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The Family Business Post-Divorce
Family businesses can be difficult to successfully maintain. Some believe that mixing family and business is a recipe for disaster; however, family businesses often become the pride and joy of the owners. Because the businesses are often built from the ground up, it is much more difficult to let them go. This is often a problem that divorced couples who own a family business face. Not only do they have a personal connection to their workplace, but those involved in family businesses often have often invested a lot of time and money into their business. Continue reading to learn about the various options divorced couples have when deciding what to do with their family-owned business.
Your Options
There are a variety of options available to those trying to figure out what to do with the family business while going through a divorce. Every couple’s divorce is different, some being a mutual decision while others happen by surprise. Regardless of the situation at hand, sometimes one has to separate emotions from business no matter how much time and energy they have put into their job.
Prenuptial and Postnuptial Agreements
Prenuptial and postnuptial agreements have become much more common in today’s society. Many attribute this to the median age at which most couples get married. Since 1990, the average age for marriage has risen from 26 to 29 for men and 23 to 27 for women. Rather than getting married right out of high school or college, as most people did in the 20th century, many couples opt to get married later in life. Not only does this add a level of age maturity to each spouse, but it also allows for more capital to be built up by each individual before getting married. As a result, many couples have decided to sign prenuptial or postnuptial agreements to better protect themselves in their marriage.
What Makes Up the Agreement?
A prenuptial or postnuptial agreement is a legally binding contract that states the division of assets between each spouse. This includes their finances coming into the marriage, what property each spouse has, and how they would split their home in case of a divorce. One of the main aspects missing from a prenup and postnup is child custody. While it is clearly impossible to plan this ahead of marriage if a couple does not have children yet, it is also illegal to do so. Child custody cannot be determined by the parents. This decision is entirely up to the court.
Parenting Styles and Tips: Learning to Co-Parent After Divorce
Life after divorce is filled with various changes. Not only do couples have to learn how to live on their own, but many feel as if they are completely starting over. Though spouses may be adjusting to doing things on their own, parenting does not normally fall under this same category. Parenting after finalizing a divorce is not meant to be done alone. In most cases, judges rule in favor of joint custody in order to keep both parents in the child’s life. Though co-parenting can make things easier for both spouses, it does require adjustments from both parents.
Parenting Styles
There are four different types of parenting styles. Often times people do not realize which parenting style they use until they are parenting primarily alone. Understanding and recognizing your parenting style versus your ex-spouse’s is important in learning how to adjust the ways in which you parent after your divorce.
Divorce Through the Holidays: Tips to Survive the Holiday Season
The holiday season has its own difficulties for everyone. For some, family parties and the amount of money being spent on gifts become their source of stress. While for others, December becomes breakup season. It is fairly common for couples to decide that divorce is best amidst the holidays. Due to the additional amount of time that couples spend with their families and each other, along with the financial pressures that the holidays can bring, divorce decisions are often made during or immediately following festivities. The idea of “new beginnings” can also spark a need for change. Breakups that occur during the holiday season can be difficult; however, those going through their first holiday season after a recent divorce often struggle the most.
Survival Tips
Whether you are considering divorce, are in the process of one, or have just come out on the other side, it is important to keep the following things in mind throughout the holidays:
Pre-Adoption Day Tips
All new parents experience nervousness before finally having their child, especially with a 9-month waiting period. Adoptive parents have the same pre-day jitters though they usually have a much longer waiting period. This additional time can intensify the anxiety since adoptive parents are not actively involved in the child’s birth. Though the preparation may be slightly different for adoptive parents, there are measures that can be taken to fill the time spent waiting for their child.
- Enjoy your child-less freedom while you can: Many couples look forward to the change in lifestyle that a child will bring to their relationship. Though adopting a child is an exciting new addition to a relationship, many parents do not realize just how much their lives will change once a child is added to the mix. Go on the vacation you have always dreamed of or throw a loud party at your house because soon your life will become less selfish and more selfless for the sake of your child.
Difficulties of Dissolution and Same-Sex Divorces
The rights of the LGBTQ community and same-sex relationships have greatly evolved in the United States within the last 20 years. Unlike many countries, the United States has legalized same-sex marriage throughout all 50 states. Learn about how historical changes can result in difficult divorces and dissolutions:
Making History
Same-sex marriage officially became legal across the country just three years ago. The 2015 decision of Obergefell v. Hodges resulted in the highly anticipated legalization of marriage. Before permitting same-sex marriage, the various states across the country allowed for “civil unions.” A civil union is a legally recognized arrangement that is similar to marriage. The first civil union was offered by the state of Vermont in 2000. The legal trend spread throughout the United States, including in Illinois in 2011. Though civil unions did recognize same-sex relationships, many people within the LGBTQ community did not view civil unions as having the same power and meaning as marriage. Obergefell v. Hodges put an end to marriage inequality, making the loving agreement legal in all 50 states.
Child Support Payments After Life Altering Events
For those who have children and choose to get divorced, child support payments are inevitable. The parent who holds primary custody will often receive the child support payments since they spend the most time, and thus the most money, with the child. These payments are no longer percentage based. The court determines the amount of money needed to care for the child based on his/her parents’ income then divides this amount between the parents. The details of these payments are determined before the divorce papers can be made official; however, certain situations and life-altering events can result in necessary changes being made.
Recent Unemployment
Unemployment does not result in the ending of child support payments. The payments will simply no longer be taken out of your paycheck. If approved for unemployment benefits, the parent should then contact the unemployment office regarding their mandatory child support payments. These payments will then be deducted from their unemployment benefit wages.
Parenting Schedules: What Is the Best Plan for Your Family?
Divorce comes with hundreds of life-changing questions that must be answered in a matter of months. Add children to the mix and things get even more complicated. If you and your former spouse have decided on joint custody, an agreement will be written for you to follow after your marriage has been officially ended. This agreement will include details about each parent’s rights and responsibilities, information about the child, and a parenting time schedule. This schedule breaks down who the child will be with at each hour throughout the week and weekend. The purpose of the parenting time schedule is to avoid having further disputes about time spent with the child. Although a parenting time schedule can be different for each family, there are common schedules that many families choose to follow.
- The 50/50: This plan is pretty straight-forward. Your child will spend 50 percent of his/her time with mom and the other 50 percent with dad. Some families choose to alternate custody on a weekly basis while others select a biweekly schedule.
The Breakdown of Divorce
Divorce is commonplace in today’s society. Many families go through this legal process and some even have to sign the papers multiple times. Like the statistics say, 50% of marriages end in divorce. Though high-conflict divorce is seen on television and social media every day, divorce is not always conducted through a screaming match. Some couples divorce due to infidelity or constant arguing; however, two of the most common reasons for divorce are lack of intimacy and not being prepared for marriage. Divorce may not be pleasant for any of the parties involved, but getting a divorce does not mean you hate your spouse. Learn about the two types of divorce and the common options available to those going through the ending of a marriage.
Contested Divorce
This is the type of divorce often televised or included in movie plotlines. A contested divorce occurs when neither party can come to an agreement about the terms and details of the divorce. This includes the division of assets, allocation of debts, alimony, child support, or child custody. Those going through a contested divorce will find themselves arguing in court, in front of a judge. Because of the lack of agreement between the parties, a judge will make the decisions for the couple, by taking all aspects of their relationship, family, and financial situation into consideration. This takes away all forms of decision making from the divorcing couple and places it into the hands of the judge. Often times, couples will begin the divorce process in a contested manner but eventually come to agreement to save themselves from enduring a divorce in front of a court.
Parental Relocation
Many people decide to move after finalizing their divorce because starting over is done much easier in a new place surrounded by new people. However, divorces involving children are much more complicated than simply packing a suitcase and signing an apartment lease. Before getting divorced, many people do not realize how much control the court system can have over you and your familial decisions. Though you may want to start you and your child’s life over in a new place by relocating, there are many steps that must be taken before the house hunt can begin.
The Process
Moving from one area to another is stressful enough. Adding a divorce and child into the mix only further complicates things. Follow these three steps to get yourself on the path of relocation:
- Choosing your location: Moving from one house to another within the same area is not considered “relocation” under Illinois law. However, if you plan to move over 25 miles from the child’s current residence, your former spouse and courts may become involved in the process.
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