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b2ap3_thumbnail_Untitled---2024-01-15T113416.454.jpgGoing through a divorce can be difficult for anyone. The end of your marriage will not only affect your personal life, but if you own a professional practice, it can also have significant consequences for your business and your career. If you are a business owner or hold a professional license, it is important to understand how your divorce may affect these aspects of your life. By working with an experienced attorney, you can ensure that these issues will be addressed correctly, and you can take steps to protect your financial interests and avoid problems in the future.

Financial Implications

One of the most immediate concerns in any divorce is the division of assets and liabilities. If you own a business or have valuable professional assets, such as patents or trademarks, these may be subject to division between you and your spouse as part of the property settlement. Under Illinois law, all marital property that you acquired during your marriage, including a professional practice that you founded, must be divided fairly and equitably between you and your spouse.

In some cases, the requirement to divide marital property could mean having to sell your business. This can be particularly challenging if you have spent years building up your practice and do not want to see it dismantled. To make sure you can protect your professional practice and continue working in your chosen career, it is crucial to work with an experienced divorce attorney who understands the complexities of dividing businesses and professional assets.

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b2ap3_thumbnail_Untitled---2024-01-02T111051.966.jpgChild custody disputes can be emotionally challenging, and they can involve a variety of complex legal issues. When parents who are going through the divorce process or are no longer in a relationship disagree about how to handle issues related to their children, they may turn to the court system for resolution. However, litigation in family court can be costly and time-consuming, and it can lead to increased levels of conflict between parents. To help avoid these issues, parents may utilize other options as they work to resolve child custody disputes.

Mediation is an alternative dispute resolution process that allows parents to work together with the help of a neutral third party—a mediator—to find mutually acceptable solutions to their child custody issues. An attorney who is trained in mediation and has experience helping resolve family law disputes can help parents work together to reach agreements that will protect their children’s best interests.

The Role of a Mediator

A mediator is not a judge or decision-maker, and they will not take sides or advocate for either parent during discussions of child custody issues. Instead, the mediator serves as a facilitator, helping parents communicate effectively and reach agreements on various aspects of child custody, including parenting time schedules, holidays and vacations, decision-making authority, and any other relevant concerns.

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divorce self careThe holiday season is often thought of as a time of joy and celebration. It provides many people with opportunities to spend time with their loved ones, give gifts, remember positive experiences from throughout the year, and prepare for the year to come. However, for those who are going through a divorce or who are adjusting to life after divorce, this time of year can be especially challenging. The stress and emotions surrounding divorce can be heightened during the holiday season, and ongoing disagreements may make it difficult to get the most out of holiday celebrations. 

If you are dealing with divorce-related issues but want to try to enjoy the holidays as much as possible, it is important to take care of yourself and find healthy coping mechanisms. With the help of an experienced attorney, you can address any legal issues that may arise and ensure that your rights and interests will be protected. At the same time, you can take steps to protect yourself emotionally and get through the holiday season successfully. Here are some tips for how you can do so:

1. Prioritize Self-Care

During times of stress, it is crucial to make sure you are taking care of your own needs. You can set good habits for maintaining your physical health by getting plenty of sleep, eating nutritious meals, and engaging in regular exercise. You can also help manage your mental health by allowing yourself to feel the emotions you are experiencing without judgment and seeking therapy or counseling if needed. Additionally, you can make time for things that give you joy and help you relax—whether that may involve reading, participating in hobbies, or practicing mindfulness techniques.

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Forensic Accountants in DivorceDivorce cases can be complex and contentious, and there are a variety of financial issues that will need to be addressed. When it comes to dividing marital assets and determining whether spousal support will be appropriate, it is crucial to make sure both parties have a full understanding of how their incomes, assets, and other financial factors may affect their case. In many divorces, the involvement of a forensic accountant may be necessary to ensure that a fair settlement can be reached. An attorney with experience in complex divorce cases can provide guidance on whether the assistance of a forensic accountant may be necessary, and they can make sure all legal and financial concerns will be addressed correctly during the divorce process.

What Is a Forensic Accountant?

Forensic accountants are professionals who combine their knowledge of accounting with investigative skills to analyze financial information. They can play an important role in divorce cases by helping to uncover hidden assets, assess the value of businesses or investments, determine income for spousal or child support calculations, and assist with other financial concerns.

Uncovering Hidden Assets

In some divorce cases, one spouse may attempt to hide assets in order to benefit themselves or avoid sharing certain forms of property with their former partner. Forensic accountants can dig deep into financial records and transactions in order to identify any concealed or undervalued assets. They may be able to identify assets such as offshore accounts, real estate holdings, investments, businesses, and valuable collections or artwork.

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Stay-at-home parentEvery divorce has its complications, but some cases may require spouses to address complex financial issues and other concerns that may affect them and their children. In some cases, one spouse may have been primarily responsible for caring for the couple’s children and managing the household, and they may not currently work full-time. A stay-at-home parent may focus on family responsibilities, and the other parent may be primarily responsible for earning the income needed to cover family expenses. 

In these situations, the end of a marriage can bring significant changes and uncertainties. A couple will need to resolve a number of legal and financial concerns, while also making decisions about how they will share custody of their children. For both stay-at-home parents and spouses who work full-time, an attorney can provide guidance and legal representation to make sure their interests will be protected during the divorce process.

The Financial Impact of Divorce on Stay-at-Home Parents

Some of the most immediate concerns for stay-at-home parents facing divorce will be related to financial matters. Without their partner's income to rely on, a parent who does not work full-time may suddenly find themselves without a source of financial support. This can be especially daunting for a person who has been out of the workforce for an extended period. They may worry about whether they will need to return to work and how they can make sure their children’s ongoing needs will be met, and they may also be concerned about their ability to support themselves without recent work experience.

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Wheaton, IL 60189
630-549-0960
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We serve clients throughout Kane County, Illinois including St. Charles, Geneva, Batavia, North Aurora, Elgin, Algonquin, Aurora, Barrington Hills, Bartlett, Big Rock, Burlington, Campton Hills, Carpentersville, East Dundee, Elburn, Hampshire, Huntley, Kaneville, Maple Park, Sleepy Hollow, Wayne, West Dundee as well as throughout DuPage County.

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In honor of the passing of our founder, Joseph F. Mirabella, Jr., our offices are closed Friday, January 31, 2020.I Agree