Tag Archives: DuPage County division of property attorneys

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 divorce lawyer, Illinois family law attorneyOne of the very basic tasks to be completed during an Illinois divorce proceeding is for the parties to indicate the assets they have and to either divide these assets amongst themselves or to submit the list of assets to the court and allow the judge to divide the assets . If this duty of asset division falls to the court, the judge will divide the assets in a way that appears to treat both parties fairly. The general idea behind property division is that both parties should obtain a fair share of the property and assets they accumulated during the marriage (there are some important exceptions to this general rule, however).

In a perfect world, even divorcing spouses would treat one another with fairness and respect. As most know, we do not live in a perfect world. Some spouses, in an attempt to gain a larger distribution of the marital estate from the court, will deliberately attempt to hide or misrepresent the amount of assets they hold. The other spouse usually becomes aware of this when the spouse hiding assets files a disclosure or other document listing his or her assets and the innocent spouse notices several “big ticket” items are missing: a house, a collector car, or other similar item. But what can a spouse do if he or she believes the other spouse is hiding assets?

Hiding Assets Is Not a Good Idea

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DuPage County divorce law attorneys, marital property, Martoccio & Martoccio, non-marital property, property division, marital assets, non-marital assets, equitable divisionMany presume that when they get a divorce, all the marital property will be divided equally. However, for those living in the state of Illinois, this presumption can lead to major disappointments. Illinois is an “equitable division” state, and not a “community property” state. When facing a divorce, many wonder what the difference is between an “equitable division” and “community property” state, what exactly marital property is, and what this all means for property rights during and after the divorce proceedings. The following contains information to which you should refer if you have questions about property division during a divorce, and any further questions should be directed to one of our family law attorneys.

Community Property State v. Equitable Division State

In a “community property” state, it is presumed that all marital property is equally owned by both spouses, and in the event of a divorce, the property will be divided 50-50. Presently, there are only nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

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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.

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