Posted on December 00, 0000 in Property 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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 Posted on December 00, 0000 in Property 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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 Posted on December 00, 0000 in Property 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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 Posted on December 00, 0000 in Property Division

Everyone knows that when you get divorced, your ex-spouse gets half of everything—unless you have a prenuptial agreement. That is just the way it works, right? Well, not exactly. Not in Illinois anyway, along with about 40 other states. The idea of an equal 50-50 split applies only to the nine states that maintain a standard known as community property in divorce. The remaining states, including Illinois, use what is called an equitable distribution standard, which may vary slightly from state to state, but generally requires a more in-depth consideration of a divorcing couple’s property and circumstances.

Determining and Valuing the Marital Estate

The equitable distribution guidelines in Illinois are contained in the Illinois Marriage and Dissolution of Marriage Act. The process begins with establishing which assets belong to the couple and which belong to each individual spouse. Those that belong to the couple include all property acquired by either spouse during the marriage with limited exceptions for gifts, inheritances, and judgments. Assets owned by either spouse prior to the marriage, along with the exceptions to marital property, are non-marital property and not subject to division. The value of the marital estate must also be determined, which may require the assistance of various experts, including real estate appraisers, financial advisors, and other professionals.

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 Posted on December 00, 0000 in Property Division

There is no question that we Americans love our pets. According to the ASPCA, as many as 80 million dogs and 96 million cats are owned throughout the country, with many households owning more than one. With so many pet-owners, it is inevitable that many dogs and cats will be caught in the middle of a divorce situation, leaving spouses to wonder what will happen to their furry friends.

Illinois Law Regarding Pets

While the Illinois Marriage and Dissolution of Marriage Acts contains specific provisions for the division of marital property and the care of a couple’s children, the law makes no reference at all to companion animals. While dogs and cats may be treated as full-fledged members of the family, the law officially considers them property, with no more rights than an end table or a piece of artwork. This means that, when left to the court to decide, the court must allocate responsibility for the pet based upon a calculated monetary value and the rest of the marital estate.

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 Posted on December 00, 0000 in Property Division

Workers’ compensation benefits are paid to employees who get hurt on the job. These benefits are for the benefit of both the worker and his or her family. But, what happens to workers’ compensation benefits during a divorce?

Are Benefits a Marital Asset?

Workers’ compensation benefits are considered an asset under Illinois family law. If the benefits are from an accident that occurred after the couple was married, the benefits are similar to any other income and are likely to be considered a marital asset. Even if the divorce was already filed, but not yet finalized, when benefits are awarded, they will most likely be considered a marital asset.

Workers’ compensation benefits can either be paid as a series of installments or as a single lump-sum, depending on the circumstances of the case. Judges in a divorce will divide the marital assets equitably, including the proceeds from any workers’ compensation claim. This does not mean both sides get half. Instead, the judge decides what would be fair considering several different factors.

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 Posted on December 00, 0000 in Property Division

Financial and property considerations can be very complicated parts of the divorce process. It is often difficult to determine who should get what, and how much is fair based on the specific circumstances of the case. For many couples, the concepts of dividing marital assets and spousal maintenance represent two, very separate ideas. In reality, however, they are often very closely related, and in many cases, decisions regarding one directly affects the other.

Spousal Maintenance

Spousal maintenance, or alimony as it is sometimes called, is intended to help a financially-disadvantaged spouse alleviate some of the economic impact of a divorce and a post-divorce life. To determine if maintenance is needed, in the absence of an agreement between the spouses, the court must take into account a number of factors regarding the marriage and divorce. These include each spouse’s income and needs, the contributions to the marriage and toward the earning capacity of the other, as well as the length of the marriage and the established standard of living.

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 Posted on December 00, 0000 in Property Division

For some, the most painful part of a divorce is the division of the marital property. Illinois law requires judges to divide the marital property equitably. This means dividing the property fairly based a set of factors. However, if your spouse is hiding assets, you are at a disadvantage. You may get less than your fair share of the marital property. While there are many ways to hide assets, often they are in plain sight if you know where to look.

Electronic Discovery

One favorite technique of fraudsters is to withdraw money over time from the marital bank accounts and deposit the money in a secret account. Sometimes the secret account will be in the name of a friend or romantic partner to help avoid detection. But, because almost everything is now online, chances are that your spouse either checks the balance online or gets regular account updates via email.

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 Posted on December 00, 0000 in Property Division

Divorce is a complicated topic. There is virtually no limit to the types of issues that can arise, and each case is as unique as the individuals and families involved. Dividing property in divorce is often among the most difficult considerations with which a couple must contend, and while the laws regarding the process are seemingly straightforward, their practical application is often quite complicated. This can be especially true regarding inherited property, or assets received by either spouse following the death of friend or family member.

What Does the Law Say?

According to the Illinois Marriage and Dissolution of Marriage Act, the marital estate—property that is subject to division in divorce—consists of all assets and debts acquired by either spouse subsequent to the marriage, with limited exceptions. Among the most prominent exceptions, however, is “property acquired by gift, legacy, or descent or property acquired in exchange for such property.” In other words, anything given to you as a gift or as inheritance is non-marital property, as are proceeds from the sale of gifted or inherited property. For example, if your uncle passed away and left you his home, you could still sell the home and keep the money as a non-marital asset.

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 Posted on December 00, 0000 in Property Division

In today’s society, nearly two-thirds of American married couples rely on the income of both parties. While not entirely gone, the idea of a single wage earner—primarily the husband in previous generations—providing for the entire family’s needs is quickly becoming a thing of the past. Whatever the reasons may be, such as failed economic policies, rising inflation, and other concerns, the change in the way a couple earns income has also led to a corresponding change in the approach to dividing property in divorce, if and when the time comes.

Income Disparity

Depending on the situation, it is very likely that the income of each spouse in a two-income marriage will be somewhat, if not drastically different. This is especially true if the couple has children, as one spouse may work a lower-paying job or reduced hours so as to be more available for the children’s needs. The end result is often one spouse making significantly more money than the other, contributing more directly to the family’s wealth and property.

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