Tag Archives: division of property

Illinois divorce law, Illinois family law attorney, child custody battle, divorce lawyer, 1. (Almost) Nothing Is Simple

There are few types of legal cases that are as notoriously contentious as divorces. Going through, or even contemplating, a divorce brings up many challenges. It is easy to get overwhelmed by the entire process. Even a seemingly straightforward divorce is rarely simple. Divorce cases involve the complex area of family law, and these cases often raise complicated legal questions. How much money will each spouse get? Who gets the house, the cars, the dog, and the kids? How will a divorce affect your taxes? These are just a few typical issues that can muddle up a “simple” divorce. The best way to avoid getting bogged down in the complications is to call a reputable, experienced family lawyer in your area.

2. Your Finances Will Be Affected, but Maybe Not How You Expect

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court proceedings, division of property, Illinois family law attorney, Illinois law, Illinois statute, invalid marriage, postnuptial agreements, prenup, prenuptial agreements, Spousal Support, unconscionable agreementPrenuptial agreements are contracts that set out a plan for the division of property and assets if a couple decides to divorce. Illinois law requires prenuptial agreements to be in writing and signed by both parties. The agreements go into effect once a couple gets married.

Prenups are not iron clad, and they can be contested. Under Illinois law, prenups cannot contain provisions that adversely affect the right of a child to receive child support, violate public policy, or violate a criminal statute. Any of these prenup provisions will be unenforceable, but will not necessarily make the whole agreement invalid. A court can choose to strike only the invalid provisions, and enforce the rest of the agreement.

Prenuptial Agreement Enforcement

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prenuptial agreements, receive child support, wills and trusts, prenuptial agreement attorneys, division of property, DuPage County divorce lawyerGetting married is an exciting and joyful event any couple’s relationship. When a couple gets married, they promise to honor and love each other until death, and are excited to share the rest of their lives together. However, staying married forever is not the reality for some couples. Divorce rates in Illinois are currently declining, but divorce is still not uncommon in Illinois.

Even though marriage is a time to think about your future with your spouse, you should also think about protecting yourself in case that marriage ends. Prenuptial agreements, also referred to as prenups, are arrangements for the division of assets and finances if you and your spouse ever divorce. The agreement is signed by you and your spouse before marriage, and is presented during divorce proceedings to provide for a less complicated separation.

What is a Prenuptial Agreement in Illinois? 

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divorce, divorce tips, Dupage County divorce lawyer, DuPage County divorce attorneyThere is no such thing as a completely hassle-free divorce. However, there are ways to complete the divorce process without blowing your top or losing the shirt off your back. It is useful to examine ways you and your divorcing spouse can remain on as good of terms as possible during the end of your marriage.

 Illinois Divorce Can Be a Challenge

From time to time, books, movies, and news stories shed light on divorces in America and the tendency for such proceedings to be adversarial, expensive, and overly time consuming. Many people who go through this process ask themselves, “Can’t there be a better way?”

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"In Illinois, on what date are assets in a divorce valued for the purpose of dividing them?"

In the State of Illinois divorce asset division is usually valued at the time of trial or as close to the end of the case as possible. Cash assets are relatively easy to value in this way since you can obtain bank statements, brokerage statements, and the cash value of life insurance and the statements to value those assets at or near the trial date or the end of the case. However when real estate, partnership interests, or small businesses are valued, it is more difficult.

The valuation date is frequently a moving target since these types of assets change value over time. Also, these assets frequently require an expert to determine their value. An example would be a real estate appraiser or a business evaluator. Also, it is not unusual to have to update values even though you have fairly recent values because of the dramatic swings in today's economy.

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