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Livas Law Group

Wheaton divorce attorneysOut of all of the marital properties that must be divided in a divorce, perhaps none carries a greater emotional weight than the family home. It may be the place where you and your spouse began your life together, or where you have raised your children and made lasting memories. However, as you consider what will happen to your home during the divorce, it is best to try to set aside emotions and make a rational plan for achieving your desired outcome.

Options for the Marital Home When Dividing Assets

Because Illinois requires an equitable distribution of marital assets rather than a 50/50 split, getting a divorce does not mean that you and your spouse will have to divide the value of the house down the middle. Rather, you have a wide range of options, especially if you are willing to work together to negotiate a solution. Some of the possibilities include:

  • Following the terms of your prenuptial or postnuptial agreement: It is worth noting that if you and your spouse created a legally valid agreement, either before or during your marriage, that specifies what becomes of the marital home in a divorce, the court will usually honor it. This can save you time and stress during the divorce process.
  • Granting ownership to the spouse with greater parenting time: You and your spouse may decide it is best for your children to continue spending most of their time in the home they are used to, and this is also a factor the court may consider even if you cannot reach an agreement on your own. With this option, the spouse who keeps the home should be sure that he or she can manage any accompanying expenses, and should be aware that it may mean giving up a greater share of other properties.
  • Maintaining joint ownership temporarily: If the primary custodial parent cannot afford to keep the house alone, you may be able to reach an agreement in which you and your spouse continue to own the home together until your children are grown. Maintaining joint ownership for a time may also be a good idea if the housing market is not currently favorable to sellers.
  • Selling the home: If neither spouse has a strong attachment to the home, or if neither would be able to afford to keep it on his or her own, the best option may be to sell it and divide the proceeds after paying off any outstanding debt. This may also be the outcome if you and your spouse are unable to reach an agreement and the decision is left in the court’s hands.

Contact a DuPage County Divorce Lawyer Today

At Davi Law Group, we understand how important your home may be to you, and we will help you explore all possible options for it during your divorce. We can advise you through cooperative negotiations with your spouse or represent your interests in a divorce trial if necessary. Contact a compassionate Wheaton, IL family law attorney at 630-504-0176 to schedule a free consultation.

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Naperville divorce attorneysGetting a divorce can create financial strain for both spouses because of the required division of assets and the potential for child and spousal support obligations. This may be especially difficult if you have significant debt at the time of your divorce. If you are not careful, debt problems can become increasingly complicated after your divorce, so it is important to consider options that can alleviate your debt burden during the divorce process.

When is Debt Considered Marital Property in Illinois?

You may be aware that marital property will be divided in your divorce, but it can come as a surprise that debts accumulated during your marriage are considered part of that property. This may be true whether the debt was incurred by one spouse or both together. Marital debt can come from many sources, including mortgages, car loans, student loans, business loans, and credit card debt. Any remaining marital debt at the time of your divorce must be distributed fairly between you and your spouse.

Strategies for Avoiding Debt Complications in Your Divorce

As your divorce approaches, you may be able to reduce your debt obligations or prevent future complications with creditors by being proactive, especially if you and your spouse are willing to cooperate and negotiate. Some strategies for mitigating the effects of marital debt include:

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Illinois divorce lawyersOnce divorce proceedings start, parties will sometimes change their spending habits. For some, it is an act of revenge. For others, it is a strategy they employ to increase their overall settlement amount. In either case, excessive spending habits could lead to serious financial consequences in the divorce. Learn what you can do to combat excessive spending in a pending divorce, and how a seasoned divorce lawyer may be able to help with the process. 

Defining Excessive Spending

For some, the phrase “excessive spending” applies to all frivolous or luxury purchases (i.e., going to the salon, wine subscriptions, etc.). However, in a legal setting, it is only applied when a party’s purchases go above and beyond their normal spending habits. 

As an example, consider the divorcing spouse who recently spent $400 at the hairdresser. While such expenditure may seem excessive, it would only be regarded as such by the courts if such appointments were not “typical” for the party. For the spouse who has routinely gone to the hairstylist throughout their marriage, this is considered a regular, reoccurring expense. Because of this, it would likely be factored into their cost of living. 

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Wheaton divorce lawyersWhen it comes to protecting wealth, affluent families typically focus on matters pertaining to tax and estate laws. Unfortunately, there is another major (but often overlooked) threat to any large estate: the divorce.

Almost half of all U.S. marriages end this way, yet only a fraction of the affluent have an existing prenuptial agreement in place. In lieu of one, the estate is valued and then divided equitably among the divorcing parties. 

Unfortunately, the untangling of a marital estate can be a complex and difficult process. Foreign held assets pose even bigger challenges and greater consequences. Learn how to overcome them, and how a seasoned Illinois divorce lawyer can improve the outcome in your case. 

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Illinois divorce attorneysIn a divorce, marital assets are valued and equitably divided between the parties. Businesses, owned jointly or independently, may also be considered a part of the marital estate. The determination of its value is called the business valuation process. Learn more about this process, and how it could impact the outcome of your Illinois divorce. 

What is Business Valuation?

Business valuations are used to determine the overall health and net worth of a company. Each facet of the company is objectively and independently evaluated, including the company’s assets, expenses, revenue, cash flow, debt levels, and projected future earnings. 

Business Valuation Methods

The process for determining a company’s value will vary, depending on the industry, business type, and customer base. One of four methods may be used. 

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