Where there are multiple properties, some owned by one spouse before marriage, some income properties and some family residences or vacation homes, how will these be divided on divorce? Are they all subject to division or are some exempt?
Financial Issues
Financial Cheating: 3 Tips to Protect Your Relationship (and Your Wallet)
Financial cheating doesn’t involve private meet ups or flirty texts, but it is still a significant form of deception – and it entails secrets and falsehoods that can destroy a relationship.
Divorcing After 50? Make Finances Your Top Priority
If you are one of the increasing number of married couples going through divorce after 50, making finances your top priority and setting financial goals could help you protect your future.
The Importance of Acquiring a Financial Order
Before finalizing a divorce, it’s important for individuals to consider obtaining a financial order – which can help prevent ex-spouses from making financial claims in the future.
Does fault ever play a role in asset division in Illinois?
No. Unfortunately, divorce is, at least from a lawyer’s perspective and the division of assets aspect, a business proposition. Unfortunately, our clients often look at is as the emotional impact and we understand and look at that, but that’s why you hire someone such as ourselves. We’re experienced at divorce and detached emotionally as we […]
Can you get a divorce without having to divide marital assets and debts in Illinois?
No, that is not possible. There always has to be a division of marital assets and debts. Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik Kern, specializing in child custody and dissolution in divorce.
What happens if both spouses want to keep 100% of the same marital property?
In real life both spouses cannot keep possession of the same marital property. The law views it as there’s two rights to property in a sense. There is the physical possession of the items such as a home, and then there is the property value, which is the cash value or the fair market value […]
Can a prenuptial agreement override normal property division rules?
Yes it can. But the first thing to consider would be to look at the pre-marital agreement and you’d have to establish the fact that there was an actual valid pre-marital agreement entered into by the parties. Then yes, that would override the rules of property division because it’s a separate contract that those specific […]
In Illinois are assets typically split 50/50 on divorce?
In Illinois are assets typically split 50/50 on divorce? How does that work? For instance, you can’t really split a car right down the middle or a house.
Is a degree earned during the marriage a marital asset?
That’s a very typical question a lot of people ask. And the professional degree itself is not a marital asset; it’s the degree that is earned by the one party over the other. So, those are not necessarily valued. They don’t have a value in the sense to the marriage, but they are earned by […]
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