Couples in a high-asset divorce case have a lot to lose. If they own a business or a stake in a business, they need to hire divorce lawyers who are proficient in business valuations. The process requires an accurate account of the entire marital estate. While assigning values to non-complex assets such as furniture and vehicles is simple, assigning one to complex assets such as business interests requires professional legal aid.

When a Business Is Considered a ‘Marital Asset’

The state of Illinois uses 'equitable distribution' to divide property between spouses during a divorce. This means both parties receive a fair and equitable portion of marital assets. If a business was founded while the couple was married and before they were legally separated or divorced, it is likely considered a marital asset. 

However, if either party owned a business before marriage, some of their business assets may also be considered marital property. Additionally, business interests stemming from the non-marital property can be converted into marital property if they are commingled with other family-owned assets. This includes shared accounts which are used to manage business and family finances. 

Divorce and child custody battles can lead to strong emotions and heated arguments. This is where a collaborative process can prove invaluable. Using collaborative law, both sides can work amicably to come to non-adversarial decisions without court intervention. Resolving a divorce or family law dispute through collaborative law can be financially and emotionally easier on all involved in the divorce. 

What Is a Collaborative Divorce?

In a collaborative divorce, each involved party retains an attorney representing their interests. During this process, information is exchanged voluntarily, and settlement meetings are held to discuss and finalize agreements on key issues. 

This model aims to develop an agenda so both parties can have control over the divorce process. Here are some things you should know about the process:

No one enters a marriage thinking it will end one day. But a divorce can be financially devastating if you are not prepared. If you wish to get married or are already in wedlock, a formal marital agreement with your current or future spouse can protect your assets. Two of these agreements are called prenuptial and postnuptial agreements.

What Is the Purpose of Prenuptial and Postnuptial Agreements?

Post and prenuptial agreements are legally binding documents you can enter into with an existing or future spouse. The agreements allow couples to protect their assets and interests from uncertainties resulting from divorce or death. 

Without either agreement, the couple's assets are distributed as per Illinois laws. So drafting an agreement before or after marriage can protect you and your family from expenses and complex legal proceedings. 

When you are going through a divorce, the best case scenario is an amicable split in which both parties can work together and reach a mutually beneficial agreement. However, this is not always possible. As you consider your options, consider the following information about divorce litigation and mediation. 

Litigation vs. Mediation 

Irrespective of which path you choose, you and your spouse will face the same core issues: child support, alimony, allocation of parental responsibilities, parenting time, and asset division. The approach and process differ depending on the option you choose.

During the a divorce trial, both parties are on opposing sides. Each has a lawyer who presents their case and supporting evidence to convince the judge to rule in their favor. The ruling is left to the judge, which is final unless it is appealed. It should be noted that few divorce cases make it to trial. In most cases, the parties are able to reach a settlement during the litigation process. However, it is important to be prepared for this possibility. 

Divorce can be highly stressful, and when people are stressed, they can easily make mistakes. Throw intense emotions into the mix, and the chance of making a mistake increases significantly. Unfortunately, these mistakes can have long-lasting consequences, both financially and emotionally. If you are getting a divorce, hire a skilled divorce attorney to understand your legal options, as well as the implications of your divorce and what it may mean for the future.

Avoid Making These Mistakes When Getting Divorced

Here are some of the biggest mistakes people make while getting divorced, including:

• Failing to hire an experienced divorce attorney – One of the biggest mistakes people make during a divorce is not hiring an experienced divorce attorney. Divorce can be a complex legal process, and an experienced attorney can help you navigate the legal system, ensure your rights are protected, and help you achieve a favorable settlement.
• Failing to disclose all assets – During a divorce, both parties are required to disclose all assets, income, and debts. Unfortunately, some people may hide assets or income to avoid dividing them with their spouse.
• Making emotional decisions – Divorce can be an emotional process, and making decisions based on emotions rather than logic is easy. Therefore, it is essential to keep your emotions in check during the divorce process and make decisions that are in your best interest, both financially and emotionally.
• Failing to understand the financial implications – Divorce can have significant financial implications, and it is crucial to understand the potential consequences of your decisions. For example, failing to consider the tax implications of a settlement can result in unnecessary surprises down the road.
• Failing to consider the long-term effects on children – Divorce can significantly impact children, and it is crucial to consider the long-term effects of your decisions on them. This includes ensuring they have a stable and supportive environment and are not caught in the middle of any disputes.
• Failing to negotiate in good faith – It is important to negotiate in good faith and work toward a fair and equitable settlement during a divorce. Failing to do so can result in a lengthy and costly legal battle with long-lasting consequences.

Contact a Wheaton, IL Divorce Attorney

One of the best ways to avoid making costly errors during your divorce is to hire an experienced divorce lawyer. Their experience will be instrumental in guiding you through the process, ensuring all your decisions support your and your children’s best interests. Contact the skilled DuPage County divorce lawyers at Andrew Cores Family Law Group for more information. Call 630-407-1225 for a free consultation.