Hinsdale IL asset division attorneyIt does not matter whether you and your spouse are divorcing amicably - you still have to divide your property between the two of you before your divorce can be finalized. While this process can be annoying at best and combative at worst, it is a necessary evil of divorce. Illinois courts look at the division of property as being equitable, rather than equal. You may not necessarily come out of the marriage with everything that you personally gained during the marriage. Dividing property during a divorce can be a careful game of negotiations, especially when it comes to high-value assets, such as a house or a vehicle. Here are a few common assets that most couples have and how they can be divided:

Your Home

Though the family home can be a source of emotional attachment for many people, the easiest way to decide what happens to the home is to sell it and split the profits. That would only work if you have equity in your home. If you have to sell your home for less than what you owe on your mortgage, you will have to determine who pays the remaining mortgage amount after it is sold. If one of you wants to keep the home and the other one does not, then the spouse who wants to keep the home can buy out the other half of the home, but you will need an accurate assessment of what your home is currently worth.

Your Vehicle

If you and your soon-to-be ex-spouse own a vehicle together, it can go the same way as the home. You can either sell the vehicle and split the profits, or one of you who wants to keep the car and buy out the other person’s half. Figure out what the current value of your vehicle is and then split that in half - that would be the amount your spouse should pay you if he or she wants to keep the vehicle.

...
Continue reading

DuPage County postnuptial agreement attorneyContrary to what many might believe, prenuptial and postnuptial agreements are a good thing. With the number of couples getting divorced these days hovering around 40 to 50 percent, it should make a lot of sense to want to protect yourself and your assets if you do end up following in the footsteps of millions of Americans. Prenuptial agreements can be useful, but if you do not create such a contract before you tie the knot, postnuptial agreements can be just as good.

What is a Postnuptial Agreement?

A postnuptial agreement is similar to a prenuptial agreement, except a postnuptial agreement is one that is entered into after a couple is already married, while a prenuptial agreement is signed prior to a couple getting married. A prenuptial agreement essentially sets forth out how a couple’s assets and debts will be divided in the event of a divorce.

Could a Postnuptial Agreement be Right For You?

A postnuptial agreement can be helpful for any couple no matter how many assets you have. You should consider getting a prenuptial agreement if:

...
Continue reading

IL divorce lawyerA legally binding contract created by two people before they marry is known as a prenup. Although a prenup can benefit women from all walks of life, it is particularly beneficial to those who are doctors. Female doctors have worked hard to build their careers and create a comfortable life for themselves and their families. Therefore, it is important for them to protect their hard work and ensure their accomplishments as a doctor do not backfire on them in the event of a divorce. Here are several of the many reasons female doctors should consider a prenup.

Clarify Financial Duties in a Marriage

According to research, clear communication can reduce burnout for female doctors. A prenup allows women to outline the financial aspects of their marriage. With a prenup, both spouses can easily understand who pays for what, how money will be saved for education or retirement, and other financial topics.

...
Continue reading

IL divorce lawyerNesting is a new trend in divorces. In a nesting agreement, both parents keep the marital home and the children live there at all times. The parents rent an apartment or another space for them to live in when it is not their turn to parent.

During Parent A’s parenting time, Parent A moves into the marital home and Parent B lives in the rented space until it is their turn to spend time with the children. Parent B will move into the marital home when it is time for them to parent while Parent A goes to the rented space.

Let’s take a closer look at the pros and cons of nesting during a divorce.

...
Continue reading

IL divorce lawyerUnfortunately, domestic violence continues to be a serious issue in the United States. In fact, a study by the National Coalition Against Domestic Violence found that in this country, approximately 20 men and women are physically abused by an intimate partner every minute.

Although most people consider domestic violence physical abuse. It can also be physical, psychological, emotional, financial, or sexual abuse. Since the majority of individuals who are victims of abuse try to justify the actions of the abuser, they fail to report the domestic violence.

Failing to report domestic violence is incredibly dangerous because domestic violence almost always escalates. In order to fight domestic violence, all the states in the United States have laws for emergency orders of protection, which are also known as restraining orders.

...
Continue reading

Recent Blog Posts

Categories

Archives

Free Initial Consultations

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.

© 2019 Law Office of Martoccio & Martoccio 15 North Lincoln Street, Hinsdale, IL 60521 630-920-8855

OVC Lawyer Marketing

Share Your Experience

X