Address 1200 Harger Road, Suite 706, Oak Brook, IL 60523
630-472-9700Available 24/7
Search
Facebook Twitter LinkedIn Youtube Google Blog
Kathryn L. Harry & Associates, P.C.
630-472-9700Available 24/7

IL divorce lawyerWhen getting a divorce, one serious concern that will appear for those who own a family business, or a small business in general, is how to divide it, or even if division is necessary. Illinois law on the subject can get confusing, so it may be a good idea to consult an experienced attorney on the subject before moving forward with asset division.

Obtaining a Business Valuation

One of the first steps that can help a couple decide what to do with a family business is to obtain a business valuation, usually through an accountant or licensed appraiser. Without an accurate estimate of how much a business costs, one cannot accurately tell how the rest of the marital estate must be divided in order to keep a business in one piece, or how much must be offset if the business is to be sold and its profits and equity divided. There are, however, multiple different ways to accurately value a business, depending on the type of method used - the two most common in divorce-related cases are the comparable model and the asset valuation model.

...

IL defense lawyerMany crimes in Illinois have their ‘aggravated’ counterparts, from assault to sexual abuse. However, there is routine confusion about what exactly makes a crime aggravated, and how it affects sentencing. If you have been charged with a crime, understanding the nature of such a charge can help you determine how best to attack the problem and ensure your side of the story is heard.

Definitions Vary

When one examines an individual crime, the circumstances that make it aggravated will obviously depend on the cause of action. For example, in Illinois, a domestic violence charge becomes aggravated if the behavior in question encompasses criminal acts against a minor, any kind of sexual abuse, or great bodily harm against any victim, but drug crimes become aggravated if drugs are made or transported to certain buildings. Yet the general definition of aggravation in such a context is any circumstance or factor that makes a crime more injurious but is not a step that is part of the offense itself.

...

 Illinois divorce lawyerIn many Illinois divorces, both child support and spousal maintenance may be awarded by the court. If this does happen in your case, however, the tax implications can be prohibitive. If it is possible, you may be able to help shift that burden using what Illinois calls unallocated support. While it is not always possible to use this mechanic, sometimes it can make a significant difference, especially for custodial parents.

Current Tax Law

Under current tax law, spousal support counts as taxable income for the recipient, and as deductible for the payor. Conversely, child support is neither deductible nor taxable. In many divorce cases, one spouse makes significantly more money than the other, and thus, any tax deduction that they are able to obtain can be very welcome. In order to get the benefit of the deduction and the lower tax rate, some couples may be able to treat spousal and child support as one lump sum referred to as unallocated.

...

 Illinois criminal lawyerIllinois is a state that is very concerned with the appropriate regulation of firearms, having been the last state to legalize concealed carry and often making revisions to the relevant laws to increase safety. Because of this, the penalties for even a first firearms offense can be extremely severe. If you are charged with a firearms violation, it is imperative that you understand the nature of the allegations against you so that you can react accordingly.

FOID Cards and Concealed Carry Licenses

An Illinois gun license is known as a Firearm Owner’s Identification (FOID) Card, and one must possess one in order to lawfully own a gun. To obtain one, a person must submit an application to the Illinois State Police and show that they meet the relevant criteria (or do not - for example, no one who has been convicted of certain crimes of violence or been found mentally incompetent within the preceding five years may hold a FOID card). It is important to keep in mind that a FOID card is not the same as a concealed carry license, though it is a prerequisite to obtaining one. In other words, the mere possession of a FOID card does not allow you to concealed carry in Illinois.

...

 Illinois divorce lawyerWhen it comes to dividing up property during divorce proceedings, Illinois is an equitable distribution state, meaning that marital assets are split as equitably (fairly) as possible. Thus, when large or expensive assets need to be divided, it can require a bit of maneuvering to ensure that both spouses receive the most equitable share of the estate. The marital home is one of the assets most commonly debated and argued about during proceedings, but it is possible to work out who should be awarded the home without leaving them otherwise penniless.

Is the House Marital Property?

The first question that must be asked is whether the home is even considered marital property or not. In most situations, the answer will be yes, but it cannot simply be assumed. Under Illinois law, any asset acquired by either spouse after the marriage is considered marital property, which usually includes the marital home - most couples will make that purchase together after they are married, sharing the title between them as joint tenants or tenants in common. (A joint tenancy occurs when two people own property together as a unit, meaning that if one person dies or wishes to give up their interest, it will be taken up by the other owner; on the other hand, tenants in common are free to sell or transfer their interest.)

...
Lead Counsel
AVVO
Newsweek
National Trial Lawyers
Rated by Super Lawyers
Back to Top