Property Division - Illinois Divorce Source

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How to Handle Real Estate, the Marital Home in Divorce

A marital home can be problematic in a divorce proceeding. There may be an issue as to who purchased the improved residential real estate and if it was transferred to both spouses prior to the dissolution of marriage being filed.

Real Estate Issues in Divorce

Divorce proceedings oftentimes involve real estate. The real estate could be a non-marital home, a marital home or an investment property. Real estate can be sold in the course of a divorce proceeding subject to agreement of the parties and/or authority from the Court.

Title Insurance, Real Estate and Divorce

In regard to any real property in a divorce proceeding, with respect to which there are title policies, that jointly insure both parties involved in a divorce, same should be taken into consideration in regard to any Judgment of Dissolution of Marriage or Marital Settlement Agreement

Title Reports and Title Insurance in Divorce Cases

It is not unusual for divorcing parties to own real estate, whether residential, rental and/or farmland and it is not unusual that said property, if marital, is subject to being split or divided among the parties pursuant to any Judgement of Dissolution of Marriage. Although parties may believe they are current in regard to knowing relative information regarding the real estate, consideration should be given in regard to obtaining title reports in regard to the real estate. Title reports may show any easements, liens, mortgages or other encumbrances against any property. A title report can also identify the owner of record of the property, as well as any unpaid taxes that would have to be cleared before the property could be sold.

Transferring Non-Marital Home to Both Parties as Joint Tenants or Should Estate Planning Documents be Utilized

It is not unusual for one spouse to come into the marriage with a residence that is solely in his or her name.

Dividing the Wedding Gifts in a Dissolution of Marriage

When parties are married, if they receive wedding gifts, there may be a question as to how to divide those wedding gifts upon the dissolution of marriage.

Real Estate and the Sale of the Marital Residence in Divorce

When parties are divorcing, there can be an issue in regard to the marital home. If neither of the parties intends to stay in or wishes to receive the marital home as part of the dissolution of marriage proceeding, they could agree to list and/or to sell the marital home during the pendency of the divorce proceeding.

How to Handle Undisclosed Assets After a Judgment of Dissolution of Marriage has Already Been Entered?

In any divorce proceeding, there could be assets that were not disclosed, or disposed of, within the context of a dissolution of marriage proceeding, whether the case was concluded by settlement or through any rulings by the Court.

Marital Versus Non-Marital Property in St. Clair and Madison County Illinois Divorce Cases

In Madison and St. Clair County Illinois divorce cases as well as in counties throughout the State of Illinois, Illinois is an equitable distribution state.

Dividing Mutual Funds in Divorce – 3 Tips

If you’re like most divorcing couples, over the years you’ve amassed a variety of assets and liabilities; houses, cars, credit cards and, the subject of today’s post, mutual funds.

Dividing Assets in an Illinois Divorce

If you’re contemplating divorce and you reside in Illinois, one of the main topics you will be dealing with is dividing up your assets. Illinois is an “equitable division” state, meaning that regardless of what happened to cause the demise of the marriage, the goal is to split the assets as fairly and equitably as possible between both you and your spouse.

The Equitable Distribution of Assets and Liabilities

When negotiating through a divorce, one of the most important topics involves which spouse will get what property once everything is finalized, as well as who will be responsible for what portion of the marital debt.

Unusual Divorce Assets that Need Dividing

But other than the usual suspects, there are a number of other items that may be considered assets. Therefore when preparing for divorce or to work with a divorce financial analyst, you should also gather information on as many of these unusual divorce assets as possible.

Alimony and Property Distribution FAQs

Illinois law distinguishes between marital and non-marital property. Only marital property is subject to equitable redistribution.

Five Most Common Misconceptions About Property & Divorce

If you are considering a divorce, you may be surprised by these common misconceptions. Please take a moment to review them.

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In Illinois, alimony is awarded without regard to marital misconduct. According to Illinois divorce law, the judge orders support from one spouse to the other if the parties cannot agree. The court awards alimony in a lump sum or for a fixed or indefinite period of time. The alimony may be paid from the income or property of the other spouse after considering all relevant factors, including the income and assets of each spouse, the needs of each party, the earning capacity of each party, any impairment of the earning capacity of the party seeking alimony caused by marital sacrifices, the time necessary for the receiving party to seek employment, the standard of living established while married, the length of the marriage, the age and health of both parties, and the contributions and services by the party seeking maintenance to the education or career potential of the other spouse.

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