Divorcing spouses in Illinois often put a lot of time and energy into figuring out how they split up their marital estate. This may include practical things like who gets what furniture or household items as well as larger financial assets like retirement accounts or a house. In addition to assigning future ownership of assets, couples must also figure out how to split up any joint debt.
As you and your soon-to-be ex-spouse work your way through your property division proceedings, one of the more complex assets you are both going to be forced to deal with is dividing up their 401k. Contributions made to an employer-sponsored 401k account during your marriage are made with your ex-spouse's income. Thus, just as their income is considered a marital asset, so too are those contributions (at least those made during your marriage). While you may be entitled to an equitable share of those contributions, you are also likely aware that there are tax penalties that are assessed if you withdraw funds from a 401k too early.
Because Illinois is an equitable distribution state, divorce judges typically split marital assets in as fair a manner as possible. "Fair" does not always equate to "50/50." However, like in community property states, a family law judge must first decide if an asset is marital or separate before including it in the property division proceedings. Because the courts consider an inheritance an asset, the judge presiding over your case must treat it as he or she would a bank account, a home or a couch, beginning with labeling it as marital or separate.
One of the most complex parts of a divorce is the division of property. This is because the law has specific ideas about what is marital property and what is not. As you prepare for your divorce, it is a good idea to become familiar with the law in Illinois in regards to property classification and division.
A divorce is rarely ever an easy process. It becomes even more difficult when your ex does not want to cooperate. This can create tension and cause issues in and out of an Illinois courtroom, especially when you are trying to divide marital property. While you cannot do anything to make your ex more reasonable, there are some things you can do to help prevent him or her from causing further issues and to keep your divorce proceedings moving along.
For many Illinois couples who are coping with a volatile marriage, the idea of divorce is often a solution that allows both parties to eventually move forward and put time consuming disagreements in the past. However, separating does not come without its fair share of difficulties. Many couples have to make important decisions about the welfare of their children, how finances will be divided and what should be done with shared property and assets.
When you received your inheritance, it was a windfall for your family. However, now that you and your spouse are getting an Illinois divorce, you face the fear that your spouse will take half and leave you with little to live on. The legal team at Essig Law Office often helps people understand how property division works, and what assets may be safe from a spouse.
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.
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.
When a couple divorces in Illinois, one of the main tasks to accomplish is dividing property. This is often difficult not only because couples may disagree but also because of the legal issues they may run across with certain property. Mortgages are a great example.