Without a doubt, owning a business complicates the divorce process. Unlike an employee of a company who can show his or her earnings on a weekly paycheck, business owners’ income varies significantly. Furthermore, business assets are often considered marital assets. This means that the non-owning spouse also has a right to a portion of the business’s value.

The situation becomes even more complex legally and emotionally if the spouses co-own a business together.

If you or your spouse own a business and you plan to divorce, you may want to consider using the collaborative law process to determine the division of marital property, child custody, and other divorce issues.

Research shows that extramarital affairs are more common than many would suspect, and many lead to divorce. Whether it is a single instance of infidelity or a long-term secret affair, cheating can have a significant impact on a marriage. 

As you plan for your divorce, it is important to understand Illinois divorce laws and how the infidelity may impact your case. States vary significantly with regard to these matters, and laws change over time, so it is important to be educated. For personalized guidance regarding your divorce, contact an experienced divorce lawyer.

Dissipation of Assets

Unlike in other states, Illinois courts do not consider adultery or other forms of marital misconduct when determining how to divide property. In most cases, the property division process will not be affected by a spouse’s infidelity. However, there is one important exception. If a spouse spent a significant amount of money in connection with the affair, the other spouse may have a valid claim for dissipation of assets. The cheating spouse may be required to reimburse the marital estate for the dissipated funds.

When a married couple decides to divorce, typically, one spouse moves out. However, significant conflict can arise when there is a disagreement about who should move out of the home. Securing an apartment or other living arrangement can be stressful and expensive. Consequently, many spouses fight to remain in the marital home. 

In this blog, we will discuss how Illinois Courts handle disagreements regarding residency during the divorce process and what you can do if you and your other spouse disagree about who should stay in the marital home during the divorce process.

An Agreement is Often the Ideal Way to Resolve Disagreements About Living Arrangements

As with many issues during divorce, reaching an agreement regarding who will stay in the marital home is often the best option for divorcing spouses. Consider working with your respective attorneys to negotiate an agreement about who will keep the home and who will move out. Your agreement can also contain instructions for how the second home will be paid for. For example, one spouse may temporarily rent an apartment during the divorce proceedings, but both spouses will split the rent 50/50.

There is no doubt that divorce comes with significant emotional and psychological pain. Ending the marriage relationship is heartbreaking, even if the marital breakdown began years or even decades ago. In the midst of the emotional turbulence associated with divorce, many people fail to address crucial financial matters. As you prepare for your marriage's end, do not neglect the following financial considerations.

Both Spouses are Responsible for Marital Debts

You have probably already started thinking about how marital assets, such as bank accounts or personal property, will be divided during your divorce. However, keep in mind that property is not the only thing you will have to divide. Any debts acquired by either spouse during the marriage are considered marital debt.

Marital debt can include mortgages, personal loans, credit card bills, tax liabilities, and more. Some spouses are shocked to find out that their spouse had racked up debt they were not even aware of and are now jointly responsible for.

In Illinois, and in most states, divorce records are publicly available. In order to access somebody's divorce records, all you have to do is walk into the Courthouse, pay a small fine, and receive copies of the documents. Understandably, some divorcing spouses are concerned about this.

Divorce documents may include significant personal information, including detailed financial disclosures. Fortunately, you have the right to ask the Court to seal your divorce records and prevent them from being accessed by others.

Common Reasons You May Want to Seal Your Divorce Records

The most common reason that an individual wishes to seal their divorce records is to ensure their privacy. Divorce paperwork includes private information that is nobody else's business. Unfortunately, neighbors, family, friends, or even coworkers may be curious about the details of somebody's divorce. Privacy is an especially crucial matter if an individual is well-known in the community.