Posts By: MICHAEL C CRAVEN

Business Valuation and Calculating Goodwill as Part of it

The financial and legal interests of spouses are closely intertwined during their marriage, so one of the most critical aspects of the proceedings will be separating these bonds. Illinois’ property division statute covers this part of the process, providing that all marital assets are subject to equitable distribution between the parties. Therefore, the initial inquiry is whether the item was acquired during the marriage or became jointly owned under certain circumstances. Then, all marital pr...   Read more ...  

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Illinois Divorce and Dividing Stock Options

There are almost limitless opportunities for investors of all types and budgets, and stock options are one option that enables you to derive value from the underlying asset at a later date. The basic definition of a stock option is a contract between the buyer and seller to complete a stock purchase transaction in the future at a designated price.   From the date of the contract to finalize the transaction, stock options have some qualities of property because there is value down the road. ...   Read more ...  

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Important Financial Considerations to Think About During and After Your Divorce

The ultimate goal of divorce in Chicago is to end the marriage and wrap up the legal implications of the marital relationship, so you can expect that fiscal issues will be at the forefront of the proceedings.   The Illinois Marriage and Dissolution of Marriage Act includes a section on three key financial considerations: alimony, child support, and property division. You might not have to address all of these matters but, when you do, they could impact your divorce case during the proceedin...   Read more ...  

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Could a Prenuptial Agreement be Right for You?

Of all the tasks and activities involved with planning your perfect wedding, you may not focus on the one that only matters if things go south, creating a prenuptial agreement. Few couples want their nuptials to be preceded by signing a contract that anticipates divorce, but it may be wise to consider.   The Illinois Uniform Prenuptial Agreement Act allows soon-to-be spouses to hash out the details of property division and alimony, and there are numerous benefits for doing so. At the core o...   Read more ...  

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In an Illinois Divorce, Should You Sell or Keep the Family Home?

Of all the divorce issues couples face during the proceedings, dealing with the family home can be one of the most contentious and emotionally charged. The value of the residence places it among the highest valued assets in a divorce, and it will be considered marital property in many cases. As a result, Illinois’ property division statute applies. By law, all marital assets are subject to equitable distribution between the parties, so the court will divide property according to the interests ...   Read more ...  

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How to Reduce Capital Gains Tax Selling the Marital Home

There are emotional and financial challenges involved with any divorce, but some parties will also need to incorporate strategies for tax matters when ending their marriage. Specifically, there can be taxable events and other tax-related issues that arise with the division of marital property. The different transactions and ownership changes that result from a dissolution of marriage may trigger the Internal Revenue Code section on capital gains and losses, particularly related to the marital ho...   Read more ...  

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