Posts Categorized: Asset Division

Division of Assets in Divorce Worksheet

Getting divorced in Illinois will result in all marital assets and debts being divided equitably between the spouses. Since Illinois is an equitable distribution state, the court will look to a variety of applicable factors to determine what a fair or equitable division of the property looks like based on the specific circumstances of the parties involved in the divorce. Yet in order to consider how to get to the stage of an equitable division of assets in divorce, the court must first classify ...   Read more ...  

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Who Gets the House in a Divorce?

When going through a divorce, couples will have to make decisions on many legal issues, including who will get the marital home. The party that gets to keep the marital home in a divorce, if either at all, largely depends on the facts of the case. Marital homes are generally considered marital property and as such, are subject to division during divorce.   In many cases, the marital home is sold and the couple divides the proceeds fairly. However, when one person wants to keep the home in a...   Read more ...  

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Illinois Divorce and How It Affects My Spouse’s Inheritance

If you are considering divorce or already a party to a dissolution of marriage case in Illinois, you might already know that division of property will be one of the key issues in the proceedings. State law on the topic requires equitable distribution of marital assets, basically describing a two-step process. You first classify real estate and personal property as being marital or separate. Assets owned by a spouse before the wedding are generally his or hers to keep. Marital assets acquired dur...   Read more ...  

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Understanding Illinois’ Equitable Distribution in a Divorce

While it is true that every divorce case is different, there is one common issue that most parties going through the process will face:   Addressing the property that you share Divvying up these items according to state divorce laws There are generally two legal approaches to assets in divorce:   Community property Equitable distribution Illinois falls into the second category. In general, the process for dividing assets under Illinois equitable distribution statute revolves around...   Read more ...  

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Asset Division in a Divorce

Asset division in an Illinois divorce can be a complex and hotly contested issue. Hostile disagreements often develop between couples who have been married a long time or have accumulated significant property. However, disputes are common even in short-term marriages and cases involving lower net worth. The nature of certain assets means trying to divvy them up is complicated, impractical, or even impossible.   Fortunately, you can sidestep many of the potential problems b...   Read more ...  

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Who Gets to Keep Digital Assets in a Divorce?

As personal lives become increasingly intertwined with technology, it stands to reason parties will need to address the issue of digital assets when going through divorce in Illinois. Part of any dissolution proceeding is determining how to divvy up all property acquired during the marriage, so you must be prepared to consider items in electronic form, stored within the Cloud, or otherwise digital in nature. Ideally, you would want to attempt agreement on distribution of this uniqu...   Read more ...  

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