Tag Archives: asset 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
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
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
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
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
Is Your Business Subject to Division in Your Divorce?
If you own and run a business, you have probably invested countless hours and significant sums of money into making your dream a reality. You follow all federal and state licensing guidelines, you comply with employment regulations, and your company passes necessary code and health inspections with flying colors. Outside of a serious, unforeseen change in the economic climate or a natural disaster, it would seemContinue 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
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
Addressing Insurance Policies During Your Divorce
When you are working through a divorce, there are many issues you need to consider. Your child custody arrangements, how child support will be handled, whether either you or your spouse will need spousal support following the divorce, and a fair division of your property are all among the issues that need to be worked out before a divorce settlement is issued. Another issue that couples must considerContinue reading