Posted on December 00, 0000 in Property Division

Workers’ compensation benefits are paid to employees who get hurt on the job. These benefits are for the benefit of both the worker and his or her family. But, what happens to workers’ compensation benefits during a divorce?

Are Benefits a Marital Asset?

Workers’ compensation benefits are considered an asset under Illinois family law. If the benefits are from an accident that occurred after the couple was married, the benefits are similar to any other income and are likely to be considered a marital asset. Even if the divorce was already filed, but not yet finalized, when benefits are awarded, they will most likely be considered a marital asset.

Workers’ compensation benefits can either be paid as a series of installments or as a single lump-sum, depending on the circumstances of the case. Judges in a divorce will divide the marital assets equitably, including the proceeds from any workers’ compensation claim. This does not mean both sides get half. Instead, the judge decides what would be fair considering several different factors.

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 Posted on December 00, 0000 in Property Division

Financial and property considerations can be very complicated parts of the divorce process. It is often difficult to determine who should get what, and how much is fair based on the specific circumstances of the case. For many couples, the concepts of dividing marital assets and spousal maintenance represent two, very separate ideas. In reality, however, they are often very closely related, and in many cases, decisions regarding one directly affects the other.

Spousal Maintenance

Spousal maintenance, or alimony as it is sometimes called, is intended to help a financially-disadvantaged spouse alleviate some of the economic impact of a divorce and a post-divorce life. To determine if maintenance is needed, in the absence of an agreement between the spouses, the court must take into account a number of factors regarding the marriage and divorce. These include each spouse’s income and needs, the contributions to the marriage and toward the earning capacity of the other, as well as the length of the marriage and the established standard of living.

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 Posted on December 00, 0000 in Property Division

For some, the most painful part of a divorce is the division of the marital property. Illinois law requires judges to divide the marital property equitably. This means dividing the property fairly based a set of factors. However, if your spouse is hiding assets, you are at a disadvantage. You may get less than your fair share of the marital property. While there are many ways to hide assets, often they are in plain sight if you know where to look.

Electronic Discovery

One favorite technique of fraudsters is to withdraw money over time from the marital bank accounts and deposit the money in a secret account. Sometimes the secret account will be in the name of a friend or romantic partner to help avoid detection. But, because almost everything is now online, chances are that your spouse either checks the balance online or gets regular account updates via email.

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 Posted on December 00, 0000 in Property Division

Divorce is a complicated topic. There is virtually no limit to the types of issues that can arise, and each case is as unique as the individuals and families involved. Dividing property in divorce is often among the most difficult considerations with which a couple must contend, and while the laws regarding the process are seemingly straightforward, their practical application is often quite complicated. This can be especially true regarding inherited property, or assets received by either spouse following the death of friend or family member.

What Does the Law Say?

According to the Illinois Marriage and Dissolution of Marriage Act, the marital estate—property that is subject to division in divorce—consists of all assets and debts acquired by either spouse subsequent to the marriage, with limited exceptions. Among the most prominent exceptions, however, is “property acquired by gift, legacy, or descent or property acquired in exchange for such property.” In other words, anything given to you as a gift or as inheritance is non-marital property, as are proceeds from the sale of gifted or inherited property. For example, if your uncle passed away and left you his home, you could still sell the home and keep the money as a non-marital asset.

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 Posted on December 00, 0000 in Property Division

In today’s society, nearly two-thirds of American married couples rely on the income of both parties. While not entirely gone, the idea of a single wage earner—primarily the husband in previous generations—providing for the entire family’s needs is quickly becoming a thing of the past. Whatever the reasons may be, such as failed economic policies, rising inflation, and other concerns, the change in the way a couple earns income has also led to a corresponding change in the approach to dividing property in divorce, if and when the time comes.

Income Disparity

Depending on the situation, it is very likely that the income of each spouse in a two-income marriage will be somewhat, if not drastically different. This is especially true if the couple has children, as one spouse may work a lower-paying job or reduced hours so as to be more available for the children’s needs. The end result is often one spouse making significantly more money than the other, contributing more directly to the family’s wealth and property.

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 Posted on December 00, 0000 in Property Division

When most people get married, they do so with the intention of sharing a life together. This usually means joint ownership of all assets and property, as well as shared responsibilities for incurred debts. During a divorce, as most people understand, the property that constitutes the marital estate must be divided equitably between the spouses. In some cases, though, determining whether a particular asset is part of the marital estate can be a little more challenging than in others. High-value assets like your marital home can be especially confusing if it was titled in the name of only one spouse. Is such a home considered marital property?

The Name on the Title

Determining if your home is marital property depends on several, fairly straightforward factors. Surprisingly to some, the name on the title means almost nothing in most cases. You and your spouse could have agreed to put just one name on the mortgage or title to obtain financial advantages. Such practices are fine and understandable, but have little bearing on the home’s status as marital or non-marital property.

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 Posted on December 00, 0000 in Property Division

For those who have never experienced divorce, there are often many myths and misconceptions that surround the process. One of the most common of these is the idea that when a couple gets divorced, each spouse is entitled to half of the couple’s property, regardless of where, when, or how the property was acquired. In Illinois, the reality is much different, as state law is very specific about what property is subject to division and that marital property is to be divided equitably, not necessarily equally.

Marital and Non-Marital Property

The first step in equitably dividing marital property in a divorce is determining what, exactly, is marital property. According to the Illinois Marriage and Dissolution of Marriage Act, any property that is acquired by either spouse in the course of the marriage is considered marital property. There are limited exceptions to this rule, as assets acquired by gift or inheritance are considered non-marital property. Once the marital estate has been established, the value of each marital and non-martial asset must be determined so that the next stage of the process can begin.

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 Posted on December 00, 0000 in Property Division

In an Illinois divorce, the property and assets of a couple are equitably (fairly) divided. What a lot of couples fail to take into account is that this process of division also applies to their debt. It does not just disappear, after all. Be prepared and protect your financial future. Know how to deal with debt during the divorce process, and how you can effectively protect yourself from debt that should no longer be considered “yours” once everything is completed.

Taking a Proactive Approach to Debt Before the Divorce

All too often, couples wait put off dealing with debt until the last possible minute, assuming it will all just work itself out during the divorce process. Unfortunately, this is not always the case. Instead, debt may be wrongly assigned to a party that cannot reasonably afford it. However, even if debt is equitably distributed during the divorce, failure to think ahead can come back to haunt the one who should have been “off the hook.” This can be especially true in situations involving joint debts, such as joint credit cards, mortgages, and other installment loans.

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 Posted on December 00, 0000 in Property Division

During a divorce, questions often abound regarding which of the spouses’ assets will be considered marital property and, therefore, subject to division. As with most aspects of divorce, the law itself is relatively straightforward but its real-world application is often very complex. If you are considering a divorce, you should know what the law says and how it applies to your particular case.

Legal Definitions

The Illinois Marriage and Dissolution of Marriage Act (IMDMA) contains virtually all of the statutory provisions that govern the process of divorce in the state. The IMDMA specifies that, for the purposes of a divorce, marital property refers to “all property, including debts and other obligation, acquired by either spouse subsequent to the marriage,” with certain exceptions. These exceptions include:

• Property acquired by gift or inheritance;

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 Posted on December 00, 0000 in Property Division

During a divorce, it is not uncommon for spouses to make all sorts of accusations against one another. Some, as you might expect, are fairly reasonable while others may border on the completely outrageous. One of the most common allegations that tend to arise in a divorce case is that of dissipation. Dissipation refers to the wasteful spending, intentional destruction, or negligent devaluation of marital property and is a very serious charge.

Why Does Dissipation Matter?

In the course of a marriage, spouses have the freedom to do whatever they want their property. The can spend frivolously, save carefully, or find a balance somewhere in between. Divorce law in Illinois provides, however, that once the marriage has begun to irretrievably break down, how each spouse spends money becomes a matter of interest to the other spouse. This is because Illinois law requires that the marital property of a couple shall be divided equitably between the parties during the divorce. If one spouse wastes assets before the divorce can be finalized, he or she denies the other spouse the opportunity to receive a share of those assets.

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