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Posts tagged "division of assets"

Dividing large assets in Illinois

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.

What happens to my pet when I get a divorce?

Couples going through a divorce will usually need to come to an agreement on how to divide property, time with children, etc. One issue that is seldom discussed is who gets to keep the pets. For many people, attachment to their furry friends is an emotional attachment. However, the courts typically view ownership of pets in the same light as any other property. This means that judges will not usually order a visitation schedule.

Does equitable division in divorce mean 50/50?

World's Worst Tenants, a television show on Spike TV, has an episode where a divorcing wife took the idea splitting everything 50/50 very literal. The woman cut everything in the apartment in half including the bed, television, and even the stove. Illinois is an equitable distribution state when it comes to the division of marital assets and liabilities. Equitable is a relative term and does not always mean equal or 50/50.

Protecting your credit score during divorce

Divorce can impact a person's finances in many ways, and many couples wonder how divorce will impact their credit. The good news is that divorce does not specifically impact a person's credit score because each spouse has their own individual credit report and score, regardless of if the couple had joint accounts.

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 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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