Tag Archives: marital estate

IL divorce lawyerNo one wants to think about losing a loved one but when it happens, sometimes it can also bring surviving family members a bit of financial security in the event that they receive an inheritance. During a divorce, people often fear losing that financial security because they believe their inheritance will be divided as part of divorce proceedings. So, what will happen to your inheritance during a divorce?

Property Division During Divorce

Illinois is an equitable distribution state when it comes to divorce. This means that in the event that the couple cannot come to a fair and mutual agreement on their own, a judge will divide the marital property fairly, although not necessarily 50/50. Marital property includes assets that were acquired during the marriage, while separate property includes any assets that one spouse acquired before the wedding and brought into the marriage with them.

Under Illinois law, inheritances are not considered marital property. This holds true even if the inheritance was accepted after the two spouses were already married. However, there are times when inheritances are considered marital property and so, it is important that all individuals know how to protect theirs.

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b2ap3_thumbnail_family-home.jpgIllinois divorce lawyerSelling your home while going through a divorce is stressful and emotional. However, there are certain ways to ease your stress during this process and ensure that your house sells so that you can move on to your next home. Below are some useful tips on how to sell your home when going through a divorce.

Find a Real Estate Agent Who Is Neutral

Rather than using the real estate agent who sold you and your partner your first home, find one that has no emotional attachment to you or your partner and has some divorce knowledge. A neutral real estate agent with divorce knowledge will provide you with helpful advice on how to price your home, when to list it, and how to market it so that stress can be alleviated during the selling process.

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Illinois divorce lawyer, Illinois family law attorney, Illinois divorce process,For the eight out of every thousand Illinois residents who are projected to seek the services of a qualified Illinois divorce attorney this year, The Huffington Post, supported by documentation derived by the American Bar Association, the Centers for Disease Control and Prevention and 2011 Census Bureau, has provided a guide to each individual state and relevant data for those who are facing divorce.

If you and your spouse are currently included in this ranking, there are six important steps to remember that may decrease the uncertainty and emotional turmoil often experienced during this process. Before consulting with a skilled Illinois divorce attorney it may be helpful to review the following steps as an impromptu guide to divorce in the Prairie State.

Step One: Petitioning for Divorce

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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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marital property negotiations, Illinois divorce attorney, Illinois family law attorney, marital assets, Division of property is often one of the most significant issues faced by divorcing couples. What the court considers property and how it will be divided between the parties can be complicated, and anyone currently going through this process should seek the help of a skilled family law attorney.

What is Considered Marital Property

Under Illinois law, all property owned between the parties and acquired during the marriage is considered marital property, no matter who purchased the property or which spouse holds the title or deed; this is the property that must be divided at the time of divorce. Limited items can be considered non-marital property and automatically retained by one party.

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