630-462-9500

After Hour New Client Telephone Number 630-690-6077

1776 S. Naperville Road, Building B, Suite 202,
Wheaton, IL 60189
The Stogsdill Law Firm, P.C.

DuPage County divorce attorney for business valuation

The complexity and cost of divorce can vary significantly depending on a divorcing couple’s financial circumstances. One issue that will greatly complicate a divorce is owning a family business. If you and your spouse own a business, either together or separately, and you are considering ending your marriage, you probably have concerns about how the business will be affected by your divorce, and vice versa. The valuation and division of a jointly owned business can be a major source of conflict during divorce. In these cases, it is highly recommended that you consult a divorce attorney experienced in managing divorces involving business owners.

Should We Sell the Business?

In an Illinois divorce, marital assets are divided between spouses according to equitable distribution. This means that each spouse receives a fair share of marital property according to factors like each spouse’s contribution to the marriage, their income and nonmarital property, and more. However, dividing a business is often not as simple as dividing the funds in a bank account.

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Wheaton, IL divorce attorney emotional issuesAccording to the Holmes Rahe Stress Inventory, divorce is the second most stressful life event a person can experience. Only the death of a spouse is considered more emotionally traumatic than the end of a marriage. If you are going through a divorce, you may feel depressed, confused, enraged, or even completely numb. While there is no way to completely eliminate the emotional pain associated with divorce, mental health experts do have some advice for how to cope with divorce in a healthy, effective way.   

Do Not Judge Yourself for Your Feelings

Divorce is different for everyone who goes through it. It is very likely that you will not experience divorce in the same way as your friends or family members. Because of this, it is important not to judge yourself for your reaction to the divorce. You may be consumed with anger and resentment toward your soon-to-be-ex-spouse, or you may miss them terribly. You may feel relieved about the end of the marriage, or you may be devastated that your attempts at reconciliation have failed. You may be emotionally numb and feel almost nothing at all. Whatever your response to the trauma of divorce, know that your feelings are normal and that the emotional pain will decrease with time.

Reach Out to Others for Help

Research has consistently shown that people are better able to cope with divorce if they have support from others. You may wish to share your thoughts and feelings with friends and family, or you may choose to confide in a mental health professional. Participating in a divorce support group or religious organization may also help you cope with the end of your marriage. Although you may want to isolate yourself during this turbulent time, this can actually make you feel more alone and upset. Connecting with others can help you work through the emotional difficulties you are experiencing.

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DuPage County divorce parenting plan attorneyBeing a parent is one of the hardest jobs in the world. Cooperatively raising a child with an ex-spouse or former partner can be even harder. If you are a divorcing or unmarried parent who plans on sharing parental responsibility with your ex, you probably have many concerns about how a joint custody arrangement will work out. Effective co-parenting takes patience, perseverance, and planning. One of the best ways to prevent disagreements and problems in a co-parenting scenario is to have a solid strategy for how you plan to share parental responsibilities and parenting time.

Illinois Requires Parents to Create a Parenting Plan

If you are getting divorced in Illinois and wish to share parenting time with your spouse, you are required to submit a parenting plan to the court. Ideally, you and your spouse can agree to a plan, but if you cannot agree, the court will intervene and decide what should be included in the official parenting agreement. This plan will assign important decision-making responsibilities (formerly called child custody) and parenting time (formerly called visitation) to each parent. Additionally, the parenting plan must contain provisions which address:

  • The child’s official residential address

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Wheaton, IL divorce attorney for asset dissipation

Marriage is just as much a financial union as it is a romantic partnership. When a couple marries, their debts and assets become deeply intertwined in a variety of ways. Undoing this financial entanglement during divorce can become quite complicated – especially for couples with complex assets or a high net worth. In some cases, a divorcing spouse may attempt to deceive his or her partner regarding the couple’s assets and income. Financial fraud is a common issue that anyone getting divorced should be aware of.  

Financial Fraud Is Common When One Spouse Has Total Control over Finances

Some married couples share responsibility for financial decision-making and money management. In other cases, one spouse has sole responsibility over the finances, while the other is completely uninvolved in financial decisions. While this division of labor works well for some couples, being in the dark about one’s assets and debts can put a person at a significant disadvantage during divorce. However, spouses who were not involved in household finances are not the only people who can find themselves victims of financial fraud during divorce. Even if you were heavily involved in paying household bills, making purchases, and completing other financial transactions, it is still possible to be deceived by an untruthful spouse.  

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DuPage County order of protection attorneyAccording to the National Coalition Against Domestic Violence, an astounding 10 million men and women are victims of intimate partner abuse every year in the United States. Data shows that about 20 people per minute are abused by a boyfriend, girlfriend, or spouse in the U.S. Anyone who has been a victim of domestic violence knows just how terrifying and overwhelming the experience can be. Domestic violence or abuse can also have a tremendous impact on divorce proceedings. If you are considering divorce, and you have been mentally, emotionally, or physically abused by your spouse, there are several issues you need to be aware of.

Negotiation and Mediation May Not Be Appropriate in Situations Involving Domestic Abuse

Generally, couples getting divorced are encouraged to work out issues related to child custody, property division, and spousal support on their own or with help from a qualified mediator. However, when there is an imbalance of power between the spouses or a history of domestic violence, this may not be appropriate or even possible. It is highly encouraged that you speak with an experienced family law attorney if you are getting divorced and have been abused by your partner. Your attorney can help you understand your legal options and choose the course of action which is best for your unique situation. If you worry about the effect that your partner’s abuse has or will have on your children, your lawyer can also help you determine the steps you can take to protect your children’s safety, including requesting sole custody or requiring that your ex-spouse’s parenting time be supervised.

An Order of Protection May Help

Your safety and the safety of your children should be your top priority if you are planning to leave an abusive relationship. If you have reason to believe that your spouse will harm you in any way during the transition, you may want to consider getting an order of protection. There are three types of protection orders available in Illinois: an emergency order of protection (EOP), an interim order of protection, and a plenary order of protection. An EOP can be obtained at your local county courthouse and can remain in effect for 14 – 21 days. You will not need to notify your spouse if you get an EOP. This emergency order may require your abuser to stay a certain distance away from you and/or your children as well as your place of work, school, and your residence. A hearing will be held to determine whether a plenary order of protection should be issued to provide more permanent protection.

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