Tag Archives: asset division

IL family lawyerDivorce is usually a time of drastic changes. Everything from your normal breakfast routine to where you sleep at night goes out the window during divorce. For many couples, selling the home becomes a necessity to manage finances. As the two spouses split up and live in different locations, paying the mortgage on top of rent becomes unmanageable, particularly when the two parties have to pay separate utilities and a plethora of other expenses that used to be shared. In fact, 61 percent of divorced couples end up selling the home. However, not all soon-to-be divorced couples sell the home, and in some cases, this is the best decision if at all possible.

If You Have to Sell the Home

Finances or moving out of town are two of the most common reasons that divorced couples sell their home. Selling the home can provide the best way to split the value of the property during division of assets, can allow both parties financial footing to start off anew, and can minimize stressful costs by getting rid of an expensive mortgage. After all, if one party ends up owning the house, they may not even be able to cover the mortgage by themselves. If you are selling your home during divorce, make sure to follow the tips below:

  • Discuss the full plan with your spouse before taking any other actions, as well as the pros and cons of selling or staying;
  • Divide the costs of cleaning, maintenance, renovations, and any other repair work evenly or at least keep close track of the costs;
  • Choose a realtor together;
  • Keep dialogue open with your spouse during the sale;
  • Hire an attorney before the sale goes through; and
  • Divide the assets. Marital property in Illinois is divided equitably.

Choosing to Keep the Home

For parents who can afford to keep the home, the stability that brings to your children may outweigh any other positives that selling the home has to offer. Additionally, older divorces may benefit by holding onto a home that they own outright. After all, late-life divorces are much more common now than in the past. In 2014, Americans over the age of 50 were twice as likely to get divorced than 50-plus-year-old Americans in 1990. For divorcing couples that choose not to sell the home, they, along with their attorneys, need to figure out an equitable way to divide assets, since the home (usually) cannot continue to belong to both parties. And, if there is a mortgage left to pay, the spouses must reach a decision on who is responsible for paying what. In some cases, the spouse who no longer lives in the home may be responsible for paying part of the mortgage.

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IL divorce lawyerDivorce is a stressful time for everyone involved. Emotions and tensions rise anytime anyone delves into the often uncomfortable, intimate details of their own personal life and finances, let alone a legal team. Additionally, the stakes of divorce are high, which increases defensive responses. When someone becomes defensive, they begin to behave in such a way as to better their potential outcome. In divorce, this often leads to concealed information, purposeful misrepresentation of a situation, and uncooperative third parties.

Find out how a subpoena can help uncover the truth you know is out there:

What Is a Subpoena?

In Latin, subpoena means, “under penalty.” In legal terms, a subpoena is a legal document that forces the participation of either your spouse or a neutral third party with evidence regarding your divorce. This document is issued only by an attorney or a clerk of court and must be served to all involved parties. If a party opts to ignore the order, they risk being held in contempt, which is punishable by civil fines and criminal charges.

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DuPage County property division lawyer

Financial infidelity can be stressful in any relationship, but it can become even more stressful in a divorce. Here are a few signs that your spouse may be hiding assets from you:

  1. You find unusual statements in the mail. This one can be the most obvious. If you have been getting account statements in the mail from banks or credit card companies that you are not familiar with, they could indicate that your spouse has an account with them that he or she has not told you about.
  2. Your spouse is controlling your joint bank accounts. This one could be harder to detect if your spouse is usually the one who takes care of the finances. If your spouse all of a sudden begins being secretive or controlling of your joint checking or savings accounts, it could be a sign that he or she is trying to conceal certain financial actions.
  3. Your spouse has made unusually large purchases. You are probably aware of your spouse’s spending habits. If they are making unusual purchases or very expensive purchases, like cars or jewelry, without your knowledge, they could be attempting to underreport the costs of those items.
  4. Your spouse has opened a custodial account. While this may seem like a responsible and preemptive thing for your spouse to do, it may have happened for the wrong reasons. Opening a custodial account under your child’s name and social security number can allow them to put away money while saying it is for your child.

A Hinsdale, IL Asset Division Lawyer Can Help

When you get a divorce, you will eventually have to divide community assets between you and your spouse. If your spouse has an array of assets that you are on aware of, he or she could be getting much more than his or her fair share. If you have reason to believe that your spouse is attempting to hide assets from you, you need help from a knowledgeable and aggressive DuPage County community property attorney.

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DuPage County business asset divorce attorneyIf you are a business owner, your business is most likely one of the most expensive assets that you own. Deciding who gets to keep the house is one thing, but a business is a whole other creature that can be difficult to divide when you are getting divorce.

Your specific circumstances will determine how much of the business your ex is entitled to, but in some cases, he or she may be entitled to as much as half of the business. While a prenuptial agreement is the best way to ensure your business is protected in the event you divorce, not everyone gets one. Here are four ways you can protect your business during a divorce:

1. Get a Postnuptial Agreement

If you dropped the ball and did not have a prenuptial agreement in place when you got married, do not fret - you can still get a postnuptial agreement. Typically, a postnuptial agreement in Illinois has the same type of clauses and information about what would happen in the event of a divorce, you are just signing it after you are married, rather than before. But beware, if you try to enter into a postnuptial agreement after you have already made the decision to get divorced, your agreement may not be upheld in court.

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Hinsdale IL prenup agreement attorneyWhen you are engaged to get married, one of the last things on your mind is divorce. Though it is not a romantic topic, or even one that you want to broach, thinking about what would happen if the marriage ended should be on your to-do list before you tie the knot.

Talking with your partner about what divorce might look like in your case can help the both of you have peace of mind during the marriage and could make for a simple divorce if it does happen. Prenuptial agreements can help you sort out your finances and help determine how marital property is divided if you decide to call it quits.

People enter prenuptial agreements for the security that they provide, so it is important that your agreement will hold up in court. There are several mistakes that can make your prenuptial agreement invalid, and many times these mistakes occur when one or both spouses does not retain counsel when agreeing to a prenup.

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address15 North Lincoln Street, Hinsdale, IL 60521
phone 331-588-6611
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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, 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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