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LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

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

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Phone: 630-420-1000

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555 S Randall Rd, Suite 101, St. Charles, IL 60174

Phone: 630-410-9176
Subscribe to this list via RSS Blog posts tagged in asset division

Lombard divorce lawyersWhen a couple chooses to get a divorce, the process of dividing marital assets is likely to cause some conflict. Each party may have personal attachments to certain properties, and while it is sometimes fairly straightforward to reach an agreement that satisfies each person’s needs and wishes, certain kinds of properties are especially complicated. When it comes to dividing these properties, it is helpful to have the guidance of an experienced attorney who can help you protect your interests and avoid financial losses.

3 Properties That May Cause Conflict During a Divorce

Typically, the properties that are hardest to divide are those that have the highest value and that both parties rely on. These may include:

  1. Retirement accounts: In Illinois, contributions to retirement accounts that were made during a marriage are usually considered marital property, even if the account is listed in one party’s name or funded through contributions from one party’s paycheck. The necessity of dividing a retirement account can affect both party’s retirement plans, and it can result in significant losses if you are not careful about how you divide it. Many retirement accounts must be divided in accordance with a Qualified Domestic Relations Order (QDRO) to prevent early withdrawal penalties and other tax implications.
  2. The couple’s home: A home that you and your spouse shared during your marriage may be your most valuable marital asset, and it also often comes with strong emotional attachments, especially when you have children who feel secure in the home. Many couples try to arrange for one party to keep the home after the divorce, but it is important to keep in mind associated expenses like mortgage payments, utilities, and property taxes, in addition to the home’s value.
  3. Businesses: A business bought or founded by either spouse during the marriage is also usually considered property of the marital estate. If one party is more invested in the business and wishes to keep it in the divorce, he or she will likely have to give up other assets to achieve an equitable distribution. A family business in which both parties are involved can be even more complicated, as you may need to arrange for a buyout of one party’s share or determine whether it makes sense to remain co-owners and business partners.

Contact a DuPage County Property Division Attorney

If you are concerned about your property interests and the financial impact of your divorce, the attorneys at Mevorah & Giglio Law Offices can help. We will work with you to reach a fair resolution that prevents you from experiencing excessive hardship. Contact a Lombard, IL divorce lawyer for a free consultation at 630-755-6426.

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Naperville divorce attorneysGetting a divorce often has major financial implications for both parties, stemming in large part from the division of marital assets and the transition from a combined family income to an individual income. If you are not careful, you could end up in a situation from which it is difficult to recover. An attorney can help you make good decisions throughout the legal process that protect your financial interests and can contribute to your long-term stability.

Tips for Addressing the Financial Challenges of Divorce

There are several things you can do both during and after your divorce to promote your personal financial stability. Here are some suggestions:

  • Consider lower-cost methods of divorce resolution. If you and your spouse are open to communication and negotiation regarding your divorce agreement, an uncontested divorce is usually the most cost-effective approach. You may still have some costs, including the services of an attorney to advise you or a mediator to guide negotiations, but they will often be minimal compared to the high attorney fees and court costs associated with a protracted divorce trial.
  • Think carefully about the division of assets and debts. Illinois law requires divorcing couples to equitably divide marital property, and in many cases, couples can work out this arrangement on their own. You should carefully consider not just which properties are most important to you, but also how the distribution will impact your overall financial situation. For example, even if you have a strong personal attachment to your family home, it may not be financially viable for you to assume the full mortgage obligation and property taxes without your spouse’s contributions. 
  • Understand child support and spousal support. If you have minor children, one spouse will almost certainly be required to pay child support to the other, with the amount determined based on a calculation established by the Illinois Department of Healthcare and Family Services. Spousal support, on the other hand, is usually only awarded if one of the spouses has a demonstrable financial need. You should consider whether you are likely to be the paying or receiving spouse when planning for your post-divorce income and expenses.
  • Create a personal budget. Whether or not you and your spouse had a clearly defined family budget during your marriage, it is a good idea to create a budget of your own after the divorce is finalized. This will provide you with a clear picture of your assets and debts, as well as your income and expenses, and help you implement a new savings strategy and determine whether you need to explore options for increasing your earnings, like going back to school or looking for a new job.

Contact a DuPage County Divorce Attorney

At the Mevorah & Giglio Law Offices, we work to protect your personal and financial interests during the divorce process, and we can advise you on many of the important decisions you will need to make. For a free initial consultation, contact an experienced Naperville divorce lawyer today at 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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