not speak negatively about your spouse to your child. Your child does not care what happened during your marriage. All your child knows is that you and your spouse are mom and dad and that you are loved very much. Your child deserves to maintain a positive image of both parents without the other parent attempting to spoil that.

  ...