Tag Archives: division of 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.

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illinois cohabitation agreement, DuPage family law attorneyWhat should be in my written agreement with my live in boyfriend? If you were going to open a new business with a friend or jointly own real estate or you have joint credit cards, you would most certainly want a written agreement. Living together as an unmarried couple or "cohabitation" as it is called, creates any or all of those events. If you and your boyfriend are going to live together, it is important decide your financial future together. Create a written agreement or at the minimum an outline of your financial future. Spell out in detail how property will be owned while you are together and if you part company, how your property and debts will be divided later. 

As an unmarried couple you may acquire lots of things.  Most commonly, couples buy automobiles, furniture and furnishings and even sometimes a house or other real estate. If you and your boyfriend separate in the future, regardless of who is at fault,  you will need a roadmap to separate your finances and things you have purchased together or separately without going through a long and emotionally draining lawsuit. 

Without a written agreement most likely you may never be able to decide what your agreement was when you got together.  Think about the most emotionally charged argument you have ever had with someone you love, and add the element that you're going through a breakup, and then find that there are no rules to the game of sorting out the ownership of assets and debts you have acquired during the time you lived together.  

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The economic landscape of the U.S.tends to be classified as “big business” but surprisingly small family-owned and operated establishments, employing less than 20 employees, accounts for 86.4 percent of the gross domestic product or GDP. With such a high percentage it is not unrealistic to consider that at some point in time owners of such businesses, often married, run into relationship turmoil often leading to many questions regarding not only the dissolution of a marriage, but the effect a divorce may have on the business.

As each respective divorce attorney will construct a market value comparison for the couple’s residence, Illinois law also requires an independent and detailed valuation of the business.

If you and your spouse find yourselves in this type of situation, the following information may provide some insight as to what is expected under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5).

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Illinios divorce attorney, Illinois family law attorney, marriage, asset division, complex litigation,If you are contemplating a divorce, one of your first concerns may be how the divorce will affect your financial future. Dissolving a marriage will inevitably have an impact on both spouses’ financial circumstances. This is particularly felt in high-asset divorce cases. The higher and more varied assets you own, the more complex challenges may arise during divorce. Regardless of the specific assets involved, you will need experienced legal help during your high net worth divorce.

Complex and High-Asset Divorce

Perhaps the most financially relevant dispute in a divorce is property division. Illinois uses a property division standard termed “equitable distribution.” This means that both spouses receive a “fair” share of their marital property based on their individual monetary and non-monetary contributions to the marriage. According to state law, marital property generally includes all assets acquired during the marriage.

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Illinios divorce attorney, Illinois family law attorney, DuPage County divorce lawyer,Getting in divorce in Illinois can be a complicated process, leaving those involved with many questions. If you are curious about divorce in the state, these frequently asked questions about divorce may help you.

Do I Get a Divorce Where I Got Married?

A common misconception about divorce is that you must file for a divorce in the same county or state where you were married. In reality, where you were married does not impact your divorce. To get divorced in Illinois, you or your spouse must have been a resident for at least 90 days prior to filing for divorce.

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