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Equitable Distribution: Are Businesses Separate or Marital Property?

 Posted on March 25, 2015 in Property Division

Illinios divorce attorney, Illinois family law attorney, marriage, business, asset division,Divorce is never a pleasant process, but understanding the procedures can make ending your marriage a lot less complicated. Divorcing spouses should know the difference between separate and marital property, as well as the meaning of “equitable distribution.”

Generally speaking, separate property is any asset that a spouse owned prior to the marriage. It also includes inheritance, compensation for a personal injury, and certain gifts received during the marriage. Marital property involves just about every other asset that the couple acquired during the marriage.

Illinois is an equitable distribution state. This means the courts will split property equitably—as opposed to “equally.” When dividing property, the courts will review your assets and determine which are marital property and which are separate property.

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Estate Planning Changes after a Divorce

 Posted on March 11, 2015 in Finances & Divorce

Illinios divorce attorney, Illinois family law attorney, marriage, insurance policies,With so many issues to consider in a divorce, from property division, to child support, to spousal maintenance, separating spouses may forget to think about their estate and estate planning documents. However, spouses should take specific estate planning changes after a divorce in order to ensure that their ex-spouse no longer has rights to anything after the separation.

Changes to the Will

First, spouses should review their will. Most married couples designate their spouse as the main beneficiary of their will, either giving all or the majority of their estate to their spouse. Many divorcing spouses do not want their soon-to-be ex-spouse to inherit any of their estate. Of course, spouses that are currently going through a divorce have property that is still combined, which will most likely be divided equitably. However, spouses can rewrite a will to protect themselves during the divorce and into the future.

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Property Division and Mortgages in Divorce

 Posted on March 02, 2015 in Property Division

Illinios divorce attorney, Illinois family law attorney, marriage, asset division,When spouses divorce, they lose a lot more than a long-term relationship. The end of a marriage can mean the loss of property, social circles, and even custody of children. Property division is one aspect of divorce that often leads to disputes.

Most spouses quickly learn that there are two main categories of property: separate and marital. Separate property includes any property that one spouse owned before the marriage. It may also include inheritance or a gift from a third party. Marital property, however, includes just about everything that the couple acquired during the marriage.

 When it comes to mortgages, however, many divorcing spouses have a long list of questions and concerns. This article will discuss the ways that divorcing couples can handle a mortgage.

What Happens to a Mortgage after a Divorce?

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Understanding Marital Finance during a Divorce

 Posted on February 20, 2015 in Finances & Divorce

Illinios divorce attorney, Illinois family law attorney, property division, divorce negotiations, As most people who go through a divorce are aware, ending a marriage involves a lot more than filing paperwork and relocating. Although each case is unique, many divorcing spouses must deal with complicated child support and custody negotiations, property division, or alimony. Understanding how the law relates to your divorce can make the process a whole lot easier. Marital finances during a divorce can become particularly stressful. In addition to transitioning into a single income, divorcing spouses may not understand how to manage credit cards and other financial accounts. This article will provide some helpful insight into the monetary side of divorce:

 Joint Credit Cards

 According to Creditcards.com, creditors do not necessarily recognize a divorce ruling. Debt is debt, and as far as a credit card company is concerned, couples are responsible for paying joint debt when the marriage ends.

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Two Common Divorce Myths

 Posted on February 18, 2015 in Property Division

Illinios divorce attorney, Illinois family law attorney, parental rights, asset division,Like many other legal fields, divorce is a complex process that can be emotionally overwhelming. Adding to the confusion are the many myths that circulate the Internet. Because each case is unique, the outcome of one person’s divorce is not a good indicator of what yours will yield.

Sometimes, acting upon divorce myths can compromise your interests. For example, many husbands believe that the mother automatically will receive custody of the child, so they do not attempt to fight for custody. The truth, though, is that the courts do not view the mother as the default parent. Consulting a family lawyer is the easiest way to separate fact from fiction when it comes to divorce.

Myth 1: Prenuptial Agreements Are Permanent and Non-Negotiable

Prenuptial agreements, or “prenups,” are popular among wealthier individuals. The goal of signing a prenup is to protect a person’s wealth and assets if the couple decides to divorce.

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Billionaire Divorce Case Puts Prenuptial Agreement Laws in the Spotlight

 Posted on February 13, 2015 in Property Division

Illinios divorce attorney, Illinois family law attorney, prenup,A recent divorce case made headlines when a billionaire’s wife alleged that her marriage started under coercive circumstances. Since then, reports have gone back and forth, with both sides demonstrating their perspective of the failing marriage. Now, new details have surfaced that might threaten the husband’s interests.

According to the media reports, the wife claims her husband made it difficult for her to visit their homes in New York, Aspen, Hawaii, and Miami. She also claims that he limited access to her credit cards.

One of the trickier aspects of the ongoing battle is that the wife did, in fact, sign a prenuptial agreement. However, that has not stopped her from trying to convince the court to throw out the document.

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Alimony Modification in Illinois

 Posted on January 20, 2015 in Spousal Support

Illinios divorce attorney, Illinois family law attorney, alimony reform lawsAs more women tend to work outside the home and lead independent lives outside of their husbands, the issue and necessity of alimony — or spousal support — has come into question in recent years. Many states have recently passed alimony reform laws; some abolish the practice of lifetime alimony payments, others make it more difficult for ex-spouses to prove the need for financial support. In Illinois, for example, ended lifetime alimony and passed legislation that ends alimony payments when the ex-spouse receiving alimony begins to cohabitate with a new partner. Other states, Massachusetts for example, caps the number of years or months during which alimony should be paid based on the duration of the marriage. According to Forbes, this is dangerous water to tread for many women facing divorce.

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Pet Custody in Illinois Divorces

 Posted on January 14, 2015 in Property Division

Illinios divorce attorney, Illinois family law attorney, DuPage County divorce lawyer,With most estimates putting the divorce rate just below 50 percent, plenty of American parents have gone through the stress of child custody battles. However, what many divorcing couples do not consider is the controversy that can result from fighting for the custody of pets.

According to reports, disputes over pet custody are becoming more common. In fact, one organization has introduced a prenuptial agreement that outlines who keeps the family pets in the event of a divorce.

Who Keeps the Pet in Illinois?

 While any pet-loving family is bound to view their precious dog, cat, or other kind of pet as a member of the family, the state of Illinois views them as a form of property. Therefore, it is important to understand the laws concerning property division.

Generally, there are two types of property: separate and marital. If the pet was the “property” of one specific spouse prior to the marriage, that person will have the legal rights to own the pet after the divorce completes. If the couple acquired the pet after marriage, however, the courts will consider the animal to be marital property.

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Legal Guardian: What Happens When Neither Parent Can Take Care of a Child?

 Posted on January 07, 2015 in Guardianship

Illinois child custody attrorney, Illinois family law attorney, best interest of the child,Child custody disputes are never easy. They are often laborious and lengthy, and they may involve a number of heated disagreements and emotions.

Custody disputes may become even more complicated when they involve more than one child. Divorcing spouses with children often have a very difficult conflict ahead of them, but many wonder what happens when neither parent is capable of — or wants to — take care of the children?

Because every divorce and child custody dispute is unique, it is wise to seek help from a legal professional to review your case. Marital, divorce, and custody law is a complex field for those who are inexperienced, so it can be incredibly beneficial to consult a lawyer. This is true for both parents and potential guardians.

Why Might Parents Be Unable to Receive Custody of the Child?

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Establishing Paternity: Exercising Your Rights under the Illinois Parentage Act

 Posted on December 05, 2014 in Paternity

paternity test, Illinois paternity laws, Illinois family law attorneyFor whatever the reason, your quest for establishing paternity is both a personal and legal right awarded to those residing in Illinois under the Illinois Parentage Act of 1984 (750 ILCS 45). The law establishes this action for both married and unmarried parents and is established by presumption, consent or judicial determination. The quest to determine paternity can be initiated by the natural mother, a father presuming he is the child’s father or in some instances when the child is requesting clarification of paternity.

According to Illinois Legal Aid, an agency dedicated to assisting Illinois residents with legal guidance, paternity is defined as the relationship between a father and his child. Once legal paternity has been established, the father is entitled to rights as well as responsibility for the child, often including visitation rights, custody and child support.

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