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
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
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
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
New Illinois Law: Custody of Pets in a Divorce
A new Illinois law effective January 1, 2018 will allow a judge to decide who will get the family pet in a divorce. Currently, pets such as dogs and cats are treated like any other property to be divvied up in a property settlement agreement. However, the new Illinois law seeks to treat pets less…Read More
Should I Keep the Marital Home in a Divorce
One of the most valuable assets couples share is often the family home or other real-estate such as a timeshare, which are considered real property. When couples divorce, in many cases they will either sell the property and divide the proceeds or one spouse will buy out the other. However, sometimes it is not feasible…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
Dividing Retirement Accounts in a Divorce
Marital property may include retirement funds that need to be divided in a divorce. When trying to reach an agreement, many couples may feel that a 50/50 split seems fair. However, after considering factors such as future earning power and tax treatment of retirement funds, it may be that dividing these assets equally will prove…Read More
