Category Archives: Property Division
Dealing With a Spouse Who Wastes Marital Assets
For many couples in unhealthy relationships, the marriage is often over long before the divorce process even begins. The spouses may continue to live in the same house, possibly still sharing the same bed, but the marriage, in all reality, stands virtually no chance of being revived. While the marriage is breaking down or after the breakdown is complete, there are limitations provided by IllinoisContinue reading
Understanding the Division of Property in an Illinois Divorce
Unlike equal distribution states, where marital assets are divided right down the middle, Illinois is an equitable distribution state. This means that the marital estate is divided “fairly.” Of course, fair is an obscure term that can create a lot of confusion and contention. If you are filing for divorce in Illinois, learn what factors may be used to divide your assets and property, and how youContinue 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
Keeping Your Inheritance After Divorce
Inheriting assets following the death of a loved one can be a bittersweet situation. On one hand, it means that a friend or family member has died, which can obviously be tragic. However, receiving a family heirloom or proceeds from the person’s estate can be fairly exciting, and, depending on the size of the inheritance could provide a measure of financial security. But what happensContinue 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
How Your Stock Options May Be Affected By Divorce
Like most other property, stock options are divided in a divorcelargely in accordance with how and when they were acquired. Stock options can vary and at the time of the divorce, they may or may not be exercised depending on whether the right to exercise the stock options has vested. There are also issues of whether or not the stock options are given as past, current,Continue reading
Illinois Law Encourages Amicable Property Settlements
While you probably know at least one person who has been through an extremely nasty divorce. The proceedings may have lasted months, causing both spouses a high degree of stress and anxiety. What is worse, the acrimony and contentiousness of such a battle can leave lasting scars, making it incredibly difficult for the parties to communicate in the future. This, as you might expect, can presentContinue 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