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Edwardsville Business, Real Estate and Family Law Blog

Business valuation: What is it and how is it determined?

Ending a marriage in court is never any easy process, as many Illinois residents who have gone through it may attest. Extenuating circumstances can complicate matters even further, such as disagreements regarding care and upbringing of children or marital property, etc. When a divorcing couple owns a business together, a business valuation is typically needed before a judge can determine its asset value and how it should be divided, if at all.

How can anyone determine the exact worth of a business? That's obviously nearly impossible, as "worth" is a subjective term. A business might mean much more to one person than another. Thus, the system is set up to scrutinize fair valuation of a business, which generally entails several different approaches.

Biological father fighting for child custody

Several years ago, in a state outside Illinois, a child was removed from the custody of her mother because the mother was deemed incompetent by the court due to drug problems. A married couple took the child in as foster parents. Since then, a situation has developed involving the child's biological father who was recently released from prison and is now fighting for child custody.

In 2013, the biological mother signed an agreement for her daughter to be adopted. The foster parents finalized that adoption in 2015. They are the only parents the 3-year-old little girl has ever known.

Skilled representation often crucial to contract negotiation

Signed agreements are highly customizable documents that are integral components of many Illinois business relationships. Some contracts last several years while others are renewed or terminated sooner. Whether entering an agreement for the first time, or submitting new proposals when an existing contract expires, contract negotiation is typically an important part of the process.

There are often several parties on each side of a contract. Whether management and workers, or customer and service providers, no two contracts are exactly alike. Those involved may push for various stipulations or benefits that align with their needs and goals. When a difference of opinion arises, it may take days, weeks or months to obtain a solution to the problem.

Another state's testimony laws in child custody cases may change

Illinois parents who've divorced understand how challenging it can be to develop new parenting plans that keep children's best interests at heart. Many say children themselves should be consulted more often when it comes to decisions regarding child custody and visitation. In fact, one state is considering changing its current laws pertaining to the testimony of children in family court.

As of now, the state in question's laws limit the age a child may testify in a custody case to 14 or older. Advocates of newly proposed legislation say lowering that age to 10 would benefit most children, who could then clearly voice their own opinions when important issues involve them. This may prove especially beneficial in situations where parents disagree about what their child would prefer.

Teachers end strike, but contract disputes remain unresolved

Illinois teachers can likely relate to a group of educators in another area who have been battling district administrators for months over several unresolved issues related to their contracts. Contract disputes within the field of education can cause negative repercussions for more people than those directly involved. Teachers' strikes often mean there is no one in the classrooms to instruct the children. Sometimes substitutes are brought in for this purpose; however, they are not typically able to teach a full curriculum.

The situation in another state involves a contract that expired on the last of June 2016. In negotiations for a new agreement, teachers' union members requested various improvements in connection with their salaries and health care benefits. District representatives say the teachers have made very unfair demands that would be far too expensive to oblige.

Robin Thicke and former wife fighting over child custody

Actor Alan Thicke unexpectedly passed away in December 2016. His son, Robin, did not invite his former wife to his father's funeral. He later claimed she never liked his father anyway and would only want to be there for publicity purposes. He has also stated that their current child custody battle began when she grew angry at being excluded from her former father-in-law's burial services. Some Illinois readers may relate to such issues.

Thicke's former wife, Paula Patton, has a very different opinion as to the central issues of their current custody battle. She says officials at her 6-year-old son's school told her the child has repeatedly made comments regarding being hit by his father. As per the former couple's current custody agreement, the child stays overnight at his father's house three nights per week.

Requesting modifications of existing child custody order

Illinois parents often return to court after divorce when various circumstances arise regarding their children. From child support issues to court order modifications, there are many reasons a parent may seek the court's approval or intervention months or even years after a divorce is finalized. Sometimes, the process is swift, and parties reach amicable solutions. Other times, a parent may run into obstacles if the other parent refuses to cooperate.

Unexpected changes often occur in life. Perhaps you've received a promotion at work that requires you to relocate or have experienced a decrease in income that necessitates down-sizing, including moving to a smaller home. If you are the custodial parent, you'll likely want your child to move with you.

Contract disputes rage on between DirecTV and Hearst Television

DirecTV subscribers in Illinois may be among others across the nation who are feeling frustrated when they try to watch their favorite television programs and discover the stations have been blocked. Contract disputes between DirecTV and Hearst Television are apparently the cause of the stations being pulled. Some say there is no likely end in sight to the current dispute.

As is often the case in such situations, both sides believe their positions are justifiable. DirecTV says many of the stations Hearst has pulled from its line-up are accessible for free online and through other satellite means. For this reason, it finds Hearst's request for increased fees unfair.

Father fighting for change in child custody laws

Many Illinois parents understand what it is like to go through a court battle regarding custody of their children. A man in another state had been engaged in a child custody fight with the mother of his three children. He was eventually granted custody by the court, but a tragedy soon afterward changed his life forever.

The man had reportedly been in a serious relationship with a woman he had met in 2006. They dated for many years (although they never married) and had three children together. At some point, the romantic relationship ended, and the two went to court to fight for custody of their children. However, after a court had granted custody to the father, the mother took the children to a different state.

Problem signs that suggest marriage is headed for divorce

Illinois couples who marry are likely the same as many others who enter their unions hoping and believing their commitments will last their lifetimes. Statistics show this is not always possible, however. Readers concerned about divorce may want to consider several red flag issues that may suggest marital trouble is brewing.

Good communication is said to be a stronghold in many lasting marriages. Consequently, a breakdown in this area can prove disastrous. Many advisers say it is never healthy for a marriage when couples avoid issues or refuse to discuss problems because, more often than not, it leads to resentment and distances between them.