Category: Property Division

Who Pays for What After Divorce?

The final judgment from your divorce – specifically the marital settlement agreement – will govern how property, including debts, are divided after the marriage is over. This means that when you walk out of your prove up, which is the final court date on which you’ll actually “get divorced” from your spouse, you’ll know what you have to pay of the debts.

This begs the question: How is it decided what each spouse is supposed to pay? Below, we discuss this in more detail and what happens if one spouse doesn’t pay the debts he or she was ordered to pay.

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3 Tips for Separating Finances in Divorce

Divorces are often messy because they mean separating all of the assets, property, and more that you’ve built with another person. Often, the messiest, most difficult part of this process is separating your finances with someone who is likely the joint holder of most accounts, vehicles, properties, and more.

As you prepare to file for divorce, it’s important to consider what will happen to your accounts, property, and other assets. The three tips below are a great starting point as to what you should consider when you’re planning on filing for divorce and are thinking about the long financial road ahead.

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Why Property Ownership Doesn’t Always Matter in Divorce

It seems like common sense that in divorce, you should be able to keep property in your name and your partner should get to keep property in his or her name. Likewise, you may think that your debts are yours and his or her debts are his or hers. However, this isn’t really the way the court system works.

Illinois divorce laws favor an equitable distribution of marital property. Put simply, this means you won’t always receive the property in your name or the debts in your name either. Below, we discuss equitable distribution in greater detail and what to expect in your divorce.

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Retirement Plans: Are They Subject to Property Division?

When couples think about property division in divorce, they think about tangible goods: The marital residence, cars, and furniture. However, there is something significant most overlook: Retirement accounts.

Retirement accounts – at least a portion of them – are often considered marital property. As such, you may be entitled to a portion of your spouse’s retirement plan as part of your divorce settlement.

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Dividing a Jointly Owned Business in Divorce

While many couples have intertwined assets, few are as difficult to divide as a jointly held business. However, it isn’t impossible to divide the business and keep it operational, even if you split your interests.

If you’re considering divorce but are nervous to move forward because of a jointly owned business, it’s important to understand the process and your options. Below, we offer a basic overview to make you more comfortable with potential outcomes as you move forward in divorce.

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Business Ownership and Divorce

Marital assets, no matter what they are, are to be equitably divided as part of any divorce. As you can imagine, this process is lengthy, difficult, and is marked by disagreement between most couples. Adding a business into the mix only makes the process more complicated.

Valuing and dividing a business can be extremely complicated. Below, we discuss some of the important questions you’ll encounter, what you should be aware of, and what it will mean for your divorce.

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Divorce Q&A: Selling the Family Home

Of all the purchases you make when you’re married, the family home is likely the largest. More importantly, a home has sentimental value, which can make it difficult to get rid of or essentially “divide” as you do with the rest of the personal property.

Typically, clients come in with a lot of questions regarding the family residence and putting it up for sale. Below, you’ll find some of the most common questions we receive to hopefully put your mind at ease regarding what will happen to the family home as part of your divorce.

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Property Division: Dealing With The Marital Residence in Divorce?

Just like the rest of your marital property must be divided, so must the marital residence. However, many individuals have a difficult time letting go of their home, especially if there are children involved who are in school, sports, and other activities.

Most people assume that the marital residence must be sold as part of the divorce process. This isn’t always the case and in many divorces, one spouse may actually keep the marital residence. We recently helped a client in Aurora Illinois with a particularly complicated case of asset division – and the process raised a lot of questions. We thought it would be helpful to address those questions here:

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Divorce After 50: What You Should Know

At one point in time, getting divorced after a certain age was viewed as odd, if not unacceptable. In fact, in 1990, only 1 in 10 people who sought out and received a divorce were age 50 or older. Just years ago, that number has grown to more than 1 in 4 people, making the concept much more common.

With this new trend comes something else that’s new: A new set of issues and concerns that are quite distinct from the problems younger couples face in divorce. After all, most people who are getting divorced at age 50 or older have adult children, meaning child custody and parenting schedules are not a concern. Instead, issues such as property division and maintenance are the most significant concerns.

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