“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
36% of people nationwide rent their homes instead of owning them. In Chicago, the percentage of renters is even higher at 51.5% of people being renters. So, while we know houses get divided in a divorce, what happens to renters when getting a divorce in Illinois? Who Keeps The Rented House In An Illinois Divorce?
Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die.” Many people have saved enough money, which subsequently makes enough money to maintain themselves…and then they get divorced. The money divided is often enough to live off as well (or at least pay
When a party to an Illinois divorce has an overseas bank account, that account must be disclosed and, if found to be marital property, equitably distributed by the court. If the overseas account is not disclosed, Illinois divorce courts possess limited powers to investigate bank accounts in other countries. In an Illinois divorce, locating and
In Illinois, if your spouse empties a joint bank account before or during a divorce, you can’t rely on automatic protections but you can file a motion for temporary relief or to maintain the financial status quo. Courts can order the funds restored or award you temporary support. Act quickly and consult an attorney to
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
When two people are married and buy real estate, there are incredible incentives to hold the property jointly. Jointly held property has the right of survivorship. If one spouse dies, the entire property passes to the other spouse without the hassle of probate court. “[A]n intrinsic feature of joint tenancy is the right of survivorship,
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
Divorcing people are more reasonable than you would think. 95% of divorces end up settling out-of-court. But, there are divorce litigants who are so inflamed about the divorce that they refuse any and all attempts to settle. For the spouse who is willing to settle their divorce case, the refusal to adopt or consider a
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