The Status of the Marital Home in Divorce

 Posted on December 00, 0000 in Property Division

When most people get married, they do so with the intention of sharing a life together. This usually means joint ownership of all assets and property, as well as shared responsibilities for incurred debts. During a divorce, as most people understand, the property that constitutes the marital estate must be divided equitably between the spouses. In some cases, though, determining whether a particular asset is part of the marital estate can be a little more challenging than in others. High-value assets like your marital home can be especially confusing if it was titled in the name of only one spouse. Is such a home considered marital property?

The Name on the Title

Determining if your home is marital property depends on several, fairly straightforward factors. Surprisingly to some, the name on the title means almost nothing in most cases. You and your spouse could have agreed to put just one name on the mortgage or title to obtain financial advantages. Such practices are fine and understandable, but have little bearing on the home’s status as marital or non-marital property.

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The Concept of Equitable Distribution

 Posted on December 00, 0000 in Property Division

For those who have never experienced divorce, there are often many myths and misconceptions that surround the process. One of the most common of these is the idea that when a couple gets divorced, each spouse is entitled to half of the couple’s property, regardless of where, when, or how the property was acquired. In Illinois, the reality is much different, as state law is very specific about what property is subject to division and that marital property is to be divided equitably, not necessarily equally.

Marital and Non-Marital Property

The first step in equitably dividing marital property in a divorce is determining what, exactly, is marital property. According to the Illinois Marriage and Dissolution of Marriage Act, any property that is acquired by either spouse in the course of the marriage is considered marital property. There are limited exceptions to this rule, as assets acquired by gift or inheritance are considered non-marital property. Once the marital estate has been established, the value of each marital and non-martial asset must be determined so that the next stage of the process can begin.

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Dealing with Debt and Protecting Your Financial Future in Divorce

 Posted on December 00, 0000 in Property Division

In an Illinois divorce, the property and assets of a couple are equitably (fairly) divided. What a lot of couples fail to take into account is that this process of division also applies to their debt. It does not just disappear, after all. Be prepared and protect your financial future. Know how to deal with debt during the divorce process, and how you can effectively protect yourself from debt that should no longer be considered “yours” once everything is completed.

Taking a Proactive Approach to Debt Before the Divorce

All too often, couples wait put off dealing with debt until the last possible minute, assuming it will all just work itself out during the divorce process. Unfortunately, this is not always the case. Instead, debt may be wrongly assigned to a party that cannot reasonably afford it. However, even if debt is equitably distributed during the divorce, failure to think ahead can come back to haunt the one who should have been “off the hook.” This can be especially true in situations involving joint debts, such as joint credit cards, mortgages, and other installment loans.

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Marital and Non-Marital Property in a Divorce

 Posted on December 00, 0000 in Property Division

During a divorce, questions often abound regarding which of the spouses’ assets will be considered marital property and, therefore, subject to division. As with most aspects of divorce, the law itself is relatively straightforward but its real-world application is often very complex. If you are considering a divorce, you should know what the law says and how it applies to your particular case.

Legal Definitions

The Illinois Marriage and Dissolution of Marriage Act (IMDMA) contains virtually all of the statutory provisions that govern the process of divorce in the state. The IMDMA specifies that, for the purposes of a divorce, marital property refers to “all property, including debts and other obligation, acquired by either spouse subsequent to the marriage,” with certain exceptions. These exceptions include:

• Property acquired by gift or inheritance;

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Understanding Dissipation: My Spouse Claims I Wasted Marital Money

 Posted on December 00, 0000 in Property Division

During a divorce, it is not uncommon for spouses to make all sorts of accusations against one another. Some, as you might expect, are fairly reasonable while others may border on the completely outrageous. One of the most common allegations that tend to arise in a divorce case is that of dissipation. Dissipation refers to the wasteful spending, intentional destruction, or negligent devaluation of marital property and is a very serious charge.

Why Does Dissipation Matter?

In the course of a marriage, spouses have the freedom to do whatever they want their property. The can spend frivolously, save carefully, or find a balance somewhere in between. Divorce law in Illinois provides, however, that once the marriage has begun to irretrievably break down, how each spouse spends money becomes a matter of interest to the other spouse. This is because Illinois law requires that the marital property of a couple shall be divided equitably between the parties during the divorce. If one spouse wastes assets before the divorce can be finalized, he or she denies the other spouse the opportunity to receive a share of those assets.

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Dividing Marital Property: Will I Get Half of Everything?

 Posted on December 00, 0000 in Property Division

When a couple gets divorced, one of the most contentious aspects of the process involves the identification and division of marital property. For many couples, the marital estate is a physical representation of their life together, making it very difficult for the parties to reach a reasonable resolution.

If you and your spouse cannot come to an agreement regarding your property, the issue will be left to the court to decide. Such a situation leads many to assume that the court will simply divide the marital estate into equal halves, and allocate 50 percent of the marital property to one spouse and 50 percent to the other. According to Illinois law, however, this is not exactly the case.

Equitable Distribution

The Illinois Marriage and Dissolution of Marriage Act provides that during a divorce, marital property is to be divided between the spouses in a manner that is equitable and just. The law does not promise or even imply that each spouse should receive an equal share. Instead, the court is required to consider the totality of the situation in determining how to allocate the marital estate.

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The Dangers of Hidden Assets in Divorce

 Posted on December 00, 0000 in Property Division

A divorce is rarely an easy undertaking and, in some cases, can be extremely complex, especially if you fear that your spouse is not being honest about his or her financial situation. Hidden assets can prevent the court from putting together an accurate assessment of the marital estate, which could affect not only the property division process but issues related to spousal and child support as well.

What is a Hidden Asset?

While it is possible for a spouse to hide assets while living in the marital home during the marriage, it becomes even easier to hide assets following a separation. If you and your spouse are living apart, he or she could have opened secret accounts, started working under the table, received gifts from friends, or made undisclosed investments. Hidden assets may also take the form of physical items like jewelry, furniture, artwork, and real estate.

Revenue streams and income are often hidden by a spouse simply neglecting to disclose them during the divorce proceedings. It is also possible for a spouse to ask friends or family members to hold on to certain items or assets until the divorce is finalized. Physical items may actually be hidden in a safety deposit box or other discrete places as well. Regardless of how an asset is hidden, if discovered, the court will not look favorably on the behavior and may even order sanctions to be paid by the offending spouse.

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Property Division in Divorce

 Posted on December 00, 0000 in Property Division

Going through a divorce is a complex issue both legally and emotionally. Many contentious issues must be decided on including, child custody, child support, and property division. When a house is part of the property that needs to be divided the tenants of divorce law are used to determine how the home or the home's value is shared between the spouses. It takes an experienced and insightful DuPage County divorce lawyer to navigate this treacherous legal terrain successfully.

Equitable Division

Illinois law controls how real property is divided in a divorce. Illinois is an "equitable division state." That means that the law does not require that marital assets be divided equally among divorcing spouses. Instead, the law requires that property is distributed equitably. Judges rely on several variables to determine what an equitable division of property is, however, Illinois courts are forbidden to consider marital misconduct for property division. Instead, judges are instructed to consider:

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Divorce and Asset Division

 Posted on December 00, 0000 in Property Division

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:

• Property acquired by either spouse during the time of the marriage is considered marital property and subject to division. Sometimes this is complicated when one spouse attempts to shield assets from the other.
• Once all assets are identified, the value of each is determined and the process of division may begin.

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Property Division for Unmarried Couples

 Posted on December 00, 0000 in Property Division

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.

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