Posted on October 25,2024 in Business Law

Divorce can be an overwhelming and emotionally charged process, especially when it comes to dividing personal property. Among the most contentious issues are the family home and beloved pets. Roughly half of U.S. marriages end in divorce, and one of the top questions people have is how to fairly divide assets. This post aims to guide and clarify how to handle these important matters.

Dividing Personal Property in Divorce

In many states, the law states that assets acquired during the marriage are considered marital property, meaning they must be divided equitably (though not necessarily equally) in a divorce. Assets acquired before the marriage or as a personal gift or inheritance are typically deemed separate property.

Critical Considerations for the Family Home

When dividing personal property, deciding what to do with the family home is often one of the first issues addressed in a divorce. Here are some key factors to consider:

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 Posted on October 07,2024 in Family Law

Going through a divorce and worrying about parenting time issues is undoubtedly one of life's most challenging experiences. For parents, the prospect of not seeing their children every day can be heart-wrenching. Questions about divorce and child custody are common, and concerns about how these changes will affect children are valid. Fortunately, with the right strategies and mindset, you can create a custody arrangement that prioritizes your children's well-being.

Understanding Custody in Divorce

In Illinois, "custody" is often called the "allocation of parenting time," which encompasses custody, visitation, and decision-making responsibilities. Parents must attend a parenting class to understand the effects of divorce on children and learn how to co-parent effectively. You will also need to develop a "parenting plan," outlining major decisions in education, religion, medical care, extracurricular activities, and how parental time will be divided.

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 Posted on March 14,2022 in Uncategorized

FEMA announced that it will provide funeral assistance for families of those who have passed away due to COVID-19. FEMA’s COVID-19 funeral relief program may provide financial assistance for funeral expenses that may not be covered by insurance or other sources for individuals who dies of COVID-19. Relief of up to $9,000 for funeral and burial expenses for a deceased individual is available. If a family requires assistance for multiple funerals, the maximum award is $35,000.

To receive funeral assistance, the deceased must have a death certificate dated after January 20, 2020, and the death must be caused by COVID-19. This program excludes individuals who had burial/funeral insurance or received aid from any other source that covered the full cost of their funeral expenses at the time of their death.

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 Posted on February 21,2022 in Business Law

Not every business can afford to have an attorney on staff. However, every business will need to address legal issues at some point. Seeking the services of a lawyer whenever the need arises can be very inefficient, and this will likely result in additional expenses. Fortunately, there is another option. By working with a law firm that provides general counsel services, a business can get legal help when necessary from an attorney who is familiar with its operations, needs, and goals.

Benefits of a General Counsel Lawyer

Small and mid-size businesses can find cost-effective ways to address their legal needs by establishing a relationship with an outside general counsel attorney. A lawyer who serves in this capacity will work to fully understand the ins and outs of the company’s processes, its relationships with other entities, and its plans for future growth. In addition to resolving issues that currently need to be addressed and stepping in to handle any concerns that may arise in the future, a general counsel attorney can also take a proactive approach, helping identify potential issues and ensuring that a business takes the correct steps to avoid problems that may result in financial losses.

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 Posted on February 15,2022 in Family Law

With the beginning of the new year, the state of Illinois passed several new laws that will impact the lives of the state’s residents. Here are a few new laws of interest in 2022: 

Minimum Wage Increase (Public Act 101-0001)

Illinois is one of the states set to raise its minimum wage to $15 an hour by 2025 which means that in 2022, the state minimum wage will increase to $12 an hour. The increase in minimum wage applies to all standard workers and any workers under the age of 18 who work more than 650 hours per calendar year. For workers under 18 who work less than 650 hours per calendar year, the minimum wage will increase to $9.25 an hour. Tipped employees may be paid 60% of the minimum wage. However, if these workers do not earn the minimum wage after receiving tips, the employers must make up the difference. 

Amendments to Illinois Secure Choice Savings Program Act

This Act, which was initially implemented in 2018, requires any employers of 25 or more employees to contribute to Roth IRAs for its employees through payroll deductions. This does not apply to employers who already offer an employer-sponsored retirement plan. An amendment to this Act which took effect January 1, 2022, will now qualify an “employer” as one who has more than 5 employees employed during every quarter of the previous calendar year, has been in business for at least 2 years, and has not offered a qualified retirement plan in the preceding 2 years. Employers with fewer than 25 and more than 15 employees will be required to enroll in the program by September 1, 2022, and employers with at least 5 employees but no more than 15 employees will need to enroll by September 1, 2023. 

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 Posted on January 03,2022 in Divorce

Getting a divorce can sometimes involve financial struggles. During the divorce process, you will not only need to cover divorce costs, but you may need to find new living arrangements and determine how you will cover rent or mortgage payments, utilities, food, transportation, and other costs. If you are a stay-at-home parent, you may be worried about how you will be able to pay all of these expenses, whether you will need to find employment, and whether you will be able to continue staying home to care for your children. In this situation, it is important to understand whether you may be able to receive spousal support from your ex-spouse.

Eligibility for Spousal Maintenance

Payments made by one spouse to the other are generally known as spousal support or alimony, but the state of Illinois uses the term “maintenance” when addressing this issue. Maintenance is meant to address the disparity between spouses’ incomes. Both you and your spouse will want to try to maintain your standard of living after you split up, and if you earn a much smaller income or do not work outside the home, you will likely need financial support from your ex-spouse. Maintenance may be in addition to any child support that is ordered to address your children’s ongoing needs.

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 Posted on December 28,2021 in Divorce

Going through a divorce can be an extremely stressful time. More and more couples are searching for a non-adversarial way to get a divorce. One effective way to do this is through the process of collaborative divorce.  

What is Collaborative Divorce? 

A Collaborative Divorce is a process in which the parties involved and their attorneys are not required to appear in court. During a Collaborative Divorce, both spouses work with a collaborative team. Collaborative Divorce teams require an attorney for each spouse and generally include a divorce coach, who is a collaboratively trained mental health professional. Teams can also include a child coach and a neutral financial specialist. The couples who choose to divorce this way will avoid litigation.

What Steps do Couples Need to Take in a Collaborative Divorce? 

The first step in getting a Collaborative Divorce is finding attorneys trained and qualified to facilitate this process for each spouse. Each spouse has their own attorney.

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 Posted on November 09,2021 in Estate Planning

A divorce can dramatically change the lives of both parties involved. After your divorce, it is important to ensure your financial assets are protected in response to your change in living circumstances. Here are four helpful tips on how to reevaluate your estate planning strategy after a divorce. 

1. Update power of attorney and living will.

If a situation arises when you are unable to make medical decisions, your power of attorney names the person who will make those decisions for you. Most spouses appoint each other as agents. After a divorce, it is time to execute a new power of attorney naming a new agent to make your medical decisions. This can be done by consulting our estate planning attorneys. 

2. Create a new estate plan. 

Especially if you have children, updating your will and/or living trusts is one of the most important steps to take after a divorce. If your will or trust is not up to date following your divorce, your ex-spouse may be eligible to inherit your assets after your death. You may also want to update your will to reflect your wishes on who should be in charge of any finances set aside for your children if they are still minors. 

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 Posted on October 26,2021 in Business Law

Contractual agreements are essential for many businesses, and a company may enter into multiple types of contracts with vendors, suppliers, partners, clients, or other parties. While contracts can provide important protections, ensuring that both parties meet their obligations, they can also cause significant problems if they contain mistakes or omissions. By working with an attorney to draft, negotiate, and review contracts, a business can ensure its rights and interests are protected in these types of agreements.

Avoiding Contract Mistakes

While a business may become involved in multiple types of agreements, a verbal agreement or a basic written agreement will not provide it with the protections of a legal contract. To protect its rights and interests, a business will need to make sure a contract is tailored to the unique circumstances of the company and the agreement being addressed. Some of the most common mistakes made in business contracts involve issues such as:

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 Posted on October 06,2021 in Business Law

Starting or expanding a business can be a great opportunity. However, business owners and entrepreneurs will need to consider a variety of legal and financial issues when doing so. Liability is one area of concern for many business owners, but fortunately, if a business is structured correctly, an owner or partner can ensure that they will not be held personally liable for business debts. During the business formation process, which may take place when a business is initially founded or when an existing business is restructured, an owner will want to select a business entity that will provide them with the protection they need.

Choosing the Right Business Structure

In many cases, a business owner will first form their business as a sole proprietorship, or if there are multiple owners, a business will be formed as a general partnership. In these cases, there will be no separation between assets owned by the business and the personal assets of the owner or partners. While this may allow for more flexibility when starting a business and provide an owner with more control over business operations, it will not provide any protection against liability. This means that an owner or partner may be held personally responsible for business debts or lawsuits against the business.

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