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Property division may be a concern during gray divorce

As Illinois residents age, many come to see certain parts of their lives differently. As a result, they may want to make changes that could not only affect their lives but also the lives of others. In particular, many may find that ending their marriage may allow them to live a more satisfying life, but property division could be a concern.

Understanding marital property is vital during property division

Getting a divorce often means having to think about matters that may not have crossed one's mind before. In particular, Illinois residents may have to give more thought to what assets belong to whom when going through property division proceedings. Previously, asset ownership may have seemed obvious, but it may not be as clear-cut as once believed.

Mediation allows flexibility during property division in Illinois

Many people in Illinois have the misconception that divorce is always bitter and filled with contentious court battles. They may worry that they will have little control in the property division process if a judge -- who knows little about them personally -- makes the decisions. Fortunately, there are methods of alternative dispute resolution that will allow them more flexibility in the decisions made as they seek to separate their lives.

Is a pension plan subject to property division in Illinois?

Many couples in Illinois start planning their retirement early on in their marriage. As such, retirement plans and other related assets may be the most significant ones that couples must divide as they go through the property division process of a divorce. Because pensions and other retirement plans acquired during marriage are typically considered marital property, they are likely subject to equitable distribution.

Divorce proceedings could affect sale of business

Some people in Illinois put a great deal of time and effort into creating a business that will be successful. However, all of that effort could be put into jeopardy should the marriage end in a divorce without certain protections in place for the business. In fact, some claim that the sale of a business in another state, and subsequent court filings in response, are the result of the business owner's divorce proceedings.

Should frozen embryos be considered in property division process?

For many couples in Illinois and across the country, having children is something that is extremely important. Unfortunately for some couples, it may not come easily. As such, they often seek out advances in medical technology to help them conceive, such as in vitro fertilization. As part of this, many couples opt to freeze fertilized eggs for future use, which can create complicated questions during a divorce. Some believe that the question regarding the fate of these embryos falls under property division procedures.

Factors that could invalidate an Illinois prenuptial agreement

There are many couples in Illinois who want to ensure that they are open and honest about their financial situation and their expectations if a divorce should occur before they say their vows. As such, many couples choose to create a prenuptial agreement. Unfortunately, even those with the best of intentions could ultimately find that the agreement they created the protect a business or personal finances, for example, could ultimately be determined to be invalid.

Illinois couples can take control of property division in divorce

No one in Illinois expects to be involved in a car accident, but they plan for that possibility anyway by purchasing car insurance. Likewise, no one has an expectation that their marriage will end in divorce while they are planning their wedding. However, the reality of life is that some will, and creating a prenuptial agreement is a form of insurance to protect their assets and ease the property division process should they choose to go their separate ways.

Illinois divorce: Mediation for property division, other issues

There are many rights of passage to which people in Illinois and across the country likely look forward -- getting married and having children, for example. While it is likely that going through a divorce is something for which no one intends to experience, the fact is that many couples will ultimately come to the determination that it is no longer in their best interests to remain married. Though going through the property division process and other aspects of a divorce has the potential to be contentious and lengthy, many couples are choosing mediation instead, an option that allows them to reduce conflict and potentially begin the next stage of their lives sooner.

Bradley Wilk and wife fight over property division, custody

The end of a marriage, though typically in the best interests of all parties involved, can come with some difficulties. This could be especially true when Illinois couples and others across the country are unable to agree on many elements of a settlement. For example. Rage Against the Machine musician Bradley Wilk and his estranged wife reportedly are experiencing conflict on many aspects of their divorce, including child custody, spousal support, property division and even the date of their separation.

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