Division of assets
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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Lawyers love to use acronyms and buzzwords to shorten long phrases like “Qualified Domestic Relations Order” which is commonly referred to as a “QDRO.” So, what is a QDRO, exactly, in an Illinois divorce? QDROs are court orders that allow…
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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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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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Money is a funny thing in an Illinois divorce. In a divorce, money is an asset which can be divisible or not based on whether it is marital. In a divorce money is also evidence of income which can determine…
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For most divorcing couples the marital home is the most valuable asset they have. If that house was purchased while the couple was married, the house is a marital asset and therefore divisible in a divorce. Even if the house…
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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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One of the key functions of a divorce is the division of property acquired during the course of a marriage. Illinois is an ‘equitable division’ state, meaning the courts are inclined to divide all marital property equitably. This can be…
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