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 property

St Charles Divorce Attorney

When you start thinking about divorce and dividing your assets, the division of your personal and household belongings may not be top of mind. However, when you add up the cost of replacing those items, the total can be significant. Insurance companies generally estimate the contents of your home to be worth about 50 percent of the value of the structure itself. Thus, if your home is worth $400,000, its contents may be worth as much as $200,000.

In an Illinois divorce, all marital property must be divided equitably between you and your spouse. Your marital property broadly includes all household furnishings and other belongings acquired during your marriage with the exception of items received via inheritance or personal gift. In a typical division of property, each party keeps their own clothing, jewelry, and similar personal items, although a high-value collection of watches or jewelry may be excepted from that rule. You will need to inventory everything else and decide on an equitable division of those items.

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