A: Illinois adheres to the “income shares” model for child support calculations. This considers both parents’ incomes and allocates support based on the percentage of contribution each parent has to the combined income. The court also takes into account the needs of the child, the standard of living if the marriage had continued, and other similar factors. Adjustments may be made based on custody, special needs, and more.
A: The divorce timeline varies based on the complexity of the circumstances and whether it is contested or not. A non-contested divorce may be finalized within just a few months, while contested divorces take much longer, often more than a year. Other considerations include the level of cooperation between parties and the court’s schedule.
A: Not necessarily. In the state of Illinois, when businesses are considered marital property, they may be subject to division – but equal distribution doesn’t always mean a 50/50 split. Factors to consider include each spouse’s contribution to the business, along with other debts and assets. In many cases, the owner of the business may negotiate to keep the business in exchange for other marital assets or agree to a structured settlement.
A: Uncontested divorce occurs when both spouses agree on all major issues, such as child custody and property division, without the need for court intervention. This results in a much quicker, affordable, and overall more amicable outcome than contested divorces.
A: In Illinois, business assets are considered marital property if they were either acquired or increased dramatically in value during the course of the marriage. The court evaluates and divides marital property based on equitable distribution, considering factors such as each spouse's contributions to the business, marriage duration, and economic circumstances. While this does not always result in a 50/50 split, it is aimed at determining a fair distribution among both parties.
Call For A Free Assessment Of Your Needs
(270) 817-7221