Posts Categorized: Property Division

Property Division in an Illinois Divorce

Once you decide to divorce, you face a number of issues that can either be solved quickly with a calm discussion or turn into a contentious battle. The division of property is one of those issues. Some spouses agree on how to divide their belongings, savings, and debt. They work it out by negotiation and present their plan to the court for approval. Other times there are arguments over who owns what, how much something is worth, and who deserves more. In these situations, you may need to ask the...   Read more ...  

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In an Illinois Divorce, Should You Sell or Keep the Family Home?

Of all the divorce issues couples face during the proceedings, dealing with the family home can be one of the most contentious and emotionally charged. The value of the residence places it among the highest valued assets in a divorce, and it will be considered marital property in many cases. As a result, Illinois’ property division statute applies. By law, all marital assets are subject to equitable distribution between the parties, so the court will divide property according to the interests ...   Read more ...  

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Business Ownership and Marital Property

Business Ownership and Marital Property in Property Divison Even if you do not know the details of Illinois’ statute on the distribution of assets, you probably have a general understanding of the basics regarding property in divorce. All items acquired during the marriage are considered marital assets, and the law mandates that they be equitably distributed between the parties. Though it may not lead to an equal 50-50 split, the process of dividing property seems relatively straightforward: ...   Read more ...  

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