Tag Archives: division of property

Illinios divorce attorney, Illinois family law attorney, divorce negotiations, marital estate, When two people enter a marriage, they become one legal unit. This legal relationship has many lasting effects on both spouses’ separate and joint finances. It may be unpleasant to think what will happen to your assets during a divorce, but this is an important topic to consider. Because there are many complicated financial issues that can arise during a divorce, it is wise to consider signing a premarital or postnuptial agreement.

Premarital vs. Postnuptial

The main difference between premarital and postnuptial agreements is when they are executed. A premarital agreement is created between two people intending to be married, and is executed before the marriage takes place. A postnuptial agreement is between two spouses. Both types of agreements are similarly intended to allow spouses to protect their individual financial futures if the marriage ends in divorce. Premarital and postnuptial agreements help spouses to preemptively make important decisions if they decide to dissolve their marriage in the future.

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Illinios divorce attorney, Illinois family law attorney, marital estate,Handling finances in a divorce case is one of the most complex matters to deal with. Financial matters are also some of the most important issues to resolve. Ensuring a secure financial future is a main concern for many divorcing spouses. Dividing marital property, including financial assets and personal property, can be a very tense process. Often, each spouse will have an emotional attachment to an item, which can lead to additional issues during the divorce. To learn more about dividing personal property in a divorce, read the information below, and consider reaching out to one of our experienced DuPage County divorce attorneys to help you through your divorce.

 Property Division in Illinois

Illinois law establishes a standard for dividing property in divorce cases. This standard, equitable distribution, dictates how all marital assets are split between two divorcing spouses. Equitable distribution does not mean that each spouse gets half of all marital assets. Instead, it means that each spouse receives a fair share of the marital assets based on his or her individual contributions to the marriage. These contributions are monetary and non-monetary, including spousal financial and emotional support. For the purposes of equitable distribution, marital assets are all assets and property acquired during the marriage. In Illinois, it does not matter which spouse holds title to the asset; if an asset was acquired during the marriage, it is generally considered marital and thus subject to equitable distribution.

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Illinois family law attorney, Illinois divorce lawyer, divorce lawGetting a divorce can be an expensive process. Many people rely on their spouse’s income to make ends meet. During and after your divorce, however, you will no longer have a second income to rely upon. Not only will your household income decrease, but you may also have to deal with marital debt. Splitting the mortgage, joint credit cards, and other joint payments can be a frustrating and complicated process. You need to protect your financial future, which can be extremely hard to do during such an emotional time.

Dividing Debt

In Illinois, all marital property is divided by the standard of equitable distribution. Essentially, this means that each spouse receives a fair share of all assets acquired during the marriage (the marital property). Each spouse’s share is determined by his or her individual contributions to the marriage, both monetary and non-monetary. So, how is marital debt split during divorce?

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divorce glossary, divorce terms, Illinois divorce attorney,A divorce can be a difficult time for all involved. In order to best yourself for the process, it is important you understand different topics that may arise. The following are divorce-related concepts that you may encounter as you proceed through your separation.

Uncontested divorce: both parties agree that a divorce should take place, and resolve issues without requiring court intervention. Generally, this method of divorce involves less conflict due to a lack of litigation.

Mediation: a legal process in which the mediator, a neutral third party, guides parties through contested issues. A judge may order both parties to engage in mediation, or the parties may voluntarily elect to go through mediation. Mediation may not be appropriate in all cases, such as cases involving child abuse allegations or domestic violence. The goal of mediation is to replace time consuming and expensive litigation with an out-of-court settlement.

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Illinois divorce law, Illinois family law attorney, Illinois prenuptial agreement, Most people are somewhat familiar with the general purpose of prenuptial agreements. Popular culture and entertainment news is often full of talk about celebrities’ prenuptial agreements, and how they enact such agreements to protect their immense and highly valuable assets. Though you know why celebrities sign prenuptial agreements, you may never have considered how beneficial your own prenuptial agreement could be.

Benefits of Prenuptial Agreements

Many people think that prenuptial agreements are designed to help only the very wealthy. This is certainly a misconception. In fact, prenuptial agreements, as provided by Illinois law, can benefit anyone considering marriage. The main goal of such an agreement is to protect your personal financial future in the event you and your future spouse divorce. Thinking about the possibility of divorce before you are married may sound pessimistic. However, considering a prenuptial agreement can save you a significant amount of emotional and financial stress in the future.

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