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Property Division Archives

Property division involving family business can be challenging

Deciding what to do with a family-owned business in a divorce can be challenging for divorcing couples in Illinois. Regardless of the size of the company, dealing with it in property division could be a contentious issue. Breaking the emotional tie and putting on the business hat might be the hardest part. Gathering all the business records and obtaining a current value of the business will likely be the place to start because a valuation will be necessary regardless of the way in which the division is handled.

Postnuptial agreement effective in establishing property division

The typical Illinois couple is waiting longer to get married. As a result, each individual has likely become established in a profession and begun to accumulate assets. In some instances, one or both individuals have already experienced another serious relationship and may also bring children into the new marriage. All of this adds up to the reality that each individual may have assets that should be treated as separate property rather than marital assets when it comes to property division in case of death or divorce.

Property division and the mistakes people often make

Mistakes happen all the time. Some mistakes are minor with minor consequences; others can be costly both emotionally and financially. For the Illinois resident considering divorce, there are a number of errors that can be costly when it comes to property division.

Property division and mortgaged property

The mortgage is often a primary concern when it comes to divorce. In many instances, when an Illinois couple decides to divorce, the decision of what happens to the family home is a primary consideration in the property division process. As a part of this discussion and decision, details surrounding the current mortgage and how it should be handled are a vital concern.

Airline miles may need to be included in property division

Divorce is a fact of life for many Illinois couples. As a part of the divorce process, the couple must itemize their assets and divide them as part of the property division process. While bank accounts and furniture are usually obvious, there are sometimes assets that are not as readily apparent but which still need to be accounted for.

Finances an important part of property division

At first, the idea of a divorce may have come as a shock. While this may be the case, there are often signs pointing in this direction. One of the most important signs in many cases has to do with finances. When it comes to an Illinois couple's divorce, property division and the role that finances play can be an important consideration.

Illinois divorce, property division and pet custody

They are a part of the family. In many Illinois homes, the dog and/or cat are considered to be a vital family member. While they do require food, love, medical attention and more, they often give so much more to the family. The state of Illinois has recognized that pets are an integral part of the family and has recently begun addressing pets as a custody issue rather than a property division one when couples divorce.

Property division and the business owner

Each Illinois resident has dreams for the future. Some dream of a loving family with a spouse and children; others dream of starting their own business or growing one that has been in the family for generations. Still others dream of both. These dreams often do become reality; however, they can also become a nightmare in case of divorce and the need for a property division settlement.

Property division in an Illinois divorce

Who gets what is a common point of contention when an Illinois couple decides to divorce. Often, the couple is unable to agree upon the property division aspects of the divorce agreement. Each individual may want the same item or may believe that he or she is entitled to receive a specific portion of the marital property.

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.