There are many financial assets that divorcing couples must decide how they will divide up. One of the most common assets is the retirement account or accounts they may have. It is not uncommon – especially if the marriage has been a long one – for a percentage of one spouse’s retirement account to be […]
April 15, 2016
Understanding Marital Property
If you are facing divorce, the division of assets can be one of the more daunting aspects of the process. Not only is there an emotional component to doing so, but it can be difficult to determine what of your possession are considered eligible for equitable distribution, and what is considered personal property. A basic rule of […]
March 17, 2016
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 […]
February 15, 2016
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 […]
February 8, 2016
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 […]
January 19, 2016
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 […]
January 12, 2016
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 […]
September 4, 2015
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 […]
July 6, 2015
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 […]
May 11, 2015
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 […]
May 4, 2015
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 […]
March 9, 2015
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 […]
January 23, 2015
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 […]
December 1, 2014
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 […]
October 27, 2014
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 […]
October 6, 2014
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 […]
August 13, 2014
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 […]
August 7, 2014
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 […]
