Property Division
Divorce is about unwinding two people’s professional and personal relationship. Each party to the divorce keeps certain assets and is assigned responsibility for certain debts. But some things are either both an asset and a debt or kind of neither,…
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The term “stock options” has a certain mystique. Stock options seem like sophisticated financial instrument for the rich and about-to-be-rich…and they kind of are. The problem with sophisticated financial instruments like stock options, is that they are hard to divide…
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In an Illinois divorce every object or conceptual thing the couple owns, either together or apart, can be divided. Physical objects like paintings, animals, cars, houses, and photo albums can all be allocated in an Illinois divorce. Non-physical items such…
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A divorce in Illinois can be a cause for a lot of changes. It’s not surprising to see my divorce clients undergo physical changes. My male clients will often see their hair go grey under the stress. All of my…
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Divorce is a tumultuous time. Your family is no longer the same. Your finances are completely reshuffled causing you to turn to credit cards and other debt. Debt can become a lifeline during a divorce’s uncertainty. Therefore it’s natural to…
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Everyone knows that you split the assets in a divorce but people rarely consider that you also have to split up the debts. Usually debts are associated with an asset like a house and a car so whoever keeps the…
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36 % of people nationwide rent their home instead of owning their home. 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…
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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,…
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Owning a house is a big deal, financially. So, what happens to your house during a divorce in Chicago, Illinois? What Happens To The Marital Home During An Illinois Divorce? Most people’s biggest asset is their house. But, the marital…
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Social Security and divorce have interesting effects on one another in Illinois. Social Security is the United States’ federal government’s system for making regular payments to people if they are disabled and/or elderly. People who are getting divorced and also…
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