What Happens to the Family Home in an Illinois Divorce?

 Posted on December 00, 0000 in Property Division

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

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How to Uncover Hidden Assets in Your Illinois Divorce

 Posted on December 00, 0000 in Property Division

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

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How a Forensic Accountant Can Help You During the Discovery Process

 Posted on December 00, 0000 in Property Division

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.

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What Is Collaborative Divorce and Is it Right for Me?

 Posted on December 00, 0000 in Collaborative Law

The term “collaborative divorce” has been popping up more often in recent years, with many more lawyers claiming collaborative divorce as one of their practice areas. What is collaborative divorce? It can mean several different things, but usually it means the two sides work together to find a settlement instead of having a contested divorce and hurling accusations at each other.

How Does Collaborative Divorce Work?

Most of the time a collaborative divorce starts before any paperwork is ever filed with the court. Instead, the lawyer from one side sends a friendly letter explaining that his or her client has chosen to pursue a collaborative divorce where the sides work together to settle all the issues.

If both sides agree, each spouse and their lawyer negotiate a settlement regarding all of the issues in the divorce. Once an agreement is reached, the clients usually sign a contract stating the terms and perhaps even penalties for breaking the agreement. Then the required paperwork is filed with the court. Illinois requires that a judge approve all divorce agreements. However, judges rarely object to anything the parties have worked out.

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Making the Most of a Collaborative Divorce

 Posted on December 00, 0000 in Collaborative Law

Supermarket tabloids and social media feeds are frequently full of divorce horror stories—usually involving celebrities—in which the proceedings drag on for months because the parties cannot see eye-to-eye on virtually anything. You probably even know someone personally whose spouse refused to cooperate, leading to expensive delays and long-term uncertainty. In addition to the added costs, the emotional strain on a family in such a situation can be tremendous, and in some case, almost unbearable. There is, however, no reason to subject yourself and your family to the dangers of that type of divorce, especially when a collaborative divorce may be an option.

The Collaborative Process

A collaborative divorce is a team-oriented approach to ending a marriage that looks to avoid taking the matter into the courtroom. In fact, as part of the agreement to collaborate, the attorneys for you and your spouse contractually agree to withdraw as your representation should you decide that collaborative divorce is not working, and litigation is necessary. This creates an incentive of sorts to reach a resolution without spending additional money on new lawyers.

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Is Collaborative Law an Option for Your Illinois Divorce?

 Posted on December 00, 0000 in Collaborative Law

For most people, the word divorce brings to mind images of a husband and wife waging war against each other, fighting over who will get custody of the children, the house, and even the family dog. Divorce, however, does not always have to be so acrimonious, as many couples who decided to go the route of collaborative law instead of traditional litigation have found.

In collaborative law, a couple will work together to mutually decide how all issues will be settled within the parameters of a dispute resolution process. The couple, along with a team of professionals, have complete control over how their marriage will end and all of the inherent considerations. They make the final decisions regarding child custody (parental responsibilities), asset and property divisions, and whatever other issues each individual couple may have to settle.

Reestablishing Important Skills

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Exiting Divorce as Friends: The Collaborative Divorce Process

 Posted on December 00, 0000 in Collaborative Law

People consistently envision the divorce process as an adversarial affair that pits parties against one another, which culminates with the ultimate goal of walking away with more than the other side. Divorces of this type do exist, but every divorce is not destined to be a series of contentious exchanges. Another approach is available that allows couples to maintain civil, working relationships so they have the ability to remain in contact once the divorce is finalized.

Collaborative divorce is an alternative method of navigating the end of a marriage that is conducted in a supportive environment and puts the parties in control of the outcome. Parties wishing to co-parent or retain a family business following divorce could benefit from this resolution process. Understanding that an alternative exists to traditional litigation grants divorcing parties greater freedom in working out conflict, which often leads to more cooperation.

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Oral Agreements and Divorce Settlements

 Posted on December 00, 0000 in Collaborative Law

There are many alternatives to litigation when it comes to divorce, including mediation and collaborative law. When these alternatives are successful, the parties must still submit a final agreement to the court. A settlement agreement, after all, is a legally binding contract. But at what point is the settlement binding? Can you agree to a settlement and then change your mind at the last minute? A recent Illinois divorce case illustrates how courts may deal with such a scenario.

Court Rejects Husband's Effort to “Back Out” of Agreement

The parties in this case were married for about 16 years. The wife filed for divorce in 2013. Following a lengthy financial discovery process, their case was scheduled for trial at the end of 2015. At a scheduled deposition in October 2015, the parties opted to have a settlement conference instead.

The parties emerged from the conference with an oral agreement, which they presented to the trial judge. The wife's attorney read the terms of the deal to the judge. The judge then asked both the husband and wife if they had participated in the negotiation of these terms, that they understood those terms, and they “agree to bound” by the. Both spouses responded yes to all three questions. Based on this, the judge ordered a follow-up hearing, at which time the parties would present a final written agreement incorporating the terms of the oral settlement.

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The Advantages of Collaborative Law

 Posted on December 00, 0000 in Collaborative Law

When spouses are considering pursuing a divorce one of the primary considerations that must be made is how much money is it going to cost. From the cost of lawyers themselves to the various professionals that may need to be used in a divorce, the entire process can seem relentlessly expensive. However, there are options to avoid a potentially lengthy and costly divorce. One of those options is choosing collaborative law.

Collaborative law is a type of dispute resolution. It is a decidedly useful tool for spouses considering divorce. Collaborative law includes both spouses through their attorneys to cooperatively develop and acquiesce to the terms of the settlement.

Does Collaborative Law Always Work?

Despite collaborative law being a cooperative method of pursuing a divorce, the success still turns on whether the parties can reach an agreement. Not every collaborative law effort will be successful, and when the negotiations break down, the matter may have to be settled in court. Knowing this ahead of time should motivate you to choose an experienced and professional DuPage County divorce lawyer who has also been trained to handle collaborative law matters. It is important that the representation you choose is as skilled at alternative dispute resolution as they are in trial litigation.

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How the Collaborative Divorce Process Works in Illinois

 Posted on December 00, 0000 in Collaborative Law

It has often been said that breaking up is hard to do. This can be especially true if you are getting a divorce, which has emotional and financial impacts, not to mention the life upheaval it brings. Not all divorces have to be full-on feuds, though. A form of alternative dispute resolutions, a collaborative divorce is designed to keep the peace between separating spouses and come out on the other side with a settlement that is mutually agreeable. What Is Collaborative Divorce?

The theory behind a collaborative divorce is that both spouses will work together (or collaborate) to come to an agreement that they can both be satisfied with. Both spouses have their own lawyers, much like a traditional litigated divorce. Rather than deciding issues in court, the collaborative process takes place in private meetings between the two spouses and their lawyers where the group negotiates their issues, rather than having a judge decide their outcomes. Collaborative divorce begins with both spouses sign an agreement stating that they will:

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