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Dividing A Business In An Illinois Divorce When a couple divorces in Illinois, one of the most complex issues that may arise is what happens to a business owned by one or both spouses. A business is often one of the most valuable marital assets, making its division a significant concern in the property settlement process. Under Illinois law, business interests may be subject to division if they are considered marital property under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS ...   Read more ...  

When parents decide to divorce, one of the most important considerations is how to structure parenting responsibilities moving forward. In Illinois, parenting plans are legally required when parents share parental responsibilities. These agreements outline decision-making authority, parenting time, communication expectations, and other key aspects of co-parenting. The goal of a parenting plan is to provide stability for children while making sure that both parents remain actively involved in the...   Read more ...  

Divorce is a complex process, especially when intellectual property (IP) assets are involved. Whether you own patents, trademarks, copyrights, or business-related trade secrets, it is important that you understand how Illinois divorce laws impact these assets. Under 750 ILCS 5/503, Illinois follows an equitable distribution system, meaning the marital property is divided fairly but not necessarily equally. If intellectual property was created during the marriage, it may be considered marital pro...   Read more ...  

Divorce can be incredibly complex when one or both spouses own a medical practice. In Illinois, business assets—including medical practices—may be considered marital property, subject to equitable distribution under 750 ILCS 5/503. Whether a practice was established before or during the marriage, its value, ownership structure, and revenue streams can significantly impact the division of assets. Michael C. Craven works closely with his clients to protect their financial interests during divo...   Read more ...  

Enforcing an out-of-state custody order in Illinois can be complex, especially when parents live in different states. Many families face challenges when custody arrangements made in one state must be honored and enforced in another. Fortunately, the Uniform Child Custody Jurisdiction and Enforcement Act (UCCJEA) provides a legal framework to handle these situations. As family law attorneys in Chicago, we help parents understand their rights and take the necessary steps to enforce valid out-of-st...   Read more ...  

A financial affidavit plays a critical role in Illinois divorce proceedings, providing the court and both parties with a comprehensive overview of each spouse’s financial situation. This document ensures transparency in matters such as income, expenses, assets, and debts, which is crucial for determining issues like spousal maintenance, child support, and the division of marital property. The accuracy and honesty of the financial affidavit can significantly impact the outcome of a divorce sett...   Read more ...