Free Initial Consultations
630-580-6373With offices in Naperville, Joliet, Wheaton, Plainfield & Chicago
630-580-6373630-580-6373
According to the U.S. Census Bureau, approximately 20 percent of all businesses in the United States are now owned by women. While the 2.8 percent increase from the previous year might be considered a win for gender equality, female business owners still face serious risks if their marriage ends in a divorce. Learn how to protect your enterprise during an Illinois divorce in the following sections, and discover how a seasoned divorce lawyer can assist you with the process.
While any business-owning party can be at risk for extreme financial loss during a divorce, the overall risk for female entrepreneurs is significantly higher. Part of this could be because men are more likely to protect their companies, as they have been advised to do so for decades, but other factors play into this increased risk as well. For example, women are more likely to be the victims of domestic and financial abuse. They may also be less likely to envision their company as successful (until it actually is). Women are also less likely to initiate a prenuptial agreement, even when they have a substantial amount of wealth before their marriage.
When divorcing couples think about the process ahead, they tend to focus on the division of their assets. However, it is important to understand that marital debt is usually factored into the divorce settlement as well. Learn more about divorcing with joint debt, and discover what a seasoned divorce attorney can do to improve the outcome of your case and future financial standing.
Debt is handled a lot like assets in a divorce; parties report any debts that they have and they decide whom will be responsible for it. Some negotiate this matter, while others have their debts and assets divided by a judge. In either case, the balance of the debt is usually deducted from the settlement amount. The assumed “owner” of the debt is then responsible for paying it back. Unfortunately, if the spouse that is responsible for the debt defaults, creditors may start looking at the other party to collect any remaining balance.
Money is one of the leading stressors in a marriage, which also makes it one of the leading causes of divorce in the United States. It is not necessarily a lack of money that leads to a divorce, however. In fact, statistics show that divorce rates actually rise during periods of economic growth instead of declining, which suggests that a couple’s relationship with money (and how it ultimately affects their relationship with each other), is more of an influential factor in their risk of divorce than the balance of their bank account.
Wealth is often seen as the answer to all money problems, but the upper-middle-class and barely wealthy can prove this simply is not the case. They can experience the same issues that lead to financial strain for lower-income families - the ever-increasing cost of living, child tuition costs, student loan debts, expected lifestyle, social pressures, etc. - and they can just as easily over-expend. If the financial strain becomes bad enough, the marriage may start to crumble. Fears over losing one’s status, feelings of guilt or remorse for the poor choices that one made during the couple’s downfall, and casting blame at the other party can further exacerbate matters. If left to fester, or if financial strain worsens, a divorce may ultimately ensue.
The lesbian, gay, bi-sexual, transgender, queer (LGBTQ) community has experienced some major victories in the past few years, including the requirement that all states allow and recognize same-sex marriages. Their most recent win came when Congress rejected a discriminatory amendment that would have negatively impacted their ability to adopt a child. Sadly, the very presence of that amendment proves that the battle for equality is still far from over. Learn how you can protect your rights as an adopting LGBTQ parent, and discover how our seasoned family law attorneys can assist you with the process.
Discrimination is far from a new experience for members of the LGBTQ community, but when the U.S. Supreme Court ruled that states could no longer ban same-sex marriages, many hoped the worst would be over. Unfortunately, that has not been the case. In fact, an alarming number of LGBTQ couples have been denied the right to end their marriage in divorce. Even when successful in obtaining a divorce, parties may be at risk of losing their parental rights to a child if they did not establish legal guardianship during their marriage. A total of 10 states also have laws with language that is similar to the recently rejected amendment.
Illinois law states that children have the right to emotional and financial support from both of its biological parents, and it protects those rights through different measures. Child support is one of the more commonly known and discussed, yet obligors are often confused about where their responsibility ends and begins. Moreover, they are not always informed of their rights, such as the right to request a modification if a significant change in circumstances occurs.
When child support orders are established, the income of each biological parent is used in the calculations, as are the specific needs of the child (i.e. children with special needs, etc.). The time that each parent spends with the child may have been used as well, but such considerations have only recently become commonplace. If a substantial change has occurred in any of these areas - the income of the biological parents, the child’s needs, or the amount of time that each parent spends with the child - then either parent may request a modification to their order of support.
Divorce is not something that couples typically think about on the day of their marriage. Yet, each year, thousands of couples decide to end their relationship. Many consider this process to be a painful one, full of grief and loss, but it is also the end of a legally binding contract. As such, the decisions that are made over the duration of a divorce can have a lasting impact on the lives of all involved parties, including any children they share.
Thankfully, when divorcing parties choose to deal with the pain and stress of divorce in a healthy way, they tend to make more well-informed and carefully thought-out decisions. As a result, the long-term impact that divorce has on their lives, and the lives of their children is minimized. Learn how you can do this during your Illinois divorce, and discover the role that a seasoned divorce attorney plays in that process.
Divorce rates for the American population have been on the decline for several years now, but until recently, no one really understood why. After an analysis from the University of Maryland, experts believe the decline can be directly attributed to the millennial generation. However, it is not just the divorce rate that this demographic is influencing; they are also doing marriage very differently than their predecessors. Learn more in the following sections, including how a seasoned family law attorney can help you protect your marriage, should a divorce ever occur, or assist you in pursuing a favorable outcome in a pending Illinois divorce case.
The institution of marriage was once a way of life, what was expected of younger people when they left home. Sadly, those marriages often ended in divorce, either because the parties faced irreconcilable differences or simply decided that they were no longer happy or compatible. Some of those divorcees eventually remarried again; a fair percentage of those marriages also ended in divorce. Millennials are doing things a little differently. Many are waiting until they have an education and career in place before tying the knot - if they decide to do it at all. As a result, they are inherently less likely to divorce. Millennial couples are also signing prenuptial agreements at an almost unprecedented rate, which is helping to protect parties if a divorce does later occur.
Studies suggest that divorce can have a negative impact on one’s health. The risk could be even greater for divorcing individuals nearing retirement, especially if they are already struggling with health issues. Thankfully, there are ways that divorcing parties can protect their health, even at an advanced age. Learn more in the following sections, including how the assistance of a seasoned attorney may help to further mitigate the risk of health issues during and after your divorce.
Divorce is one of the more stressful life events that one can endure. Sadly, all that stress can have devastating effects on the health of divorcing individuals. In fact, science has long associated bouts of extreme and prolonged stress with health complications like weight gain, depression, anxiety, and ulcers. Recent studies have even linked extreme and prolonged stress to an increased risk of heart disease, and some health experts believe it can even increase one’s risk of developing cancer and other insidious diseases.
Although the divorce rate has been steadily dropping over the last two decades, statistics indicate that about 43 percent of all married couples are still deciding to call it quits. Many factors can influence the chances that a couple will ultimately make this decision, including the education level and income of the parties and the number of children they have. Now a new cohort suggests that a person’s chosen career path may also increase their risk of a divorce.
Scientific studies have examined various factors that can increase a person’s risk of divorce, but until the recent study from Stockholm University, no one had really considered how work might impact marital relationships. Yet, this is where people tend to spend most of their time, which is exactly why the authors decided to fill this gap. They examined data on hundreds of thousands of Danes, looking for links between employment and divorce. Ultimately, they determined that more mates at work tended to increase the risk of divorce, but the complete data is actually a little more complex.
Divorce can bring out the worst in people. In fact, some spouses are willing to go so far as to illegally hide money from their spouses to keep more for themselves. This act, known as asset hiding, can leave one party financially disadvantaged - and not just during and immediately after the divorce. The impact of asset hiding in a divorce can last a lifetime. Thankfully, disadvantaged parties do have the law on their side, and if appropriate measures are taken, they can still obtain a fair settlement during their divorce.
Under Illinois state law, any assets acquired during the marriage are considered part of the marital estate. If the couple goes through a divorce and no prenuptial document is in place, the total value of those assets is calculated. The entire marital estate is then distributed “equitably,” or fairly between the parties. Fair holds a different meaning for everyone, however, which is why spouses sometimes attempt to hide money during the divorce process.
2224 W. Ferry Road, Unit 113, | |
1776 S. Naperville Road, Building A, Suite 105, | |
321 N. Clark Street, Suite 900, | |
58 N. Chicago Street, Suite 102, | |
2407 West Lockport Street, Suite 201-H, |
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
I have read and understand the Disclaimer and Privacy Policy.
