Tag Archives: property division
Protecting Professional Practices in Asset Division
During a divorce, asset division is almost always the most complex and fraught part of proceedings, if only because both spouses are very invested in fairness. However, the process can take on an even more personal bent if one of the marital assets is a spouse’s professional practice—as a doctor, dentist, attorney, and the like.
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The Importance of Prenuptial Agreements
Marriage is a huge commitment that involves several legal matters and, if not taken seriously, could result in a potential divorce. Therefore, couples often turn to prenuptial agreements prior to marriage in order to keep their assets accounted for and to potentially save the marriage. For many couples, this is an excellent opportunity to determine marital assets.
Marital Property and Illinois Divorce
A divorce can be one of the most unpleasant experiences in a family’s life, especially when much time has been put into the relationship and in trying to give the best quality of life possible to everyone involved.
Property and Divorce
When going through a divorce, each spouse may have certain assets that he or she desires to keep—the marital home, family gifts, a boat, bank accounts, pensions, etc. Therefore, when it comes time to divide these assets, there may be tension. Hence, when dividing property and assets, each spouse needs to have a thorough understanding of the process.
Divorce and the Marital Home
Divorce is full of difficult decisions. One issue that our clients regularly face is what to do with their shared marital home. In some cases, one party wants to hold on to the residence, either by buying out the other spouse or by replacing an existing mortgage with a new mortgage that only lists one spouse. In other cases, both parties agree that selling the home is the best decision. There are advantages and disadvantages to keeping or selling the home, and long-term implications that come with either choice, so it is important that those going through a divorce seek the help of an experienced divorce attorney who can advise them on this matter.
Pets and Divorce Can Be Complicated
If a couple decides to divorce, who gets the dog? It is a very serious question, considering some 80 million households in the United States own pets according to the American Pet Products Association. When a couple separates, can a pet be given split custody between two homes? Will a judge hold a custody hearing on a pet? For most pet owners, dogs and cats are as much a part of the family as any human members, but divorce courts across the country have little to say on the matter, leaving the future of millions of pets caught in the middle of a divorce in jeopardy each year.
Financial Tips for Gray Divorce
Divorce can be a burden, both emotionally and financially. For those over 50, likely preparing for retirement, divorce can be financially destructive. Retirement plans can quickly unravel, assets can disappear, and many late in life divorcees, especially women, find themselves in poverty post divorce. Late in life divorces, often referred to as gray divorces, are on the rise in America. For those ages 55 to 64, the divorce rate has doubled since the 1990’s, and for those 65 and older, the rate has tripled. Today, around one in four couples over 50 years old divorce, and it is more important than ever that late in life divorcees plan accordingly for their future finances.
Understanding Prenuptial and Postnuptial Agreements
Marriage is a celebration of love and commitment between two partners hoping to spend their lives together. While most couples enter marriage with the best of intentions, divorce statistics in the United States show that many couples do not have a happily ever after. For this reason, many divorce attorneys and other specialists encourage couples to consider prenuptial or postnuptial agreements. While discussing the dissolution of your marriage before it has begun can seem unpleasant, when properly drafted and implemented, a prenuptial or postnuptial agreement can truly benefit both spouses. Prenuptial and postnuptial agreements are no longer only utilized by America’s wealthiest couples. Here is what you need to know.
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Do I Need the Assistance of a Divorce Lawyer?
There are websites and organizations claiming that divorcing spouses do not need to hire an Illinois divorce attorney. Instead, these sources claim, any individual can learn everything they need to know about Illinois divorce laws in a relatively short amount of time. Are these sources correct: can divorcing couples really learn all they need to know about Illinois divorce law from a book or website? Here are some truths to consider:
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Valuing a Business in an Illinois Divorce
Most Americans are familiar with the basic concept of property division in an Illinois divorce: the court will attempt to divide the property between the two divorcing spouses in a fair and equitable manner. But a business is a much more complicated asset to divide than, say, the value of a car or the value of a home. What is more, the value of a business on any given day may fluctuate and, over time, can vary widely from its value at a previous point in time.