1953 Ridge Road, Homewood, IL 60432

Call Us312-702-1293

The Foray Firm
Subscribe to this list via RSS Blog posts tagged in division of assets

Markham IL divorce lawyerThe financial aspects of divorce can be confusing and overwhelming, especially if you do not have much experience managing your own money. If you are uninformed about your finances, you can be left at a significant disadvantage when it comes time to divide your marital assets. The more you can educate yourself about your finances, the more prepared you will be to negotiate or argue for a beneficial outcome to your divorce, and to begin your post-divorce life with a plan to maintain your financial stability and find opportunities for growth.

Gather Information

When you know that a divorce is in your future, you should make a thorough effort to collect all available information about your personal and marital finances. Start with information about your assets, including statements from individually and jointly held bank accounts, retirement accounts, and investment accounts, as well as titles to any real estate, vehicles, and other valuable properties you may own. You should also review your credit report to understand any outstanding debts, including mortgages, vehicle loans, student loans, or credit card accounts.

Information about your assets and debts can help you identify your priorities during the division of marital property and better understand what a fair resolution would look like. Your recent tax filings, pay stubs, and other income statements can also provide valuable information to help you manage your finances after your divorce.

...

Joliet divorce lawyerGetting a divorce brings so many major life changes that you may find yourself looking for comfort and stability in things that can stay the same. This mindset may have led you to prioritize keeping your marital home in the division of property so that you do not have to worry about moving along with ending your marriage. However, keeping the home is not always the best decision, and it is important to consider your answers to the following questions as you decide how to proceed.

Are You Raising Children?

If you have kids under the age of 18 who are still living with you, especially if you are expecting a greater share of parenting time, staying in your home may be important to help the children adjust and allow them to continue attending the same school. If your children are already grown, however, a divorce may be a good opportunity to sell the home and downsize to a residence that is more affordable and easier to maintain.

Can You Afford the Mortgage?

If you and your spouse have not finished paying off your mortgage, keeping the home in the divorce will likely also mean that you become fully responsible for the debt. Homeownership also comes with other substantial costs, including insurance, property tax, utilities, and repairs. If all of these expenses fit into your post-divorce budget, keeping the home may be a good idea, but if you cannot pay them, it may be best to let the home go.

...

What Happens to the House During an Illinois Divorce?Looking back on your life with your soon-to-be ex-spouse, it can be emotional to imagine the big steps that you have taken together — buying your first home, moving in together, and making memories under its roof. For many, homes can be a symbol of love, family, and security. For those considering divorce, their home can still represent all of these things, which makes it difficult to determine what you should do with it. Is one of you adamant about keeping the home or are you both looking for a fresh start? Depending on you and your spouse’s circumstances, there are a number of options available to you during the asset division process.

Equitable Division

Illinois is an equitable division state when it comes to marital property division. In other words, you and your spouse’s belongings will be divided fairly, but not necessarily equally. A number of factors, such as each spouse’s income and savings, will be considered when determining who gets what. For most couples, their home is their largest asset, making it a prized possession during asset division. Couples involved in a collaborative divorce can determine how they would like things to be handled, while those involved in litigation will have a judge make this decision for them. Regardless, there are a few common options available if your intention is to keep the house and not sell it.

Divide the Large Assets

For couples that have a number of large assets, such as a vacation home, expensive cars, or a large stock portfolio, they may decide to allot certain assets to each other. One spouse gets the marital home, while the other gets the vacation home. Since one spouse is typically more inclined to keep the marital home than the other, this can often be an easy decision to make. If you and your spouse have kids, the custodial parent will usually stay in the home with their kids, while the other parent finds a new place to live.

...

How are College Expenses Handled During a Divorce?College is not cheap. Since the 1980s, college tuition costs have risen more than 200 percent for public universities across the country, making covering the expense of higher education more difficult than ever. Because of this, young adults are living with their parents longer than any generation prior to them. For parents getting a divorce, paying for their children’s college education can be a point of contention during the divorce negotiations. Fortunately, Illinois law has included provisions in the Marriage and Dissolution of Marriage Act (IMDMA) on how post-secondary education expenses are distributed between parents.

Covering the Costs

The IMDMA allows courts to allocate costs to either or both parents based on a variety of factors. The judge can order that property allocated to either spouse during the asset division process be used to pay for post-secondary education, either now or when the time comes. Child support payments can also be extended beyond when the child turns 18 for the purpose of paying for college. A variety of things can be included in college costs, as long as the costs are accrued before the child’s 23rd birthday, or in some cases, the child’s 25th birthday. These costs can include:

  • A prep course for a standardized college entrance exam
  • Two standardized college entrance exam fees
  • Fees for up to five college applications
  • Tuition and fees
  • Housing expenses and meal plans
  • Medical insurance and dental expenses
  • Reasonable living expenses for the child
  • Books and supplies 

Who Pays for What?

As mentioned before, either parent or both parents can be held responsible for paying for the costs related to the child’s college education. If the parents cannot come to an agreement as to how these costs will be covered, it will be up to the judge to decide for them. The judge will make his or her decision based on a variety of factors, including:

...

DuPage County divorce asset division attorneyWhen you are married, your assets become intertwined with your spouse. This can be a good thing that brings much convenience as a married couple, but it can become a huge nightmare if you get a divorce. Before your divorce can be finalized, you and your spouse must come to an agreement over many things, one of them being who gets what property. If you and your spouse cannot come to an agreement on your own, a judge may have to intervene. He or she will follow a specific set of guidelines that are contained in the Illinois Marriage and Dissolution of Marriage Act (IMDMA) when determining how to divide marital property.

Marital vs. Non-Marital Property

Before anything can be split up, it must be determined what is and is not subject to division. According to the IMDMA, any and all property, including debts and other obligations acquired by either spouse during the marriage, is marital property and is subject to division. Non-marital property is not subject to division in a divorce and includes:

  • Property that a spouse acquired by gift, legacy, or descent or property acquired in exchange for that property
  • Property acquired by either spouse before the marriage or property acquired in exchange for that property
  • Property acquired by either spouse after a legal separation
  • Property excluded as written in a prenuptial or postnuptial agreement

Factors to Consider in Property Division Decisions

Once it is determined what is considered marital or non-marital property, then the judge will distribute the marital property between the two spouses. The judge is not allowed to make decisions based on marital conduct, but will consider, among other relevant issues, the following factors:

...
BBA Of Will County Illinois State Bar Association Cook County Bar Association The National Bar Association BWLA
Back to Top