Cook County Family Law Blog

Owning a small business may have been your dream since a young age. Now that you are older and have successfully run that business for years, you may feel ready to plan for your company's continued success after you no longer play a part in the everyday operations.

Even if you do not plan to retire immediately, having a business succession plan in place is wise. You may feel a sense of security in knowing that you have prepared your business for a smooth transition in the event of your retirement or other events that may result in you no longer participating in the company. Of course, it is also important that you make your plans legally binding.

A divorce is a major life change. With all the things you have to handle during a divorce, it may seem like working on your estate plan should have to wait. However, the reality is that adjusting your estate plan and updating it is necessary when you go through a divorce.

Your estate plan has many important documents. One of those important documents is your will. In your will, you dictate what you'd like to see after your death. Prior to your divorce, you may have referenced your ex-spouse or stepchildren. Following your divorce, there may be people that you don't want to include as your beneficiaries or that you don't want to be involved in your care if you fall ill.

Many people don't understand the importance of a collaborative divorce, mediation or arbitration. They believe that those services are only for people who want to work together to spend time resolving their issues or for parents or those with substantial assets.

However, mediation and collaborative divorces can be good for many couples who are splitting up. Mediation services, in particular, can help you and your spouse save money and time while going through divorce.