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Subscribe to this list via RSS Blog posts tagged in asset division

Illinois divorce attorneysDividing marital property in a divorce can be a complex and contentious matter, especially in Illinois. You see, unlike in other states where property and assets are divided equally, Illinois distributes assets in an equitable (“fair”) manner. Unfortunately, everyone’s version of fair is not the same. As such, the courts have some factors that guide the asset division process. Learn more about them, and what an experienced divorce attorney can do for you, with help from the following information.

What is Included in the Marital Estate?

Before the courts can divide a couple’s assets, the overall value of the marital estate must be determined. Items that are included in this process will typically include any assets acquired during the marriage, but individual assets that were acquired before the marriage may also be included if they were co-mingled with marital funds. Examples of such items may include:

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Illinois divorce attorneysWhile it is no secret that money problems are a major contributor to the divorce rate, few couples recognize that such issues can also complicate the divorce process. Debt and arguments about debt allocation, which often accompany monetarily complex cases, can also contribute to contention. Learn more about protecting your assets and reducing tension in your divorce with help from the following information.

Understanding the Correlation Between Money and Divorce

Many issues can lead to divorce, but research indicates that early arguments over money are the biggest predictor. Part of this is due to the intensity and duration of the fights that typically occur, but experts believe there are other underlying factors. For example, some relationship experts believe that money issues are an indicator of deeper problems, such as trust issues and power in the relationship.

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Illinois divorce lawyersDivorce can bring on a confusing mix of emotions and high levels of stress. Often, this is because couples are not certain of what to expect during the process. Rest assured that, although every divorce is unique, many contain similar aspects. Though complex and different in their application from one divorce to the next, understanding these major and common issues can help reduce the anxiety that you may be feeling and prepare you for the journey ahead.

Division of Marital Assets

Unless you and your spouse developed a comprehensive, well-planned prenuptial agreement, it is likely that you will need to go through the division of marital assets. Despite common misconception, this is not a 50-50 split in Illinois. Instead, Illinois is an equitable distribution state, which means you and your spouse will split your property, assets, and debts in a “fair” manner. What equitable means will vary from one couple to the next, and how each couple determines it will depend greatly on their situation.

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DuPage County divorce lawyersOf all the assets that a couple owns, the family home tends to be the most emotional to negotiate in divorce. It can also make up nearly half of the couple’s assets, depending on where they are in the mortgage and depreciation scale. As such, it is crucial that couples fully understand the risks and potential pitfalls associated with family home negotiations – especially if one party plans on keeping it. The following information may help. 

Approach Negotiations with a Clear Head

The first thing to keep in mind is that divorce, though often an emotionally wrenching situation, is more like a business transaction, and it should be treated as such. This means, no matter how irritated or angry you might be with your spouse, you will need to come to the negotiations with a clear head. Avoid being petty, disengage from arguments, and consider letting your lawyer handle the bulk of the communications to minimize contact.

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DuPage County divorce lawyersWhile mediation can reduce the overall cost of a divorce, there are some situations in which it may not be appropriate. Hidden assets – or the potential for hidden assets – are a prime example. Learn how to determine if your spouse may be hiding assets, and how hidden assets during mediation can impact the outcome of your divorce.

Are You at Risk for Hidden Assets?

Divorces involving closely held businesses, one-sided financial disadvantages, high net worth, or excessive debt tend to have an increased risk for hidden assets during divorce proceedings. However, any couple may experience asset dissipation (the loss of assets) or asset hiding issues during their divorce. A few signs that could indicate it might be happening to you include:

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