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property division Archives

Can you avoid losing your business during a divorce?

If you and your spouse are seeking a divorce in the state of Illinois, you may have already begun to think about the list of important decisions you need to make in the coming months. Often, you may be faced with choices to make regarding child custody, spousal support, relocation and separation of assets. If you and your spouse own a business together, you will face an even more complicated future as you work to protect your company and avoid losing it all as the result of separating from your partner. 

How do you know if an item is worth fighting for?

You expect to downsize as you go through the Illinois divorce process, but that does not mean you are willing to give up some of the personal objects from the family home. In fact, some of these may well be worth going to court over. Determining the value of tangible assets can help you decide whether your attachment is emotional or financial, and whether you should be ready to bargain.

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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    -Donna Jones Craig Jim Maloof Realtor

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

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