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North Aurora property division attorney

Divorce is a major event that can change nearly every aspect of your life. Unsurprisingly, this is why divorce is considered the second-most stressful life event you can go through, while dealing with the death of a family member or friend is typically number one. During a divorce, emotions can run wild, changing the personality and demeanor of even the most steadfast people. It is easy to make mistakes during your divorce process because of this, but it is crucial that you try to avoid making the following mistakes whenever possible:

  1. Do not try to “DIY” your divorce. Although it is possible to get a divorce on your own without a lawyer, it is not recommended. Divorce is complicated, and an attorney can ensure you are aware of the laws that apply to you and your rights in the decisions involved in ending your marriage.

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DuPage County legal separation attorney

Making the decision to end your marriage is not one that is usually taken lightly. For most couples, it takes years for the marriage to break down to a point that one or both spouses realize it would be for the best to no longer stay together. Getting divorced is a final, absolute process that cannot be reversed once it is completed. Because of this, many couples turn to a less permanent form by legally separating before they make the decision to get divorced. A legal separation can be a useful tool for many couples if they are unsure they want the finality of a divorce.

Legal Separation Versus Divorce

At face value, a legal separation looks very similar to divorce. However, the outcomes are very different. When you obtain a legal separation, you must meet the residency requirement of living in Illinois for at least 90 days prior to filing. Next, you must file a petition to separate, which must include proof that you and your partner are living separately from one another. The two of you can then address issues such as spousal support, division of property, child support, and child custody.

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DuPage County prenuptial agreement attorneyThe idea of planning for your divorce before you are even married can seem counterintuitive to many, unromantic to some, and just plain wrong to others. While nobody wants to admit it, the prospect of getting divorced is a very real one. Depending on the source, the divorce rate in the United States fluctuates between 40 and 50 percent. Although prenuptial agreements may still hold a negative stigma, they are becoming more popular than ever, for a couple of reasons. For one, the average age of marriage has increased dramatically from what it was just a couple of decades ago. People who are older tend to be more established and have more assets and property that they want to protect. If you are thinking about getting a prenuptial agreement, the following are a few ways it can benefit you and your spouse:

You Get to Choose How Your Property Is Divided

In a prenuptial agreement, you can spell out which specific property is given to whom in a divorce. This means you do not necessarily have to follow state laws on property division. Illinois divides marital property on an equitable basis, which does not necessarily mean equally. Judges use a specific list of factors to determine how property and debt are divided fairly. With a prenuptial agreement, you can divide your property as you see fit, and can also guarantee that certain assets, like family heirlooms or family pets, will stay with you.

You Can Protect Your Business

Another way prenuptial agreements can be beneficial is for protecting any businesses or professional practices that you own or may own in the future. If you state that your spouse has no right to any portion of your current or future business, then you maintain sole ownership, rather than having to split it. Under Illinois law, if you start a business while you are married, your spouse has a right to a portion of that business. Likewise, if you already have a business before you are married, your spouse is entitled to a portion of the profits or growth that accumulated during the marriage.

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Illinois divorce attorney, Illinois family lawyer,Getting a divorce -- or dissolution of marriage, as it is called in Illinois -- means the marriage between you and your spouse will be legally terminated. One your divorce case is approved by a judge and he or she has given you a Judgement of Dissolution of Marriage, both you and your former spouse will be free to remarry and can resume your former name, if applicable. Getting a divorce can be a very long and complicated legal process, so it is important to understand the basics before you begin the process.

Filing the Petition

To officially begin the divorce process, you must first file a Petition for Dissolution of Marriage in the circuit court of the county in which either you or your spouse resides. To file this petition, either you or your spouse must be a resident of Illinois for at least 90 days and you must be able to prove that you and your spouse have irreconcilable differences. Once the petition is filed, a copy of the petition will be served to your spouse.

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Illinois divorce attorney, Illinois family lawyer, Illinois child support lawyer,The process of allocating assets during a divorce is often one of the most contentious issues between couples. The state of Illinois practices equitable distribution of assets and liabilities, rather than equal distribution. This means that there is nothing saying a judge has to assign half of the marital estate to each spouse -- one spouse could end up walking away from the divorce with more money or more debt. Because of this, some spouses may be tempted to cover up assets so they may keep them for themselves. Illinois courts strongly recommend that couples try to come to an agreement on property distribution on their own, but this is not always possible, especially if both spouses are not willing to be truthful with each other.

This is often the step of the divorce process in which “discovery” comes into play. Discovery is the exchange of information between the two spouses and their attorneys. During this step, both spouses are required by law to be fully and completely transparent about the issue at hand. This means each spouse must disclose any and all assets, including both marital and non-marital assets.

The Role of a Forensic Accountant

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Illinois divorce attorney, Illinois family lawyer, Illinois child custody lawyer,There are many reasons why couples get divorced. Infidelity, financial problems, lack of commitment and different priorities are all common reasons why couples choose to get divorced, but they all typically contain one major common theme -- a lack of trust. When you no longer trust the person you are married to, it is difficult to have a successful marriage. During a divorce, it is not uncommon for one or both spouses to have assets that they have attempted to hide from the other. While this may seem like a good way to keep your spouse from getting certain things in a divorce, it is illegal. Full disclosure is required in divorces. If you feel like your spouse may be hiding things from you, here are a few ways you can try to uncover hidden assets in your divorce: Look Over Tax Returns A good place to start looking for hidden assets is on your tax returns. Pull your tax returns from the last five years and examine them carefully. You should be looking for any inconsistencies in the returns, such as inconsistencies in income, itemizations of assets, real estate taxes, mortgage interest. Keep an Eye on Your Bank Accounts Take a look at your joint bank accounts. Are there any canceled checks from your checking account? Are there unusual withdrawals or deposits into your checking or savings accounts? If so, you may be dealing with a spouse who has attempted to hide money from you. Make sure you get copies of all bank account statements to use in court. Utilize Public Records

Public records can be extremely helpful when you are looking for hidden assets. Some jurisdictions allow you to access certain public records online, but all jurisdictions have public records on hand at the courthouse. When looking through public records, you should focus your attention on:

  • Property deeds;
  • Real estate appraisals;
  • Tax assessments;
  • Loan applications; and
  • Business records.

Team Up With a DuPage County Asset Discovery Attorney

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Illinois divorce attorney, Illinois family lawyer,While you and your spouse were married, you probably accumulated quite the collection of assets, which can range from money in the bank to vehicles and real estate. Many couples who divorce own a home together, which can be difficult to deal with when it comes time to split your assets during the divorce. If you and your spouse purchased the house during the marriage, your house will be considered marital property. If one of you owned the home prior to tying the knot, then your home may be considered non-marital property unless you and your spouse refinanced the mortgage or put both of your names on the deed to the home. There are basically three options that you and your spouse have when it comes to dividing the value of your home: you sell the house, one of you keeps the house, or you both keep the house. Everyone’s situation is different, so what may work for other people may not work for your family. Before you make the decision, you should weigh the pros and cons of each option. You Sell the House The easiest thing to do for most couples would be to sell the house, split the proceeds, and go their separate ways. This option is obviously ideal for couples whose home has appreciated in value, but couples whose home has depreciated in value may want to look at other options. If the house has appreciated in value, capital gains may be owed on the sale of the house and both spouses will be responsible for paying half of the bill. One Spouse Keeps the House This can be a tricky option. If one spouse wants to keep the family home, that spouse will have to become the sole owner of the home. To do this, the spouse will have to refinance the house with a new mortgage. The new mortgage would take the spouse’s own creditworthiness into consideration when refinancing and your interest rate could go up if this happens. You may also need to buy your other spouse’s half of the home from them, which could become expensive. You Both Keep the House Though it may be rather unusual, some couples may agree that the best option is to keep the home as a jointly owned asset. Most of the time, this is a short-term option for couples who either do not immediately qualify for a new mortgage, do not have the funds to buy out each other’s half, or just do not want to sell the house because of the children. Consult with an Aurora, IL Property Division Attorney

Making the decision of what to do with the family home can be a tough one. Home is where you make memories and many people have a tough time letting go of that. If you are unsure of what option would be best for you and your family, a knowledgeable DuPage County property division lawyer can help. At the Law Office of Matthew M. Williams, P.C., we have extensive experience valuing and dividing all kinds of marital assets, including family homes. For more information or to inquire about a consultation, call our office today at 630-409-8184.

 

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Illinois divorce attorney, Illinois family lawyer, Illinois parenting time and responsibilities lawyer,Divorce brings with it a plethora of things that you must settle before you can finalize your divorce. Just one of the many things involved in a divorce is property division. When you are married, you and your spouse share almost every aspect of your lives together. Though this makes your life easier while you are together, it can make for a tough time when you get a divorce. Property division can often turn even the most peaceful of divorces into screaming matches. Here are a couple of things that you should know about Illinois property division before you settle your divorce:

Illinois Is an “Equitable Division” State

In the state of Illinois, property division is divvied up in a way that is equitable, rather than equal. This means that all factors will be looked at before determining which spouse gets which property. This also means that property division will not always be 50/50. If the judge feels that one spouse should receive more property than the other, then he can award that spouse more.

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Illinois divorce attorney, Illinois family lawyer,Everyone knows that divorces are expensive, but they cost a whole lot more than just money -- they also cost you precious time, energy and emotional stress. Money is one of the biggest stressors in both marriage and divorce, which is why divorces can be so tense and combative. There are many complicated decisions you must make during a divorce and a good amount of them revolve around your finances. The decisions that you make about your finances when you get divorced are decisions that will affect you for a good portion of your life. Try to avoid making these four common financial mistakes during your divorce:

Not Having All of You and Your Spouse’s Financial Documents on Hand

Preparation is key when it comes to divorce. You will want to make sure that you have all of you and your spouse’s financial documents before you begin to negotiate who gets what. Make sure you have bank statements, credit card statements, mortgage and loan information and any other relevant financial documents on hand. If you think that your spouse is hiding assets from you, let your lawyer know. They will be able to help you uncover any hidden assets.

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divorceWhen it comes to divorce, there can be a lot of confusion around how it works, the legalities of it and how it affects you in the long run. Some of this confusion can be attributed to the difference in laws between states, some can be contributed to the portrayal of divorce in movies and television, but much of the confusion surrounding divorce is because no two divorces are the same. Stories that you hear about other people and their divorces can be misleading because much like people, no two divorces are the same. Allowing yourself to be consumed by divorce myths can be detrimental to your divorce success. Here are four common divorce myths and the realities behind them.

If You Cheat, You Will Suffer in the Divorce

The notion that adulterers lose in a divorce is an antiquated one. While cheating brings about many types of issues and can be emotionally damaging, Illinois does not recognize cheating as grounds for making decisions about divorce-related matters. The Illinois Marriage and Dissolution of Marriage Act states that one of the purposes of the Act was to “eliminate the consideration of marital misconduct in the adjudication of rights and duties incident to dissolution of marriage.”

Mothers Always Get Custody of the Children

This myth is also antiquated. In Illinois divorces, the mother does not automatically get custody of the children. Courts prefer children to be raised by both parents and will usually only award the majority or all parenting responsibilities when it would not be pertinent or in the best interest of the children to award parenting responsibilities to both parents.

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Illinois divorce attorney, Illinois family lawyer, Illinois child custody lawyer,It is extremely important to understand your financial situation, especially if you are getting a divorce. It is not uncommon for people to try to keep certain assets from their spouses when it comes to dividing them during a divorce. Unfortunately, nearly 15 million Americans reported that they have at least one bank account or credit card account that their live-in partner does not know about. Though you may think it is difficult to figure out if your spouse is hiding assets from you, it can become obvious if you know what you are looking for. Here are five signs that your spouse may be hiding something:

You Notice an Increase in Transactions on Your Bank Statements

You should know your spouse’s spending habits better than anyone. If you notice unusual transactions or purchases, it could be a sign that he or she is trying to cover their trail. An increase in large purchases, such as cars, artwork or jewelry could be a sign that your spouse is trying to convert their cash to physical assets. Unusual ATM transactions could be a sign that your spouse is moving money from a joint account to a secret account.

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divorceIn a divorce, things can get ugly and they can get ugly fast. Once you have made the decision to separate from your spouse, the last thing you want to do is spend months, even years, arguing with them over certain things, attending court hearings, and waiting for the courts to finalize everything. This is the case for many couples who cannot come to an agreement on things. When you make the decision to divorce, you want the divorce to go as quickly and as smoothly as possible. This is where a joint simplified dissolution of marriage may come in handy. What Is a Joint Simplified Dissolution of Marriage?

This type of divorce is an uncontested divorce, meaning there are not any points of disagreement or argument between the two parties who are getting divorced. Generally, for the divorce to be uncontested, both spouses have to agree on:

  • Division of the marital property;
  • Spousal support;
  • How marital debts will be paid off; and
  • Any other issue arising from the marriage.
A joint simplified dissolution is entered into willingly by both parties and essentially expedites your divorce, but there is a catch - not all couples can use the simplified version of divorce. Qualifications for a Joint Simplified Dissolution of Marriage

The Illinois Marriage and Dissolution of Marriage Act states that the only couples who are eligible to use this process are couples who meet all of the following set of criteria:

  • Neither spouse is dependent on the other for support;
  • Both spouses waive their rights to support;
  • At least one spouse has been a resident of the state of Illinois for at least six months prior to the divorce petition;
  • Proof of irreconcilable differences has been met;
  • No children were born of the relationship, the couple did not adopt a child and the wife is not pregnant with the husband’s child;
  • The marriage did not last longer than eight years;
  • Neither spouse has property or retirement benefits, or the retirement benefits are held in separate accounts and are less than $10,000 in value;
  • The total value of all marital property is less than $50,000;
  • The combined gross annual income from all sources is less than $60,000 and neither spouse makes over $30,000 annually;
  • Both spouses have disclosed all of their assets, liabilities and tax returns during the marriage;
  • Both spouses have formed a written agreement dictating the division of assets, debts, and liabilities; and
  • Both parties have agreed upon who is responsible for any companion animals.
Contact a Skilled Kendall County Divorce Lawyer

Although not all couples are eligible for a joint simplified dissolution, some couples are. Joint simplified dissolutions are the easiest and quickest way to get an uncontested divorce finalized. If you think that you might qualify for a simplified dissolution, or if you are unsure if you qualify, you should contact an Aurora divorce attorney to discuss your situation. The Law Offices of Matthew M. Williams, P.C. can help you figure out the best way to file for your situation. To set up a consultation, call the office at 630-409-8184.

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Illinois divorce attorney, Illinois family lawyer, Illinois child support lawyer,Prenuptial and postnuptial agreements have long been considered taboo or unromantic. While it is probably close to one of the most unromantic topics you could discuss, divorce is a possible reality for any married couple. Entering into a prenuptial or postnuptial agreement can help you if you do decide to get a divorce somewhere along the road. Ironically enough, these kinds of agreements can also help you during your marriage, too, which is one of the reasons why they have become more popular.

What Is a Postnuptial Agreement?

Both prenuptial and postnuptial agreements are legal documents that can outline certain things in the event that a marriage ends in divorce. Unlike prenuptial agreements, which are signed prior to the marriage, postnuptial agreements are ones that are formed and signed after a couple is already married.

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Illinois divorce attorney, Illinois family lawyer, Illinois child support lawyer,When you are getting a divorce, you must come to an agreement with your spouse about how your assets will be divided. If you cannot come to an agreement, you will have to go to court and the judge will decide what is fair. Either way, dividing your assets can be a big headache, especially if you have large assets such as a house, cars, retirement or pension plans, stocks, brokerage accounts or businesses. It can be difficult to determine what is fair when it comes to distribution of your assets, but when it comes to Illinois law, there are certain criteria that judges use to make these decisions. Determining Marital Property vs. Non-Marital Property

The first thing a judge will do in a division of assets proceeding is determine which property and assets are marital property and which are not subject to division. The Illinois Marriage and Dissolution of Marriage Act outlines the types of assets and property that are considered marital and non-marital property. According to the act, marital property is any property, including debts and other obligations, acquired by either spouse during the marriage, except:

  • Property acquired by gift, legacy or descent and any property acquired in exchange for this property;
  • Property acquired in exchange for property acquired prior to the marriage;
  • Property acquired by a spouse after a legal separation; and
  • Property excluded by a prenuptial or postnuptial agreement.
Equitable Distribution of Marital Property

When a judge is left to decide which spouse gets which property, they must consider certain factors that are outlined in the act. These factors include:

  • Each spouse’s contribution to the acquisition or increase or decrease in value of the property;
  • The contribution of a spouse as a homemaker to the family;
  • The dissipation of the marital property by each spouse;
  • The value of the property;
  • The duration of the marriage;
  • Relevant economic factors of each spouse;
  • Any obligations from a prior marriage;
  • Any prenuptial or postnuptial agreements;
  • The age, health, occupation, income, skills, employability, liabilities and needs of each spouse;
  • The custodial provisions for any children;
  • The prevalence of any spousal maintenance;
  • The opportunity of each spouse for future assets or income; and
  • The tax consequences of the division of property.
The act also specifies that property and assets are divided without regard to any marital misconduct. Contact a DuPage County Divorce Attorney

If you are going through a divorce, you probably know about the stress and difficulty that comes with dividing your assets. Though dividing your marital assets can be troublesome, it does not have to be--with the help of an Aurora divorce attorney, your assets can be divided equitably and in your favor. Contact the Law Office of Matthew M. Williams, P.C. to begin discussing your case. Call 630-409-8184 to schedule a consultation.

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Posted on in Division of Property
Illinois divorce attorney, Illinois family law attorney, Illinois divorce laws,As a couple goes through divorce negotiations and subsequent court proceedings many decisions are made as to who gets what, and how much they get. These decisions involve the house, children, savings and investments and other marital assets. Another decision that often results in much emotion is resolving the eventual resident of the family pet.

New Law Now in Effect

Previously, pets were treated as furniture or other inanimate possessions in divorce negotiations over marital property division. However, as of the start of 2018 in Illinois, a new law now gives a judge the right to determine if one spouse would be a better pet owner than the other. The individual who takes on more of the responsibility for pet care during the marriage now has a better chance of retaining ownership after the divorce.  Things to consider include:
  • Who purchases the pet food and other care items.
  • Who takes the pet for their regular vet visits.
  • Who walks or exercises, and/or cleans up after the pet.
  • Who spends leisure time with the pet.
All these things may now weigh in a judge’s decision as to who receives custody of the family pet. The law was sponsored by a member of the state legislature who served in volunteer positions with a zoo and humane society. She insisted that because animals have feelings and emotions it was necessary to consider a pet’s post-divorce placement with greater care. A study among divorce lawyers showed that, until very recently, courtroom battles between divorcing spouses often include disputes over pet custody, with dogs figuring in about 96 percent of those cases. However, more recently it was learned that pet custody disputes were more likely to be settled outside of court, through negotiations between the couple. This new law may increase those instances as parties are now aware of how a court may decide the matter, further clarifying one person’s claim to pet custody over the other.

Secure Your Future with Help from an Experienced DuPage County Divorce Attorney

If you are going through a divorce, it is important to work with a seasoned Aurora divorce lawyer to ensure a fair and equitable settlement of marital assets. The Law Offices of Matthew M. Williams, P.C. will work diligently to ensure you receive the best possible outcome possible. Contact our office today at 630-409-8184 to schedule a consultation to discuss all the options available.

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Illinois divorce attorney, Illinois family law attorney, Illinois divorce laws,When a married couple decides to divorce everything they have obtained, amassed and created together suddenly becomes a desired possession by one party or the other, but very frequently property and assets are sought by both adults. The matter of property division is one that tends to increase the level of stress and cause prolonged court battles.

Understanding the Process

Along with the help of a knowledgeable divorce attorney with experience in matters of property division, it may be helpful to have a basic understanding of the guidelines Illinois judges refer to when faced with these matters. Consider the following information as a reference.
  • It happened that a couple owned two season tickets for the home games of a local professional sports team, but neither enjoyed the thought of continuing to attend games with the other once divorced. The wife even went so far as to file an emergency petition to obtain custody of the tickets. Eventually, the judge awarded the tickets to the husband but ordered him to purchase equal value seats for the wife.
  • Furthermore, Illinois law states specific measures that can be taken to protect property until such time a final plan for its division is finalized. One, for example, may file for a temporary restraining order or preliminary injunction to prevent the transfer, encumbrance or concealment of any property. Exceptions are allowed, however, if those transactions are a part of the normal course of business or required to sustain one’s life.
  • You should know that filing for a restraining order or injunction does not give that party more of a right to final ownership to the property, as all assets and property are considered equally in the court’s final adjudication and decision of property division.
In any divorce, the ultimate goal of the court is to consider both sides and come up with a plan for property division that is fair and equitable.

Rely on a Knowledgeable Illinois Property Division Attorney to Represent You

Every divorce has unique aspects that may create uncertainty and anxiety. Division of marital assets and property is a complex matter, but if you work with an experienced DuPage County divorce and property division divorce lawyer it can help ease the transition. The Law Office of Matthew M. Williams, P.C. uses a variety of resources and years of experience to divide marital property in an equitable manner. Contact our offices at 630-409-8184 to set up a consultation. During this meeting, you can learn more about the divorce process and get answers to all your questions.

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Posted on in Division of Property

Illinois custody attorney, Illinois family law attorney, Illinois divorce lawyer,Most couples going through a divorce are looking for a fair division of the marital assets, alimony and child support amounts they can live with, and, ultimately, the legal dissolution of a marriage that just was not working. However, every so often we hear about some really odd demands made by one party or the other that cause us to shake our heads in disbelief. Strange Demands, Strange Results Granted, divorce laws around the world vary greatly. Some tend to favor one party more than the other. Perhaps the only thing more strange than the demands made by the parties in these divorce cases, is that the judge actually granted them in finalizing the divorce decree. A Cambodian couple ordered to split their assets took things quite literally and divided their house in half. The husband towed his half away, perhaps to enclose it before the rainy season. A judge in Spain ordered a couple to divide their apartment in half as it was deemed best for the well-being of their two young daughters. In Australia a man had to dig up the remains of his parents, who he buried on his family property, after a judge awarded the property to his wife. A Nobel laureate who was divorced in 1988 had to pay his wife half of 1995 winnings because their settlement included a clause for any future Nobel winnings up to and including 1995. If he had won in 1996 his wife would have received nothing. In India, a man who claimed his wife spent all his money on ice cream, was ordered to pay $1,300 per month in support, and an additional $2.50 each month so his wife could buy ice cream. Of course, these stories all seem to border on the extreme, but the lesson is that if you feel you are entitled to something as part of your divorce there is no harm in asking for it. Work with an Experienced Aurora Divorce Attorney When it comes to dividing marital property as part of the final divorce settlement there is bound to be some disagreement among the parties. This is when it will pay off to find and retain an Illinois divorce lawyer that will work on your behalf to see that you receive everything to which you are entitled. When you rely on the Law Office of Matthew M. Williams, P.C. for help in pursuing your divorce, you will benefit from years of experience and their dedication to client satisfaction. You can schedule a free consultation when you call their offices today. Sources: http:/mentalfloss.com/article/23385/10-bizarre-divorce-settlements https:/www.oddee.com/item_99656.aspx" divorce are looking for a fair division of the marital assets,alimony andchild support amounts they can live with, and, ultimately, the legal dissolution of a marriage that just was not working. However, every so often we hear about some really odd demands made by one party or the other that cause us to shake our heads in disbelief.

Strange Demands, Strange Results

Granted, divorce laws around the world vary greatly. Some tend to favor one party more than the other.

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Illinois custody attorney, Illinois family law attorney, Illinois divorce lawyer,It was an issue first reviewed by the Illinois Supreme Court more than 35 years ago, and the justices ruled then that common law marriages would not be recognized in this state. This meant non-married, cohabiting partners, regardless of the length of their relationship, could not claim rights to property owned by the other person. This ruling was upheld earlier this month when the Illinois high court decided that unmarried domestic couples had no rights to a partner’s property when the relationship ends.

Marriage and Cohabitation Not the Same, When a Relationship Ends

Many couples do not believe marriage is the right way to affirm their relationship. In fact, there are many couples who live together for long periods of time, even outlasting their married counterparts. However, the end of a relationship not licensed by the state through marriage can provide for some drama when it ends if one feels they are entitled to part of the property and assets amassed during their time together. However, in its most recent ruling, the state’s high court again confirmed that division of certain property and assets held by unmarried couples was not subject to the same laws as those impacting married couples going through a divorce.
  • When first considered, the Illinois Supreme Court reasoned the issue as a way to uphold a policy that discouraged cohabitation of unmarried partners, and any children resulting from the relationship.
  • Despite a change in societal norms, the state only recognizes a partner’s rights when part of a legally licensed marriage.
  • The laws in Illinois pertaining to unmarried couples apply to both those in same-sex relationships, as well as straight couples.

Financial Tips for Unmarried Couples

Here are few things cohabiting couples should consider to avoid unpleasantness should the relationship end.
  1. Create a plan for paying shared obligations, such as rent or utilities.
  2. Schedule bill payments with a plan that prevents unnecessary debt or late balances.
  3. Alternate purchasing expensive items.
  4. Owned real estate, rather than rentals, can complicate matters. If you are helping with mortgage payments make sure your name is on the title.

Seek the Help of a Knowledgeable Illinois Divorce and Property Division Lawyer

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Posted on in Division of Property

Illinois custody attorney, Illinois family law attorney, Illinois divorce lawyer,When a marriage results in divorce, the end is usually not as simple as each spouse picking up and heading off in separate directions. Before a divorce decree is issued, the parties must go through the identification, valuation, and subsequent allocation of all marital property.

The Asset Division Process

In Illinois, when a divorce enters the asset division and allocation process, the law calls for an “equitable” distribution of assets, meaning “fair,” and not “even” or even 50-50. This includes:

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high end divorceDivorce is not always fraught with tension and difficulties between parties. Often amicable agreements and a shared understanding can make the process smoother. Either way, skilled legal representation is crucial to ensure all eventualities considered. Over 2,200 divorces and annulments in DuPage County occurred in 2013 alone, a number which equals about half of the marriages that took place. This demonstrates that divorce rates are significant and the process requires skilled legal advice and representation to navigate. This is more so in the cases of couples who have significant assets. These “high end” or “complex” divorces entail several more layers of analysis and an equally skilled divorce attorney.

Substantial Assets

There are several financial holdings that could contribute to a marriage accumulating significant assets. So, when it comes to dividing them and the “equitable distribution’ of assets, matters can get complicated. The court takes into consideration many factors to make a fair and just distribution of assets.

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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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