1953 Ridge Road, Homewood, IL 60432

Call Us312-702-1293

The Foray Firm
Subscribe to this list via RSS Blog posts tagged in Joliet divorce lawyer

Joliet divorce attorneysThe divorce process is often a time of intense conflict, and unfortunately, it can sometimes bring out a person’s worst behavior. Spouses may attempt to hurt each other out of anger, resentment, frustration, selfishness, or more destructive impulses, and one way of doing so is by dissipating marital property before it can be divided in the divorce. It is important to know that if your spouse is dissipating assets, an attorney can help you hold him or her accountable and achieve a fair outcome.

What Does It Mean to Dissipate Assets?

Broadly speaking, the dissipation of assets occurs when a couple’s marriage has entered a period of irretrievable breakdown, and one of the spouses uses marital assets in a way that has no benefit for the other spouse. In practice, this can take many different forms. For example, a spouse could attempt to transfer marital assets to a private account or to a friend or family member to save for after the divorce. Alternatively, a spouse could spend marital assets for a purpose in their own self-interest; for instance, to buy things for a person with whom they are having an affair. In some cases, a spouse will even destroy or waste marital assets to the benefit of no one.

Asset dissipation may be an intentional strategy to try to damage the other spouse’s financial security or take away a property that the other spouse holds dear. It can also be an act of recklessness or self-destructive behavior. Regardless of the reason for dissipating assets, it is illegal, and it can have a major impact on the outcome of the divorce.

...

Joliet divorce attorneysAs part of the transition from being married to being single that occurs in a divorce, Illinois couples are required to equitably divide all marital assets and debts. This is an issue that can lead to much conflict, and the outcome can have serious financial implications for both spouses. As such, it is important to be prepared by understanding the assets you will be expected to divide and how you can do so in a way that protects your interests.

Examples of Marital Assets

Illinois law defines marital assets as any properties that are acquired by either spouse during the marriage and before any judgment of legal separation, with a few exceptions including assets acquired by one partner through a gift or inheritance, and assets that are designated as non-marital in a prenuptial or postnuptial agreement. Some examples of marital property may be obvious, but others you may not expect. Marital assets can include all of the following:

  • Bank accounts with contributions made during the marriage, whether they are joint accounts or listed under one spouse’s name
  • Real estate property including the marital home, if it was acquired during the marriage
  • Physical property acquired by either spouse, including vehicles, furniture, appliances, jewelry, and other valuables
  • Retirement accounts, including both individual and employer-sponsored accounts, if contributions were made during the marriage
  • Business assets and investments acquired during the marriage, whether they are owned by one spouse or co-owned by both.

Methods of Dividing Marital Property

It is important to note that Illinois requires an “equitable” distribution rather than an “equal” distribution, meaning that neither individual assets nor the entire value of the marital estate must be divided exactly in half between both spouses. This leaves you with options for determining the best way to divide your marital property. For example, you may negotiate with your spouse to come to an agreement that allows each of you to remain financially stable and keep properties that are important to you. You may also negotiate for spousal maintenance to offset imbalances resulting from the division of property. If negotiation is not possible, you can also take your case before the court with the assistance of an attorney.

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