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Property Division Archives

Couples must consider many factors with property division

Illinois couples who are considering divorce may find themselves facing not only an emotional burden, but a financial one as well. Luckily, they may be able to ease this concern by sorting out their property division in the early stages. Consulting an attorney could help couples figure out the best way to do so.

How can bank accounts be protected in a divorce?

If you have a bank account and are going through a divorce in Illinois, you likely wonder if you are going to have to give your spouse part of that account. In general, the answer is you will have to split it, but there are some different factors that will determine this. In some cases, you may not have to split your account or share it at all with your spouse.

QDROs for spousal or child support

When a divorce becomes imminent, many people in Illinois begin to experience concerns about the financial impact that a divorce might have on their lives. This is understandable as there is no real way to split assets without losing something. Additionally, it is generally more expensive for people to live alone than as part of a married couple. Everything from daily living expenses to insurance costs may go up. Beyond that, the need to pay spousal support or child support can take an even bigger bite out of someone's monthly budget.

Who gets the pets in a divorce?

If you are getting a divorce in Illinois and you own pets, you may be wondering what will happen to them. According to Forbes, the bottom line when it comes to the law is that pets are considered property. As property, they are distributed the same as any other asset you and your spouse own. Obviously, though, there are additional considerations because dogs and cats are living beings that require care and cannot usually be sold to split the money.

Property division and taxes

As with any other situation involving money or assets, there are tax implications when property is divided during a divorce in Illinois. As property changes hands or income is increased or decreased, each spouse may have to adjust his and her tax obligations.

Classifying property in an Illinois divorce

If you are getting a divorce in Illinois, then it is a good idea to become familiar with the state’s property division laws. At Lois Kulinsky & Associates, LTD, we understand that it can be difficult to understand the difference between marital and non-marital property. However, understanding how the laws defines each type of property is essential when navigating your divorce.

Should we sell our house before we divorce?

When your marriage is ending in Illinois, you have to divide property and settle financial matters. One of the biggest property division issues you are likely to face is what to do with your family home. According to Bankrate, divorce does not affect the status of your mortgage as far as the lender is concerned. If the mortgage is in both of your names, then it will remain that way after the divorce unless you make moves to change it. One of your options is to sell it.

What is the impact of a late-life divorce on retirement?

If you are getting divorced and are over the age of 50, then you are not alone. Late-life divorces are actually on the rise in the country and in Illinois. According to The Fiscal Times, a divorce later in life can bring some major concerns about retirement because it changes all expectations of what would happen in retirement. You were likely planning on having the full amount of any money set aside for retirement, but retirement accounts are often split between both of you in the settlement. This requires some adjustments.

Simplify property division with a collaborative divorce

Some couples who are divorcing in Illinois do not want to drag things out and get into a huge legal battle over marital property. While property division can be a point of contention and consume a lot of time, it does not have to be that way. Those who want to minimize the hassle of property division may benefit from a collaborative divorce.

Protecting your non-marital property during a divorce

During a divorce, many people in Illinois discover that possessions they thought were personal will still be shared with a spouse when the judge is deciding who will get what. According to the Illinois General Assembly, anything that was bought or obtained by either spouse during a marriage is considered marital property, while non-marital property typically refers to assets obtained before the marriage. However, there are some exceptions that change the status of property acquired both before and after a marriage.