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
Trusts in an Illinois Divorce
A trust is set up by a grantor (aka settlor or trust maker) typically for the benefit of a beneficiary, who may receive distributions during the grantor’s lifetime or upon death as directed by the trust. Trusts can be revocable or irrevocable, funded by marital or separate property, which speaks to how they will be…Read More
Legal Separation and Annulments as Alternatives to Illinois Divorce
Many clients have questions regarding legal separation as an alternative to divorce. If you and your spouse are uncertain about getting a divorce, you may want to consider a trial separation to decide whether a divorce is the right decision. Sometimes having time and space to consider what life will be like following a divorce…Read More
Divorce After 50 | Lake County Illinois Divorce Lawyer
The rates of couples divorcing after age fifty doubled between 1990 and 2010 and recent research reveals that the so-called gray divorce trend has remained steady since. Longer life spans, more women in the workforce, and changing views on marriage have given way to even older couples choosing divorce. The decision to divorce comes with…Read More
Dissipation of Assets in an Illinois Divorce
Some who are considering divorce worry that their spouse will use marital funds inappropriately or even hide assets prior to the divorce settlement. Doing so diminishes the size of the marital estate, which impacts the equitable division of money and assets in a divorce. If your spouse uses marital funds or assets for the sole…Read More
