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Posts tagged "Property division"

Property division: What should be done with the house?

When divorce is inevitable, Illinois residents may wonder what to do with their assets and property. Deciding what to do with the house is a common discussion point. Family law attorneys can assist with this aspect of property division as well as others. 

Property division may have many different aspects to consider

A Illinois couple may face many difficult decisions once they decide to get a divorce. One common factor spouses must consider is property division. This may be a complex process, depending on the couple's finances and assets. In addition to consulting a divorce attorney to assist in the legal proceedings, there may be steps individuals can make to make the process easier.

Understanding finances and assets could aid in property division

There may be many events a couple plans during their lifetime, such as getting married, buying a house together or having children. Divorce is rarely on the list. However, when Illinois couples decide that divorce is imminent, there may be steps each spouse can take to aid in the process. Considering one's assets can help determine how to conduct property division.

Property division may be complicated without an attorney

Illinois residents who are contemplating divorce have a lot to think about. One of the main considerations to make is in regard to property division. Depending on the couple's finances, this may be complex. Fortunately, divorce attorneys can help individuals determine how best to divide assets fairly.

Property division may be easier with a prenuptial agreement

Several years ago, the idea of signing a prenuptial agreement may have been seen as unromantic and viewed as a lack of trust between partners. However, many couples in Illinois and around the country are now choosing to have these agreements created. Couples, particularly those in the millennial generation, are finding that there could be many reasons to secure their individual finances to make property division easier in the event of a divorce.

A prenuptial agreement could aid in future property division

Illinois couples looking to get married are likely focused on planning wedding details, such as vows, menus and venues. However, doing some financial planning before the big day could be beneficial as well. Creating a prenuptial agreement before a marriage takes place could save couples from future struggles with property division should a divorce ever occur.

Divorcing near retirement age could affect property division

It is very unlikely that most couples ever plan for divorce. However, even though most envision spending the rest of their lives with their spouse, many factors may lead to extreme changes. Those divorcing at or near retirement age may face obstacles related to their retirement plans and other property division challenges. An experienced Illinois divorce attorney may be able to help those facing these difficulties.

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.