One of the most difficult parts of divorce is often deciding on a fair and equitable division of all assets. It is rare for couples going through divorce to agree on who should have what and the overall value of all assets. When your finances are simple, including a savings account and checking account, along with a single home, estimating the value of assets can be simple.
An attorney can help put a value on non-monetary assets
3 reasons why child support is more complex for business owners
On one hand, child support seems simple. Both parents have to support the child, so the court order just evens things out, ordering the parent without custody to help by paying the parent with custody. That money isn't income for the second parent, per se, but helps buy food, buy clothing, and pay for the other many expenses of raising a child.
Child support obligations are not set in stone
Child support is a critical issue in any divorce. Whether you expect to pay child support or hope to receive it, child support will have a major financial impact on your life and the lives of your children. In Illinois, courts consider the respective incomes, assets and financial circumstances of each parent to determine a monthly child support payment. However, financial circumstances change.
Avoiding social media negativity during a divorce
From Facebook to Snapchat, you have had an active presence on social media for years. It is part of your daily routine to post pictures and updates about your children's achievements and activities as well as your personal challenges and accomplishments. From pictures of your family vacation in Europe to the summer lake house you purchased last year, you are not shy about sharing your status.
Protecting your business in a divorce
No one likes to plan for a marriage to fail, but if you are an entrepreneur with a small business, you stand the chance of losing ownership in your company if you don't take certain proactive steps.
Why should I have a forensic accountant on my divorce team?
Even in the most amicable of divorce, you still must make sure that you are getting the settlement that you deserve. When you are dealing with high-asset divorces, and even some that aren't high-asset cases, circumstances might still require that you have extra help with the financial aspect of the property division. This is when a forensic accountant can come into the picture. These professionals can help to ensure that everything regarding the finances related to the divorce is on the up and up.
4 things to consider regarding child custody cases
Your children have to be the focus of the child custody process. Whether you are going through a divorce or have simply split from your child's other parent, the child custody process is likely something you will have to go through. Understanding these points of a child custody case can help you to prepare yourself for what is going to happen.
Challenges to valuing your business in a divorce
If you are a business owner going through a divorce, you are likely concerned not only about the future of your marriage - but the future of your business too. Unique challenges arise when the valuation of your business is considered as part of divorce proceedings.
Don't take divorce advice from your friends
You and your friends are close based on similar backgrounds, interests or demographics - or maybe a combination of all three. We like to take advice from our friends. Friends are a great source of sympathy and honesty when we need it most. But, when going through a divorce, the best advice is often left to family law professionals.
The divorce process takes time, and that's okay
Emotions run high in divorce proceedings. Your natural response might be to solve the problem that is causing the negative emotions quickly. However, "just making it go away" is not be the best approach when filing for divorce.
