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

Illinois divorce lawyersIn divorce, it is not just the assets that are divided. Instead, divorcing couples must also split their debts. With more than 44 million student loan borrowers in the United States, all with a total debt of about $1.4 trillion, you can be sure that, in at least some divorces, there is a distribution of student loan debts. When and how does this happen? How might it impact your Illinois divorce? The following explains, and it provides details on where to find assistance with your case.

Marital versus Non-Marital Student Loan Debt

Like with assets, distribution of debt typically only debts that were acquired during the marriage. As such, student loans that were obtained before marriage are likely to be excluded from the marital estate. It is important to note, however, that student loan debt does not automatically become a part of the marital estate, just because the debt was incurred over the course of the marriage. Instead, there are several factors that may be used to determine whether the student loan debt is a part of the marital estate. These factors include:

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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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asset evaluation IMAGEThe Huffington Post is reporting that the divorce of reality star Khloe Kardashian and NBA analyst and former basketball player Lamar Odom will be a significant story arc in the upcoming season of E! Entertainment Television’s hit reality show Keeping Up with the Kardashians. The couple married in September 2009, but controversy has wracked the relationship from the beginning. Amid accusations of infidelity on Odom ‘s part, as well as alleged cocaine and Oxycontin abuse, the couple filed for divorce last December. Kris Jenner, Kardashian’s mother, told the Huffington Post that the couple's’ troubles, Khloe’s trial in dealing with the relationship’s end, and the couple putting their $5 million mansion up for sale will all be covered in Keeping Up with the Kardashians’ upcoming ninth season.

Divorce is never easy, even when it seems that it is the right thing to do. But when large amounts of money are involved, emotions tend to cloud the judgment. It is easy to lose oneself in the mentality of “winning” versus “losing.” One may become reluctant to agree to anything out of sheer spite. A good way to avoid this kind of counterproductive thinking is to enter into a prenuptial agreement before getting married. If the time for that has come and gone, it is important to properly evaluate the worth of your assets before entering into divorce proceedings.

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Each state determines how property is distributed when a couple is divorced. The property is divided into marital property and non-marital property, and then split between the two parties.

In Illinois, property is distributed equitably, but not necessarily equally, between the individuals. Marital property includes anything that was acquired after the date of marriage and before the legal dissolution of the marriage or legal separation, with several exceptions. These include gifts and property that has been acquired through descent, or exchange for such property, or anything that both parties have agreed not to group as marital property.

When going through the divorce process, couples can determine the division of property outside of a courtroom. An experienced and caring Illinois divorce attorney can mediate a discussion between the two parties to split property. Without the help of an attorney, these discussions can get ugly.

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