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Under Illinois law, all marital property is subject to an equitable division between spouses. That includes all assets and debts acquired during the marriages, including income earned by efforts of either spouse. Meaning if you started a business during the marriage, it’s likely marital property.
The last thing you want to happen during a divorce is lose half of the business you’ve worked so hard to build. It’s important to put a protection plan in place that may help prevent a contentious situation between you and your spouse.
In Illinois, there are three main ways to protect your business during a divorce.
Prenuptial or Postnuptial Agreement
A formal agreement can help facilitate a resolution and ease anxiety for both parties at a time when emotions are likely running high. It’s best to consult an attorney to ensure appropriate disclosures are made because in Illinois, prenuptial or postnuptial agreements are not enforceable if either party did not provide a reasonable disclosure of their debts and assets.
If it’s found that you significantly undervalued the business, you could be accused of fraud and the agreement will be invalidated. For that reason, it’s also a good idea to get the business valued by a qualified business appraiser.
Even without a pre or postnuptial agreement, there are several steps to protect your business during a divorce.
- First, you can establish yourself as the sole owner of your business by making sure the organizing documents for the firm clearly specify that the business cannot be transferred in the event of a divorce. In this case a cash award may be made to the non titled spouse.
- Second, keep your business and personal expenses clearly separated. Untangling commingled funds adds unnecessary complexity for advisors and could be detrimental to the settlement.
It’s important to keep clear records of both capital sources for the business, as well all cash transactions.
- Lastly, if your spouse works at your business, even in a minor capacity, it’s essential they were paid market rates for their services. Otherwise, they may seek a higher percentage of the company’s value.
Seek Advice from an Experienced Divorce Attorney
One of the best things you can do is contact a divorce attorney early in the predicament who is experienced in handling divorces for business owners.
At Masters Law Group, we understand how stressful a divorce can be. That’s why we move through settlement negotiations, meditations or litigations with our clients assurance and well being at top of mind. We’re skilled at identifying and valuing assets and wealth, including real estate, securities, business interests, retirement funds, pension plans, tax shelters, overseas accounts, stock options, trust and other actual or potential sources of wealth.
If you are looking to explore your options on divorce or legal separation with professional and experienced advisors, contact Masters Law Group to schedule an appointment here.
The United States has now accepted Pakistan’s accession to the 1980 Hague Abduction Convention. The Convention was entered into force between the two countries on October 1, 2020.
What is the Hague Convention?
According to the US National Centre for Missing and Exploited Children (NCMEC), nearly 800,000 children are reported missing each year. That is more than 2,000 a day. The NCMEC says that 203,000 children are kidnapped each year by family members.
The convention is a multilateral treaty that establishes proceedings for the prompt return of children who have been wrongfully removed or kept away from their home country.
Currently, there are 98 contracting states to the Hague Convention.
Previous Issues with Pakistan
Pakistan has been consistently non-compliant with international norms concerning the return of children who are abducted to Pakistan. In prior years, the U.S. State Department reported frequently to Congress that that was the case.
It is also essential to understand that the Convention contains no provisions that will require recognition and enforcement of foreign custody orders. However, the compliance has been welcomed by the United States with hopes of a brighter future.
United States Accept Pakistan’s Accession
On October 1 2020, The United States accepted Pakistan’s accession to the 1980 Hague Abduction Convention.
The department said on its website, the US accepted Pakistan’s accession to the convention on July 1. It said that the convention would put in place an internationally recognized legal framework to resolve cases of parental child abduction between the two countries.
As partners, we will enhance our shared commitment to protecting children and open a new chapter in the vibrant US-Pakistan relationship…Preventing and resolving cases of international parental child abduction is one of the Department’s highest priorities.
The Department will continue to engage with Pakistani government officials regarding the partnership:
We look forward to welcoming Pakistan as a new partner in this global effort to address international parental child abduction.
If you need assistance with issues regarding International Child Abduction. You don’t have to go it alone.
Schedule a Consultation with Masters Law Group
Erin Masters and Anthony Joseph have extensive experience in cases involving international child custody disputes in both courts located in the State of Illinois and the United States federal court system.
Masters Law Group has comprehensive knowledge and experience with The Hague Convention on Civil Aspects of International Child Abduction (“The Hague Convention”) that was enacted into law through the International Child Abduction Remedies Act (“ICARA”) which provides that a parent whose child has been wrongfully removed from or retained in the United States may petition for the child’s return to his or her country of habitual residence.
Contact us here today to schedule a consultation.
Masters Law Group
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A Chicago family and divorce law firm focused on solving problems and achieving the best possible result for our clients.