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 Rolling Meadows lawyer for mediation

Getting a divorce is rarely easy. When a couple is facing divorce, they often envision lengthy legal battles in the courtroom. However, divorce proceedings do not have to involve the courtroom at all, and ex-spouses are often able to part ways amicably. When a couple wants to minimize the amount of conflict in a divorce while having control over the terms of their divorce settlement, they often turn toward mediation.

Mediation is a process in which the two divorcing spouses meet with a mediator to come to an agreement on all terms of the divorce, including child custody, child support and property division. Mediation often sounds like the ideal solution because these proceedings are civil and respectful. However, like anything else, mediation does have its own pros and cons. You should weigh these against each other when considering whether mediation is a viable solution for you.

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Barrington divorce attorney frozen embryos

Illinois is an equitable distribution state. This means that when two people get divorced, the courts will divide their marital property equitably, or fairly. This type of property division is usually fairly straightforward, but there are certain factors that can make it more complicated. Today, frozen embryos are one issue that can make a divorce case especially complex.

There are currently hundreds of thousands of frozen embryos in the United States, and because of this, the number of divorces involving frozen embryos is likely to increase. Since the courts in Illinois have not yet set a precedent for dividing frozen embryos between divorcing spouses, the decisions made during a divorce will likely depend on the facts of the case. So, what facts are taken into consideration when frozen embryos were part of a marriage and are now part of a divorce?

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Inverness family law attorney, dividing cryptocurrencies, property division, marital property, non-marital propertyLooking for points of disagreement in a divorce is not particularly hard to do. Couples facing the end of a marriage often find the avoidance of giving in to volatile emotions that are easily triggered difficult. One area that is especially prone to the dispute is the division of marital assets. The more complex and valuable the property at stake is, the more invested each spouse is in getting the share he or she thinks is appropriate.

Property division is even more important now that federal tax law eliminates deductions for maintenance payments (spousal support), thus giving the higher-earning spouse much less incentive to agree to pay maintenance as part of a divorce settlement or pre-/post- marital agreement. This means the lower earning spouse will have to hope a large property settlement comes his or her way.

One additional asset that is becoming more of an issue among high net-worth couples is cryptocurrency. This digital currency is known for wild swings in value, but is gaining ever-growing traction among mainstream financial institutions and the federal and State governments. In fact, Illinois is considering allowing residents to pay their taxes with bitcoin. This lack of stability, as well as the ease of concealing its existence, can present challenges when evaluating how to address cryptocurrencies in a divorce.

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Schaumburg family law attorney, property division, marital property, real estate sales, property settlementsNo one wants to give up an item he or she worked hard to acquire, but divorce requires both spouses to relinquish a portion of the assets accumulated during marriage. Still, agreeing on an acceptable division of property is a huge challenge for many divorcing couples.

Illinois law requires property division to be equitable or fair. This often means spouses receive roughly equal amounts; however, the final outcome will depend upon the Court’s evaluation of factors that examine the circumstances of the marriage and the financial position of each party. While a Judge can settle the issue if requested, couples may be better off finding a private compromise in cases of extreme disagreement.

Personal items and collectibles can be particularly hard to divide due to the sentimentality people often attach to them. One example of a creative solution to this dilemma is the auction Russell Crowe plans to have as part of the divorce settlement he will pay to his soon-to-be ex-wife.

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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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Inverness family law attorney, property division, divorce and retirement benefits, equitable division, retirement incomeOne event that has reverberating and long-term effects on an individual’s ability to implement and maintain a viable plan for retirement is divorce. Divorce is one of the single most financially damaging events a person may experience. In order to mitigate the negative consequences, one needs to understand how retirement benefits fit within the division of property generally and the specific rules that govern how Courts may treat these benefits. Dividing retirement benefits is frequently much more complicated than other assets because of the numerous laws and regulations that control when and how they may be transferred and accessed.

Property Division Generally

Illinois, like many other states, follows a standard for dividing property in divorce called equitable division. This standard requires all marital property to be distributed according to what is most fair under the circumstances. Hence, not all divorces will result in an equal split of assets and liabilities.

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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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Barrington divorce attorney, property division, Illinois divorce cases, marital property, dissipation of assets, spouse's behaviorRarely does one single issue or event push a spouse to file for divorce. Usually, divorce comes as problems pile up over time until, one day, the couple realizes the marriage cannot continue. The typical slow buildup to divorce does not mean that some issues are not more pivotal than others or that one overarching problem was the main catalyst,. Yet do the reasons behind the decision to end a marriage have any effect on the outcome of the divorce case?

Illinois is a no-fault divorce state that means that all a spouse must claim in the divorce petition in order for a Court to dissolve the marriage is that irreconcilable differences led to the breakdown of the marriage. While no particular grounds are needed to justify divorce, this does not mean the Court will not look at the specific behavior of a spouse when evaluating the appropriate provisions of the final divorce order, especially as it concerns property division.

An article in the Chicago Tribune describes the most recent chapter in the ongoing divorce battle between former Congressman Jesse Jackson, Jr. and his wife, Sandi Jackson. Sandi Jackson now wants Jackson Jr. to provide the names and contact information of all his sexual partners during their 25-year marriage, which could be used later as a factor in the alimony award and property settlement. How and when do Courts examine a spouse's behavior as a factor during divorce?

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Palatine divorce attorney, file for divorceFor better or worse, divorce is an event and concept that is firmly rooted in modern life. Yet while divorce is not a recent invention, divorce does not hold the stigma of previous generations.

A recent article looked at the history of divorce in America and noted that Americans have looked to this legal remedy to end untenable marriages as early as the American Revolution. In fact, Americans connected the right to dissolve union with England with the analogous right to end unions as couples. However, divorce is never an easy decision, now or 200 years ago.

Struggling couples may spend tremendous amounts of time and effort trying to save their relationships, but sometimes remaining together is not a viable option. Once the decision to divorce is made, the practical consequences of untangling two lives come into focus. Who will keep the family car? Should the house be sold? Where will everyone live? These are all questions that must be answered in a relatively short period of time, perhaps even before filing for divorce. At some point, though, addressing the mechanics of asking a Court to end a marriage is necessary, and consequently, understanding what the law requires from a party seeking a divorce is important to the process.

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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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Posted on in Division of Property

divorce and taxes, Palatine divorce attorney, property division, tax issues following divorce, child support, alimony, tax return, income tax returnAfter months — or even years — of legal wrangling, your divorce is finalized and you and your ex-spouse are now free to move on with your lives. However, if either of you were ordered to pay alimony, or if there are children involved, there are tax issues related to the divorce to which you need to be aware. In fact, you may need to revisit these issues as circumstances change.

Common Tax Issues Faced by Couples Once a Divorce is Finalized

Filing status. Your marital status on December 31 determines your options regarding filing status for tax purposes. If your divorce is finalized before the end of the year, you may want to file as head of household rather than as a single person. You can file as head of household — and get a bigger standard deduction — if you had a dependent living with you for more than half the year and you paid more than half of the upkeep on the marital home. An attorney and accountant can advise you whether it is to your advantage to file as head of household or as an unmarried person.

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dividing pensions, division of assets, Palatine divorce attorney, property division, retirement assets, social security benefits, SSI benefitsAll divorce cases involve a division of assets, whether it is an even 50-50 split or a different ratio that the Court decides is equitable based on the circumstances. When dividing pensions and other retirement assets, a non-owner spouse can choose to either receive property in an amount equal to his or her portion of the benefits at the time of a divorce, or as a monthly distribution when the owner-spouse becomes eligible to receive it. However, what happens when one spouse contributes more money to Social Security instead of an employer-sponsored pension?

Division of Pension and SSI Benefits

Employers generally withhold a portion of an employee’s salary for Social Security benefits. These benefits are paid as a monthly benefit once an employee reaches federal retirement age. Similar to a pension, money earned during a marriage is withheld from an employee’s paycheck and held for later distribution.

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