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Recent Posts in Property Division Category

  • VA Home Loans & Your Divorce

    One of the first and most important steps in the divorce process is deciding which spouse is going to keep the family home. This helps a divorcing couple decide who is responsible for paying the mortgage during and after the divorce. However, if the home was purchased using a VA loan, this process can get a little more complicated. VA Home Loans A veteran may be eligible for a loan if they served ...
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  • How Does Inheritance Affect the Equitable Distribution Process?

    In an Illinois divorce, the court determines asset distribution and debt allocation based on “equitable distribution.” As the term implies, equitable means fair, not equal. This flexible system means that separating spouses may not receive a strict 50/50 split. The court considers multiple factors when determining equitable distribution: Duration of the marriage The earning abilities ...
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  • Timeshares & Divorce | Illinois Divorce Attorneys

    For some married couples, timeshares are a vacation paradise and a romantic home away from home. For many others, however, timeshares represent a misguided purchase that is notoriously difficult to sell. Typically, a timeshare allows multiple people to own the same property and utilize it for established periods of time during the year. While the idea is sound, the reality is a little less grand. ...
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  • Divorce & Your Estate Plan

    One important set of documents tends to be forgotten in the mad scramble of divorce: your estate plan. This is comprised of several essential documents that protect your financial interests and personal medical choices in the event of an emergency. If your plan isn’t updated, then your ex may still be designated as your executor and primary beneficiary. Estate planning documents commonly ...
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  • What Is the Illinois Collaborative Process Act?

    As of 2018, Illinois is the 12 th state to adopt a collaborative practice law under the Illinois Collaborative Process Act. In a collaborative divorce, spouses hire attorneys to facilitate their equitable distribution negotiations outside of court. Since implementing the law in January, it has become increasingly common for divorcing couples to utilize the collaborative process as an alternative ...
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  • Asset Protection During a Divorce

    Getting a divorce is not just an emotional process, but a financially difficult one as well. Divorcing spouses risk taking a major hit to their financial health during a divorce, especially without proper legal guidance on their side. While you might be tempted to fixate on what went wrong in your marriage or on how to cope with this major change in your life, it is crucial to also try to limit ...
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