Tag Archives: marital property
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
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
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
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
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
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
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