“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
There is probably no more byzantine and complex process in an Illinois divorce than valuing and dividing a business. The business-operating spouse will always want to keep the business while claiming the business is worthless. The spouse who doesn’t operate the business will want a grandiose share of the business’s value…without really knowing what that
The term “stock options” has a certain mystique. Stock options seem like a sophisticated financial instrument for the rich and about-to-be-rich…and they kind of are. The problem with sophisticated financial instruments like stock options, is that they are hard to divide in an Illinois divorce. So, how do you divide stock options in an Illinois
Illinois divorce courts do not split a divorcing couples’ assets 50/50 to each party. Illinois divorce courts do not split up a couple’s non-marital assets at all. “[An Illinois divorce] court shall assign each spouse’s non-marital property to that spouse.” 750 ILCS 5/503(d) Any assets deemed marital are then divided based on what the court
After a divorce is final, the parties are bound to the terms of the final orders. If one party fails to honor the order, the other party may file a motion to enforce the order as written. “A judgment of dissolution or of legal separation or of declaration of invalidity of marriage may be enforced…by
For many people, the term “hedge fund” conjures images of Wall Street billionaires and elite investment firms. Although hedge funds may seem mysterious, the divorce issues they create are familiar: determining what property belongs to the marital estate, what constitutes future income, and how to value an asset whose ultimate worth is uncertain. This article
Even the best Marital Settlement Agreement will leave a divorced spouse wondering “was there something missing?” To temper that doubt, good divorce attorneys put a “finders keepers clause” in their Marital Settlement Agreements. A finders keepers clause specifies how hidden assets will be divided if the hidden assets are eventually found. Why Does A Marital
The people that know you best are also the people that can hurt you the most. While abusive behavior between divorced parties is common, divorced people can do things even more insidious and sinister to harm their ex-spouses: they can mess with their job, money or other means of maintaining themselves When someone does something
Whether it is McDonald’s, Jiffy Lubes or Verizon stores, Americans love a trusted brand. All of us enjoy the promise of consistent quality a branded business provides…even if we have never used that particular location before. Small business people become franchisees of these brands to happily enjoy the goodwill of the brands. The use of
People from Illinois love to move to Florida. People who get divorced love to get a fresh start in Florida. These new Florida residents might have some obligations back in Illinois due to their Illinois divorce. How do you enforce an Illinois divorce judgment when the other party is now in Florida? How do you
They say you should marry someone who you share common interests with. Those interests may be religion, sports, theater or just sex. Unfortunately, you cannot take any of these interests home and put them on the wall to show your friends. Art is one interest that you can enjoy, you can buy…and you can even
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