When a divorce is in the works, sorting out financial issues can out a lot of stress on both parties. Sometimes, one of the spouses may feel tempted to hide assets in order to gain the advantage when it comes to division, or even simply out of spite.
The beach house is your home away from home, and you might want to keep it in the divorce. However, with two people’s combined debts and all the financial figures being thrown around, you do not know if keeping the beach house is possible.
Unlike several other states, Illinois divorce law does not start out by assuming that everything needs to be divided 50/50 during a divorce. Illinois courts aim to ensure that property is divided in just proportion. While fairness can be a fairly subjective concept, there are several factors that courts typically consider when arriving at a decision.
So what exactly is a trust? You hear about wealthy people setting up trusts for their children so it must only be for those that are rich, right?