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What happens to the family business in the event of a divorce?
From small, home-based businesses to multi-million-dollar enterprises, family-owned businesses play a huge part in growing the U.S. economy. In fact, it is estimated that there are well over 24 million family-owned businesses in the United States. If your marriage is over and you are considering a divorce, however, one of the questions you will certainly grapple with is what will become of the family business once you go your separate ways.
One of the factors that determine the fate of the family business during divorce is each spouse’s contribution and role in the business. Here are a couple of possible outcomes:
Buying out your ex
Just like with the family home, you may buy out your spouse and retain 100 percent ownership of the business. For instance, say you are running a dental clinic where you are a trained dentist while your spouse is the administrator. In this case, you may buy out your spouse (now ex) so you can retain full ownership of the business and outsource the administrative role.
Should you postpone divorce until your kids are adults?
Divorce is a complex and emotional decision that can significantly impact the lives of everyone involved, especially children. As a parent, you may ponder whether to postpone your divorce until the kids are adults.
It’s a valid inquiry that requires careful consideration. While there is no one-size-fits-all answer, understanding the potential consequences and considering individual circumstances can help you make an informed decision that prioritizes the best interests of your children.
Consider offering the kids a stable childhood
Postponing divorce until your children reach adulthood can give them stability and continuity during their formative years. Maintaining a united front helps create an environment where children can grow and develop without the added stressors of divorce. Stability can play a crucial role in their overall well-being and academic success.
Think about your co-parenting efforts
On one hand, you could argue that continuing the marriage for the sake of your children allows you and your spouse to focus on effective co-parenting. But on the other hand, staying in an unhappy and dysfunctional marriage can create a toxic environment for the children.
How apps can help adults co-parent more effectively
Co-parenting in the Digital Age does have its advantages. It is easier than ever to keep kids and parents in touch and apps designed just for co-parents can help them to improve communication, coordinate schedules and enhance their ability to co-parent effectively.
If you’re having issues co-parenting in the ways that you had hoped to when you first split from your child’s other parent, know that using various apps could genuinely help to put you back on track.
What can apps help co-parents to accomplish?
Here are just a few of the ways that apps can assist you in your co-parenting situation:
- Shared calendars and scheduling: Co-parenting apps often include shared calendars that allow both parents to input and view important dates, such as parenting time schedules, extracurricular activities, medical appointments and school events.
- Messaging and documentation: Co-parenting apps typically offer messaging features specifically designed for co-parents. This provides a dedicated platform for communication, allowing parents to discuss parenting-related matters, share updates and exchange information without the need for personal phone numbers or email accounts. It also enables documentation of conversations, which can be useful for legal purposes or resolving disputes.
Why do some couples divorce later in life?
It’s common for many couples to divorce between their 20s and 40s. That said, more and more couples are divorcing later in life, e.g., choosing a gray divorce.
Those opting for gray divorces are typically 50 and order, and according to researchers, this phenomenon will triple by 2030. There are many reasons why some couples divorce later in life, and here are four of them.
1. They want to wait until their children are grown up
Some couples tolerate each other for their kids’ sake. Therefore, they wait until their children become independent adults before dissolving their marriage. However, if not done correctly, even adult children can suffer from the impact of their parents’ divorce.
2. They want to reverse past regrets
Many people marry due to pressures from their parents or other relatives. They stick it out for 20 to 30 years to honor familial obligations, even if their marriage is toxic or dysfunctional. Years later, they come to a point where they can’t take it anymore and want out.
What are the advantages of an uncontested divorce?
Uncontested divorce refers to a divorce case in which both spouses who are ending the marriage agree on all the basic terms of the divorce settlement without having to go to trial. They’re already on the same page and willing to work together and compromise.
Conversely, a contested divorce doesn’t mean that they are contesting whether or not the divorce should be allowed. It just means that they can’t agree on issues like how to divide custody time with the kids or how to split up assets. Their divorce will happen either way.
Main advantages of uncontested divorce
As you can imagine, there are some major advantages to an uncontested divorce. Below are a few to keep in mind. An uncontested divorce:
- Saves time and money: Uncontested divorces are often faster and less expensive than contested divorces, which can be lengthy and costly.
- Reduces stress: By avoiding the stress and uncertainty of a trial, uncontested divorces can be less emotionally draining for both spouses. They make the process easier for all involved.
Understanding the discovery process in divorce
There are many things to resolve during the divorce process, from the division of debts and property to spousal and child support. Without having a clear picture of all the assets and financial aspects associated with the marriage, you could make the wrong decision.
The discovery process is crucial to help understand all the assets and debts.
What is the discovery process?
The discovery process entails revealing information that might be relevant to the divorce case. This information might include tax returns, real estate paperwork, and other relevant information. In addition, this process can help uncover any hidden assets and give you a clear image of all the assets and debts. That said, the discovery process can be easy or difficult, depending on how collaborative you are with your ex.
The following are the steps involved in the discovery process:
- Formal request and disclosure: During this stage, both parties send each other copies of all information relevant to the case. In Illinois, full disclosure is required. Therefore, both parties must disclose all information.
Can you date during a divorce in Illinois?
You’re getting divorced, but it feels like the process is taking a long time. For one thing, you and your spouse were separated for six months before you even started the official divorce process. Prior to that, the two of you weren’t getting along. Now the divorce itself is taking nearly a year to complete.
In other words, you feel like you’ve basically been out of a relationship for two years. You are technically not divorced yet, but you’re wondering if it’s OK for you to start dating. Can you start another romantic relationship before your marriage ends?
It’s legal, but problematic
Legally speaking, you don’t have to worry about being arrested. It’s not illegal to date during your divorce. The court isn’t going to “punish” you for starting another relationship.
But it can be problematic for a few reasons. For one thing, it can just make the divorce more contentious. If you want things to go smoothly, it may be best to wait to begin dating someone new until after the divorce has concluded.
On what grounds can spousal support be modified?
Divorce should ideally mark a clear split. However, most divorce cases are never clear breaks. If you share a child with your ex, you will certainly interact with them from time to time. The same is true when there is an active spousal support order.
Spousal support, or alimony as it is commonly known, is intended to help the receiving party cope with the financial downturn that is occasioned by the divorce. Ideally, spousal support is meant to give the receiving party financial footing through skill acquisition and job training and/or experience. However, like child support, spousal support can be modified based on the following circumstances:
When there is a change in either party’s income
If you lose your job or income source and, thus, a significant change in your income, you may petition the court to modify the existing spousal support. Likewise, if the receiving party experiences a significant pay rise, they may not need the same amount of help to maintain their pre-divorce living standard. For this reason, you may petition the court for a review of the current order. However, you may not intentionally quit your job to avoid paying spousal support.
How to ask your spouse for a divorce
Whether you approach the situation with a, “Hey honey, I think we should divorce, or “I’m through with you. This marriage is over,” telling your spouse that you want to divorce won’t be easy.
The following tips might help if you are wondering where to begin:
Choose your moment carefully
Be considerate when picking a moment. Straight after your spouse has returned from someone’s funeral or the day before they have a big exam is not the right time. Nor are events such as your child’s birthday. Once you have this conversation, your spouse will struggle to think about much else for at least a few days, so pick a time when they have a clear schedule ahead.
Know what you’re going to say
You do not need a whole speech mapped out, but you need to be clear about what you are telling them to avoid mixed messages. If your decision is final, you need to convey that, not make it sound like there is still a chance to turn things around.
Be prepared to listen
Is birdnesting custody a good idea?
When a marriage or relationship ends in divorce, sometimes the thought of two homes and empty arguments over who gets which days with the kids can seem overwhelming. Fortunately, there is an alternative: birdnesting.
In this arrangement, children stay put in the family home while one parent rotates out to accommodate the time between both parents. Instead of upheaval and resentment, this situation can create a respite for all parties involved.
Benefits and drawbacks of birdnesting
The idea behind birdnesting is to provide stability for the children by allowing them to remain in the family home and maintain their routine. This way, the children don't have to adjust to a new environment or be uprooted from their familiar surroundings. It also allows them to spend time with both parents in one place without switching between households.
There are both pros and cons to this type of arrangement. On the plus side, it can help reduce stress and anxiety for children during a difficult times. It also allows them to stay connected with both parents while having some sense of normalcy. Additionally, it can help reduce conflict between parents since they don't have to worry about exchanging kids back and forth between homes.
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