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Posts tagged "Property Division"

Don't forget to separate car insurance in divorces

37300095_S.jpgIllinois couples who are ending their marriages must disentangle their finances from each other. One aspect that should not be overlooked is separating the car insurance policies. There are several things that people who are getting divorced should keep in mind in this regard.

Divorcing the spouse and the house

33871317_S.jpgA substantial concern of divorcing spouses in Illinois is what will happen to their homes after they are separated. Those concerns can be especially heightened if one spouse is interested in retaining the property. Many times, the reasons for wanting to keep the home are based purely on emotional attachment. However, this might not be the wisest financial decision.

How inherited assets are treated during a divorce

64818708_S.jpgInherited assets may be an issue for Illinois couples who are planning to get a divorce. Inheritances that are acquired during a marriage are not usually viewed as marital property, and as a result, they are usually not subject to division. They are typically considered to be separate property that belongs to whoever inherited the assets and cannot be reallocated between divorcing parties.

Are rings marital or separate property?

37275704_S.jpgIllinois residents know that a marriage usually begins with an engagement, and often, the engagement and subsequent wedding ceremony involve the exchange of rings. These rings might have financial and sentimental value for the parties, as they are a representation of the couple's love. However, they might become a source of additional conflict if the couple later decides to end their marriage. If you find yourself in this situation, you might be wondering who the rings belong to in the event of a divorce.

Avoiding property division errors with retirement accounts

33227512_S.jpgIn-depth negotiations and a divorce agreement signed by an Illinois judge may not result in an equitable property division in all cases. According to an investment adviser, taxes and early withdrawal penalties can turn an equitable split into a lopsided arrangement. Improper treatment of retirement funds can also cause financial difficulties for divorcees down the road.

Family court can't issue orders for bankruptcy court to follow

60225517_S.jpgWhen Illinois couples divorce, they should be aware that the family court's orders regarding property division may not always stand up in other courts. A case that was decided by a U.S. Bankruptcy Court demonstrates the limits of a family court's jurisdiction.

Managing bank accounts after a divorce in Illinois

12497071_S.jpgMany experts recommend that when a couple gets a divorce, they should begin to split up their finances immediately. This usually involves closing joint bank accounts and/or removing a spouse as an authorized account user and then creating entirely new accounts.

Dividing a business after a divorce

45840469_S.jpgIllinois residents who own a business with their spouse may have a difficult time dividing that asset in a divorce. Because many business owners hold the majority of their wealth in their company, it's usually not that simple for one spouse to just buy out the other spouse when they go through a divorce. In many cases, divorcing business owners who do not want to keep working together are forced to sell their business and divide the profits.

Dividing marital property

60259145_S.jpgIf you are preparing to divorce in Illinois or Missouri, you will likely need to contend with how to divide your assets. Courts divide marital assets equitably, which means in a manner that judges consider to be fair. This may mean that the assets in your marriage will not be divided equally between you and your spouse.

Is it too late to discuss a prenuptial agreement?

65188357_S.jpgIf you are planning a wedding, you are likely overwhelmed with the amount of preparation that is required to pull off your "big day." You are also likely overwhelmed by how much preparation is required in order to firm up the foundation of your actual marriage. 

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