FAMILY AND DIVORCE LAW

When determining how to distribute the marital assets between parties to a divorce, the division of an interest in a small or medium business owned by one or both of the parties is more complex and requires a careful examination of the value of the business or business interests. The Court must determine the value of the business interest in order to determine how to equitably divide all marital assets in which the parties have an interest. The Court will regularly rely on the valuation reports of the parties' experts regarding the value of the business. The business valuation expert will utilize a number of different methods in determining the value of a business. The professional appraiser will examine and assess the value of the business and provide expert testimony and reports to the parties and the Court.

Illinois law provides a mechanism for contribution to and payment of a child’s college educational expenses, vocational school or professional educational expenses, or other training after graduation from high school, in cases involving divorce or parentage. The Illinois Marriage and Dissolution of Marriage Act (“IMDMA”), sets forth the circumstances where a parent may seek contribution and payment from another parent for their child’s post-high school education expenses.