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Mevorah & Giglio Law Offices
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DuPage County Attorneys

LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

CHICAGO

105 W. Madison Street, Suite 2200, Chicago, IL 60602

Phone: 630-932-9100

NAPERVILLE

1730 Park Street, Suite 202, Naperville, IL 60563

Phone: 630-420-1000

ST. CHARLES

555 S Randall Rd, Suite 101, St. Charles, IL 60174

Phone: 630-410-9176
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DuPage County divorce lawyerIf you own a business, it is likely one of your most valued properties, if not the property that is the most important to you. A business represents the investment of time, money, and effort, and it is often crucial to your ability to support yourself. As such, the thought of something happening to your business in a divorce can be extremely concerning. However, if you thoroughly prepare for the divorce process, you can effectively address many of the issues that often affect business owners.

How Does a Business Affect the Divorce Process?

Illinois business owners should be well informed about all of the following issues that may arise during their divorce:

  • Marital and non-marital property - Illinois law defines what qualifies as marital property, which belongs to the couple and must be divided in a divorce, and non-marital property, which belongs to each spouse individually. Business owners should determine whether their business qualifies as a non-marital asset, perhaps because they owned it before the marriage or inherited it from a family member, or because they have a prenuptial agreement that excludes the business from the marital estate.
  • Business valuation and division - When a business qualifies as a marital asset, it is important to determine an accurate valuation before deciding how to address it in the division of marital property. A business can be valued based on its assets, income, or market value. Options for dividing a business in divorce include selling it and dividing the proceeds, distributing ownership shares, or having one spouse buy out the other.
  • Spousal maintenance - Business owners who want to retain full ownership of their business will often need to compensate their spouse in other ways. One common option is spousal maintenance, otherwise known as alimony or spousal support, through which one spouse makes regular payments to the other for a defined time period.
  • Child support - Business owners with young children will be required to contribute to child support after a divorce. Since Illinois child support obligations are calculated based on each parent’s income, business owners often face additional challenges when it comes to demonstrating the monthly income that their business brings in.

Contact a DuPage County Divorce Lawyer

If you need help protecting your business assets during your divorce, Mevorah & Giglio Law Offices can provide it. We have extensive experience representing clients throughout all aspects of the divorce process, and we will work to ensure a fair resolution in your case. Contact a Lombard, IL family law attorney today for a free consultation by calling 630-932-9100.

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Illinois divorce attorneysFor a majority of couples undergoing the divorce process, money is often one of the biggest concerns, as bank account balances following the end of a marriage can significantly impact one’s financial standing post-divorce. Bouncing back from and adjusting to the lifestyle transition that divorce brings about can be difficult under even the mildest circumstances, but lack of proper debt division and asset disputes can further complicate each party’s attempt to overhaul their finances.

Divorce Debts and How They are Handled in Illinois State

The Illinois Marriage and Dissolution of Marriage Act includes debts and other standing obligations as financial matters to be considered among the division of marital property. The law defines “marital property” as any property (or debts) acquired by either spouse after the marriage took place. This means any joint loans, credit lines, or accounts opened in both spouse’s names are marital property and are considered the responsibility of both parties in the event of divorce. These responsibilities can include everything from cars, furniture, and savings accounts, to stock portfolios and retirement savings plans.

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DuPage County divorce lawyersOnce the decision to divorce has been made, parties often start to wonder how they will fare financially. After all, money is one of the most common reasons for contention in divorce. Contention is not the only issue that may impact a divorce settlement though. In fact, there are many potential pitfalls that can have a financial impact on one or both divorcing parties. Learn what they are and how you can avoid them by examining the following financial mistakes commonly made in a divorce. 

Underestimating the Potential Impact

Divorce is a lot like a business transaction, and like all business transactions, it is inherently complex. Factors that determine the division of debts and assets are applied differently from one case to the next, based on the couple's particular situation, and that can leave one party at risk for a significant financial depletion. In fact, one study found that baby boomers, who are currently divorcing at an unprecedented rate, saw a 77 percent reduction in wealth after divorce. Add in the potential for asset depletion, asset hiding, and revengeful spending and it becomes clear just how crucial it is that one fully understands the financial risks and implications of divorce - so underestimate it at your own risk. 

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DuPage County divorce lawyersThanks to technology, people can now find the answer to almost any question in the world within just a matter of seconds. They can connect with family and friends from around the world. Interested persons can even learn how to rewire their own house or file for their own divorce – but is having such knowledge at one’s fingertips always a good thing? In the case of divorce and electrical work, perhaps not.

Divorce is a Complex Process

Although DIY divorce options may try to convince you that the process is as simple as filling out the forms and filing them with the courts, nothing could be further from the truth. No two marriages or divorces are ever the same, nor should they be treated as such. Furthermore, laws vary by state, and not all DIY divorce options offer state-specific advice or information – and unfortunately, that can make divorce a far bigger and complicated mess than it would have been with appropriate legal assistance.

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DuPage County divorce lawyersDivorce has always been a potentially damaging process – especially for children. However, things have started to shift in family law over the last several years. More families are working together to ensure the health, happiness, and well-being of their children, even while they are going through the painful process of divorce. Known as the “child-centered divorce,” this phenomenon has even prompted some interesting trends, such as birds nest parenting and post-divorce selfies. If you would like to learn more about keeping your child at the center of your divorce, the following strategies can help.

Consider Your Timing Carefully

While there are situations that may dictate when you start the divorce process (i.e. domestic violence, etc.), most couples have the power to choose when they will begin. For those that have children, the timing should be considered carefully. Parents are encouraged to avoid divorce around the holidays and birthdays, during major family events, or when significant change is expected to occur. For example, if the child is about to start preschool, it may not be the best time to file. Instead, parents may wish to wait until their child has adjusted to their new school schedule to ensure they are ready and able to deal with the divorce.

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Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah & Giglio Law Offices can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from five offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah & Giglio Law Offices to find the attorney they need.

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