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Property Division Archives

The Legal Utility of Prenups and Postnups

When you consider that approximately 50 percent of marriages will end in divorce, the discussion around prenuptial agreements and postnuptial agreements can be framed from a very different viewpoint than one might expect. For many years the discussions around pre and post nups were considered socially taboo topics. As a result, many people who were preparing for their big day simply ignored, disregarded or glossed over the prospect of signing a prenuptial agreement.

How digital assets play a role in divorce

We live in a world now that has an amazing amount of electronic data. Everywhere you go, your online information, profiles and activity have a major impact on your life, even if you aren't acutely aware of it in the moment. These digital assets are exactly that when it comes to a divorce -- assets. And when a couple decides that it is time to dissolve their marriage, then they need to consider the ramifications of that divorce on their digital assets.

On inheritance, divorce and the effect of 'co-mingling'

Inheritance is an important financial topic, both emotionally and financially. An inheritance can provide you with a vast amount of wealth, interest in a company or significant and valuable asset. As such, people want to protect their inheritance and make sure that inheritance does not become part of the marital estate. When it comes to divorce, inheritance can make this wish, at the very least, a bit complicated.

What is considered prior to a property division determination?

When the topic of property division comes up in a divorce, it is not something that is simply handled by having one spouse say "I get this asset" followed by the other spouse countering with "fine, but then I get this asset." Property division is not like a draft, nor is it a childish contest between two adults. Instead, there is a formal process for how property division is determined in the state of Illinois.

Major Ruling from the Illinois Supreme Court on Unmarried Couples and Property Division

Not more than one a week ago, the Illinois Supreme Court published a case on unmarried couples and property division in the wake of a breakup. Although the Supreme Court ruled on this very topic in 1979, the reasoning behind that ruling was, shall we say, less-than-tactful by today's standards.

How does pet custody get dealt with during divorce?

To many couples the issue of pet custody may seem trivial. These families likely don't have pets and simply don't see the value in either owning one or the inherent issues to having a pet in the middle of a divorce. You can't begrudge them for not knowing or caring -- they simply don't understand a pet owner's point of view.

Contributing factors to divorce division

What are some factors that help a judge divide who gets what when it comes to your divorce? When your divorce isn't exactly happening on good terms and you have a few significant items that you and your soon-to-be former spouse both covet, it may help you to gain a firm understanding of how things might work. If not, it may be time to consider negotiations and think about things your spouse may value more than you do.

Prepare for divorce with 4 steps

Filing for a divorce is major. Perhaps more so when your spouse will be blindsided by you doing so. If you have children, that really can add to the gravity of the decision. What are you waiting for? Many people think there will be a right time but aren't properly preparing for that right time to come.

Marital property abandonment

Not too often, but occasionally, a spouse simply wants out of their marriage and may try to do so by any means possible. Unfortunately, moving out of the marital home and walking away from a spouse and marital property does not mean the marriage is over. It may not even constitute abandonment. However, when a spouse wants out of a marriage so badly that they refuse to uphold their financial obligations, it may be said that they have abandoned their spouse.

Why would a spouse try to hide assets?

Some spouses resort to tricky tactics to hide assets from each other during divorce. Hiding assets is not just something that happens in high asset divorces; anyone who wishes to keep property out of a marital settlement agreement may try to hide assets. The main reason some spouses resort to this tactic is so that valuable property and assets are not included in the property division portion of divorce. Unfortunately for them, an experienced divorce attorney knows exactly how and why some spouses tried to hide assets.

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