Is a Postnuptial Agreement Right for You?
If you have gotten married only to find out your financial situation is more complicated or lacks stability and protection, you are not alone. Many people do not fully understand what their new finances and property ownership look like until after they enter into a marriage. When people find themselves in this position, they may […]
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 […]
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 […]
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 […]
Lifestyle Clauses in Prenuptial Agreements
Getting a prenuptial agreement can seem like it is not necessary if you and your soon-to-be spouse do not have large numbers of assets or wealth. Prenups, however, are important for everyone—and the growing trend of so-called lifestyle clauses in the agreement are making them even more relevant. Lifestyle clauses in prenups delineate what will occur financially […]
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 […]
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 […]