Covering All QDRO Bases in a Divorce
A QDRO (Qualified Domestic Relations Order) is crucial in divorce cases involving retirement assets, as it specifies how funds will be divided between spouses. In one case, a husband assumed his ex-wife’s share of his pension would revert to him upon her death, only to find that the funds would instead go back to the pension plan. This case highlights the importance of including clear provisions in QDROs for unforeseen events, such as the death of an ex-spouse before retirement, to avoid costly legal battles.
Understanding Marital Property
Marital property includes assets acquired during a marriage that may be subject to division in a divorce. This can encompass a range of possessions, from the family home to jointly started businesses or vacation properties. Generally, any property bought or gained while married is seen as shared, though certain exceptions exist, such as personal items delineated in prenuptial agreements. The division of assets can involve complexities, particularly when the value of previously owned assets increases over the course of the marriage. Working with a knowledgeable family law attorney is essential to navigating these nuances and ensuring a fair distribution.
Pet Custody in a Divorce
When you are entering the beginning stages of divorce, determining the separation of marital assets, including large ones such as the family home, and deciding on groundbreaking, life-altering things like child custody obviously take precedence. As such, other major life-altering decisions can sometimes get pushed to the back burner. One of these decisions is pet custody […]
Hidden and Wasted Assets during Divorce
The divorce process relies on both sides to disclose all of their assets and relevant financial records to allow judges to make fair decisions about the division of property. When one spouse hides assets or wastes the marital assets on purely personal pleasure, it threatens to undermine the entire system. Uncovering Hidden Assets One of the […]
Division of Assets during a Divorce
All couples — even those that are not planning on divorcing — should prepare their assets and investments in a way that they can be fairly divided. If, however, you did not manage your finances and are planning on divorce, know that you are not alone. Many couples miss this important aspect of financial planning. The […]
Division of Property: Ramifications of Moving out of the Family Home during Divorce
When you are going through a divorce or approaching the beginning of marital dissolution, the separation of family items and assets can be both one of the most emotionally difficult and legally contentious part of the process. The family home – usually part of the division of property negotiations – is one of the most important assets […]
Asset Division: Marital and Non-Marital Property
Many, if not most, couples share their property and income after they are married. However, there are some reasons why you might want to keep some of your property separate even after you are married. How Illinois Views Marital Property Illinois has a broad view of marital property. With a few exceptions, anything that is acquired by […]
How Illinois Courts Handle Property Division during a Divorce
On your wedding day, it is hard to imagine the bells will one day stop ringing. However, people can change, and so can your relationship. Sadly, nearly half of all U.S. marriages end in divorce. You are now faced with a mountain of challenges – from battling over child custody to learning how to navigate your […]
Post-Divorce Finances: The Basics
If you are going through a divorce, figuring out your financial future can be one of the most daunting prospects of the entire ordeal. Knowing exactly what you are dealing with can help to ensure that you are not left without options after your finances are separate. This can be especially important if you were not […]
Are Your Prenup Fears Unfounded?
The stigma surrounding divorce may be tapering; however, the idea of a prenuptial agreement still causes many to run away scared. The suggestion or insistence of a prenuptial agreement may be viewed as a sign that one’s partner plans to end a marriage early, or is not in it—so to speak—for the long haul. It may also be interpreted […]
Keeping a Vacation Home during Divorce
Dividing assets during a divorce can be one of the most complicated, and certainly most contentious, procedures of the entire process. One frequently asked questions that divorce attorneys face is how a client may be able to keep a house. While couples may decide that selling the marital home is best—for emotional reasons as well […]
Determining Property Division during Divorce
When going through a divorce, the division of propertycan be one of the most difficult steps for couples. Divvying up a life once shared can be an emotional process, and it can also lead to nasty disputes and arguments. According to the Internal Revenue Service, nine states in the U.S. have community property laws. Hence, all property […]
Spousal Maintenance Reform Comes to the Land of Lincoln
For the last several years, advocates of alimony change in Illinois, New Jersey, South Carolina, and a number of other jurisdictions have asked their state legislatures to change spousal support laws. Last year, the Illinois state legislature passed significant revisions to the alimony law in Section 504. A judge still has some discretion when setting an amount and […]
Obtaining a Mortgage after Divorce
Moving on after divorce can sometimes mean exactly that: moving. Changing homes can be both emotionally draining and time-consuming. Additionally, in a worst-case scenario, the person who is forced to leave the marital home is not the one who wanted the divorce in the first place. Unfortunately, for many, it does not get easier. According to an […]
Property Division after Divorce: A Brief Guide
Difficult emotions, stress, and heated arguments are not the only hurdles divorcing couples face. One of the more tricky aspects of divorce is the division of property. Several gray areas exist and can lead to conflict between separating spouses, especially when an attorney is not present to review ownership and legal stipulations. Although property division is a […]
Pet Custody Battles during Divorce
One of many complications of the divorce process is often overlooked—who gets the pets? For couples, especially those without children, determining who gets to keep the family dog or cat can be as difficult and emotional as a traditional custody battle. However, according to an article posted by The Huffington Post, in standard divorce law, pets are not […]
Qualified Domestic Relations Orders: What You Need to Know
National statistics regarding marriage and divorce have drastically changed in recent decades. According to the U.S. Bureau of Labor Statistics (BLS), social factors such as the feminist movement, the increasing number of women in the American workforce, and altered perceptions of gender roles have contributed to these changing statistics. Also, the average age of divorce has continued to increase, as […]
To Keep Or Not to Keep the Marital Home
One of the most complicated steps of divorce is the division of marital property. If you and your spouse have been married for several years, this is all the more complex—especially if you have multiple pieces of property, cars, or share financial or operational duties in a small business. If you are considering divorce, the importance […]