Tag Archives: equitable distribution
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
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
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
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
Infidelity and Divorce: My Spouse Cheated, What Now?
There are few things in the world more difficult to describe than the hurt of betrayal associated with infidelity. The trust that is destroyed as a result may take years to rebuild, if it can even be restored. For couples who are dating, an act of infidelity can easily end the relationship. For those who are married, a cheating spouse can certainly precipitate divorce, as theContinue reading
Structured Settlements in Divorce
In many divorce cases, the division of marital property is a challenging process. Both partners often feel that they have contributed significantly to the couple’s acquired assets and the marriage overall. As such, each partner may have particular needs or desires when the time comes to negotiate how the property will be distributed. For some, once the negotiation has resulted in a workable agreement, the marital assetsContinue reading