Tag Archives: property division
Valuing & Dividing the Family Business
When a couple is going through a divorce, one of the most difficult parts of the process is often asset division especially if a family business is involved,. The intricacies of evaluating a business can make the process of property division quite complex. If possible, having clauses in your business agreement to deal with this can help avoid problems down the road. However, if itContinue reading
Who Gets the House?
When a couple gets divorced in Illinois, property division is usually the most hotly debated issue, especially if there are no children involved. More than any other asset, the marital home is the asset most often debated and argued over. While each case is different, family courts do tend to take certain specific factors into account in determining who has the most equitable claim to the house.Continue reading
Divorce Considerations for Stay-at-Home Parents
For many families, the thought of one spouse forgoing a career to stay home, care for the children, and maintain the home is a remnant of generations past. For others, however, such a situation may seem ideal—presuming, of course, that it was a mutually agreeable decision made by both spouses. While this type of scenario is much less common than it was a few decadesContinue reading
Wrongful Conviction Settlement to Be Treated as Marital Property
A few weeks ago, a post on this blog talked a little bit about how personal injury settlements and similar awards are typically handled in divorce cases. In most situations, a settlement is considered to be part of the marital estate if the cause for legal action arose during the marriage—even if no money changes hands until after the divorce. Conversely, an award is usually non-marital if the causeContinue reading
Can I Stay in the Marital Home After Divorce?
For many couples, their home is the largest investment they will ever make. During a marriage, of course, the marital home can also take on a great deal of sentimental value. When a marriage ends in divorce, there is often much debate regarding which spouse, if any, will keep the home and continue to live in it once the divorce is completed. If you are considering divorceContinue reading
Non-Marital Property Can Affect the Division of Marital Assets
When you get divorced in Illinois, the law requires your marital property to be divided equitably between you and your spouse. The process raises two primary questions: what is marital property and what is equitable? A qualified divorce attorney can help you understand how the answers to those questions can impact your divorce settlement. Marital Property Defined The Illinois Marriage and Dissolution of Marriage Act (IMDMA) providesContinue reading
Organizing Your Finances Before Divorce
Divorce is full of challenges, but few carry as much risk as those related to your finances. As such, it is critical that you understand how to effectively prepare for your divorce. Learn how to organize your personal finances, and what steps you can take to prepare for the process ahead. Gathering Important Documents Before you can determine what you want or may be entitled toContinue reading
Understanding Commingled Property in Divorce
Dividing marital property is among the biggest challenges for any couple going through a divorce. In fact, the difficulties often arise before reaching the division phase. Simply identifying marital property can prove to be an arduous process, due to the complexities of the law in Illinois and the way in which many married couples maintain their household finances. A large number of couples may find themselvesContinue reading
Identifying Marital Property for Division in Divorce
For many divorcing couples, dividing marital property can be one of the most difficult considerations of the entire process. In some cases, it can create even more bitterness and disagreement than determining arrangements for a couple’s children. In child-related matters, it can be easier to compromise based on the understanding that you and your spouse are doing what is best for your child. When it comes toContinue reading
Family Law Changes for 2016: Divorce
Throughout the last few months, various posts on this blog have been discussing some of the expected effects of the family law reform passed in Illinois in the summer. For the first time in nearly four decades, a large portion of the existing statutes regarding divorce, child custody, and parentage is being completely overhauled. With the effective date of the new provisions fast approaching—they are setContinue reading