Tag Archives: division of property
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
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
Illinois Appeals Court Refuses to Order Pet Visitation
We Americans love our companion animals. According to estimates from the American Society for the Prevention of Cruelty to Animals (ASPCA), up to 47 percent of U.S. households own a dog and up 37 percent own a cat. This translates to between 70 and 80 million dogs and between 74 and 96 million cats with whom we share our homes and lives. But what happensContinue reading
Common Mistakes in a High-Asset Divorce
Divorce is rarely easy in any situation. It can be even more challenging, however, when there are substantial amounts of money or valuable property involved. The complexities presented in a high-asset divorce can lead to months and, in some cases, years of complications as a single mistake can literally cost you millions of dollars. Unfortunately, many people in the midst of a high-asset divorce fall victim 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
Factors Affecting the Property Division Process
Long before most couples file a petition for divorce, they begin at least informally talk about how to divide their marital property. For some, especially in more amicable situations, this can lead to more formal negotiations and the development of a mutually agreed-upon property settlement. For others, however, the first discussions are essentially the last, as neither party is willing to compromise or attempt toContinue reading
Consider Eliminating Debt Prior to Divorce
If you are considering a divorce, you probably realize that your life is about to get fairly complicated, at least for a little while. You and your spouse will need to work out a large number of considerations, which, depending on your ability to work together—or lack thereof—may lead to stressful negotiations. For many couples, dividing the marital estate can be among the most challenging of allContinue reading
Property Division in Divorce: We Each Get Half, Right?
The honest answer to that question is “maybe.” You and your spouse may, in fact, each end up with half of your marital assets, but an exactly even division is not guaranteed, and, in all honesty, probably not very likely either. This is thanks to the property division approach set forth under Illinois law, which takes a large number of factors into account when allocating marital propertyContinue reading
Pets Are More than Property to Many Divorcing Couples
Do you own a dog or a cat that you treat like part of the family? Does he or she sit with you while you watch television and sleep on the bed with you at night? More than half of Illinois households own pets, and in many cases, they represent more than just animals. Each one is a member of the family with his or her ownContinue reading