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Barrington divorce attorney

Planning a wedding requires a lot of work, but getting a divorce has just as many challenges. After being served with divorce papers, it may be difficult to know what to do next. If you and your spouse were married for a long time, going through a divorce means figuring out how to split the life you two created together. Although it is possible to go through a divorce without legal representation, it is recommended to speak with a lawyer to leave the marriage confidently. There are many variables to a divorce, and if your spouse has an attorney, you will be at a significant disadvantage if you do not. An experienced divorce lawyer will know which questions to ask and the necessary actions to take to ensure you get the most out of your divorce settlement. 

Marital Issues That Need to Be Addressed

When sitting down with a lawyer, be sure to discuss the following topics regarding your divorce:

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Arlington Heights divorce and property division lawyer

When two people decide to get a divorce, it is not only their marriage that is splitting. Everything that a couple built together will be divided. In regards to assets, Illinois is an equitable division state. Unlike a community property state, which splits marital assets 50/50, Illinois divides property based on what is fair. When it comes to the family home, it will be given to whomever the court deems is deserving based on certain factors surrounding the marriage. The other spouse will likely move to another location, and the couple's children will usually split their time between the parents' homes.

Factors Considered for Division

  • Contribution to the marriage: When dividing marital assets, such as the home, the court will review and consider what each spouse contributed to the marriage. If one spouse gave up his or her career to raise children, that can be considered a significant contribution. In many cases, the other parent may have traveled for work and was gone for long periods at a time, so one parent staying home was a necessity to maintain the household. The court also considers economic circumstances such as employment-related issues such as income earned or the income-earning potential of each spouse. This factors into whether or not a person can afford to make mortgage and property tax payments on a house. 
  • Child status: Courts attempt to disrupt a child’s current lifestyle as little as possible. Decisions are made with the best interest of a child in mind. That being said, when possible, a court will try to keep a child in the marital home. This also allows them to remain in the same community and school district. The parent with the most parental responsibility, in turn, may get the family home because it is the best choice for the child. 

Contact a Rolling Meadows Divorce Lawyer

The family home is filled with memories and it is where your child is likely the most comfortable. When going through a divorce in Illinois, determining which spouse gets to keep the house is based on what is considered “fair.” The skilled legal team of Anderson and Associates, P.C. has handled many divorce cases, and we understand Illinois divorce and family law matters. For any asset or property division concerns, contact an experienced Barrington division of marital property attorney to learn about your rights and options in regards to the family house. Call our office today at 847-995-9999 to schedule a free consultation.

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Arlington Heights marital property division lawyer

When a married couple gets divorced, they must split up the life they created together. When it comes to dividing property, there are many factors that determine who gets what during a divorce. However, each spouse is entitled to receive a fair portion of the marital assets. During divorce, it is best to seek legal counsel in order to understand your rights and the best approach to take as you determine how to divide your marital property. 

Equitable Distribution 

In the state of Illinois, marital property is divided using a system of equitable distribution. While this term may lead one to believe that property is divided equally, this is not necessarily true in every case, and property will be divided based on what is fair for both spouses. There is rarely a 50/50 split of property during a divorce. What is determined to be fair by the courts is based on a variety of factors, including: 

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Schaumburg divorce attorney

The decision to divorce is difficult for any married couple. Whether it is losing the person you love, not seeing your children as often, or adapting to a new lifestyle, everyone has valid fears when the divorce process begins. Another common concern is about personal finances after you and your spouse split. If your spouse makes a significant amount of money, or if you do not have a college degree, giving up that financial support may feel hopeless.

Division of Assets

Unless you signed a prenuptial agreement before getting married, Illinois has a process when it comes to property and debt in a divorce called equitable division. While this does not mean that each spouse gets an equal share of marital property, the division of assets is done based on what is fair, while taking certain factors into consideration. How assets are divided are based on the length of a marriage, how much each spouse contributed to the marriage, economic and health circumstances, and whether children are involved. When it comes to physical property, premarital assets are usually left with the owner, and marital assets are included in the equitable division process.

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Posted on in Divorce

Barrington divorce lawyers

The division of marital property is an essential part of the divorce process, but what some people forget is the division of debts. Whether credit cards, car loans, or student loans, it is important to take a close look at the debts that have accrued as a couple.

Every state has its own approach to dividing property, money, and debts. In Illinois, these are split according to what is equitable, not necessarily even, and takes various factors into account. Anything that is considered marital property can qualify for division. 

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Rolling Meadows marital property division lawyerWhen a married couple decides to get a divorce, their assets will be divided between them. In Illinois, this can be done between the two parties out of court, but if an agreement cannot be reached, then the court steps in with a system called equitable distribution. This system intends to divide properly fairly, but it does not mean that all assets are divided equally. Some of the factors used to determine how to divide marital property include:

  • The distribution of wealth
  • The length of the marriage
  • The couple’s standard of living
  • Future parental responsibility 
  • The health, income, and age of the individuals 

With these factors, it is still important to take action before your divorce to protect yourself financially, because the outcomes of these decisions are often uncertain. 

Know Your Finances

Before the divorce process begins, it will help to learn as much as you can about your personal finances. Begin tracking how much you earn, how much you spend, and any future expenses. Start creating a budget focused around necessities such as food, shelter, and medical care for yourself and your children. Use previous statements, bank records, and records of expenses to plan for the future. All of this information will not only help you, but it can be used to demonstrate your financial needs to the court when dividing marital property. 

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How to Divide Three Specific Assets in an Illinois Divorce

Rolling Meadows divorce asset division lawyerDivorce is an emotionally daunting experience, but it can also be financially daunting, especially when it comes to the assets you own. Splitting your assets during divorce can be a lengthy process, and it can become frustrating if you and your ex-spouse get into bitter arguments about who gets what or how certain property should be allocated. Illinois law dictates that marital property is subject to equitable distribution, and non-marital property is not. In a nutshell, marital property includes any assets that were acquired during the marriage. It is important to understand how to divide certain assets, including the following types of marital property:

1. The House

The easiest way to divide this real estate asset is to sell your house and split the money. This works if neither spouse has a particular attachment to the home, and it offers an easier, less stressful way of dealing with what is often one of the most valuable marital assets. Before you sell your home, you should get the house appraised, ensuring that you know exactly what your property is worth.

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Factors to Consider When Dividing Property During Divorce

Schaumburg division of marital property attorneyThe process of divorce can be lengthy and complicated, and issues related to the property that a couple owns can often be very difficult to resolve. When determining how to divide property during divorce, couples should be sure to consider the following:

  • Marital property - Any property that a couple acquires during their marriage is considered marital property, and Illinois law states that these assets should be fairly and equitably divided between divorcing spouses. However, “fair and equitable” does not necessarily mean “equal;” rather; each spouse should receive a “just proportion” of the marital assets.
  • Non-marital property - Property which a spouse owned prior to the marriage or which they received by gift or inheritance is not subject to equitable division during divorce. A prenuptial or postnuptial agreement may also state that certain property is non-marital property. However, marital and non-marital property can become commingled, making it difficult to determine ownership. In some cases, non-marital property may be converted to marital property, or one spouse may be obligated to repay the other spouse for improvements they contributed to non-marital property.
  • Real estate - The marital home may be one of the most valuable assets owned by a married couple, and determining how to divide it may be difficult. Spouses may choose to sell the house and split any profits from the sale, or one spouse may purchase the other spouse’s share of the equity in the home.
  • Debt - In addition to the assets a couple owns, the debts they owe (such as credit card debts or automobile loans) must also be divided equitably between spouses. However, spouses should be aware that if their name is on an account, a creditor may attempt to collect debts from them if their ex-spouse fails to make payments.
  • Family businesses - The assistance of a business appraiser is often required to determine the value of a family-owned business. One spouse may wish to purchase the other spouse’s interests in the business in order to ensure that the business will be able to remain operational after the divorce. If this is not possible, the spouses may wish to continue co-owning the business and working as partners after their divorce, with the option for a spouse to “buy out” the other’s share at a future date.
  • Retirement plans - The balance of retirement savings accounts should be divided between spouses, and a person may also be able to receive a portion of their ex-spouse’s pension benefits. When distributing these assets between spouses, a Qualified Domestic Relations Order can be used to avoid penalties or taxes for early withdrawal.
  • Social Security - Spouses who were married for at least 10 years may be able to receive half of their ex-spouse’s Social Security benefits when they reach the age of 62, as long as they have been divorced for two or more years. A person can only receive benefits from one source, so if their own Social Security benefits are larger than half of their ex-spouse’s benefits, receiving their own benefits would be a preferable option.

Contact a Barrington Divorce Lawyer

During divorce, it is important to consider every aspect of your property division settlement to ensure that assets and debts are divided correctly, providing you with the resources you need in the future. If you need help resolving issues related to the division of marital property, the attorneys at Anderson and Associates, P.C. can help you understand your rights and advocate for your interests throughout the divorce process. Contact our Palatine divorce attorneys at 847-995-9999 to arrange a free consultation.

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