Tag Archives: division of marital property

Illinois divorce lawyerIf you are going through a divorce, you are likely wondering whether or not you should sell your house. The answer to this question depends on your personal preferences, lifestyle, and finances. While selling the house is the ideal option for some individuals, keeping it makes more sense for others. Let’s take a closer look at the pros and cons of both selling a house and keeping it so that you can make a decision that is right for your situation.

Selling Your House

It may be in your best interest to sell your house and split the proceeds with your spouse. This is especially true if your children are grown and moved out or will go to college in a few years and you will not need such a large space for yourself.

Continue reading

Illinis divorce lawyerCommon wisdom states that 50% of all marriages end in divorce, although this isn’t exactly true. While the actual divorce rate is difficult to determine, it is likely somewhere between 40 and 50%. And that is not the only misconception people have about divorce. Since few people plan for divorce, they are often unaware of the legal aspects that come with dissolving their marriage. Here are some other myths that have sprung up around divorce:

  1. Adultery is a factor in property division - Illinois is a “no-fault” divorce state, meaning the only reason necessary for divorce is that spouses have “irreconcilable differences.” Whether one spouse cheated on the other has no bearing on how marital property is distributed between the spouses. The one exception to this is if a spouse dissipated marital assets (that is, they spent money or incurred debt) while pursuing an affair, in which case the allocation of assets and debts during divorce may be adjusted to compensate for this dissipation.

  1. The wife will get custody of the kids - In the past, husbands often acted as the breadwinner for their family, with wives staying at home to raise the children. This meant that wives would often retain primary custody of children following divorce. However, times have changed, and in most modern marriages, both parents work and share parental responsibilities. Child custody arrangements will likely reflect parents’ roles during the marriage, with either the mother or father having primary custody, or parents sharing parenting time equally.

Continue reading

Illinois divorce lawyer, DuPage County divorce attorneyThe Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503) defines the division of marital property, marital debt, and any other obligation defined by the court during a divorce and bound by specific procedures. Although Illinois is not a communal property state, it is an equitable division one. At the time of consideration of the division of marital assets and/or debts, Illinois courts will review the overall situation but is prohibited to include any type of marital misconduct, such as infidelity or other damaging factors leading to the dissolution of marriage in their division decisions. The following 12 factors influence the courts in their decision when it comes to fair equity distribution or percentage of marital debt to be satisfied.

Spousal Contributions

The role of the courts is to determine the percentage of spousal contribution that has contributed to the acquisition, preservation or increase, or decrease of all marital or non-marital property. Consideration is also given to which of the partners provided the majority of marital income contributing to an increase in marital assets. The same provision is given to the spouse who has increased the amount of debt throughout the marriage.

Continue reading

Illinois divorce attorney, Illinois divorce lawsBefore Rebecca Saltiel Busch launched her health care consulting business a quarter century ago, she sought out the CEOs of 10 various failed business in hope of learning from their mistakes. What she found was that the contributing factor to the demise of these businesses was divorce.

Forewarned, Busch outlined a shareholder agreement that she states saved her thousands of dollars when she divorced and one that placed the interests of the business above the individual shareholder’s interests. The agreement secured her company’s survival and today it still remains solvent.

Busch also detailed a six-step guide to business survival in the face of divorce that may keep other divorcing couples out of bankruptcy court.

Continue reading

marital property negotiations, Illinois divorce attorney, marital estate division,Your first question when contemplating divorce may be how your property and assets will be split between you and your spouse. Financial concerns are often key factors during the divorce process. Many people hesitate before initiating a divorce due to such concerns. If you are thinking about divorce, but are worried about the financial consequences, it is in your best interests to speak with an attorney in the area, who can educate you on the process of property division and help answer any other questions you may have.

The Basics of Divorce Property Division

In Illinois, “marital property” usually includes all property and assets acquired during the marriage. During a divorce, marital property is divided between the spouses, though the division is not necessarily equal. In fact, Illinois courts use a system termed “equitable distribution” to divide the marital property. Equitable distribution requires that each spouse receive a fair share of the marital property based on his or her monetary and non-monetary contributions to the marriage. Some common types of marital property may include:

Continue reading

Free Initial Consultations

phone 630-920-8855
address15 North Lincoln Street, Hinsdale, IL 60521
phone 331-588-6611
address21 North 4th Street, Geneva, IL 60134
Our firm handles family law and personal injury matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Burr Ridge, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lombard, Naperville, Oak Park, Oak Brook, Oakbrook Terrace, Clarendon Hills, Oswego, Park Ridge, Roselle, St. Charles, Geneva, Villa Park, Warrenville, Wheaton, Western Springs, LaGrange, Winfield, Woodridge and Yorkville.

© 2018 Law Office of Martoccio & Martoccio 15 North Lincoln Street, Hinsdale, IL 60521 630-920-8855

OVC Lawyer Marketing

Share Your Experience