Hoffman Estates divorce attorney asset division

When a couple is married, they often share many things, including property and assets. However, if their union sours and they decide to divorce, they will have to decide how to divide all of these items. Marital property consists of anything that is acquired during the marriage. Nonmarital property is anything that one spouse obtained prior to the marriage. According to Illinois law, any debt that spouses accumulated together falls under marital debt, so it is, therefore, subject to division. Determining who is required to pay off certain debts can be challenging to say the least. 

Equitable Distribution of Marital Assets and Debts

Since Illinois is an equitable distribution state, debt is divided “fairly” rather than equally. This method can apply to different types of debt, from cars to home improvements to educational loans. In addition, if a couple owns and runs a company together, that family business must be valued to determine how to divide its assets. If one spouse owned a business before the marriage, but the other spouse helped manage its day-to-day operations, then he or she may be entitled to a portion of its value or worth.

...

Arlington Heights divorce attorney

Coming to the decision to divorce can take months and even years before you decide to take the necessary legal steps to end your marriage. Perhaps you and your spouse slowly grew apart or you have been unhappy for a long time. Regardless of the details of your union, getting divorced can be a very challenging process, even if both of you were willing to compromise. If you and your spouse have a great deal of conflict, this only exacerbates the legal proceedings. If children are involved, emotions can run even higher, so managing this situation requires strategy. An experienced divorce attorney can help protect your rights every step of the way. 

Managing the Stress of it All

Under Illinois divorce law, a couple can reach their own agreement regarding property division, spousal support, and parental responsibilities. However, if they disagree on any issues, they will have to go to court and a judge will make determinations based on several factors, such as what is in the best interest of any children. 

...

Arlington Heights divorce attorney parenting time

Many married couples stay together “for the sake of the kids” even though they are unhappy in their marriage. However, studies show that children do not benefit from living in a household filled with anger, resentment, or tension. They do, however, thrive when both parents are involved and engaged in their lives. This type of parental relationship can be accomplished even when parents decide to legally end their marriage and divorce. Although co-parenting after divorce can be challenging, an alternative option is a parallel parenting plan, which can provide a shared parenting arrangement that benefits everyone.  

Illinois Parenting Time

In Illinois, divorcing parents can determine the allocation of parenting responsibilities if they agree to the terms. Similar to the traditional co-parenting method, parallel parenting involves limited direct contact between the parents. This approach can be ideal in high-conflict divorces where parents have difficulty communicating with each other in a civil manner. If parents choose to try parallel parenting, they may change to a co-parenting model in the future as conflict subsides and they are able to get along better. 

...

Northwest Cook County divorce attorney asset division

Often found in the business world, commingled assets refer to mixing personal funds with business funds or using business assets for personal reasons. Commingling of funds or assets can also occur between two spouses, making it difficult to determine which funds and/or assets belong to whom in a divorce. For example, it can be hard to distinguish when one spouse’s separate property is mixed with the other spouse’s marital property. However, this is crucial to ensure that each party receives his or her fair share of the marital estate. 

Equitable Distribution 

Under Illinois law, marital property is divided using the equitable distribution method, which means items or assets are not necessarily split in half, but rather in a fair way. Marital property is generally considered property that was acquired during the course of the marriage. Non-marital or separate property is that which one spouse owned prior to getting married or acquired during the marriage through gift or inheritance. Separate property is not subject to division in the divorce settlement. 

...

Arlington Heights divorce attorney

The decision to divorce can be a long and winding road, often taking a couple many years to come to terms that their relationship is not working. Part of the anxiety of divorcing involves the fear of the unknown. The transition from being married to being single may seem daunting and overwhelming. If you have children, that can further complicate matters, and you may worry about the toll the divorce will take on them. You likely have a million thoughts running through your head and a long to-do list as you start the next chapter of your life. Disregarding your physical and emotional health during this tumultuous time can be easy to do. However, make it a priority as you navigate this new future for you and your children. 

Focusing on the Future

A divorce has been compared to a death in the sense that it is a great loss that results in feelings of grief and sadness. This may cause you to be depressed and engage in harmful coping behaviors such as drinking, drugs, or compulsive shopping. You may overeat or not eat at all, sleep too much, or have insomnia because you are so distraught. The stress of divorce combined with lifestyle changes can put you at risk of serious health complications. Studies have shown that divorced people are approximately 20 percent more likely to suffer from life-threatening illnesses such as heart disease, stroke, or even cancer. That is why it is especially important to be mindful of what you put into your body, even if it may seem like a “quick fix” or provide instant relief. 

...
 

Call Today at 847.873.6741 for Your FREE Initial Consultation

We Accept:Credit Cards

Address110 N. Brockway Street, Suite 220, Palatine, IL 60067

Phone847.873.6741     Fax224.278.9550

Facebook LinkedIn

Resources Privacy Policy Disclaimer Sitemap

© 2021 The Law Office of Nicholas W. Richardson, P.C.
110 N. Brockway Street, Suite 220, Palatine, IL 60067 | 847.873.6741

OVC Logo