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Recent Blog Posts
Questions to Ask Yourself Before Starting a Business
Do you work hard every day so that the owner of your company or its shareholders can make a few extra dollars? Would you not be happier if your hard work allowed more money to find its way into your pocket instead—and not just because you got paid for overtime? Nearly every person who has ever had a job has given at least some thought to owning a business someday, but only a select few ever take action on those thoughts and dreams.
If you have been thinking about starting a business, there are many things to consider. Some of them are more abstract in nature while others are more concrete and logistical. For example, you should be asking yourself:
What Would My Business Do?
It is impossible to own a business without something to sell. Some businesses sell products they make themselves. Some sell products that other companies make. Some businesses sell services like accounting and tax preparation instead of products. Once you decide what you want to sell, you will need to figure out what will make your customers choose your business. This will require research to determine what needs exist in the areas you wish to serve. If your idea is much like many other businesses that already operate in a particular area, you might want to reconsider your idea—or at least your intended location.
Common Complications in a Gray Divorce
More and more older couples are getting divorced in the United States. The divorce rate for people aged 50 and over has doubled since 1990, and more than doubled for those over the age of 65. There are several reasons that may explain why so called “gray divorce” is becoming more common. Firstly, there is far less stigma surrounding divorce than there was even just a few decades ago. Just as younger people do, older individuals want to pursue the life that makes them fulfilled and happy. Sometimes, this means ending a marriage. Gray divorce can come with significant complications, however, and it is critical that those getting divorced at an advanced age educate themselves about what to expect.
Spousal Support Is Often Ordered When a Long-Term Marriage Ends
Illinois courts consider several factors when making spousal maintenance (alimony) decisions. These factors include:
Construction Defects: Understanding Your Purchase Contract
Before construction began on your new home, a purchase contract was established between you and the builder. The agreement specified the expectations for the construction of the home, closing of the purchase, and likely included plans or detailed specifications to be followed during the building process. What happens, however, if the builder fails to meet the terms of the contact or the home is found to have construction defects? While you may have grounds to file a lawsuit against the builder, it important to first examine your contractual agreement, as it may potentially limit your available courses of action.
Implied Warranty of Habitability
As a purchaser of new construction, you generally have the right to expect that the construction will be completed in compliance within industry standards. Illinois courts have established over time an Implied Warranty of Habitability that offers a level of protection to new home purchasers who find latent defects in the home’s construction and have no other legal recourse. The scope of the implied warranty, however, is fairly narrow and applies only to defects that make the home reasonably unsuited for its intended use.
When to Consider Contesting a Will
If you have recently experienced the death of a loved one, it is understandable that you may have needed some time for things to get back to normal, especially if you had a close relationship with the person who died. Unfortunately, when the person’s will is presented for probate, there is the possibility of new problems. What happens, for example, if you discover that your loved one has made some unexpected changes or decisions regarding his or her will? In such a situation, you may have the option of contesting the will, but there are some considerations to address before you file.
Disagreement Is Not Enough
Perhaps the most important thing to remember is that in any situation involving a will or the transfer of a decedent’s assets, it is practically guaranteed that someone will feel slighted or left out altogether. That someone may have expected to receive a particular part of the deceased person’s estate only to learn that the expectations were never written into the will. While you might be disappointed or hurt by how your loved one decided to distribute his or her property, hurt feelings are not grounds for contesting a will.
Choosing the Right Person for a Business Partner
If you are starting a new business or thinking about a potential deal that could have a dramatic impact on your existing company, it is critical to choose your partners carefully. Selecting the right partner is especially important if your business is still in its infancy.
Perhaps the best way to think of a business partnership is as similar to marriage: the two of you are uniting your interests and efforts with the idea of building something that will be successful. The comparison to a marriage is even more appropriate when you consider that you will probably be spending more time with your business partner than you do with your spouse. An experienced business lawyer can assist you in selecting the right partner for your new enterprise.
Do You Need a Partner?
The first thing that you should consider when looking for a business partner is whether you even need a partner or not. To determine your needs, you should carefully analyze your business plan, your finances, and the current state of the market. In a partnership, both—or all, as the case may be—partners must take on certain risks and work with very little financial return for a period. Depending on your situation, it may be possible for you to stay in that role by yourself and to hire an employee that you trust but who is not invested financially in the company.
Most Common Questions About Illinois Child Custody Laws
If you are an Illinois parent who is considering ending your marriage through divorce, you probably have many questions about what the custody process will look like. Child custody and visitation are called the allocation of parental responsibilities and parenting time in the law. Illinois courts will always do what they believe to be in the best interest of the child when it comes to decisions about parental responsibility and guardianship. Except in cases involving domestic violence or child abuse, it is assumed that having both parents involved in the child’s life is the ideal custody scenario.
Does the Court Always Decide Custody?
Unmarried parents or divorcing parents who wish to share custody of minor children are required to create a “parenting agreement” or parenting plan. This plan outlines what is expected from each parent in terms of custody, visitation, and involvement in the child’s upbringing. The court only intervenes when parents cannot reach such an agreement about parental responsibilities and parenting time.
Dual Agency in Real Estate - What Every Home Buyer and Seller Should Know About Their Real Estate Agent’s Interests
People often assume that a real estate agent is there to represent them and their interests. Sadly, this is not always the case. Neither state or federal law prohibits a real estate agents from having conflicting interests, and some exploit that loophole to the fullest extent possible. Learn more about “dual agency” among real estate agents, including how it could affect your next real estate transaction, and discover how our seasoned Wheaton real estate attorneys can minimize the risks.
Dual Agency in Real Estate - What It Is and Why It Matters
In an ideal world, a real estate agent would work with only the buyer or the seller - never both. Sadly, dual agency is extremely common among agents. In this scenario, the agent provides services to both the buyer and the seller, and that allows them to keep the entire commission. In short, the only interests they are representing are their own, and that can create all kinds of issues in a real estate transaction.
Not Updating Your Estate Plan After a Divorce Can Put Your Heirs at Risk
If you have an estate plan in place, congratulations! You are already doing better than most Americans. Estate planning documents are not evergreen, however. Instead, the guarantor must review them regularly and update them whenever a significant change occurs. Perhaps the most overlooked (and potentially devastating) issue is that of divorce. Learn more about how not updating your estate plan after a divorce can put your heirs at risk, and discover how our seasoned Wheaton wills and trusts lawyers can help set things right again.
Divorce and Your Estate Planning Documents
During a divorce, marital assets are divided and then distributed, which can drastically affect the value of your estate. As such, the exact details of your will or trust may change. There may be less to distribute to your heirs, or perhaps some specific assets went to your ex-spouse. In either case, your estate plan must be updated to reflect these changes in your net worth. Furthermore, you must practice due diligence to ensure that an oversight does not occur. For example, your divorce decree may state that your spouse is no longer entitled to any of your retirement pension plan, but if you do not change the designated beneficiary and you pass away unexpectedly, the money could still go to your ex-spouse, rather than the intended heirs.
Examining the Different Types of Business Mergers and Acquisitions
Mergers and acquisitions are highly misunderstood legal terms, and are often considered to be synonymous among small business owners and the general population. However, there are some distinct differences between the two; understanding them and how they change the dynamics of a business transaction can be critical for ensuring a company’s future success.
Mergers
A merger is a business transaction in which two companies join together to form one company. Many times, one of the two companies ceases to exist. One example is the2007 merger between Digital Computers and Compaq in which Digital Computers was absorbed by Compaq.
Yet, not all mergers are the same. Instead, there are five types of mergers, all of which are listed and described below:
Divorce and Money: Should You File for Bankruptcy Before or After Your Illinois Divorce?
Money troubles are not uncommon among divorcing couples. In fact, a recent study on the money habits of married couples found that finances were the main stressor in 35 percent of all relationships. Statistics also show that an alarming number of people hide debt, money, and large purchases from their significant other; as many as 7.2 million Americans are hiding money from their spouse, and approximately 6 percent of married persons say they have a secret credit card or bank account that their spouse does not know about.
Sadly, all this hidden debt and money can come back to haunt a couple that breaks down and decides to divorce. In some cases, it may even leave parties with massive amounts of debt that can only be relieved through bankruptcy. How should you proceed if this is your situation?
The answer to that question depends on a number of factors - everything from the toxicity of your current situation to you and your spouse’s income and amount of marital debt.
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