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Kane County divorce attorneysWith all the issues your divorce might bring – child custody, child support, and more – the division of marital assets can seem especially complicated. If you and/or your spouse own a business, the proceedings can be even more complex. Illinois is an “equitable distribution” state, which means a court will determine how to split assets fairly instead of just dividing your and your spouse’s assets precisely in half. Therefore, you must have a business valuation conducted to accurately determine the company’s worth. To receive your fair share of this asset, it is important to hire an experienced divorce attorney, who, along with a financial professional, can ensure your rights are protected every step of the way.

What Valuation Method Is Best for My Business?

There is not a one-size-fits-all approach to valuating a business, and a forensic accountant along with a skilled lawyer will typically choose from these three methods:

  • The market approach: With this method, an appraiser would look at what similar businesses were sold for recently and use those values as a reference.
  • The income approach: In this case, an appraiser compiles your profit-and-loss statements, tax returns, and any customer contracts to determine your earnings in the near past and estimate what you are likely to earn in the near future.
  • The asset approach: As it sounds, this method uses your business’ assets, accounts receivable, and enterprise goodwill, which is the value that your name or brand carries in the public’s eye. It is difficult to estimate this last item’s value, but that is why you need subject matter professionals to help you place a value on your business.

What If My Business Is Non-Marital Property?

Just because you acquired your business before your marriage does not mean that you do not need a proper valuation during your divorce. Your spouse may be eligible for some of those assets if you invested any marital funds in your business. For example, if you used $10,000 to renovate your retail space and you earned $20,000 in profit, your spouse could receive a portion of the initial investment and a portion of the profits.

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St. Charles divorce attorneysThe decision to file for divorce is just the first step in a long road toward legally ending a marriage. One of the major concerns for couples who are divorcing is figuring out who gets what in the final settlement. Illinois is an equitable distribution state when it comes to dividing marital property in a divorce. However, non-marital property is handled differently. Under Illinois divorce law, both spouses are entitled to keep all of their own or separate assets. Non-marital assets are classified as property acquired as a gift, through an  inheritance, or prior to the marriage, as well as property that is specifically protected by a valid prenuptial agreement. In some cases, disputes can arise if spouses argue over these items.  

Identifying Separate Property 

Distinguishing between marital and non-marital or separate property in a divorce is not always as simple as it may seem. One of the difficulties that can arise when trying to establish a non-marital asset occurs when the spouses have commingled or mixed non-marital and marital funds. Tracing is a method of following the flow of money or assets from their original source to demonstrate that they are indeed non-marital. This requires proof that the original source of the asset came from a gift, an inheritance, or ownership prior to the wedding. 

Proving the non-marital nature of inheritance money may require documents such as wills, trusts, and tax returns. These documents can establish the timing of when a spouse received the inheritance. Next, it must be proven that it has not been commingled with any marital funds, such as put in a joint bank account. If this occurs, then the non-marital asset can be transmuted into marital property, which is subject to division between both spouses. 

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Kane County divorce attorneysThe thought of going through a divorce can be intimidating, even if you are in an unhappy marriage. Suddenly becoming single after years of being married is often a difficult transition. When children are involved, the breakup of the family unit can seem devastating. However, a dysfunctional relationship is not healthy, so in many of these cases, divorce is the best option. Facing a new chapter of your life may be scary, but there are steps you can take to alleviate the stress. It is also critical that you hire a proficient divorce attorney to guide you through the process and protect your rights when it comes to the division of property or assets, spousal support, and child support.

Practical Ways to Adjust to Your New Life

You will most likely go through an adjustment period once you are divorced. You may be sad, angry, or bitter. Similar to when someone you love passes away, there is no set time when you should “be over” your divorce. It is painful even if it was your idea to split up. Here are several helpful tips for obtaining a fresh start after your marriage ends: 

  • Give yourself time to grieve. Regardless of the circumstances, a divorce is a loss, and you need to acknowledge that. Cry if you want, or spend time with family members and friends who can provide unconditional love and support. 
  • Process your feelings and emotions. Talk to a therapist or join a divorce group to talk about your regrets, hopes, and dreams. People who are going through the same thing can often relate. 
  • Rediscover your interests. You may have put aside your dreams or hobbies during your marriage if your spouse did not like the same things. Take time to pursue your passions by joining a book club or a fitness class. 
  • Try new things. Be adventurous and open to exploring different things, such as taking golf lessons or learning how to crochet or paint. Book a trip to a place you have always wanted to go. 
  • Embrace your new status. When you are ready, you may want to start dating again. Join a dating service or “meet up” groups where other singles enjoy networking and mingling in a social setting. 

Contact a St. Charles Divorce Attorney 

Although a divorce signifies the end of your marriage, it does not mean your life is over. Many people can find happiness again, whether they remain single or get remarried. It is important to understand the necessary legal steps to finalize your divorce in an efficient manner. The dedicated legal team at Weiler & Lengle P.C. will fight for your rights to secure the best possible outcome. Speak with a qualified Kane County spousal support lawyer to learn your options for protecting your rights to the marital estate. To schedule a confidential consultation, call us today at 630-382-8050.

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St. Charles family law attorneysThe decision to file for divorce can be one of the most difficult experiences of someone’s life. If a couple has children together, breaking the news to them can be just as heartbreaking. Many spouses who are unhappy stay together just for the sake of their kids. However, remaining in the relationship can do more harm than good. It is important to be honest and open with your children about your marriage ending so they are not blindsided if one parent suddenly moves out of the house. Following are some practical tips for helping you and your children during this major life transition. 

Preparation and Delivery Are Important

It is crucial that you do not tell your children that you and their other parent are getting a divorce until you are absolutely sure that is what you are going to do. The news that their family unit as they have known it is splitting up can be devastating to kids. It is critical that you make it clear to them that this is not their fault; it is a breakdown of the relationship between you and your spouse. The conversation is not going to be easy, but the manner in which you deliver the news can make a difference in your kids’ reactions and set the tone for moving forward.

Here are a few ways that parents can alleviate the stress of an impending divorce on their children: 

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Kane County family law attorneyA divorce can be difficult for a child to process. His or her world changes dramatically when the family unit as he or she knew it is no longer intact. Moving out of the marital home and into a new residence may be a challenging adjustment for any child, especially if he or she is living part time with both parents. 

According to Illinois law, parenting time (visitation) is determined based on several factors if the parents cannot come to their own arrangement. Depending on the allocation of parental responsibilities, one parent may have the majority of the time with the child once the divorce is final. However, there may be other family members who wish to see the child on a regular basis. In certain situations, other relatives such as grandparents or aunts and uncles may be awarded visitation rights. There are specific conditions that may warrant this scenario.      

Best Interest Considerations

Unlike parents, other immediate or extended family members typically do not have the presumed legal right to visitation, even if the child lived with them for a period of time or has a close personal relationship with them. However, depending on the circumstances, a grandparent, aunt, uncle, cousin, or sibling may have been denied visitation. This is common in contentious divorces, where a bitter spouse does not want the child to spend time with the other parent’s family. In these cases, those family members may file a request with the court asking to modify an existing visitation order. 

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