The law’s really clear that retirement accounts, pension plans, and other things employment related that are accumulated during marriage are marital property. It doesn’t really matter whose name the retirement benefit is held in. If it was accumulated during the marriage, it’s going to be divided by the court as marital property. If you have […]
Asset and Property Issues
In Illinois, are assets typically split 50/50 in divorce? How does that work?
The 50/50 is certainly a starting point, but there are a number of factors that the court is going to ultimately have to consider in dividing the marital estate. The ultimate division of marital property is to be done on an equitable basis. If 50-50 is taken as a starting point, there are then issues […]
Who decides what is marital and what is separate property, and what if one spouse doesn’t agree?
The determination, ultimately, if the parties are unable to work it out, is going to be made by the court. Many times there are single items of property that we are unable to reach an agreement on. And so, rather than have to put the whole marital estate and non-marital estate before the court, it […]
What is the Uniformed Services Former Spouses Protection Act?
The Uniform Services Former Spouses Protection Act is a federal law that established that military retirement benefits could be divided in a divorce. Before the enactment of this statute, military spouses could not get a share of what’s commonly referred to as a pension – it’s actually called “retired/retainer pay” – upon divorce. If there […]
If one spouse is keeping the marital home but both spouses’ names are on the title, how would you protect the other spouse?
The marital settlement agreement it is the art of drafting it. And when one spouse is keeping it and one spouse was getting the equitable interest or the money to share in the house, the spouse who’s retaining the actual physical possession is probably more than likely assuming the responsibility for paying the mortgages. So […]
Property Division And Debts: Are They Divided at the Same Time?
Sean Sullivan, an Illinois family lawyer answers the common question surrounding property division and debts, are they settled at the same time?
Can fault ever play any role in terms of property division?
It most certainly can, but it must be proven. What is the fault? Usually where a fault would play a role is, where you would be able to show that one spouse fraudulently engaged in some kind of course of conduct that just dissipated marital assets without your knowledge. That’s a difficult way to go […]
Are there any tax considerations to be aware of during property division?
Are there tax considerations to be aware of during property division? Although assets divided in divorce are tax free, there may be other implications.
If both spouses co-own a business together, how will it be divided on divorce?
It would depend on how they choose to divide it. You’d have to value it and see what it is. It would depend on the other factors of the situation. The judge would have to apply what are the other assets that the parties own? Do they both have the same income potential? Do they […]
Does a spouse have any recourse if he/she doesn’t believe the property division is fair?
I’d have to ask in what context does the spouse not think the property division is fair? If the question is if the person doesn’t think it’s fair at the settlement stage or whether the parties are still in negotiation before the divorce has been finalized, then the party can instruct his or her lawyer […]
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