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St. Charles property division lawyersThere is no doubt that divorce can affect nearly every aspect of a person’s life. However, the financial implications of divorce are often some of the most difficult consequences to deal with. The financial impact of a divorce is especially apparent when spouses have substantially different incomes. Spouses who chose to be a homemaker or stay-at-home parent may find that they lack the employment history and job skills needed to find suitable employment after divorce. Spouses who are disabled or otherwise unable to work may also be at a great financial disadvantage. There could also be a significant income disparity if both spouses work but one spouse makes much more money than the other spouse.

If you are getting divorced and you make significantly less or significantly more than your spouse, it is important to understand how this income inequality can impact the process and outcome.

Property Division Issues and Complex Assets

Many people with a higher-than-average income choose to invest their earnings into stocks, bonds, CDs, real estate, businesses, and other investments. Properly valuing and dividing complex assets like these in a divorce typically requires assistance from a skilled financial professional, in addition to legal guidance from a divorce lawyer. In Illinois, marital property includes property that was acquired during the marriage. Investments a spouse made before the marriage may be his or hers alone; however, the increase in value of the asset may be marital property to which both spouses are entitled.

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Kane County divorce lawyerdivorce case can take several months or even years to resolve fully, especially when the couple disagrees on property divisionchild custody, and other divorce issues. Understandably, many divorcing couples struggle to live under the same roof during the divorce process. If you are getting divorced, you may wonder, “Who gets to stay in the marital home during a divorce?” The answer varies from case to case. However, there are two legal avenues available to divorcing spouses in Illinois that may allow them to obtain exclusive possession of the marital home.

Exclusive Possession of the Marital Home During an Illinois Divorce

As with all property division issues, divorcing spouses have the option of reaching their own agreement regarding possession of the home after divorce. Some divorcing spouses are able to negotiate an arrangement through their lawyers or during mediation. Others end up in divorce litigation. Spouses may also disagree about who should get to remain in the marital home while negotiations or litigation are ongoing.

If you wish to live in the marital home during the divorce and force your spouse to move out, you have two main legal options for doing so.

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St. Charles IL divorce attorneyOne of the most consequential aspects of the divorce process is the division of property and debts. In complex divorce cases involving high-value or difficult-to-value assets, property division is also often one of the most complicated parts of the divorce. Cryptocurrency such as Bitcoin, Ethereum, Tether, Binance Coin, or Dogecoin must be addressed along with all other forms of property. However, valuing cryptocurrency and understanding how it should be divided is often a major challenge. If you or your spouse own Bitcoin or other forms of cryptocurrency, make sure you understand how this unique asset will be handled during your divorce.

Virtual Currency in an Illinois Divorce

Cryptocurrency is difficult to understand because it is completely unlike traditional forms of currency. This digital asset also exists outside of the government’s control. Furthermore, the value of cryptocurrency fluctuates dramatically.

In addition to valuing the cryptocurrency, the spouses will need to determine who has a right to a portion of the cryptocurrency’s value. Only marital property, or property acquired during the marriage, is subject to division. Determining how much of the cryptocurrency’s value is marital property and how much is non-marital property can be a massive hurdle.

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Kane County divorce lawyerDivorce can be very difficult for a number of reasons. It can often become fairly contentious when a former couple must battle for custody of their children, but what about their pets? Although laws tend to look at pets as a form of property, many people consider their pets to be valued and loved members of the family. Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), the placement of family pets or companion animals depends upon a few different factors.

Is the Pet a Marital Asset?

The placement of the family pet is dependent upon Section 5/503(n) of the IMDMA. This provision of the law explains that if the court finds the pet to be considered a marital asset, it will allocate ownership of and responsibility for the companion animal. This means that one spouse could receive sole ownership of the pet, or both parties could be awarded joint ownership. In making this decision, the court is now obligated to examine the well-being of the animal.

When is a Pet Considered a Marital Asset in Illinois?

A marital asset is usually any property that is acquired after a couple is married, so if the spouses adopted a pet while they were married, it will likely be a factor in the divorce. However, a pet could be considered non-marital property if it was gifted or left as an inheritance specifically to one spouse, or if a prenuptial or postnuptial agreement states that the pet belongs to one spouse alone. If the pet is not considered to be a marital asset, then whoever is the legal owner of it will likely keep it as non-marital property in the divorce. A service animal is also considered to belong to the spouse who benefits from its services.

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St. Charles divorce lawyerGetting divorced is always a challenging life event to go through. When spouses own a family business, ending the marriage becomes even more complicated. If you or your spouse owns a business and you are ready to end your marriage, you may be overwhelmed with questions. Will we have to sell the business? Will we both receive an equal share of the business assets? How should we accurately value the business? Is it possible to continue running the business jointly after the divorce?

The answers to these questions will depend on your unique situation as well as your plans for the future. However, one thing is certain: addressing a family business during divorce is complex. You will need to work with a skilled lawyer who has sufficient experience successfully handling business owner concerns during divorce.

Most Family Businesses Are Considered Marital Property

In an Illinois divorce, property is divided into two categories: marital and non-marital assets. Both spouses have a right to an equitable, or fair, portion of marital assets. If your business was established or purchased during your marriage, it is almost certainly considered a marital asset. Even if a spouse purchased the business before getting married, the business can become marital property if joint funds were used in the business or if the non-owning spouse made financial or non-financial contributions to the business.

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