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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.

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 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.

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 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.)

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Posted on in Divorce

Illinois Divorce Attorney

Cost of a Divorce  

Divorce is also expensive. Court costs, lawyer fees and other expenses can add up quickly Below are some of the most common questions about the cost of divorce.

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Illinois divorce lawyerWhen two people decide to divorce, one of the most common questions that comes up is the issue of the payment of maintenance , a form of spousal support in Illinois. While not every divorce will result in someone paying spousal support, many will. Whether you will be the one receiving the support or making the support payment, it is a smart idea to be familiar with how maintenance works in Illinois before you finalize your divorce.

Step One: Maintenance Award

An Illinois court will consider many different factors when assessing whether spousal support is warranted. These factors may be found in Section 504 of the Illinois Marriage and Dissolution of Marriage Act. Some of these factors include:

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