Dividing Marital Property: Will I Get Half of Everything?

 Posted on December 00, 0000 in Property Division

When a couple gets divorced, one of the most contentious aspects of the process involves the identification and division of marital property. For many couples, the marital estate is a physical representation of their life together, making it very difficult for the parties to reach a reasonable resolution.

If you and your spouse cannot come to an agreement regarding your property, the issue will be left to the court to decide. Such a situation leads many to assume that the court will simply divide the marital estate into equal halves, and allocate 50 percent of the marital property to one spouse and 50 percent to the other. According to Illinois law, however, this is not exactly the case.

Equitable Distribution

The Illinois Marriage and Dissolution of Marriage Act provides that during a divorce, marital property is to be divided between the spouses in a manner that is equitable and just. The law does not promise or even imply that each spouse should receive an equal share. Instead, the court is required to consider the totality of the situation in determining how to allocate the marital estate.

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The Dangers of Hidden Assets in Divorce

 Posted on December 00, 0000 in Property Division

A divorce is rarely an easy undertaking and, in some cases, can be extremely complex, especially if you fear that your spouse is not being honest about his or her financial situation. Hidden assets can prevent the court from putting together an accurate assessment of the marital estate, which could affect not only the property division process but issues related to spousal and child support as well.

What is a Hidden Asset?

While it is possible for a spouse to hide assets while living in the marital home during the marriage, it becomes even easier to hide assets following a separation. If you and your spouse are living apart, he or she could have opened secret accounts, started working under the table, received gifts from friends, or made undisclosed investments. Hidden assets may also take the form of physical items like jewelry, furniture, artwork, and real estate.

Revenue streams and income are often hidden by a spouse simply neglecting to disclose them during the divorce proceedings. It is also possible for a spouse to ask friends or family members to hold on to certain items or assets until the divorce is finalized. Physical items may actually be hidden in a safety deposit box or other discrete places as well. Regardless of how an asset is hidden, if discovered, the court will not look favorably on the behavior and may even order sanctions to be paid by the offending spouse.

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Property Division in Divorce

 Posted on December 00, 0000 in Property Division

Going through a divorce is a complex issue both legally and emotionally. Many contentious issues must be decided on including, child custody, child support, and property division. When a house is part of the property that needs to be divided the tenants of divorce law are used to determine how the home or the home's value is shared between the spouses. It takes an experienced and insightful DuPage County divorce lawyer to navigate this treacherous legal terrain successfully.

Equitable Division

Illinois law controls how real property is divided in a divorce. Illinois is an "equitable division state." That means that the law does not require that marital assets be divided equally among divorcing spouses. Instead, the law requires that property is distributed equitably. Judges rely on several variables to determine what an equitable division of property is, however, Illinois courts are forbidden to consider marital misconduct for property division. Instead, judges are instructed to consider:

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Divorce and Asset Division

 Posted on December 00, 0000 in Property Division

When a marriage results in divorce, the end is usually not as simple as each spouse picking up and heading off in separate directions. Before a divorce decree is issued, the parties must go through the identification, valuation, and subsequent allocation of all marital property.

The Asset Division Process

In Illinois, when a divorce enters the asset division and allocation process, the law calls for an “equitable” distribution of assets, meaning “fair,” and not “even” or even 50-50. This includes:

• Property acquired by either spouse during the time of the marriage is considered marital property and subject to division. Sometimes this is complicated when one spouse attempts to shield assets from the other.
• Once all assets are identified, the value of each is determined and the process of division may begin.

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Property Division for Unmarried Couples

 Posted on December 00, 0000 in Property Division

It was an issue first reviewed by the Illinois Supreme Court more than 35 years ago, and the justices ruled then that common law marriages would not be recognized in this state. This meant non-married, cohabiting partners, regardless of the length of their relationship, could not claim rights to property owned by the other person. This ruling was upheld earlier this month when the Illinois high court decided that unmarried domestic couples had no rights to a partner’s property when the relationship ends.

Marriage and Cohabitation Not the Same, When a Relationship Ends

Many couples do not believe marriage is the right way to affirm their relationship. In fact, there are many couples who live together for long periods of time, even outlasting their married counterparts. However, the end of a relationship not licensed by the state through marriage can provide for some drama when it ends if one feels they are entitled to part of the property and assets amassed during their time together. However, in its most recent ruling, the state’s high court again confirmed that division of certain property and assets held by unmarried couples was not subject to the same laws as those impacting married couples going through a divorce.

• When first considered, the Illinois Supreme Court reasoned the issue as a way to uphold a policy that discouraged cohabitation of unmarried partners, and any children resulting from the relationship.

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Strange Divorce Settlements

 Posted on December 00, 0000 in Property Division

Most couples going through a divorce are looking for a fair division of the marital assets, alimony and child support amounts they can live with, and, ultimately, the legal dissolution of a marriage that just was not working. However, every so often we hear about some really odd demands made by one party or the other that cause us to shake our heads in disbelief. Strange Demands, Strange Results Granted, divorce laws around the world vary greatly. Some tend to favor one party more than the other. Perhaps the only thing more strange than the demands made by the parties in these divorce cases, is that the judge actually granted them in finalizing the divorce decree. A Cambodian couple ordered to split their assets took things quite literally and divided their house in half. The husband towed his half away, perhaps to enclose it before the rainy season. A judge in Spain ordered a couple to divide their apartment in half as it was deemed best for the well-being of their two young daughters. In Australia a man had to dig up the remains of his parents, who he buried on his family property, after a judge awarded the property to his wife. A Nobel laureate who was divorced in 1988 had to pay his wife half of 1995 winnings because their settlement included a clause for any future Nobel winnings up to and including 1995. If he had won in 1996 his wife would have received nothing. In India, a man who claimed his wife spent all his money on ice cream, was ordered to pay $1,300 per month in support, and an additional $2.50 each month so his wife could buy ice cream. Of course, these stories all seem to border on the extreme, but the lesson is that if you feel you are entitled to something as part of your divorce there is no harm in asking for it. Work with an Experienced Aurora Divorce Attorney When it comes to dividing marital property as part of the final divorce settlement there is bound to be some disagreement among the parties. This is when it will pay off to find and retain an Illinois divorce lawyer that will work on your behalf to see that you receive everything to which you are entitled. When you rely on the Law Office of Matthew M. Williams, P.C. for help in pursuing your divorce, you will benefit from years of experience and their dedication to client satisfaction. You can schedule a free consultation when you call their offices today. Sources: http:/mentalfloss.com/article/23385/10-bizarre-divorce-settlements https:/www.oddee.com/item_99656.aspx" divorce are looking for a fair division of the marital assets,alimony andchild support amounts they can live with, and, ultimately, the legal dissolution of a marriage that just was not working. However, every so often we hear about some really odd demands made by one party or the other that cause us to shake our heads in disbelief.

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Dividing Property as Part of Your Divorce

 Posted on December 00, 0000 in Property Division

When a married couple decides to divorce everything they have obtained, amassed and created together suddenly becomes a desired possession by one party or the other, but very frequently property and assets are sought by both adults. The matter of property division is one that tends to increase the level of stress and cause prolonged court battles.

Understanding the Process

Along with the help of a knowledgeable divorce attorney with experience in matters of property division, it may be helpful to have a basic understanding of the guidelines Illinois judges refer to when faced with these matters. Consider the following information as a reference.

• It happened that a couple owned two season tickets for the home games of a local professional sports team, but neither enjoyed the thought of continuing to attend games with the other once divorced. The wife even went so far as to file an emergency petition to obtain custody of the tickets. Eventually, the judge awarded the tickets to the husband but ordered him to purchase equal value seats for the wife.

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What Happens to a Family Business When the Owners Divorce?

 Posted on December 00, 0000 in Property Division

The division of marital property can be a long and contentious process, as both parties attempt to secure the value of joint assets and obtain full or majority ownership of the property. This can be particularly when a married couple owns a business together, and that business becomes part of the divorce negotiations.

Keeping the Doors Open

It is not uncommon for a small, family business to close its doors forever as a result of a divorce. In addition to the stress and resentment this causes, a business closing also negatively impacts the employees who lose their jobs and even the community that relies on its services. Here are few tips to consider when taking steps to protect your business prior to or during a divorce.

• Keep accurate financial records, and do not allow business finances to mix with family finances.

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Who Gets the Pets in Divorce?

 Posted on December 00, 0000 in Property Division

As a couple goes through divorce negotiations and subsequent court proceedings many decisions are made as to who gets what, and how much they get. These decisions involve the house, children, savings and investments and other marital assets. Another decision that often results in much emotion is resolving the eventual resident of the family pet.

New Law Now in Effect

Previously, pets were treated as furniture or other inanimate possessions in divorce negotiations over marital property division. However, as of the start of 2018 in Illinois, a new law now gives a judge the right to determine if one spouse would be a better pet owner than the other. The individual who takes on more of the responsibility for pet care during the marriage now has a better chance of retaining ownership after the divorce.  Things to consider include:

• Who purchases the pet food and other care items.

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Pet Custody: Who Gets the Dog in an Illinois Divorce?

 Posted on December 00, 0000 in Property Division

For most pet owners, their pets are a part of the family. When a couple gets divorced, one of the issues that may arise is who gets to keep the pet. Prior to 2018, the state of Illinois treated pets like any other piece of property--it was awarded to one of the spouses during the allocation of the couple’s other assets. A new law that was put into place at the beginning of 2018 allows a judge to decide which spouse is the best owner for the pet. A Change in the Law Before the beginning of the year, pets were considered an asset in a marital estate. Usually, the spouse that paid for the animal or had the best financial situation for the animal was allocated the pet in the divorce. This led to some animals losing the pet parent that loved them the most and sometimes a spouse would even fight over the pet out of spite and end up with an animal they did not care about. The new law gives judges the ability to look at the situation and decide what is in the best interest of the pet’s wellbeing. This means that one spouse may end up with full ownership of the pet or both spouses could end up in a joint ownership situation, meaning the arrangement would function similar to a child custody arrangement and the time spent with the pet would be split between both spouses. Deciding Factors

The only animals that the law does not apply to are service animals. Though service animals are companion animals, they provide their owner with assistance and it is important for the animal to stay with the spouse that needs them. For all other animals, judges will look at which spouse provides the necessary elements for the pet’s wellbeing. This can include the judge looking at who:

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