Category 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
Misconduct Regarding Marital Assets
During a divorce, temptation can be high for either or both spouses to misconduct themselves, though they may not be aware it is misconduct. People have affairs and buy gifts for their lovers, or they try to hide assets they believe to be theirs (or believe they are entitled to). If you have reason to suspect that your spouse might be engaging in this type of behavior,Continue reading
Could Fake Text Messages Impact Your Divorce?
As with any legal proceeding, facts are vital during a divorce case. Over the last several decades, the laws have evolved taking Illinois from a “fault” state to a “no-fault” state, meaning that proof of grounds such as adultery is no longer necessary to obtain divorce. For two individuals to request a divorce, only the grounds of “irreconcilable differences” are accepted. Therefore, as far asContinue reading
Determining the Value of Real Estate in Divorce
The division of property in an Illinois divorce is based on the principle of equitable distribution. This means a court is not legally required to divide a couple’s marital property 50/50. Rather, if a couple cannot resolve any outstanding division of property issues on their own, a judge will make a “fair” distribution taking into account a number of factors. Of course, before the court can divideContinue 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
Proceeds of a Personal Injury Verdict or Settlement in Divorce
If you are considering a divorce, you probably understand that you and your spouse will need to divide your marital propertyduring the process. In an ideal situation, the two of you would be able to reach an agreement on your own. Otherwise the court would be required to intervene and make property division decisions for you. Illinois is an equitable distribution state which means that theContinue reading
Inventory Your Property Before Filing for Divorce
The division of marital property is one of most disputed considerations in any divorce. Much of the disagreement is the result of each spouse believing that he or she should be entitled to keep certain assets. While you and your spouse will eventually need to decide who will be getting what, you can start preparing long before either of you files your petition for divorce. List EverythingContinue reading
Retirement Savings and Pension Plans in Divorce
The process of dividing assets and debts in a divorce can be very complex and confusing. Some assets—like a paid-off car or television—are fairly easy to identify as part of the marital estate, and allocating them to one spouse or the other is relatively straightforward. Other assets are not quite so simple to handle. Retirement investments and pensions, for example, present a number of complications in aContinue reading