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St. Charles divorce attorney child custody

Having a dog is an integral part of many family dynamics these days. Pets are there to offer comfort, provide companionship, give unconditional love, and more. They often become near and dear to the hearts of all family members. You may have heard the saying, “Dogs are a man’s best friend,” but what if they are a woman’s best friend, too? When it comes to divorce and allocating responsibility of the pet, things can become complicated. With more and more families opting not to have children, the custody of the family pet can be an especially important issue in an Illinois divorce.

Pets Are More Than Just Property

The connection to pets runs deep, and it can be traumatic for any dog owner who is faced with the idea of separation. In the past, according to the Illinois Marriage and Dissolution of Marriage Act, the division of a pet was classified under property and treated as such. Some pet owners considered this to be a somewhat cold approach, and therefore they fought to change this. Since January 1, 2018, a new law was put in place that allocated judges to consider the best welfare of the pet when contemplating which spouse should be awarded custody. This new legislation treats the allocation of pets more like deciding the custody of a child rather than the division of property.

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St. Charles family law attorneysThere is no denying that a divorce can be a complicated process. The legal dissolution of a marriage is not simply signing a piece of paper. Decisions about important issues need to be made, including how a couple’s assets and property will be divided. In some situations, spouses may have complex or high net-worth assets, including a family business. It can be difficult to determine how to handle the company’s ownership after the divorce, especially if both spouses are active in running the day-to-day operations. There are several options when it comes to dividing this intangible asset. Regardless, it is important to hire a knowledgeable divorce attorney to help protect your rights. 

The Equitable Distribution of a Company

According to Illinois law, marital property is subject to equitable distribution. This means that any assets or property acquired during the marriage will be divided fairly but not necessarily equally in half, or 50/50. Some couples may create a prenuptial agreement to decide ahead of time how to disperse marital assets in case they get divorced. Some couples may choose to sell the business, continue to jointly own it, or buy out their share.

When considering what happens to a business, if one spouse started a company before he or she got married, the business may be considered non-marital or separate property. In other cases, one or both spouses may have opened a store or launched a business together after they took their vows. In these instances, the business would likely be classified as marital property. 

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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.

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