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Property Division Archives

How to Prevent Dissipation in Your Divorce

For those who are considering a divorce, it is important to be aware of what the courts call "dissipation," and how to prevent it. Dissipation happens at the time of the "breakdown of the marriage," when one spouse spends a portion of the marital funds for the sole purpose of one's own benefit, completely unrelated to the marriage. Doing so diminishes the size of the marital estate, lessening the amount of money and assets subject to equitable division. In the event that the courts find one party guilty of dissipating funds, the other party may consequently be granted rights to more of the marital estate, as recompense for the dishonest spending. If your marriage has reached the point of "irretrievable breakdown," as the State of Illinois defines it, you should be aware of warning signs indicating that your spouse may be dissipating funds, and how to prevent further dissipation before your divorce is finalized. The following include a few tips for prevention.

Three Options for Divorce and the Family Business

When two divorcing individuals happen to own a business together, it is important for both parties to be aware of their options regarding the future of the business post-divorce. A business, like all other marital property, will be equitably divided by the courts upon a divorce. Before this can be done, many things must be considered, including the value of the business; the fitness of each party to run the business; the implications for selling the business regarding the lives of its employees; and the financial health of the business as the changes are made. Every business owning couple is different, and because of this, there is not one single option which is better than the other. The following describe a few options to consider as you decide how to handle your business upon divorcing. Buyout one spouse's share. Depending on the past, present, and future projected success of the business, one divorcing party may desire to buy the other party's share of the company rather than selling the business and dividing the assets. This option would result in the sole ownership of the business by only of the divorcing parties. Before the buyout can occur, the business must be properly valuated, which can be done through the assistance of a divorce attorney experienced in business valuation matters.

Divorce and Hidden Assets: What to Look for and How to Find Them

Divorces can bring out the worst qualities in people, specifically in the form of greed and deceit. The person you have shared everything with for the last 20 years may now become your greatest enemy as you litigate over money, assets, and child custody. One thing to consider as you divorce, especially if your spouse was the primary breadwinner of the family, is the potential of your spouse to hide assets and money from you during the divorce process. While it may be difficult to imagine your spouse robbing you of your rights to marital property, investigating the matter before your divorce is finalized is always in your best interest. A divorce attorney will be able to assist you in identifying potential hidden assets and can assure you that all marital property will be equitably divided. The following describe a few measures that can be taken to investigate whether or not your spouse is hiding money or assets from you:

Divorce and vacation homes - considering the implications of selling

Divorces involving vacation homes can be a complicated matter. As a couple negotiates the terms of their divorce, they are faced with the option to either sell the house and split the profits between both parties accordingly, or to agree on one spouse's sole ownership of the property. If you find yourself in this situation, consider the following:

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