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

b2ap3_thumbnail_Untitled-design-42.jpgStudent loans are common for anyone with a higher education. Since many people have high amounts of student loan debt that takes them decades to pay off, the issue of student loan debt often arises in the divorce process. If you are going through a divorce, you may be wondering how student loan debt will be divided and whether it will remain with the spouse who incurred it.

The truth is student loan debt is treated just like any other debt in a divorce. Therefore, if the debt was incurred before you got married, it is “separate” and becomes the responsibility of the spouse who borrowed the money. 

However, if the student loan debt was incurred during your marriage, it is known as marital debt like a mortgage, car loan, credit card debt, and personal loan. In the event your student loan debt is marital debt, you and your spouse will likely both have repay it.

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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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Posted on in Family Law

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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