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property division Archives

How can I safeguard my finances in a divorce?

If you are getting a divorce, you are probably aware that a main point of contention will be finances. It is not uncommon for accounts to be emptied or debts to be run up on joint accounts by one spouse. To safeguard yourself against financial ruin, there are some things that you can do.

What is equitable distribution?

Most states, including Illinois, are considered equitable distribution states. If you are getting divorced, you have probably heard this term. It refers to how your assets will be divided between you and your spouse when the divorce is finalized. The Huffington Post explains that equitable distribution is based on the idea of the court fairly dividing up property.

Separate property vs. marital property

Going through the divorce process is often emotional and may seem overwhelming to some. People are forced to negotiate terms of the divorce settlement that may be difficult to handle. One of the most problematic is often the division of property, as it can be hard to separate property and assets that have been accumulated during the course of the marriage. In Illinois, marital property is divided between the couple once the judge presiding over the case has carefully considered several factors surrounding the divorce, and has determined what is fair and equitable. However, not all items are eligible for division.

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  1. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  2. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  3. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  4. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

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Essig Law Office

Washington Office 135 Washington Square Washington, IL 61571 Phone: 309-481-2431 Fax: 309-444-1916 Map & Directions

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