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Property Division Archives

Experienced Illinois attorneys help with property division

Many couples in Illinois often come to the decision that their marriage is no longer functional for all involved, including any children of the relationship. Often, a divorce is the best choice for a happier, more fulfilling life. However, the process and separating the financial lives of two people can be complicated. As such, many turn to Lois Kulinsky & Associates, Ltd. for guidance with property division.

Property division: Dividing a business during divorce

Many people in Illinois work hard to make the businesses that they own a success. This often involves a great deal of sacrifice -- of both finances and time. If a business owner is married, his or her spouse may also have to sacrifice even if not directly involved in the business. As a result, a business is an important and sometimes complex consideration as part of the property division process if a couple decides to divorce.

Easing property division with a valid prenuptial agreement

Many people in Illinois considering matrimony have many things under consideration as their wedding date approaches. While it may be difficult to think of the relationship ending, creating a prenuptial agreement can often significantly ease the process should a divorce occur. This may be especially important for those who own their own business or expect a large inheritance and want to protect their interests during the property division aspect of a divorce. However, in order for a prenup to be valid, there are several considerations.

Pets considered in property division?

There is an understandable concern about ensuring the best interest of children during a divorce regarding their living arrangements and a visitation schedule. However, until recently, similar concern has not been extended to family pets. In fact, in the past, pets would more likely be considered more a part of the property division process in Illinois and other states rather than concern about their overall well-being taken into consideration.

Discussing property division in a prenuptial agreement

It seems that millennials in Illinois and across the country are trendsetters. A great deal of their behavioral patterns are changing many things, including the way people conduct business. In fact, recent reports indicate that the actions of millennials are also changing certain ideas about marriage. For example, prior to their marriage millennials are much more likely to consider property division issues that might arise in a subsequent divorce by creating a prenuptial agreement.

Some states no longer deciding pet custody in property division

When an Illinois couple or one elsewhere around the nation decides to get a divorce, there are a multitude of decisions that must be made. Typically, many of the decisions deal with property division and determining who gets what after the couple is no longer together. In the past, most courts viewed a couple's pets as property and made their determination as to where a pet would reside with that mindset. However, many states have enacted laws -- or are planning to -- that will consider custody of pets in the same manner as child custody.

Property division could mean health coverage for this couple

It's hard to believe, but there are some couples in Illinois and beyond who end up divorcing when that's the last thing they want to do. Virtually every time, the reason behind such a decision is a financial one. In this case, a couple is considering divorce to make sure their special needs child has the medical coverage she needs. It turns out that strategic property division could allow the child's mother to qualify for Medicaid coverage. 

Financial transparency can assist during property division

Going through the process of dividing marital assets is among the most daunting tasks in any divorce. For some Illinois spouses, however, property division decisions are even more challenging because they did not remain actively engaged in managing family finances during the marriage. Staying involved and insisting on financial transparency is critical to ensuring a fair division of wealth in the event of a divorce. 

Pets custody and property division

Pets are often considered to be part of the family. When talking about the kids, the family dog is included as a part of the discussion; when purchasing Christmas presents, this fluffy bundle of love receives his or her fair share. For this reason, when it comes to an Illinois couple's divorce, the family pet can become a point of controversy throughout property division negotiations.

What role dies Facebook play in property division?

Many Illinois spouses believe that their social media has nothing to do with their divorce. In reality, however, Facebook and other social media sites are becoming a commonly tapped source of information for divorce attorneys. Even property division can be directly impacted by Facebook.