The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

Initial Consultations via ZOOM Available

kendall county divorce lawyerAsset division during divorce can sometimes exacerbate acrimony between the parties, especially if the dispute involves inherited assets. Under Illinois law, inheritance is considered non-marital property. However, ascertaining whether the inherited property ever shifted into marital property can be complicated. Once inherited assets are commingled with marital property, the inherited property can become marital.

A divorce attorney proficient in inheritance matters can help identify whether inherited assets are marital or non-marital. Additionally, a divorce attorney can help draft or modify marital agreements that protect your inheritance or your rights to an inheritance.          

Means of Inheritance Protection

If a married person wishes to ensure that their inherited assets remain non-marital property, there are several ways to do so.

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aurora divorce lawyerIn the United States, pets are often treated and considered family members. Their devotion is clear, as nearly $70 billion is spent annually on pets, according to the American Pet Products Association (APPA). The 85 million families who own at least one pet, which accounts for 67 percent of American households, demonstrates how massive the pet industry is to the economy. The bond between some owners and their pets is intense.  

According to a Human Animal Bond Research Institute (HABRI) study, 79 percent of pet owners confirm their pets reduce stress. Owning a pet could also minimize cardiovascular disease and depression. So, when divorcing spouses dispute the custody of their family pet, it is sometimes as stressful and hostile as a child custody battle. Deciphering the ownership and visitation rights of a pet can be complex. A family law attorney skilled in both child and pet custody disputes can help strategize and determine pet ownership and responsibilities.

The Best Interest of the Pet 

If both spouses purchased the family pet together while married, the court might assess the following aspects and potential circumstances to determine the pet’s best interest. 

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kane county divorce lawyerIllinois law affirms that retirement accounts classified as marital property are subject to equitable property division during divorce.  A Qualified Domestic Relations Order (QDRO) is a court order that obligates the contributing party to pay the alternate payee or dependent a portion of their retirement account.  A divorce attorney proficient in the complexities of complex property divisions can prepare a fair and straightforward divorce settlement that adequately addresses retirement benefits. 

Qualified Domestic Relations Order (QDRO) in Divorce

Included in a divorce decree, the legally-binding QDRO specifies the division and disbursement of retirement accounts. A QDRO can incorporate assets from more than one retirement fund. Alternate payees have the option to roll over the assets into their own retirement accounts. They can elect a lump sum, but those funds are typically taxable. Alternate payees also have the option to choose future installments, allowing them to control the investments of their shares.  

QDROs are essential for the division of employer-based retirement plans, such as 403(b)s and 401(k)s. They must adhere to the Employee Retirement Income Security Act (ERISA) guidelines. Traditional and Roth Individual Retirement Accounts (IRAs) are not included in QDROs. Instead, IRAs are divided through a process called "transfer incident to divorce," which occurs once the divorce is complete. 

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b2ap3_thumbnail_shutterstock_1696146232.jpgWhen two partners file for divorce, they can expect to face a lot of complicated questions and strenuous processes. One of the most complex aspects of getting a divorce is having to divide the assets that two spouses once shared. 

From bank balances and investments to vehicles and houses, there is a lot to consider when it comes time to analyze the assets and determine who will receive ownership of which assets. One very important asset that couples are often perplexed by is inheritance. 

What is Considered Marital Property in Illinois? 

There are two types of property to be aware of in an Illinois divorce: marital property and non-marital property. Marital property refers to any and all assets that were acquired at some point after the marriage was official. In other words, marital property is any property that you and your spouse acquired together while married. 

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aurora divorce lawyerMore and more couples in the United States are filing for “grey divorce,” or divorce in their 50s and beyond. The financial needs and priorities of couples divorcing in their later years are very different from younger couples. Children are usually grown and out of the house, and both spouses may be retired

One of the hardest parts of getting divorced later in life is managing the division of marital assets. Spouses may disagree about whether there should be spousal maintenance, how savings accounts should be divided, and whether to sell their home or allow one party to continue living in it. It is important to identify your current and future desires and needs when making important financial decisions during divorce so that you can be prepared to move forward with your life after divorce with stability. Here are some important things to consider. 

Is There a Mortgage on the Home? 

If at least one spouse wants to keep the home in the family and there is a mortgage on the home, he or she will have to refinance the mortgage so their spouse is no longer responsible for the loan obligation. This is usually done by buying out the other spouse’s equity and taking on all future costs associated with the home. If that proves to be too much money or work, the cost of selling the house later on will be managed by just one spouse. However, if the house is sold during the divorce process, the costs, fees, and realtor commissions will come out of the house’s proceeds and spouses will share the remainder. Tax considerations may also affect this decision. 

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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