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Property Division Archives

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. 

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.