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Anderson and Associates, P.C.

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Wheaton business lawyerA divorce is an emotional undertaking, but it can become even more complicated if it involves business ownership. One spouse could be the owner of a company, or both spouses could own a business together. The matter of business valuation comes into play when deciding how the marital assets will be divided.

A business valuation is a set of processes and procedures for determining the economic value of a person’s interest in a business. This type of valuation is helpful since divorcing couples may not agree on a company’s worth or how it should be divided. It is important to note if the business began prior to the marriage and its profits have been kept separate and from the marital assets, then the business is normally not considered marital property.

Why a Business Valuation Is Important

One of the most time-consuming and stressful parts of a divorce is the division of marital assets since it requires an accurate inventory of everything that is within the marital estate or property. Determining the value of specific assets, such as household items like furniture, cars, or savings accounts, may be easy if a couple kept receipts or bank statements. On the other hand, estimating the value of the marital home, investment properties, and businesses is typically much more complex and may require the help of professionals.

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Naperville divorce lawyers

Going through a divorce is among the most difficult situations a person can endure. While this is true with adults, the impact on a child can last even longer. This is especially the case in high-conflict divorces, which often lead to children experiencing more hardship as they adjust to post-divorce life. 

Whether you are able to reasonably co-exist and work with your soon-to-be ex-spouse, or you cannot stand the sight of them and likely face a prolonged court battle, it is essential to focus on the needs of any children you share. Here are a few tips that will help make their adjustment (and yours) easier:

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Naperville divorce lawyers

Some couples are able to get a divorce by immediately negotiating a settlement that addresses important issues, including child custody, child support, spousal support, and the division of marital property. In many situations, however, this type of cooperation is not possible, especially at the beginning of the divorce process. Marriages that involve domestic abuse, infidelity, reckless spending, or substance abuse often result in high-conflict divorces.

In a high-conflict divorce, one or both spouses are unable to work with the other to solve the multitude of issues that will impact their post-divorce life. While these feelings usually subside over time, it does not always happen during divorce proceedings. Sometimes it takes years. In either case, you want a skilled divorce attorney who will fight for what you need throughout the process. 

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Naperville Divorce Lawyer annulment In some circumstances, the annulment of a marriage can be sought instead of a divorce. The difference between a divorce and an annulment is that a divorce ends the marriage, but an annulment declares that the marriage was invalid and should never have happened. Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/301), the court has the power to determine and make it as though the marriage never occurred. However, an annulment will only be available in particular situations:

Lack of Capacity to Consent

If one or both of the individuals who were married lacked the mental capacity to consent to marriage, it can be annulled. This includes if the individuals were drunk, on drugs, or intoxicated by any other substance that mentally impaired them at the time of their wedding (think of a late-night Las Vegas ceremony). The parties can reasonably claim afterward that they did not have the capability to consent to the union. In such a case, the annulment must be sought within 90 days to void the marriage.

Coerced into Marriage

If one participant in the wedding entered into the union while under duress, the marriage may be annulled. In these cases, there is also has a 90-day time limit after learning of the conditions for annulment.

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Posted on in Divorce

Wheaton divorce lawyers

Your divorce may have taken a heavy toll on your life, but once the divorce process is over, you have to learn how to live on your own again. When rebooting after your divorce, it can be easy to get stuck in a rut and not know what to do with yourself when the person you have spent so much time with is out of your life. 

Successful Post-Divorce Life Tips

If you want to make your life after divorce more enjoyable, follow these helpful tips.

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