It really depends on what the money was used for. If a certain amount of inherited money was put into renovating the marital residence and that process enhanced the value of the marital residence, then there’s going to be a claim to get some of that money back by the spouse who contributed it. We […]
Property Division
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 […]
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 […]
If a spouse was using marital funds to pay for gambling debts, would fault play a role in property division?
If the fault was something like one of the spouses had an undisclosed gambling addiction and was using marital funds to pay for those gambling debts? Would there be any difference made in terms of property division if this was discovered upon divorce, that he or she had gambled away $50,000 or $100,000 of marital property?
Where there are multiple properties, how will these be divided on divorce?
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?
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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 […]
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