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Subscribe to this list via RSS Blog posts tagged in division of property

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 lawyerWhen it comes to divorce in Illinois, marital property is divided equitably, but not necessarily equally. This can result in a great deal of contention, and even confusion over who gets what out of a divorce. If you are separated, planning on filing for divorce, or have already begun the process, the following information can help you better understand how marital property is divided in divorce.

Marital Factors That Influence Property Distribution

Once the assets and debts have been valued in a divorce, couples can begin to negotiate a reasonable settlement regarding how the marital estate can be distributed. However, those that are unable to reach an agreement may take the matter to court. Here, a judge will consider several factors to determine how marital property should be distributed. These include:

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amicable divorce, Illinois divorce attorney, Dupage CountyEven under the best of circumstances, divorce proceedings are stressful for all involved. If you plan appropriately, however, it is possible to minimize that stress. As an added bonus, proper planning can help save money and, in many cases, encourage a more amicable divorce. Reap all of these benefits using the following divorce planning tips.

Take an Asset and Expense Inventory

Child support, division of marital assets, and other financial particulars of a divorce are based upon what you and your spouse own as both individuals, and as a couple. Unfortunately, once the proceedings start, this information may be difficult to locate (this is especially true if your spouse is trying to hide any assets to keep more of the money for themselves). Avoid this hassle (and reduce your risk of losing out on money that may be owed to you) by taking a preemptive approach prior to filing.

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divorce-expensesWith the holiday season officially coming to a close, we are headed into a time when divorce rates are the highest. Unfortunately, many couples are also recovering from the end-of-year financial burdens, which can sometimes lead to taking tempting but dangerous shortcuts in filing. Avoid making this common mistake by knowing which cost-cutting options are a good idea, and which are best avoided.

Manage the Details in a Peaceable Manner

Long, drawn out divorce battles can end up costing thousands of dollars in attorney and court fees. Alternatively, there are couples who try to go at it without the help of an attorney and then end up regretting the decision later when the negotiations get out of control. Avoid both of these issues through either divorce mediation (one attorney serves as a third-party negotiator) or collaborative divorce (each couple hires their own attorney but chooses to work cooperatively to achieve an uncontested divorce).

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property divisionThere are many stressful issues you may encounter during your divorce. One particularly issue that many divorcing spouses face is their financial future after the divorce is finalized. Dealing with the financial issues in a divorce, including property division, alimony, and child support, involves a complex area of the law. You may feel overwhelmed by your options and the entire process. If you are going through a divorce, or considering divorce, there is important information you need to know regarding property division and how this division will affect you.

What Is Marital Property?

Generally, marital property comprises the property and assets acquired during your marriage. Under Illinois law, it is does matter whose name this property is titled in. For example, your spouse may purchase a vehicle titled solely in his or her name. If acquired during the marriage, that vehicle would be considered marital property. What is and is not marital property is an important distinction during the divorce process because Illinois divorces are subject to equitable distribution.

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