In any divorce, dividing the marital assets can be a stressful process. Many spouses focus on the large and obvious assets, such as the marital home or the vehicles. Couples may forget that there are numerous other assets that should be considered when coming to an agreement on property division, including bank accounts, investment accounts, retirement funds, and even everything that you own inside your home. Property division can be complicated, but things can become even more complicated when a business is involved. If you are getting a divorce and you are a business owner in Illinois, it is important that you speak with an Illinois divorce attorney about your case.

Considerations to Keep in Mind About Divorce and Your Business

When you are a small business owner, your business is likely one of the most important and valuable assets that you own. As such, you are going to want to be sure that you do everything in your power to ensure a fair distribution of the business. There are also certain things that you should keep in mind about the structure of your business and how day-to-day operations will be run after your divorce is final. Here are a few tips to keep in mind when divorcing as a business owner:

If you and your spouse own a home or other real estate, and you are planning to get a divorce, you must determine a way to divide the value of the home. In Illinois, marital property is subject to division in an equitable manner if you get a divorce. This does not necessarily mean that the value of all property is split in half and given to each spouse. Instead, the marital estate will be distributed equitably between the spouses based on a variety of factors. This means that one spouse could end up getting a larger portion of the marital estate. With that in mind, it is extremely important that you know the true value of your home before you begin the asset division process. Having your home appraised is a simple way to do this.

Benefits of a Home Appraisal

Home appraisers are often used when people want to sell their homes. An appraisal is considered an official “market value” of what a home is worth, and it can then be used to price a home to sell. Even if you do not plan on selling your home, getting an appraisal is an important step in knowing what your home is truly worth. Once you have it appraised, the appraiser will provide you with official documentation of your house’s value. This document can be used as proof of your home’s value in court or in negotiations involving the division of property.

By far, one of the things that couples state is the most stressful during a divorce is the financial aspect of the proceedings. When you get a divorce, you and your spouse must come to an agreement as to how nearly everything the two of you own will be divided. This includes both tangible items, such as vehicles and your marital home, in addition to intangible assets and debts, such as bank accounts and credit cards. The courts encourage you to come to an agreement about the division of your property among the two of you, but that is not always possible. If the court must intervene, a variety of factors will be used to determine an equitable distribution of assets.

Dividing Marital Property

If you are like most married couples, you and your spouse probably jointly own most everything. This makes things easier during a marriage, but during a divorce, it can complicate matters. If you and your spouse both have your name legally attached to items such as vehicles, homes, other real estate property, or credit card debt, it may be confusing when it comes to dividing the property. Because many of these items cannot just be split in half, some creative methods are often used to accomplish the division in a fair manner.

"Divorce" and "peaceful" are probably two words that you never thought you would put in the same sentence together, but a peaceful divorce is not as rare as you might think. Amicable divorces are beneficial to everyone involved, especially if you have children. Having a peaceful divorce does not just happen by chance -- you have to not only want it to happen, but you also have to work hard to make it a reality. Although it takes two cooperating spouses to achieve a truly amicable divorce, there are certain things you can do to encourage a tranquil resolution. Below are a few tips to attain the ever-illusive harmonious divorce, which can help everyone with this major life transition. 

Be Respectful to One Another

There are a number of common reasons why couples get divorced, some of them being addiction issues (gambling, drugs, or alcohol), infidelity, or even domestic violence. Even though these issues can make it difficult to maintain respect for your spouse, keeping a mutual level of respect between the two of you is important to having a smooth divorce. Arguing or disrespecting your spouse in front of your children can make kids feel like they have to choose sides, which can be detrimental to their emotional well-being. The breakup of the family unit is traumatic enough, so do not add extra stress on them. 

When you tell people that you and your spouse have signed a prenuptial agreement, some may react with surprise. There are many benefits to getting a prenuptial agreement before you are married, but some people still feel a negative stigma against such documents. Although you may not have imagined your marriage would end in divorce when you were drafting the prenuptial agreement, it has now come to that point. Prenuptial agreements usually dictate how certain assets and property are divided in the event of a divorce, among other issues. However, if you no longer think the agreement is fair, can you do anything about it? It is important to know your options for contesting a prenuptial or postnuptial agreement if you find yourself getting divorced. 

Examining Your Prenup

Prenuptial agreements are legally binding documents, but they can be challenged. If you believe that your prenuptial agreement is not valid, you should contact your divorce attorney right away. He or she will be able to bring your concerns to the judge and will be able to help you examine the reasons why it would be unenforceable. Once the issue is brought to the court’s attention, a judge may invalidate specific sections of the agreement or even throw out the entire agreement. Here are a few common reasons why a prenuptial agreement may be found invalid:

There are many things that you share with your spouse when you are married. For some people, one of the most stressful parts of divorce is figuring out what you and your spouse have to do to finalize the legal process and disentangle your finances. Before you start dividing up your assets and debts, you and your spouse must determine which of your assets are considered marital property and which assets will remain personal, non-marital property. In cases in which one spouse receives an inheritance during the marriage, the inheritance is usually considered to be non-marital property and resides with the spouse to whom it was given. However, this may not always be the case, so it is important to understand how these types of assets are handled in an Illinois divorce.

Marital and Non-Marital Property

In the state of Illinois, there is a distinction between marital and non-marital property. According to the Illinois Marriage and Dissolution of Marriage Act, anything that a couple acquires during the marriage is considered to be marital property, aside from a few exceptions. One of those exceptions includes “property acquired by gift, legacy, or descent,” and inheritances fall into this category. In these instances, inheritances are typically not included in the marital estate alongside other property that is subject to division. With that being said, there are still some situations in which inheritance might still be subject to division during a divorce.

As much as marriage is an emotional and cultural bond, it is also very much a legal and financial partnership. When you are married, as far as the state of Illinois is concerned, what is yours is also your spouse’s, and vice versa. Although keeping finances completely separate is not impossible during a marriage, it is somewhat rare. When you get a divorce, untangling your finances can be a huge headache for both you and your spouse. For some people, divorce can even be the beginning of financial downfall -- but it does not have to be. Below are a few tips you can follow to help yourself maintain a sense of financial stability during and after your Illinois divorce.

Create a Post-Divorce Budget and Manage Your Expenses

One of the first things you should do is create a rudimentary budget to use after your divorce. If you are still early in the divorce process, you may not know exactly what all of your expenses or income will be after your divorce, but you do know that you should expect some changes. Keep in mind that you will have to budget for one income only, and you will probably have to determine new living expenses. This is also a good time to look at your spending habits and see where you can cut back. 

Many people’s idea of what a divorce entails is entirely formed by the experiences of people around them and what they see in movies and television shows. When you think of a divorce, you might remember how your aunt and uncle went head to head in a divorce case that lasted for two years, or you might recall television shows such as Divorce Court and how argumentative the divorcing couples could be. In reality, many divorcing couples are not as contentious as you might expect. Some couples are able to put their differences aside and complete their divorce in a peaceful and relatively simple manner. In situations like these, you may be able to file for an uncontested divorce. However, an uncontested divorce may not be for everyone.

What Is an Uncontested Divorce?

In the simplest terms, an uncontested divorce occurs when both spouses can resolve the marital issues of their divorce without taking their case to court. Most divorces involve major issues such as:

Getting a divorce involves dividing up almost everything you and your spouse own together, and the family home is no exception. For many couples, dealing with the family home is a point of contention, because it is often one of the most valuable marital assets to be divided. When you and your ex-spouse must figure out what to do with your home, there are typically three solutions that you could pursue: sell the home and split the profits, continue co-owning the home together, or have one spouse keep the home. There are many situations in which one spouse will want to continue living in the family home, especially if there are children involved. If you have come to the conclusion that you want to keep your home, you must then figure out how that can be accomplished. The following are a few steps you should take if you want to keep your house after your divorce in Illinois:

Figure Out What the Home Is Worth

Before you decide on anything, you have to figure out the value of your home and how much you will need to perform a buyout. First, you and your spouse should come up with a figure that you both can agree on as far as how much the house is worth. If you and your spouse cannot agree on a figure, you should hire a property appraiser to determine the home’s value.

Next, you will have to determine each spouse’s share of equity in the home. To do this, you would take the home’s value and subtract how much is still owed on the home. The resulting figure is the amount of equity you have in the home. Then, you will have to decide how much of that equity each spouse owns. In Illinois, property is divided in an equitable manner, meaning you do not necessarily each has a 50/50 share in the equity of the home, but your share should be fair.

If you are headed for a divorce, an amicable parting and division of marital property definitely is the best case scenario. However, it does happen when one party may attempt to conceal certain assets or even disguise the value of property in an attempt to get out of the marriage with more than the other party.

What to Look For and Where to Look

Here are a few things to look for when faced with a divorce, especially if you think it is something your spouse may have been planning for some time.