The higher an Illinois resident's net worth is, the more assets they likely have. The more assets they have, the easier it is for a spouse to attempt to hide money during the divorce process. An individual will do this so they don't have to divide assets fairly with their ex-spouse.
When couples in Illinois divorce, state laws determine how property division will work. Each state has its own unique set of laws that decide what property is considered to be owned jointly, and how it should be divided amongst the parties.
When you decide to get a divorce in Illinois, you realize you and your spouse will likely have to divide your belongings. However, this process can sometimes be more complicated than simply choosing what each of you wants. There are many factors that determine how you divide your marital property. At Lavin and Parisi, Attorneys at Law, we understand it is important for you to know as much as possible about this process.
Going through a divorce can be extremely emotional and overwhelming. One of the most difficult issues to tackle is that of property division. Separating marital property may seem like a daunting task, as it can be hard to part with things that you have collected throughout your marriage. Yet, it is important to understand everything that constitutes marital property so that you can receive everything you are entitled to in the divorce settlement.
Many Illinoisans have been watching as the issue of same-sex marriage has come up in the courts of several other states. The first step came with the United States Supreme Court case United States v. Windsor, which ruled that same-sex couples are entitled to equal treatment in some circumstances. That decision has sparked a new round of litigation in state courts.
With a stroke of a pen, Illinois now recognizes same-sex marriages. The passage culminates after a long and difficult journey that saw the legislation pass in the Senate, then languish in the House last session.
Like marriage, divorce is a big decision that creates many more important choices such as the amount of alimony to be paid, property division and child custody, support and visitation. To address these important questions, Illinois residents may benefit from the following advice.
For many Illinoisans, divorce is fraught with many emotions, one being fear; fear that they will not get a fair share of the property division, fear that they will end up with the "bad" assets, fear that they will have to make a substantial post-divorce lifestyle change. These fears are particularly salient for the so-called "out spouse," that is, the spouse less familiar with the couples' financial situation. But, like most fears, knowledge and preparation can do a lot to inoculate against the potential sting.
For many Illinoisans, divorce is tough. It is an emotional time filled with tough decisions that will dramatically shape the person's future. That is true whether the person getting divorced is just starting out or farther along in their life.
For many Illinois residents, property division is one of the hardest aspects of getting a divorce. That is especially true for residents with significant assets, including property, retirement accounts, financial investments and closely held businesses.