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Posts tagged "Property Division"

Avoiding property division errors with retirement accounts

In-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. 

Selling the house during divorce

35896987_S (1).jpgFor many Illinois couples, their house or condo is their most valuable asset. It is thus not surprising that an impending divorce can create a fair amount of concern about what will happen to their home. Several considerations come into play, including whether the home will need to be sold and when the sale should take place.

Wrongful conviction settlement may be split in divorce

A Illinois man may have to split his wrongful conviction settlement award with his ex-wife. The couple was married while the man was incarcerated for an event that took place before they were married. After the man was exonerated in an appeal, he filed a wrongful conviction lawsuit and was awarded $20 million. The couple was still married when the lawsuit was filed.

Factors used to determine who gets a home in a divorce

54394135_S.jpgIt isn't uncommon for Illinois couples who are getting a divorce to wonder who will get the marital home. In many cases, the couple can decide on its own who will keep it or whether it will be sold and the proceeds divided. However, if a couple is unable to come to an agreement on its own, a judge may need to make a ruling.

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