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DuPage County Attorneys

LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

CHICAGO

105 W. Madison Street, Suite 2200, Chicago, IL 60602

Phone: 630-932-9100

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1730 Park Street, Suite 202, Naperville, IL 60563

Phone: 630-420-1000
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DuPage County divorce attorney asset division

Whether you ask a neighbor who is divorced or a financial expert who specializes in this area, they will tell you one thing for certain: Nothing turns your financial life upside down quite like a divorce. Even those who live very modestly, with little to no sizable assets, can expect some level of financial upheaval. You may be searching for a new place to call home, or struggling to find a way to afford the home you currently live in, all while doing so without your ex’s financial help. All too often, divorcees see a major portion of their savings and income go right out the door once the divorce is underway, as settlements take root and assets are divided.

Add any debts that you have accumulated during – or since the end of – the marriage, and suddenly your financial life might appear to be in shambles. As grim as this can seem, there is always hope for a better, brighter financial future, especially when we educate ourselves and are open and willing to make changes moving forward.

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Lombard divorce attorneysPeople going through divorce usually worry about how assets such as a house, car, or retirement accounts will be divided when the divorce is final. With information and technology becoming increasingly intertwined in evolving societal norms, however, intellectual property is equally becoming an important category of assets owned by a married couple. Intellectual property includes things such as copyrights, trademarks, and patents.

Is Intellectual Property Marital Property?

Illinois law defines marital property as property, including assets and debts, the divorcing couple acquired after getting married. There are a few exceptions, but this law is broad enough to include in it nearly all property that a couple acquires after marriage. Conversely, all property acquired prior to marriage is not considered marital property, except in certain special circumstances.

Whether intellectual property is marital property depends first, on whether it was acquired before or after marriage. If the intellectual property was acquired after marriage, then there is a presumption it is marital property. However, like all presumptions, a spouse who believes it the intellectual property is not marital property can present evidence to overcome the presumption.

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Naperville asset division attorneysIllinois is an “equitable division” state, which means the judge presiding over your case will determine what is fair when dividing marital property between you and your spouse during a divorce. However, the judge does not arbitrarily decide what is fair and equitable. Rather, the judge must follow factors provided under Illinois law which are listed below.   

What Constitutes Marital Property?

Marital property under Illinois law means all property, including assets and debts, acquired by either spouse subsequent to marriage with very few exceptions. By this definition, property acquired prior to marriage is not included, except in certain special circumstances.

What Factors Will the Court Consider in Dividing Marital Property?

In equitably dividing marital property, Illinois property division courts are guided by several considerations established under the law, which include the following:

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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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DuPage County divorce lawyersOnce the decision to divorce has been made, parties often start to wonder how they will fare financially. After all, money is one of the most common reasons for contention in divorce. Contention is not the only issue that may impact a divorce settlement though. In fact, there are many potential pitfalls that can have a financial impact on one or both divorcing parties. Learn what they are and how you can avoid them by examining the following financial mistakes commonly made in a divorce. 

Underestimating the Potential Impact

Divorce is a lot like a business transaction, and like all business transactions, it is inherently complex. Factors that determine the division of debts and assets are applied differently from one case to the next, based on the couple's particular situation, and that can leave one party at risk for a significant financial depletion. In fact, one study found that baby boomers, who are currently divorcing at an unprecedented rate, saw a 77 percent reduction in wealth after divorce. Add in the potential for asset depletion, asset hiding, and revengeful spending and it becomes clear just how crucial it is that one fully understands the financial risks and implications of divorce - so underestimate it at your own risk. 

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Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah Law Offices LLC can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from four offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah Law Offices LLC to find the attorney they need.

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