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Tag Archives: asset division Kane County

Kane County divorce attorneys If you and your spouse are getting divorced, it may seem reasonable to assume that you would get to keep the assets and debts that are in your name while your spouse keeps those that are in  hers. While such an assumption may be fairly logical, the reality of divorce is often much different, as the laws that govern divorce in Illinois are intended to ensure an equitable distribution of marital property.

Understanding Equitable Distribution

A few states require marital property to be evenly divided during a divorce. These states use what is called a “community property” system, meaning that any assets and debts acquired during the marriage—except for a few limited exceptions—belong equally to both spouses. In a divorce in community property states, the property must be divided equally.

Illinois is not a community property state; it follows a system referred to as “equitable distribution.” Under the principles of equitable distribution, the marital estate is to be divided between the parties in a divorce in a manner that is fair and just, not necessarily a 50-50 split. To determine what is fair and just, the court must take into account a wide variety of factors, including each party's income and earning ability, arrangements for the parties' children, and the standard of living established during the marriage.

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St. Charles divorce attorney mediation

Before you and your spouse are granted a divorce you will need to try and reach an agreement about the division of marital assets, allocation of parenting time, spousal maintenance, and other divorce matters. Resolving these issues can be a very difficult process – especially if you and your spouse do not see eye to eye. If you cannot reach an agreement about these issues on your own, one option that may help is family law mediation. The mediation process has helped countless divorcing spouses settle divorce issues so they can avoid courtroom litigation.  

What Does Divorce Mediation Entail?

Understandably, many spouses struggle to discuss divorce issues without letting emotions get in the way. Having a neutral third party who is trained in conflict resolution present throughout the process can be a huge benefit. During divorce mediation, a divorcing couple meets with a specially trained mediator to discuss and negotiate unresolved divorce issues. The mediator’s job is to facilitate productive conversations so spouses can find solutions that work for both of them.

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Kane County family law attorneysWhen most people think of divorce, they think about the end of a romantic relationship. However, a marriage is not only a romantic union, it is also a legal and financial union. Often, separating two spouses’ finances and property is one of the most complex parts of the divorce process. This is especially true if the couple has accumulated significant assets throughout their marriage.

One of the biggest concerns many divorcing couples have is what to do with the family home. Whether or not you choose to sell your home during your divorce is completely up to you and will depend upon your family’s unique circumstances and needs. If you are contemplating what to do with your home after divorce, there are a few things you should keep in mind.

Can Either Spouse Afford the Mortgage Payments?

It can be extremely difficult to give up a home that you have come to love. This is often especially true for parents with children. Many divorcing parents worry that subjecting their children to a relocation in the midst of the divorce will be too much change for the children to handle. You may also worry about moving out of your school district and forcing the children to change schools. For some couples, selling the family home simply does not make financial sense. If you or your spouse wish to keep the home, you will need to decide one spouse will manage the mortgage payments on his or her own. The spouse who takes ownership of the home may need to refinance the mortgage or it may make more financial sense to assume the existing mortgage without refinancing.

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St. Charles property division lawyersDividing marital property is one of the challenges for any couple going through a divorce. Simply identifying marital property can prove to be an arduous process, due to the complexities of the law in Illinois and the way in which many married couples maintain their household finances. A large number of couples may find themselves dealing with commingled property, without even realizing how they got to that point.

The Basics

Illinois law provides that any property acquired by either spouse during the marriage is considered part of the marital estate, except property that was acquired through gift, legacy, or descent. The law also creates exceptions for assets received in exchange for (e.g. proceeds from selling) non-marital property, whether the original property was a gift, inheritance, or acquired before the marriage. While the law attempts to be fairly straightforward, the realities of many marriages make things considerably more complicated.

What’s Mine Is Yours

Not every couple will do so, but many, if not most, people enter a marriage with the expectation of completely sharing a life together. They are not considering the possibility of the marriage ending at some point, and, thus, are perfectly willing to combine assets and property. This usually includes property that was owned prior to the marriage, which according to the laws governing divorce would be non-marital property.

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Wheaton, IL 60189
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We serve clients throughout Kane County, Illinois including St. Charles, Geneva, Batavia, North Aurora, Elgin, Algonquin, Aurora, Barrington Hills, Bartlett, Big Rock, Burlington, Campton Hills, Carpentersville, East Dundee, Elburn, Hampshire, Huntley, Kaneville, Maple Park, Sleepy Hollow, Wayne, West Dundee as well as throughout DuPage County.

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In honor of the passing of our founder, Joseph F. Mirabella, Jr., our offices are closed Friday, January 31, 2020.I Agree