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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:

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St. Charles divorce attorney

Deciding to get a divorce is a delicate and difficult matter. It is a decision that usually comes with careful consideration, deliberation, and thought. Although most people do not go into marriages thinking that it will end in separation, in some cases it is for the best. However, the divorce process alone can cause anxiety and uncomfortable feelings. The stress associated with this major life transition can sometimes feel overwhelming and all-encompassing. Acute anxiety may sometimes be helpful when it comes to big projects or public speaking by queuing to the body that there is something important happening, which often makes a person rise to the challenge. On the contrary, prolonged stress is not good for the overall health of the mind and body. The following are some practical tips for managing your emotional and physical well-being during your divorce proceedings. 

Taking Control of the Situation

The divorce process involves issues such as property division and the allocation of parental responsibilities if you have children, which can be daunting and difficult to navigate at the time. Here are some helpful tips to help your mind and body maintain wellness during the divorce process:

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St. Charles divorce attorneysThe decision to file for divorce is just the first step in a long road toward legally ending a marriage. One of the major concerns for couples who are divorcing is figuring out who gets what in the final settlement. Illinois is an equitable distribution state when it comes to dividing marital property in a divorce. However, non-marital property is handled differently. Under Illinois divorce law, both spouses are entitled to keep all of their own or separate assets. Non-marital assets are classified as property acquired as a gift, through an  inheritance, or prior to the marriage, as well as property that is specifically protected by a valid prenuptial agreement. In some cases, disputes can arise if spouses argue over these items.  

Identifying Separate Property 

Distinguishing between marital and non-marital or separate property in a divorce is not always as simple as it may seem. One of the difficulties that can arise when trying to establish a non-marital asset occurs when the spouses have commingled or mixed non-marital and marital funds. Tracing is a method of following the flow of money or assets from their original source to demonstrate that they are indeed non-marital. This requires proof that the original source of the asset came from a gift, an inheritance, or ownership prior to the wedding. 

Proving the non-marital nature of inheritance money may require documents such as wills, trusts, and tax returns. These documents can establish the timing of when a spouse received the inheritance. Next, it must be proven that it has not been commingled with any marital funds, such as put in a joint bank account. If this occurs, then the non-marital asset can be transmuted into marital property, which is subject to division between both spouses. 

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Kane County divorce attorneysOne of the most difficult parts of the divorce process is the often division of assets. Married couples usually accumulate a significant amount of property during their marriage. When a couple decides to divorce, differentiating between martial property and non-marital property can become quite complex. Assets that were once considered personal, non-marital property can be transformed into marital property, which is then eligible for division. When property division issues become convoluted, it is best to hire a divorce attorney with experience managing complex property division during divorce.

Illinois Equitable Distribution Law

Illinois law regarding property division in a divorce follows a set of principles known as “equitable distribution.” Under the doctrine of equitable distribution, a couple’s marital estate is to be divided equitably, or fairly, according to each spouse’s needs and financial circumstances. There is no guarantee that each spouse will receive an equal share.

It is important to realize that only marital property is divided in an Illinois divorce. Marital property includes any assets which were acquired by either spouse during the marriage, and non-marital property includes assets which the spouses owned before the marriage as well as certain types of gifts and inheritances. Non-marital property is assigned to the original owner during a divorce. Asset division can become especially confusing when assets are commingled or mixed.

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