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Should I Structure My Illinois Business as an LLC?

 Posted on June 11, 2024 in Business Law

DuPage County, IL business formation lawyerAs a business owner, choosing the right business structure is a critical decision that can have long-term implications for your company's success and your personal financial health. Whether you are starting a new business or thinking about a new structure that will allow for better operation and growth, it is important to understand your options. 

Structuring your business as a Limited Liability Company (LLC) can offer significant benefits. An attorney with experience in business law can help you determine if an LLC is the best choice for your situation.

Benefits of Structuring Your Business as an LLC

An LLC combines the advantages of a corporation with those of a partnership or sole proprietorship, providing flexibility and protection. Here are some key benefits of forming an LLC:

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How Are Pension Benefits Addressed and Divided During a Divorce?

 Posted on May 30, 2024 in Bankruptcy

DuPage County, IL divorce & Islamic law attorneyDuring the divorce process, a couple will need to divide many different types of assets. Matters related to property division can become complicated, and while assets will not need to be split in half exactly, the division should be fair, with each spouse receiving sufficient financial resources to address their ongoing needs while reflecting their contributions to the marriage. 

In addition to the physical property and financial assets owned by a couple, retirement assets will also be an important factor to consider, especially if either spouse will be eligible to receive pension benefits in the future. Understanding how pensions are addressed and divided during a divorce is crucial, since decisions about pensions can affect the financial future of both parties. An experienced attorney with Farooqi & Husain Law Office can help navigate these intricate issues and ensure that retirement assets and other types of property will be divided fairly.

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Will I Have to Pay Spousal Support Because My Spouse Is Unemployed?

 Posted on May 20, 2024 in Spousal Support

Oakbrook Terrace, IL divorce lawyerIn divorce proceedings, the question of spousal support—often referred to as alimony—can become a significant concern, especially when one spouse is unemployed or has been a stay-at-home parent. In Illinois, the laws governing spousal support aim to ensure a fair and equitable financial situation for both parties, ensuring that they will both be able to maintain their standard of living after the end of their marriage. An experienced attorney can help you understand how these laws may apply in your specific situation, and they can help you take steps to protect your financial interests.

Understanding Spousal Support in Illinois

Spousal support is intended to provide financial support to a spouse who may be at an economic disadvantage following a divorce. If one spouse has foregone career opportunities to support the family and is not immediately able to support themselves post-divorce, they may be able to receive ongoing support payments from the other spouse.

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What Steps Can I Take to Protect My Assets in My Estate Plan?

 Posted on April 30, 2024 in Estate Planning

DuPage County, IL estate planning lawyerAs you prepare for the future and consider how to secure your legacy, understanding how to protect your assets through effective estate planning is crucial. Whether you are concerned about managing your wealth, minimizing taxes, or protecting against losses due to claims by creditors, you can work with an estate planning attorney to address these issues. By taking the proper asset protection measures, you can make sure your money and property will be preserved and used to meet the needs of your family.

The Importance of Asset Protection in Estate Planning

Asset protection is about safeguarding your wealth from potential future liabilities, such as lawsuits, creditors, or excessive taxation. By taking proactive steps now, you can ensure that your assets will remain within your family and will be distributed correctly to your designated beneficiaries rather than being consumed by external claims.

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4 Steps to Take When Preparing for Divorce

 Posted on April 14, 2024 in Divorce

DuPage County, IL Islamic divorce attorneyGetting a divorce is a major life event that will require many changes to living arrangements, financial management, daily routines, and more. It requires careful preparation to ensure that legal and financial concerns can be addressed correctly. If you are planning to get divorced, an experienced attorney can provide invaluable guidance and support. They can help you understand the best steps to take to protect your rights and make sure you will be ready to address the various issues that may arise during your case.

Understanding the Legal Framework for Divorce in Illinois

As you prepare for divorce, it is crucial to have a basic understanding of the specific laws that may affect your case. Illinois is a “no-fault divorce” state, meaning that a divorce can be granted without the need to prove wrongdoing by either party. It is also an “equitable distribution” state, meaning that your marital property will be divided between you and your spouse fairly and equitably, but the split does not have to be 50/50. By consulting with a divorce attorney, you can make sure you understand all of the legal issues that will need to be addressed, including child custody, child support, and spousal support.

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How Are Children’s Best Interests Determined in Illinois?

 Posted on March 26, 2024 in Child Custody

Blog ImageIn family law cases, the well-being of children is always the primary concern. Determining what is best for a child will be the top priority of a family court judge in child custody cases where decisions need to be made regarding the allocation of parental responsibilities and parenting time. If you are in the midst of a divorce or need to address custody issues as an unmarried parent, it is crucial to understand how the state of Illinois approaches these matters. An experienced attorney can guide you through the complexities of the legal system and advocate for a resolution that will provide for your child's best interests.

Key Factors in Determining Children's Best Interests

In Illinois, decisions about the allocation of parental responsibilities (legal custody) and parenting time (physical custody or visitation) are made based on what is in the child's best interests. Courts may consider a variety of factors to ensure that the arrangements put in place will promote the well-being and happiness of the child. Here are some of the key factors that will be taken into account in these cases:

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How Is a Collaborative Divorce Different From Divorce Litigation in Illinois?

 Posted on March 07, 2024 in Divorce

Blog ImageWhen preparing for divorce, you will need to make choices about how to proceed with the legal process and how decisions will be made about the outcome of your case. Because ending your marriage will likely involve disagreements between you and your spouse, it is important to understand what methods may be used to determine to resolve these disputes and create a final divorce decree.  Collaborative divorce and divorce litigation are two options, and your choice of the best method to use will depend on a variety of factors. An experienced attorney can provide invaluable guidance on which route best aligns with your circumstances and goals.

What Is Collaborative Divorce?

Collaborative divorce is a non-adversarial process designed to ensure that divorcing spouses can work together amicably to resolve their disputes. This approach fosters a cooperative environment, encouraging the parties to prioritize their mutual interests and reach a settlement that benefits everyone involved. It can be particularly beneficial when children are in the picture.

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How to Uncover Hidden Assets and Divide Property During a Divorce in Illinois

 Posted on February 27, 2024 in Divorce

Blog ImageGetting a divorce can be challenging, regardless of the situation. Gaining a full understanding of your family’s finances can be a complex matter, especially if you have been married for a long time or if you and your spouse own significant assets. This process can become even more complicated if you suspect your spouse of hiding money or property. As you address issues related to property division, understanding where and how assets can be concealed and the steps you can take to uncover these issues is essential for protecting your financial interests. An experienced attorney can guide you through this process, helping you make sure your assets will be divided fairly and equitably.

Common Ways Spouses May Hide Assets

During a divorce, some spouses may attempt to hide assets to avoid sharing them. They may attempt to conceal certain items to ensure that they will be able to keep them, or they may try to minimize the amounts of child support or spousal support they will be required to pay. Some common tactics spouses may use include:

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How to Prepare for Divorce Mediation

 Posted on February 07, 2024 in Divorce

Blog ImageEnding your marriage can be challenging. Even if divorce is ultimately the best solution for you and your family, it can be a very emotionally charged process. As you work to address and resolve the various details of your divorce, you may encounter disputes with your spouse, and you may find it difficult to discuss these issues in a productive manner. Fortunately, there are methods that you can use to resolve disputes and reach agreements without going through the expensive, time-consuming, and stressful process of litigating your divorce in court. One such method is divorce mediation.

Divorce mediation involves working with a neutral third party, known as a mediator, who assists in facilitating communication and negotiation between you and your spouse. The goal of mediation is to help you reach a mutually acceptable settlement regarding all aspects of your divorce, including child custody, division of assets, and spousal support. Preparing for divorce mediation is crucial to ensure that the process can proceed as smoothly as possible. An experienced attorney can ensure that you will be able to approach this process correctly. At Farooqi & Husain Law Office, we can provide guidance on what you need to do to ensure that mediation will be successful, including:

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Are Child Care and Medical Expenses Included in Child Support?

 Posted on January 26, 2024 in Child Custody

Blog ImageChild support is a critical component of many divorce cases, as well as child custody cases involving unmarried parents. Child support orders put in place by family courts ensure that both parents will continue to contribute to the financial needs of their children. Many parents who are involved in these matters may wonder what expenses may be included when calculating child support. An experienced attorney can provide guidance on what factors will be considered when determining child support obligations, and they can also provide effective representation for parents to ensure that other issues related to their children will be handled correctly.

How Is Child Support Determined?

In Illinois, child support payments are determined based on guidelines provided in state law. These guidelines take into account various factors such as each parent's income, the number of children they share, and, in some cases, each parent’s amount of parenting time. The purpose of child support is to ensure that both parents are contributing to the costs of raising their children. The formulas provided in Illinois law will be used in most cases, although deviations from the guidelines may be appropriate in some situations, such as when one or both parents earn high incomes or when children have extraordinary needs.

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