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Property Division Archives

Custody of pets as part of a divorce

Illinois couples who are divorcing and who have dogs or cats may wish to include those pets in their divorce settlements. Increasingly, couples are arranging for visitation and negotiating custody of their shared pets. Traditionally, animals are considered property just like household furniture, but there is a shift in some courts toward determining what happens to them in response to owners' emotional attachments.

Financial steps to take before divorce

When Illinois couples prepare to get divorced, it is important for each spouse to protect their own finances. Since married couples typically intermingle their money and assets, getting divorced involves a division of everything the couple owns, including debts. One of the first steps a person can take is to close joint accounts. Closing joint accounts and opening separate credit card and bank accounts can prevent questions about whether joint debts were created before or after the couple's separation. It can also give each party the opportunity to establish credit in their own name.

Spouses who inherit assets must be careful when using them

Illinois residents who inherit money or other assets while married need to be cognizant of what they do with this inheritance lest they lose it during a divorce. Inheritances received before or during a marriage are deemed to be separate property that can't be touched during a divorce.

State laws for dividing monetary assets during divorce

In Illinois, certain laws apply when dividing pensions and other types of monetary assets during a divorce. The laws only apply to marital property, which are the things a couple acquires during the course of their marriage. Non-marital property does not have to be divided. Non-marital property might be something received by one spouse as a gift or inheritance. A couple may also agree that some property won't be divided during their divorce.

How a forensic accountant can help Illinois divorcees

Forensic accounting is the practice of looking at paperwork and finding irregularities or evidence of fraudulent conduct. It is often used when auditing companies, but it may also be used during property division in cases of contentious divorce where large amounts of assets are jointly owned. It is especially useful when a business or businesses are owned by parties in the divorce as this may be a way that one spouse "hides" money from the other spouse or masks an income.

Protecting an inheritance or gift during a divorce

One of the most stressful aspects of divorce can be the division of property, and gifts and inheritances in equitable distributions states, such as Illinois, can make this division even more contentious. With this in mind, spouses should clearly establish what is separate versus what is marital property in order to protect their individual inheritances and gifts in case of a divorce.

Don't overlook financial concerns during a divorce

From a financial standpoint, getting divorced in Illinois is a complicated process. Not only do divorcing spouses have to go through property division, but they must also consider the ramifications of their change in marital status on their taxes and their future. Some spouses overlook important financial matters and pay the price later on. However, by keeping a few things in mind when preparing for divorce negotiations, people may end their marriage in better shape financially.

Oil tycoon's wife may get billions in divorce

Illinois couples with a high net worth might be interested in a pending divorce that involves the billionaire Harold Hamm. Authorities report that the legal termination of the 26-year marriage between the oil magnate and his wife may result in a divorce judgment that breaks records for its expensiveness. Reportedly, an Oklahoma court is to preside over the case, which may take as many as eight weeks to litigate.

Best practices for dividing a house during divorce

Illinois couples who own a home and are considering divorce may need to think about how they want to divide up the house and whether either of them will try to purchase a new house soon. Purchasing a house before a separation or divorce is official may cause problems. Both spouses will be considered to have an interest in the house unless the one not involved in the purchase signs a quitclaim deed releasing that interest.

Weighing asset division issues during a later-life divorce

Illinois spouses who may be facing a divorce may be interested in an article discussing the trend toward a higher rate of later-life divorces. Certain factors should be taken into account with regard to asset division in such a divorce.

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