Posts By: MICHAEL C CRAVEN

Illinois Divorce and How It Affects My Spouse’s Inheritance

If you are considering divorce or already a party to a dissolution of marriage case in Illinois, you might already know that division of property will be one of the key issues in the proceedings. State law on the topic requires equitable distribution of marital assets, basically describing a two-step process. You first classify real estate and personal property as being marital or separate. Assets owned by a spouse before the wedding are generally his or hers to keep. Marital assets acquired dur...   Read more ...  

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I Want a Divorce but My Spouse is Hiding Assets

At the outset, you should keep one key point in mind about divorce in Illinois. The Illinois statute on the dissolution of marriage is no-fault, which means nothing can stop you if you want a divorce. There are some basic procedural requirements, however. When filing the petition for divorce, at least one of the spouses must be a resident of Illinois or be stationed in the state for at least 90 days via military service. The petition must also state that irreconcilable differences have caused th...   Read more ...  

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My Ex is Not Following the Parenting Plan – Now What?

In an ideal world, parents who are not involved in a relationship can still work out and comply with their parenting plan that covers child custody and visitation. The reality is that you could encounter a situation where your ex violates the arrangement, potentially putting strains on your schedule, employment, and other aspects of your personal life. Fortunately, Illinois’ statute on the allocation of parental responsibilities and parenting time also provides you with tools when your childâ€...   Read more ...  

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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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