Property Division - Chicago Illinois Family Law Blog
Divorce and Real Estate: Selling or Dividing Property
In divorce, property division hinges on state laws. Equitable distribution mandates fair, not necessarily equal, allocation of assets acquired during marriage. It considers various factors like contributions, earning capacities, and duration of marriage. Conversely, community property states like California split assets evenly. Illinois follows equitable distribution principles, prioritizing fairness over strict division.
Who Keeps the Low House Mortgage Rate After a Divorce?
A divorce involves the complex process of dividing assets, including the value of the family home. A home with a more favorable economic climate and a low mortgage rate raises essential questions about the best way to divide this asset for both parties.
Valuing and Dividing Collectibles and Art in Divorce
Art and collectibles hold immense value, not just for their aesthetic appeal but for their ability to evoke emotions and tell unique stories. Incorporating art or collectibles into a home adds character and a personalized touch, transforming living spaces into reflections of individual tastes, experiences, and cultural influences. These unique items can elevate the ambiance of a home, making it more inviting and resonant with the identity of its inhabitants. During property division in a divorce, artworks and collectibles frequently become focal points, sparking disputes during the division of assets. The intricate nature of these assets poses unique challenges in valuation and equitable distribution.
What Is Forensic Accounting?
Forensic accounting may be defined as the use of accounting skills to investigate fraud or embezzlement, or to analyze financial information for use in legal proceedings. In divorce proceedings, forensic accounting can help uncover essential data and provide critical documentation to support your case.
How Assets Are Split in a Divorce
Equitable distribution. Dual classification. What do these words have to do with your home, your valuables, your taxes, and your retirement? Plenty, if you’re getting a divorce. In our latest infographic, Nottage and Ward, LLP, explains how Illinois divides assets after the breakdown of a marriage.
The Business of Divorce
This fictional scenario is one that Chicago couples face every day.
Tom used to take his wife Abby’s pork tamales to his office every Thursday. It didn’t take long before they were a big hit—not just in his office, but in the whole building. “We were going through so many that I had to charge for them and keep receipts. Abby and I thought, why not make a real business out of this? We could do the food truck thing. That’s what people do, right?”
What Information Is Disclosed in a Financial Affidavit?
One of the key stages of an Illinois state divorce is the process known as disclosure. In Cook County (Chicago), a financial affidavit must be filed at the beginning of a divorce case by both spouses. The affidavit acts as the initial disclosure of your basic financial information, which will then become the basis of the division of property during your divorce proceedings. It can even be used by the judge when making a determination with regard to temporary support and the payment of attorney’s fees before the case has finished.
The Financial Impact of a Divorce
One of the key points of discussion during a divorce is money and property division. These issues can become heated quickly. While some couples argue over who retains stock, property and business ownership, others must decide who will carry the burden of their acquired debt. In both cases, the financial impact of the divorce will be substantial and long lasting.
Here are just a handful of financial consequences that may arise from a divorce:
Pet Custody – A Growing Problem in Divorce Cases
Anybody who owns pets knows that they are more than mere pieces of property; they are members of the family. That is why pet custody is becoming a growing — and frustrating — issue in divorce cases in Illinois and across the nation.
A recent article in the Chicago Tribune pointed out how contentious the battle for a pet can become.
Divorce, Asset Division, and the Importance of Location
Location does not just describe one’s physical environment; it incorporates social, financial, and legal “geographies,” such as culture, job availability and proximity, and laws. In other words, location affects everyone deeply and largely determines their lives. Even family law can vary widely depending on location.
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