Divorcing couples have multiple options to divide the family business and its assets, so each party must weigh their needs and intentions to decide the best course of action. Divorce lawyers often help their clients with this process, giving them insight into the best way to tackle this challenging problem. Here are three options people can consider when deciding how to divide a family business. 1. The Business Goes to One Spouse Even in a family business, couples often find that one … [Read more...]

When entering a divorce in Illinois, every aspect of a person's life may be at risk, and their retirement savings are not immune to the proceedings. Individuals facing divorce need to understand this risk and what they can do to lessen their impact. As they work with a high net worth divorce lawyer, they must consider the impact of their decisions on their retirement plans. Retirement Plans in Illinois Are Typically Shared Marital Property Under Illinois law, retirement plans are typically … [Read more...]

Attorneys across the globe expect a wave of divorce filings when the COVID-19 restrictions lift and life returns to normal, but struggling couples can take measures now to reduce the strain on their marriages. The combination of the stress of quarantine and the closure of courts around the country is expected to create demand for divorce in the coming months. Strain of Staying Home Hurts Marriages In a typical marriage, one or both of the spouses leaves regularly to go to work or … [Read more...]

The coronavirus and resulting lockdowns may lead to a rise in the number of divorce cases in the United States as couples must adjust to living together without a break for weeks on end. In China, COVID-19 lockdowns have already led to increased divorce numbers, and the British Parliament is experiencing the same thing. As states start to slowly open across the United States, similar reports are likely to come to light. The Emotional Toll of Quarantine Hurts Marriages In most families, the … [Read more...]

All divorces are not created equal, and a high net worth divorce is more complicated than traditional divorce because of the amount of wealth involved. Dividing assets and determining community assets becomes more common in these cases. These divorces involving wealthy individuals actually vary in four distinct ways. Understanding these will help those entering divorce know what to expect out of the process. High Net Divorce Costs More Because of the complexity involved, and the absolute … [Read more...]