If you are divorcing in Illinois, you may be expecting that the equitable division of marital property will be split 50/50, fair and square. However, Illinois is an equitable division state and therefore property is divided in a way that is proportionate to what is fair, not necessarily to what is equal. A fair division…Read More
Exclusive Possession of the Marital Residence in an Illinois Divorce
Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), exclusive possession of the marital residence means that one spouse is subject to temporary eviction from the home while a divorce case is pending. Exclusive possession allows one spouse to go so far as to change the locks on the matrimonial home if he or…Read More
Should I Stay or Should I Go? What to Do With the House in a Divorce
The family home is often the most valuable asset divorcing couples share. As you divide marital assets, you will have to decide whether: (A) you and your spouse want to sell the house and split the proceeds (B) one spouse wants to buy the other spouse’s share and continue to live in the home or…Read More
How to Purchase the House from a Spouse in a Divorce
When couples divorce, what to do with the family home is one of the top considerations. While some couples prefer to sell the home and split the profit so they can start anew, one spouse may wish to keep the home. Typically this involves transferring the title and refinancing the mortgage in one spouse’s name,…Read More
Filing Bankruptcy Before or After a Divorce
Couples that are considering divorce may also be weighing bankruptcy protection to tackle a difficult financial situation. Many wonder if it is better to file before or after the divorce. First consider that getting tangled up in a bankruptcy proceeding during a divorce can delay the distribution of marital assets and liabilities until the filing…Read More
Hiding Assets in a Divorce Using Cryptocurrency
If you suspect your spouse is hiding assets in your divorce, your attorney will start the process of verifying that all financial information has been fully disclosed. The process often involves interrogatories, subpoenas, or depositions and combing through tax returns, bank statements and the like looking for hidden assets. Fortunately, these customary forms of discovery…Read More
Spouse Delays Refinancing Marital Home Following Divorce
Divorcing couples who jointly hold a mortgage may agree that one spouse will keep the family home by buying out the other’s interest or trading it against another asset. Of course, because both parties’ names are on the mortgage, the spouse retaining the home must refinance the mortgage to remove the other spouse’s name, clearing…Read More
Dividing Home Equity in a Divorce
Whether you and your spouse decide to sell the marital home and split the profits or one spouse is going to buy out the other, you will want to have a professional appraisal of your home to determine the fair market value. Most real estate appraisals are based on comparable sales, meaning houses that are…Read More
New Tax Law Impacts Keeping the Family Home in a Divorce
The recently enacted tax law, effective January 1, 2019, will have a number of impacts on divorcing couples. The new tax law not only eliminates the tax deductible allowance of spousal maintenance for payers, but will also have implications on the valuation of closely held businesses and property tax deductions. Alimony Under the New Tax Law…Read More
Quit Claim Deed in a Divorce
When couples divorce, they may wish to sell the family home and split the proceeds. Other times, one spouse may wish to stay in the home while the other moves out. In the latter case, divorcing couples may use a quit claim deed to fulfill the requirements of property division in a divorce. A quit…Read More
