Family Lawyers Who Mean Business

Millionaire ex-spouses have been in court for 7 years

A divorced couple in Illinois has failed to reach a final divorce settlement after seven years of litigation. In April, Cancer Treatment Centers of America founder Richard Stephenson and his former wife Alicia Stephenson formally dissolved their 18-year marriage. However, the couple still has not been able to reach a final agreement about property division….

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The effect of state laws on divorce

State laws govern various aspects of divorce, including the division of property. Each state has its own unique laws and procedural criteria. Illinois residents who are thinking about divorce may benefit from learning more about their state’s divorce laws and how those laws would affect the division of their assets. States often impose certain conditions…

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Important financial matters during divorce

An Illinois resident who is getting a divorce should keep in mind that it can be an expensive process. First, there are legal and filing fees, but there is also the expense of finding a new place to live and replacing furniture and other possessions. Securing accounts and passwords is a first important step along…

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Gifts vs. Loans in Divorce

Many married couples receive financial assistance or assets from their family members. If the parties file for divorce, how should these assets be classified and divided by the court? Illinois excludes property acquired by gift from a third party from the marital estate, because these gifts are not earned by the efforts of marital partnership….

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How to protect a credit score while getting a divorce

A divorced person in Illinois may have the misconception that a divorce decree that mandates an ex-partner’s responsibility to pay off certain debts protects them from being affected by late or missed payments. However, even if a divorce decree assigns a few specific accounts to an ex-spouse, creditors might still deem both parties responsible for…

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After divorce, some family-run businesses thrive

Any Chicago couple that has gone through divorce knows that property division is a major factor. Unraveling your intertwined lives to decide who gets what, however, is rarely easy — especially when you have a family business at stake. Millions of married couples in this country operate small businesses, but if their relationship sours, they…

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Whether to file bankruptcy or divorce first

When a couple is considering divorce, financial issues are often considered. A couple may not be sure whether they should file for divorce first or for bankruptcy, since both involve the court system. However, if the couple works together, they can make decisions that will help both of them deal with the financial issues that…

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