When two people decide to get a divorce, there are many issues to consider, especially if they have been together for a long time. In some marriages, a couple may have even worked with each other and started a business or professional practice together. In other cases, one spouse may have owned a company prior to getting married, but his or her partner helped run it during their union. Dividing this important asset during a divorce can often be a contentious and time-consuming procedure. Regardless of whether the business is family-owned, or if one person acts as a silent partner, each party may be entitled to part of the value of the business assets. In some cases, if the spouses cannot agree on the value of their business, they may need to go through business valuation litigation in order to receive their fair share of the marital property.

Fair Market Value

In Illinois, marital property is divided using “equitable distribution.” This means all assets obtained during the marriage must be split fairly, although not necessarily in half, or 50/50. It is important to note that asset division cannot typically be modified after the divorce.

It can be difficult to determine the fair market value of a company or a professional practice, which is the approximate amount of what the business would be worth if it were sold. During the business valuation process, each party’s attorney may work with financial experts to accurately determine what a company is worth. These experts can include financial analysts, forensic accountants, appraisers, and more.

If your marriage has broken down, you may be considering divorce, although this decision can be a difficult one if you and your spouse have children together. While you may feel that it would be better to stay together for the sake of the children, this may ultimately not be in their best interests, since being exposed to conflict between parents can cause a great deal of stress for children. If you do decide to pursue a divorce, you will want to ensure that your children understand how their lives will change while assuring them that they will have your love and support moving forward.

Things to Remember When Talking to Children About Divorce

Telling your children that you and your spouse will be getting a divorce could result in a variety of strong emotions, including sadness, confusion, and anxiety. One of the very first reactions a son or daughter will have is the belief that he or she is responsible for the breakdown of the marriage. By assuring children that they were not at fault for the divorce in any way and explaining the situation in a way they can understand, you can help relieve a great deal of stress and anxiety. When discussing divorce with your children, it is important to:

• Keep the conversation appropriate.

  ...

When going through a divorce, a couple will need to divide up their property. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), marital property is divided using “equitable distribution.” This means any property or assets acquired during the marriage must be divided fairly, but not necessarily equally. If one spouse is a doctor, dentist, lawyer, psychologist, accountant, or any professional who owns his or her own practice or business, this can complicate matters. Like any piece of the marital estate, several factors will be considered to determine how to divide a professional practice or business during the divorce proceedings. It is important to seek legal counsel so you know your rights when it comes to splitting this valuable asset.

Factors the Court Will Consider

A professional practice or business is subject to division in a divorce unless there is a valid prenuptial or postnuptial agreement that specifies how ownership of this asset will be handled. In many cases, the court will consider which spouse has contributed the most to the practice and allow that spouse to keep ownership of the practice, while the other spouse will receive marital assets that are of a similar value.

If one spouse opened his or her practice or business during the marriage, it is classified as marital property. On the other hand, if it was started prior to the union, it may still be considered part of the marital estate if the other spouse made significant contributions to establish the practice or keep it running. These contributions may include using marital money to finance the business or working at the practice as an employee.

After your divorce is complete, your marriage will be legally dissolved, and you and your ex-spouse will go your separate ways. However, you may still be required to remain in contact with each other, especially if you have children together. In some cases, the enforcement of court orders may be necessary if one party does not meet their legal requirements. If your ex-spouse violates your divorce order, you may be able to take legal action against him or her.

Factors That Influence Court Orders

Allocation of parental responsibilities, child support, spousal support/maintenance, and division of property are some of the most common topics addressed in a divorce decree. The final decisions on these issues may have been made using negotiation, mediation, or collaborative law, or some decisions may have been left up to the judge. Regardless of how these matters were settled, upon the finalization of the divorce, the terms of the decree become a court order that both spouses are required by law to follow.

There are a wide variety of circumstances in which a person may violate a divorce order. One spouse may refuse to give up property that was granted to the other spouse, a person may not make required support payments, or a parent may not follow the parenting time schedule in the former couple’s parenting plan. In these cases, you may be able to file a petition to have your ex-spouse held in contempt of court. However, it is often a good idea to first discuss the issue with your ex-spouse, since a violation may have occurred because of an unintentional act or a misunderstanding.

When you and your spouse decide to get a divorce, this decision may have come after careful deliberation and, in some cases, extensive marriage counseling. Each divorce is unique, and your breakup will undoubtedly impact your children in various ways. How your children respond may depend on their age, their personality, and the circumstances of the divorce. The initial reaction is often shock, anger, sadness, or fear. While dealing with these emotions can be difficult, there are ways you and your ex can help your children adjust during this major transition. As with anything in life, going through a divorce can be a learning experience for all involved parties. The coping mechanisms that your children learn for dealing with stress during your divorce may help them grow up to be more flexible, accepting adults.

Practical Steps for Moving On

Similar to how adults often need emotional support from friends, family members, or mental health professionals during a divorce, children also may require extra attention during this transitional phase. In some situations, children might think the divorce is their fault, and they may blame themselves for the breakup of the marriage. It is critical to make sure they understand the divorce is not a result of anything they did or did not do; it is something between you and your spouse.

Kids may also have a delayed reaction to the divorce. Stress can manifest itself in many ways, such as getting into trouble at school or fluctuation in appetite, sleep schedule, or behavior. They may “act out” and do things they normally would not do as a means of getting attention or rebelling against the idea of their family breaking up. It is imperative that you think about how your divorce will affect your children, rather than just thinking about yourself.