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Divorce Finances

If We Divorce, What Will Happen to Our Family Owned Business?

Today Christopher P. Casey and James M. Godbout from the Chicago office of Stout Risius Ross, Inc. share their personal thoughts on what happens to family businesses when getting divorced:

[caption id="attachment_785" align="alignright" width="124" caption="James M. Godbout"]James M. Godbout[/caption] [caption id="attachment_775" align="alignleft" width="124" caption="Christopher P. Casey"]Christopher P. Casey[/caption]

Family owned businesses always present unique challenges to the client and the divorce lawyers when going through a divorce. The spouse who owns the company may feel overly attached and entitled to the business, especially if he/she founded or inherited the company. This could ruin a reasonable settlement offer presented by the divorce attorneys. Or the owning spouse, especially if he/she has financial control of the company, may use funds to dissipate the marital estate. Despite these challenges, if only one spouse is actively involved in the company, the other spouse will often be appropriately compensated.

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Life Insurance and Divorce in Chicago

Today Brent Novoselsky , Financial Planner, gives us his personal thoughts on life insurance during and after divorce:

As a financial planner, I often have clients that ask about what happens to life insurance when you’re about to dissolve your marriage? How do you deal fairly with a soon to-be ex-spouse, yet still make sure you have coverage for the future?

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Is Divorce a Luxury or an Opportunity In these Tough Economic Times?

Many couples living out this recession have cut back on eating out, new cars, and fancy vacations. According to an article in the New York Daily News, some couples have cut back on divorce. The American Academy of Matrimonial Lawyers polled its 1,600 members, and almost 40 percent said

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In Divorce Timing Is Everything

On March 18, 2010, shortly after divorcing his wife of 16 years Kevin Halstead won $3.8 million in the lottery. Halstead, a London bus driver, told the Daily Mail: “We divorced three months ago and split up about 13 years…

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