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.
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.
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.
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.
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.
Divorce for couples over the age of 50 may not have contentious child custody issues, but legal issues still abound. One of the most important legal issues that these couples must navigate involves the splitting of retirement assets.
Whether you are divorced, getting a divorced or contemplating a divorce, you may be reflecting on the various things that led you to that place. Despite what many people in Illinois may think, it is not always a major event like an affair that influences people's decisions to end their marriages. The fact of the matter is that these things are highly complex and multifaceted.
Even the best marriage can be vulnerable to concerns about infidelity. You may even know of friends or family members in Illinois who have been cheated on. Maybe you even know a cheating spouse. But, what happens if you suspect that your own spouse may be having an affair? How can you tell? While there may be no one clearly foolproof way to catch a cheating spouse, there are some things that you may notice that might signal cause for concern.
Are you facing the prospect of a divorce in Illinois? Whether it is your choice, your spouse’s choice or a joint decision to end your marriage, this can be a very upsetting thing. However, despite your emotions, it is highly important that you stay focused on how to best protect yourself in the process. This includes taking stock of your marital estate as you prepare for your property division settlement.
Have you and your spouse made the decision to pursue a divorce in Illinois but want to find the most amicable way to do so? Many people are aware that mediation can be used in divorce proceedings. However, these same people may not always know the true facts about mediation and what is can or cannot do. In order to get the most benefit out of mediation for your divorce, it is important to understand a few basic principles before you get started.