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Property Division – What Exactly Can be Divided?

One of the primary aspects of a divorce is property division between spouses. If spouses cannot mutually agree on division of their property and debts during a divorce, the court may assume responsibility of dividing their assets under Illinois Marriage and Dissolution of Marriage Act. Many couples are unclear about laws pertaining to property division in case of separation, and rightfully so. There are two schemes when it comes to division of assets namely community property and equitable distribution. The former allows property acquired durin...

Is Uncontested Divorce A Better Option For Couples Seeking Separation?

Divorce can be a painstaking and difficult period of time for a couple. However, obtaining information pertaining to different approaches to divorce can allow them to make a better decision pertaining to their future. Due to the expenses associated with litigations, many spouses who are looking for a divorce opt for an uncontested divorce. What Is An Uncontested Divorce? An uncontested divorce refers to an arrangement where both spouses seek to terminate their marriage contract by arriving at a mutually acceptable agreement pertaining to the fi...

Equity Division in a Divorce

From child custody to alimony, there are many aspects that may require consideration when a couple is going through an overwhelming and emotionally distressing divorce. One of the critical parts of a divorce is division of marital equity under the Illinois Marriage and Dissolution of Marriage Act. However, it can be extremely challenging to determine fair value on fluctuating real estate market. How Does Property Division Work? The method of property division varies from one case to another. In some instances, spouses agree to sell their home a...

Divorce Tax Implications

Divorce can be an extremely depressing and crucial moment in one’s life. There are many emotional and financial factors that must be given consideration in order to complete a separation process. In these difficult circumstances, individuals most often overlook the tax implications of a divorce. Internal Revenue Service has devised a comprehensive guide on divorced individuals to help couples sort out their tax related concerns caused due to divorce. However, an abundance of tax rules can make it extremely challenging to comprehend these poli...

Business Division in a Divorce

Many businesspeople presume that they are the sole owners of their business and assets, however, the law may think otherwise in case of a divorce between couples. It is evident by a controversial divorce case in 2016, Rupert Murdoch paid her wife Anna Murdoch a gigantic amount of $1,700 million in divorce settlement. In most cases, assets of a couple including a business must be divided between spouses. Therefore, many business owners today are concerned about how a business will be divided in such a scenario. How does business division work? D...

What is the Impact of Prenuptial Agreements on Child Support?

Marriage is a beautiful institution which has existed over thousands of years in various forms, uniting two people in both body and spirit. Marriage ceremonies often involve declarations of eternal love and companionship. But unfortunately, not all marriages last forever. Keeping in mind the constantly increasing divorce rate, many couples tend to sign a prenuptial agreement. This agreement includes details regarding how the couple would handle their affairs, divide their assets in case they decide to part ways and file for divorce. But there a...

What is a Contested Divorce?

Dealing with a divorce is not an easy task as it takes a heavy toll on the couple and their families. However, you may be faced with this unfortunate situation, so it is best to deal with it in a logical and rational manner.  In a no-fault state such as Illinois, the law does not require you to prove that their spouse was involved in a wrongdoing in order to file a divorce. Simply stating that there were irreconcilable disagreements in the court can make them eligible to get a divorce. What is a Contested Divorce? A contested divorce is a proc...

Father’s Rights in Illinois

Mothers are considered to be one of the most important people in a child’s life. They look after their children and shower them with love and support. There is a unique bond between a mother and her child, which can be unparalleled to any other relationship. However, it is important to recognize the significant role that a father plays in the life of his child. Studies suggest that those children having a father figure who supports and stays involved in their lives are more likely to succeed in life. Furthermore, it also facilitates their...

Understanding Parenting Time

Divorce takes a heavy toll on everyone who is involved but children are the ones who are the most affected by it. Incapable of choosing between their parents, the children face severe emotional distress. Keeping the best interests of the child, the court generally gives custody of the child to one parent. But in order to ensure that the child is not deprived of the love of both parents, the court assigns parenting time to the non-custodial parent. With the increasing number of divorces and child custody cases, it is imperative for both spouses ...

Property Division in a Divorce

After child custody, property division is the second most common issues which is a major bone of contention between couples undergoing divorce. Most states practice a community property system where all the assets and debts of the couple are divided equally regardless of each spouses’ individual share of those assets or debts. Although in Illinois, the marital property or debts do not have to be divided equally. As an equitable division state, the division of marital assets and debts is carried out in a reasonable manner. Furthermore, under t...

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