“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
When a divorce begins, there is a fundamental lack of trust between the two spouses. This lack of trust is especially strong when it comes to finances. There will always be suspicion that one spouse will try to hide or remove assets from the marriage. Because of this, parties will try to ask the court
Traditionally, men ask women to marry them by buying them a diamond ring. The “rule” is that the diamond ring should be worth two months of the man’s salary. That is a lot of money. If the parties do not get married or get married and get divorced, who gets that engagement ring under Illinois
An average person’s assets are usually relatively simple. The average person may own a house, the average person might have a retirement account but the average person almost certainly owns some kind of automobile. So, what happens to a car, truck or motorcycle in an Illinois divorce? Is An Automobile Marital Property In An Illinois
Living with someone is hard. It’s even harder to live with someone while you’re in the process of divorcing them. Sooner or later, someone has to move out of the house. How do you get exclusive possession of the marital home in an Illinois divorce? Temporary Exclusive Possession Of A Marital Home During An
If you have ever opened up any kind of account with a financial institution, you will be asked to name a beneficiary. The beneficiary will be the person who will receive the account, if you pass away. If you are married, you will likely choose your spouse to be the beneficiary of that account. If
Being married means starting a life together. For most people, that means owning property together in furtherance of building a home and a family. That real estate can be held in a variety of ways based on how the deed to the real estate is conveyed to the married couple. In Illinois, property can be
For forty years it was simple to get your spouse off your mortgage so you could keep the marital home after an Illinois divorce. The spouse that kept the marital house would refinance the mortgage. Some of the debt would have been paid off and mortgage rates were typically lower than they were when the
An Illinois divorce divides a couple’s property. Property is either deemed “marital” or “non-marital” by an Illinois court in order to determine whether a court can distribute that property between the parties. In an Illinois divorce, non-marital property automatically goes to the spouse who owns that property. “[T]he court shall assign each spouse’s non-marital property
I recently saw an advertisement on Facebook that said, “Protect your assets in a divorce with a trust.” Hmm. I am a divorce lawyer who is obsessed with divorce law and strategy. Why had I not heard that a pending divorce could be resolved by simply transferring all of one’s property into a trust? What
When considering a divorce, people move money around or even hide assets. Real estate cannot be hidden or moved, however, because you know the address. Can real estate be sold by one spouse without the permission of the other spouse? Property in Illinois can only be transferred if the transfer is by written contract or