Rolling Meadows divorce asset division attorneyA spouse’s reaction to the news of divorce can vary widely. The significance and repercussions of divorce often make it difficult for spouses to cooperate with each other, and some may even feel compelled to engage in actions designed to punish or hurt the other spouse. One form of revenge, or perhaps just simple disregard for the laws of marriage and divorce, involves one spouse wasting or destroying marital assets during the time surrounding the divorce, thereby depriving the other spouse of the ability to receive these assets in a property settlement.

The financial fallout of divorce is one of the most difficult consequences that couples must face, and both spouses may struggle to support themselves if the terms of the divorce are not properly structured. The division of marital property is a huge part of finding financial security following divorce, and if one spouse deliberately misuses marital assets, this can put the other spouse in financial jeopardy.

Property Division During Divorce

Illinois follows the equitable division of property model, meaning marital assets will be divided according to what is most fair. Most settlements are roughly equal, unless circumstances require a different outcome.

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Hoffman Estates divorce attorney, marital assets, dissipation of marital assets,  property division,  equitable distributionA large and overarching issue in many divorce cases is the division of assets and more specifically, what to do with the marital home. This asset has a lot of sentimental value. Often, the marital home represents a substantial portion of a couple’s net worth. Couples should attempt to settle this issue without the Court’s involvement.

The importance of resolving this issue in the best possible way is quite high, as the outcome is typically tied to the future financial security of both spouses. However, if mutual agreement is not forthcoming, looking to a Court to decide the matter is usually the next step.

Equitable Distribution

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property division, marital assets, asset valuation, Barrington divorce attorney, divorce processThe variety of items married couples accumulate is often large and expansive, with each spouse typically holding a stronger attachment for certain things over others. Some items are purchased, while other items may come through a gift or sheer chance. Deciding how to divide these items in divorce creates the potential for considerable conflict. Certain assets may be easily identifiable as belonging to the marital estate; however, others, which may be highly valued, are easy to miss. One example of these less-obvious marital assets are season tickets for sporting events, concerts, theater and other entertainment-related occasions.

Typically, one spouse frequently holds particularly strong feelings about keeping certain tickets to the exclusion of the other party. Even if a spouse is not interested in keeping a season ticket package personally, he or she may still be entitled to portion of the value if the item qualifies as a marital asset. Various factors can affect how these types of assets are divided, including issues related to valuation.

Considerations for Options to Divide Tickets

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Palatine divorce attorney, marital propertyDivorce is a word with big meaning but even greater implications. At its most basic, divorce means the end of a marriage and the accompanying legal rights and obligations carried by married couples. However, when a couple initiates a divorce, they also unlock a series of legal issues that must be addressed before their divorce can be finalized.

Among these issues is the division of marital property — a considerable point of contention, given the importance of financial resources and contributions each spouse made to the marriage. Amassing assets requires hard work, time and sacrifice. Consequently, when divorce threatens to dismantle this hard-won structure, parties tend to push back against giving more than is absolutely necessary.

As a reflection of being a no-fault divorce state, Illinois divides property according to what is equitable or just. Only marital property is subject to distribution. Therefore, determining what exactly is marital property in a divorce case is a key issue.

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marital-home-Illinois.jpgA home can be the most valuable asset a couple owns. Moreover, spouses may also have emotional ties to the marital home. In a divorce, determining who gets the couple’s home, or whether to sell it, is one of the most important considerations.

Equitable Distribution

In an Illinois divorce, a couple’s marital property is divided under the principles of equitable distribution. This means that the division will be fair, although not necessarily equal. Since only marital property is divided, a house is often subject to division, but not always.

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