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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

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

Phone: 630-932-9100

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Phone: 630-420-1000
Subscribe to this list via RSS Blog posts tagged in marital property

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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Lombard divorce lawyer gifts heirloomsConflicts over the division of assets in a divorce are sometimes based more on emotional or sentimental value than on financial value, particularly when family heirlooms or gifts are involved. There can also be a dispute over whether an item qualifies as marital property that must be divided or not.

Under Illinois divorce law, most income earned and assets acquired during the marriage are considered marital property. However, per 750 ILCS 5/503(a), “property acquired by gift, legacy or descent” is non-marital property. Anything acquired in exchange for such property is also a non-marital asset.

To help clarify these rules, let us consider the following items and how they would be treated in a divorce:

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Illinois divorce attorneysFor a majority of couples undergoing the divorce process, money is often one of the biggest concerns, as bank account balances following the end of a marriage can significantly impact one’s financial standing post-divorce. Bouncing back from and adjusting to the lifestyle transition that divorce brings about can be difficult under even the mildest circumstances, but lack of proper debt division and asset disputes can further complicate each party’s attempt to overhaul their finances.

Divorce Debts and How They are Handled in Illinois State

The Illinois Marriage and Dissolution of Marriage Act includes debts and other standing obligations as financial matters to be considered among the division of marital property. The law defines “marital property” as any property (or debts) acquired by either spouse after the marriage took place. This means any joint loans, credit lines, or accounts opened in both spouse’s names are marital property and are considered the responsibility of both parties in the event of divorce. These responsibilities can include everything from cars, furniture, and savings accounts, to stock portfolios and retirement savings plans.

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DuPage County divorce lawyersComplex and emotionally triggering in almost every way possible, divorce can ultimately result in the dissolution of a business. As such, owners are often wary of the process, and may even resort to criminal activity to protect their investment. Others may attempt to use the company as leverage or a way to seek revenge. Whatever your situation - no matter how contentious it may be - the following information can help. It explains the business valuation process and lets you know what you can expect. You will also learn how to ensure that you and/or your spouse’s business is accurately valued so that you can maximize your chances of getting the divorce settlement you deserve.

How the Value of a Business is Determined

Business valuation is a complex process with numerous factors to consider. Debts, assets, liabilities, and previous earnings history are analyzed. Future earnings and potential tax obligations are estimated as well. A business analysis expert then uses this information to calculate the overall value of the business, which is then added to the total value of the marital estate. This does not mean the business will be split equally, however. Instead, each party’s financial needs, future earning potential, potential tax obligations, contributions to the business, and other financial factors are examined. This is then used to determine what their equitable (“fair”) share of the business and marital estate should be.

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Lombard family law attorney, Mevorah Law Offices LLC, military divorce, marital strife, marital property, military retirement pay, military pensionsMarital strife, separation, and divorce can affect all types of families, and a study shows divorces within military families have been on the rise in the last few years. In fact, the study reflects high divorce rates among families that in the past have been found to be more stable. Length of deployment was considered a major factor in most of these military divorces. Post-traumatic stress disorder and other health issues were also cited factors.

The reasoning behind the increased divorce rate is linked to the continual withdrawal of troops from the conflict areas of Iraq and Afghanistan. Families who have been apart for many years are now being brought back together and is therefore creating an adjustment period and causing marital strife rather than marital unity.

The Divorce Rate Throughout the Military

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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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