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Category Archives: Property Division

Wheaton divorce attorneysCouples usually anticipate a division and distribution of their assets during the divorce process, but many are surprised to learn that their debts are also split during the proceedings. Unfortunately, when parties are not prepared for the allocation of their debts, it can create serious financial issues, both immediately and in the distant future. Learn how you can avoid such an issue during your Illinois divorce, and discover how our seasoned attorneys can help. 

Who Owns the Debt in an Illinois Divorce? 

In marriage, debts and assets can become intrinsically intertwined; untangling them can be difficult, to say the least. Yet, it is critical that divorcing parties have a clear understanding of their debts. Additionally, parties are encouraged to try and distinguish which debts were initiated by them or their spouse, and which were co-marital debts. 

Not sure how to decide? 

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DuPage County divorce lawyersDuring the Great Recession, many savvy investors jumped into the housing market - and a decent percentage of them hit it big. Their success, paired with popular house-flipping television shows, caused many “average” people, who had no real investment experience, to jump into the market as well. What happens to these investors when a divorce occurs? Learn more about how real estate is divided in an Illinois divorce, and discover what our seasoned Wheaton divorce lawyers can do to assist you with the process. 

Dividing Real Estate with a Prenuptial Agreement 

Ideally, investors would have a prenuptial agreement in place before a divorce, as this is the easiest way to ensure a straightforward division of the marital assets. Granted, there are situations in which a prenuptial agreement may not be honored (i.e. a prenuptial agreement signed under duress), but these are fairly rare. Just note that investors are highly encouraged to seek legal assistance when drafting their prenuptial agreements, as this decreases the risk of legal issues in the division of the marital estate. 

Dividing Real Estate Without a Prenuptial Agreement 

If the couple does not have a prenuptial agreement in place, the entire marital estate must be valued and equitably divided. Unfortunately, in high asset situations (which most divorces involving real estate are), the asset division process can be extremely complex. As such, it is highly critical that both parties have a seasoned attorney on their side, protecting their interests.

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Wheaton divorce lawyersMoney can cause numerous issues in a relationship. In fact, it is one of the biggest reasons that couples argue and divorce. It can also be an especially contentious matter in divorce. Thankfully, there are some steps that you can take to protect your financial future in an Illinois divorce case - and it starts with knowing which financial issues may impact your case. Learn more in the following sections, including how a seasoned divorce lawyer can assist with the process. 

Know the Value of Your Marital Estate

Every couple handles their money differently. Some couples share financial knowledge and information. Others have just one party managing marital finances. In either scenario, complications can arise. The biggest risk is hidden money or debts, which is far more common than most people think. In fact, one in five parties admits that they have undisclosed money or debts in their relationship. As such, it is critical that parties obtain the assistance of a seasoned lawyer to ensure they have a clear understanding of their marital finances. 

Examine Your Marital Debts

Divorcing couples are usually aware of just how important it is to take stock of their marital assets, but they often overlook the importance of taking stock of their marital debt. Unfortunately, such an oversight can dramatically impact the outcome of one’s divorce case. In contrast, parties that take stock of their marital debt and create a plan for dealing with it often experience better financial outcomes after their divorce. An attorney does not have to be your only resource for resolving marital debt either; you can also find assistance through an accountant, financial advisor, or credit counselor. 

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Illinois divorce attorneysJust as married people do not usually enter into marriage, one day planning to divorce, business owners do not typically start their companies, expecting to one day divide it with their ex-spouse. As a result, there are many business owners who do not have a prenuptial agreement in place to protect their company. 

Unfortunately, the lack of pre-planning can put the business and its owner at risk for significant financial loss - perhaps even to the point of closure. Thankfully, with some precautionary measures and the guidance of a seasoned divorce lawyer, business owners can still protect their companies in a divorce. Learn more with help from the following. 

1. Keep Your Plans for Divorce Under Wraps

If you own a business and are planning to initiate a divorce, hold off on telling your spouse until after you have had the chance to speak with a divorce lawyer. Divulging your plans to your spouse takes away your ability to prepare and plan ahead. 

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DuPage County divorce attorneysGoing through a divorce will likely have a profound impact on nearly every aspect of your life. This is especially true when it comes to your finances. For most people, a divorce is not only going to take two combined incomes and split them up, but it will also change what financial responsibilities you have.

You may, for example, have to start paying child support or spousal support, which will obviously have to be added into your monthly budget. Even if you are receiving child support or spousal support payments, however, you will need to use that money to cover many new expenses caused by the divorce. The following four tips can help you to put yourself in as strong of a position as possible after your divorce is finalized. 

1. Start a Strict Budget Now

Living on a budget is always important, but during and just after a divorce, it is more critical than ever. Do everything you can to minimize your expenses now, and live well under your means. Once the divorce is finalized and you are able to accurately see all your new income and expenses, you can start transitioning into your ‘new normal’ for money. It is much easier to have a little extra money in your budget after a divorce than it would be to be short each month. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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