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Western Springs divorce attorney

The Holmes-Rahe Life Stress Inventory lists divorce as the second-most stressful experience a person can endure. You may be surprised to learn that according to the inventory, the end of a marriage is considered to be more stressful than being fired from your job, the death of a close friend, and even experiencing a major injury or illness. If you are considering divorce, you know just how mentally taxing it can be. Fortunately, many people are able to build a post-divorce life that is much happier and more serene than they could have imagined. Because the divorce process can be so trying, it is essential that you make your mental well-being a priority during this time. The following tips can help you address the difficulties you may experience during your divorce.

Allow Yourself to Grieve the End of Your Marriage 

Some people assume that if they are the party who initiated the divorce, then they have no reason to be sad about the end of their marriage. This is simply not true. It is completely normal to feel sad and disappointed about your divorce -- even if the split was your idea. You may have had hopes and dreams of what you wanted your marriage to be, and you may be deeply upset that you were unable to meet these expectations. Regardless of why your marriage is ending, give yourself time to grieve this loss, and do your best to avoid bottling up your emotions. Many mental health experts suggest that writing your feelings down in a journal can help you work through these emotions and heal.

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Burr Ridge division of assets attorney

Property division during divorce can vary significantly in its complexity. If a divorcing couple does not own a home or significant assets, the division process is typically more straightforward. However, if the couple has complex assets such as a family business, the division of property will be much more complicated. Illinois courts use a method called “equitable distribution” to split marital assets and property. This means that the marital estate is divided fairly based on each of the spouse’s contributions to the estate, their financial circumstances, and other relevant factors. Before a family-owned company can be divided in a divorce, the value of the business must be determined. There are several different ways to perform a business valuation, so read on to learn which option will work best for your situation.

Determining the Monetary Value of a Business

The business valuation method used by a couple during divorce will depend largely on the couple’s plans for the business moving forward. If the couple is going to sell the business, one way to determine the value of the business is by comparing the business to similar companies that were recently sold. This is referred to as a “market approach.” Another way to value the business is to use an “asset approach.” This involves calculating the total value of the assets owned by the business and then subtracting the business’s liabilities. In an “income approach” to business valuation, the present value of projected future income is used to determine the value of the company. 

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Burr Ridge gray divorce attorney

Although the overall divorce rate in the United States has been declining, there is one demographic that is experiencing a major increase with regard to the number of couples getting divorced. Interestingly, the divorce rate for adults over age 50 has doubled in the last few decades. Getting divorced after age 50, referred to as “gray divorce,” can be much more complicated than divorcing at a younger age. If you are considering ending your marriage, and you are nearing retirement age, there are certain considerations you should keep in mind.

Property Division During a “Gray Divorce” Can Be Complex

Older couples typically own higher-value and more complex assets than younger couples do. Assets like businesses, retirement accounts, life insurance policies, investments, and social security benefits can be difficult to value and divide. Retirement accounts are usually considered a marital asset, which is subject to division under Illinois equitable distribution laws during a divorce. However, funds accumulated in an IRA, 401(k), or pension before a couple got married may be considered non-marital and therefore not subject to division. Depending on the circumstances, you may need to get a court order called a Qualified Domestic Relations Order (QDRO), which dictates how retirement account funds are divided between divorcing spouses.

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Hinsdale asset and property division attorney

One of the most contentious parts of the divorce process is often the division of marital property. Divorcing couples have the option of dividing property on their own, but couples who cannot reach an agreement will require court intervention. Illinois courts divide marital assets and debts according to “equitable distribution.” Unlike other states that divide the marital estate exactly in half, Illinois instead considers a variety of factors to determine an asset division arrangement that is fair and reasonable for both spouses. If a couple has a high net worth or owns complex assets, the property division process can become especially complicated.

Differentiating Between Separate and Marital Property is Not Always Straightforward

Only marital property is divided during an Illinois divorce. Marital property generally includes property obtained by either spouse during the marriage. Separate property typically includes any assets or debts that the spouses acquired before the marriage took place as well as certain gifts and inheritances acquired throughout the union. Differentiating between separate and marital property is not always as easy as it may seem. Assets that are commingled can lose their identity and be transmuted from separate property to marital property. For example, if a spouse receives an inheritance from a relative during the marriage, those funds are typically considered separate property. However, if the spouse uses some of those funds to pay for shared expenses during the marriage, the funds may be transmuted into marital property.  

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Burr Ridge high-asset divorce attorney

The divorce experience is different for everyone. A young couple who does not have children, own a home, or have valuable assets may be able to get a divorce relatively quickly and effortlessly. The more assets you own and the more complex those assets are, the more likely it is that you will have a complicated divorce. If you are planning to end your marriage, and you and your spouse have a high net worth, own complex assets, or have high-value assets, your divorce may involve more negotiations. There is much more at stake in a high asset divorce, so it is crucial for couples in this situation to be informed about the unique issues presented by a high asset or complex asset divorce.

Child Support and Spousal Maintenance Payments Are Usually Much Larger

Illinois child support orders are decided using the “Income Shares” method. This approach involves evaluating each spouse’s income, determining the total amount of support for which the parents are collectively responsible, and then splitting the cost between the spouses in proportion to their incomes. Similar to property division, the spouses’ financial circumstances must be fully understood before a child support order can be entered by the court.

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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