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Edwardsville Business, Real Estate and Family Law Blog

Real estate transactions central focus of current lawsuit

There's a problem brewing in another state that has both sides of a particular issue on edge and fighting to win the court's favor. High asset real estate transactions like this one are often complex, and when problems arise, it may take considerable time to process through written agreements, state laws and other key variables before the court can make a well-informed decision. Over $400 million is at stake in this situation, which most people in Illinois would consider a substantial amount of money.

Two investors from another state are battling against financial lenders who say they tried to escape paying the full amount due on their mortgage. It's a complicated situation regarding a refinance transaction that occurred a couple of years ago. Those who filed the lawsuit claim the investors withheld important information about the Prudential Plaza building so they wouldn't have to pay the entire debt owed on the building.

Prize fighter, Nate Diaz in contract disputes with sports agency

It's not always smooth sailing when it comes to business relationships in Illinois. In fact, contract disputes happen often and aren't always easy to resolve. UFC fighter, Nate Diaz knows how that is as he's currently engaged in an particular ongoing battle with a sports agency known as The Ballengee Group.

The company says Diaz entered a written agreement with it some time ago. Strangely, he backed out just one month shy of his biggest fight. In that event, Diaz fought Conor McGregor and raked in a cool $2 million. The Ballengee Group says it should get some of that money for services rendered at four separate events that have yet to be paid.

Major divorce problem: Hidden Assets

Severing marital ties can be quite stressful, especially if a soon-to-be former spouse resorts to unlawful behavior during proceedings. Some Illinois residents may relate to a common divorce problem regarding hidden assets. This state operates under equitable property division laws, meaning each spouse is entitled to a fair share of all jointly owned assets in divorce.

The court determines a fair division of all jointly owned assets. This apparently tempts some spouses to hide assets from their counterparts. This is against the law and places anyone committing such acts at risk for criminal charges.

Where to seek general counsel services for mergers and the like

The business scene in Illinois and throughout the nation is an ever-changing, unpredictable landscape. It's often possible to analyze current trends, but even the most savvy and educated business professionals are unable know for sure what the state of the economy will be a year or more from now. Business transactions are risky, even in a stabilized economic setting. This is why many business owners choose to seek general counsel services on a regular basis.

A strong alliance with an experienced business and commercial law attorney is something many smart business owners seek from the start. Obstacles may arise when a CEO or other investor is considering a mega-deal; therefore, it's generally best not to go it alone. As an advocate entrusted to protect a business owner's rights and bottom line interests, an attorney can provide valuable insight and guidance toward accomplishing one's business-related goals.

Business valuation necessary if plan is to exchange assets

Many changes occur in a married couple's life when they choose to divorce. If they have children and/or own a business together, the challenges that arise may feel overwhelming at times. When it comes to dividing assets, the Illinois court system follows equitable division guidelines. Some couples agree to forfeit certain assets in exchange for others. If this plan involves a business, a business valuation is typically necessary to determine net worth.

Once value is assessed, it can also be determined to what percentage of that value each spouse is entitled. One spouse may offer to buy out the other by making period payments until all shares are paid in full. If forfeiting other assets in exchange for business shares, the most common types of exchanges involve real estate, luxury items, vehicles and retirement accounts.

Illinois teachers may relate to contract negotiation problems

How important are words? If the question were specific to contractual agreements, then the answer would be that they are extremely important. In fact, a single word in a contract can sometimes change the entire meaning of an agreement. A group of teachers in a state outside Illinois appear to grasp this concept because they are fighting for specific language pertaining to employee transfers (among other things) in their current contract negotiation.

The negotiation process has been placed on hold for now between a group of teachers that serves at least 13,000 students and their administrators. The school board initially set forth more than 240 new proposals during negotiations, but representatives for the teachers say they've narrowed that number down to between 20 to 30 issues. The teachers want changes regarding their pay, benefits, time clocks and terminology used in reference to employee transfers in their contract. 

Criminal charges filed in situation connected to child custody

Family law situations involving children are often especially challenging. Illinois parents currently navigating contentious divorce situations as well as unmarried parents battling over child custody may relate. Emotions typically run high in cases that are intensely personal, and on rare occasions, things get a bit out of hand, leading to criminal charges against one parent or the other.

Such is the case where a 26-year-old mother of a 2-year-old is concerned. In April of this year, she was accused of entering a museum and exiting with her child. The only problem is there appears to have been an existing court order prohibiting her from doing so.

Feil siblings no longer fighting over real estate contracts

CEO of the Feil Organization, Jeffrey Feil, and his siblings recently announced they have come to an amicable agreement regarding a contentious squabble ongoing between them since their mother's death more than 10 years ago. The situation involved real estate contracts, as well as their individual inheritances. Such circumstances are often quite complicated, even if parties disagree over a single real estate property in Illinois rather than an entire portfolio of properties in another state as these siblings did.

The Feil real estate fortune is reportedly worth billions. After the siblings' mother, Gertrude Feil, died, the adult children couldn't seem to agree on how they would divide profits from their New York properties and others throughout the United States. In their newly forged agreement, there are guidelines for such issues.

Who decides child custody issues if parents disagree?

Throughout Illinois and across the nation, many families are learning to adapt to new lifestyles after parents end their marriages in court. Divorce may be chosen as the most viable option in many circumstances, but that doesn't mean it's always easy; in fact, it almost never is. Where child custody issues are concerned, emotions tend to run quite high on both sides. When parents are unable to resolve their differences, the court steps in.

So many decisions need to be made when parents divorce. Where will the children live? Should parents have shared custody or should one or the other have full custody, with visitation rights granted to the noncustodial party? The court generally believes most children are better off having ample time with both parents although sometimes extenuating circumstances prompts the court to believe otherwise.

Need answers to questions regarding new operating agreements?

Many Illinois business owners are currently considering mergers and acquisitions as viable options for diversification or intensified focus in certain market niches for their companies. When two or more companies merge, a new, single business entity is formed. Along with merging business assets,  a blending of companies often necessitates the need for new operating agreements.

Typically, CEOs and other company leaders join together to develop merger and integration plans. Within each company, project leaders may be assigned to spearhead certain aspects of an intended merger, all operating within a common projected timeline. Executing a new contract with regard to operations once a merger deal is finalized may require skilled negotiation that focuses on the bottom line interests of all parties involved.