Call Us630-382-8050

2445 Dean Street, Suite G, St. Charles, IL 60175

Subscribe to this list via RSS Blog posts tagged in division of assets

St. Charles divorce attorney asset division

Although Illinois courts will do everything possible to ensure a fair and equitable resolution to a divorce, your finances will always be affected to some degree when marital assets are divided between you and your spouse. As you prepare to move forward with your life as a single person, it is important to make a plan to recover financially and ensure that you can support yourself and your children well into the future.

Strategies for Achieving Financial Stability

Securing your financial situation can start before your divorce and continue throughout the rest of your life. The approach you take may depend on whether or not you have any children. Some helpful suggestions include:

...

St. Charles divorce attorney property division

Arguments over finances are a contributing factor in many divorces, and when money is already a contested issue, it can be concerning to consider that you and your spouse will have to divide your assets and debts as part of your divorce resolution. However, you may find it reassuring that not all property belonging to you or your spouse is subject to division. In Illinois, anything that is considered non-marital property will most likely stay with the person to whom it belongs.

Identifying Non-Marital Property

While you might take comfort in knowing that you can hold onto your non-marital property during your divorce, it can be a challenge to determine which assets and debts are considered non-marital. Under Illinois law, properties that are often defined as non-marital include:

...

St. Charles family law attorney prenuptial agreement

If you own a business prior to getting married, it is only natural that you would think about how your marriage will impact your business assets and operations, even in the happiest and healthiest of relationships. You have likely invested significant time, money, and effort into building the business up to its current state, and want to ensure it remains in good hands throughout your marriage and in the event of a future divorce. One way to protect your business assets is to pursue a prenuptial agreement with your soon-to-be spouse.

Benefits of a Prenuptial Agreement for Illinois Business Owners

Though it may be difficult to broach the subject of a prenuptial agreement with your partner, failing to be upfront with your needs can lead to problems in your marriage later on. An open discussion about finances can clarify where each of you stands and may help you both feel more comfortable about your marriage. For business owners, a prenuptial agreement offers several benefits, including:

...

St. Charles divorce attorney division of assets

When you make the decision to get a divorce, the financial implications can be just as important as the emotional implications, especially when it comes to your retirement savings. Contributions to a retirement account during your marriage are almost always considered marital property and are therefore subject to division between you and your spouse if you choose to end your marriage. With this in mind, you need to prepare for the possibility that your personal retirement assets will decrease and understand how to properly divide your accounts to avoid excessive tax penalties.

3 Common Types of Retirement Accounts in a Divorce

In an Illinois divorce, 401k accounts, Roth IRAs, and pensions are all considered in the division of assets, but each type of account involves its own unique considerations to ensure the distribution is handled properly.

...

b2ap3_thumbnail_home-buying-open-house-real-estate-selling.jpgDeciding to get a divorce can be one of the most difficult decisions of anyone’s life. For those couples who have been married a long time or who have children, it can be devastating. The mere thought of separating and starting over can be daunting. For some parents and kids, the marital home may have sentimental meaning. This is especially true if the couple purchased the house together after they got married and it is where they raised their family. However, the division of property is one of the main issues that needs to be resolved in any divorce. That does not automatically mean the house will have to be sold, but it is a possibility. Assuming both spouses own the home together, there are two options: sell or stay. Deciding who gets to stay can be the source of much conflict during the proceedings. A skilled divorce attorney can help figure out what is the best option.  

Benefits of Selling the House

It is imperative that both spouses learn the home’s current value. This may require an appraisal to get an accurate amount of what it is worth on the market. An assessment of the home’s monthly or yearly costs is also important, which may include the mortgage payment, homeowner’s insurance, and utility bills. Depending on the economy and housing market, most people hope to earn a profit when they sell a house. This money is typically split between divorcing spouses in the final property settlement. In certain situations, one partner “buys out” the other from the home. This means paying the spouse the portion that he or she would have received if the home was sold to an outside party. For those who want to stay in the home, possibly with the kids, this can be a good option.  

Some of the advantages to selling the marital home in a divorce include: 

...
Best Law Firm 2020 Emerging Lawyers Best 10 Avvo Leading lawyers Avvo
Back to Top