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Algonquin divorce attorney asset division

Under any circumstances, divorce can put a financial strain on couples as they prepare to divide their assets. This aspect of the divorce process may be even more difficult during the COVID-19 pandemic, a time when property valuations can suffer due to the struggling economy and many people are concerned about job security. However, with the assistance of a skilled divorce attorney and the willingness to explore alternative solutions, you may be able to reach an agreement that protects both spouses from excessive financial hardship.

How Are Assets Divided in an Illinois Divorce?

Under Illinois law, most assets acquired by either spouse throughout the course of the marriage are usually considered marital property. During a divorce, marital property is to be distributed equitably, meaning that the division is usually not 50/50 but instead based on factors including the length of the marriage, the terms of any prenuptial or postnuptial agreement, child custody arrangements, and each spouse’s contributions to the acquisition of marital property. Each spouse’s health, financial situation, and earning potential are also considered, meaning that if one spouse has been impacted more severely by COVID-19, assets may be distributed accordingly.

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Kane County divorce attorney division of marital debt

There is no doubt that student loan debt is on the rise in the United States, and something that is burdening the nation. According to America’s Debt Help Organization, the total of U.S. student debt loans is up to a shocking $1.4 trillion. The investment in college is a big decision, and this high price tag often comes with great rewards. Obtaining higher education is important to many, and can offer new career opportunities that can propel the future of families in a positive direction. However, this debt is increasingly becoming an issue of concern for couples who are considering getting a divorce. It is important to consider how the division of assets and debt during your Illinois divorce proceedings can impact you. 

Who Is Responsible for Student Loan Debt in a Divorce?

Typically, the debt that was acquired from student loans before the marriage is of the responsibility of the spouse who attended higher-ed schooling. However, if the student loan debt was obtained during the marriage, then it is likely that will be considered marital debt. Many factors are still taken into consideration, such as when the debt occurred in the marriage, who was the main benefactor, and the earning power of each partner. For example, if a partner acquired a medical degree to bring in a higher income for the family, it may be deemed marital debt since the increased income benefited the marriage as a whole entity. 

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Kane County family law attorneysWhen a couple decides to legally end their marriage, there are many issues that need to be addressed. For example, if children are involved, who will be allocated parental responsibilities, child support payment amounts, and a parenting time schedule must all be resolved. Decisions regarding who will get what in the divorce settlement are also important. Marital property can include homes, furniture, vehicles, as well as monetary assets like savings or retirement accounts. Spouses who did not work or participate in any type of retirement savings plan may wonder if they are entitled to a portion of their partner’s account. In Illinois, marital property is divided according to the principles of equitable distribution. As a result, your future ex-spouse can receive part of your retirement savings even if he or she never contributed to the account.

Types of Retirement Plans 

There are many different types of ways to save for retirement. In today’s society, people do not always spend their entire career with one company like in years past. Employees often choose to roll over their retirement accounts as they change jobs. In some cases, a business might not even offer any type of savings plan for retirement, so workers might create their own through a bank or a financial planner. 

A few of the most common retirement savings plans include:

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